# EDGAR Filing Document

**Accession Number:** 0000711080
**File Stem:** 0001104659-25-085173
**Filing Date:** 2025-8
**Character Count:** 659939
**Document Hash:** 59a95625a4c09d9631da132ad20cbf51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-085173.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104659-25-085173

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03651
- **FILM NUMBER:** 251276215

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 8ddde5c02df60c7

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-03651

#### Touchstone Strategic Trust - June Funds
(Exact name of registrant as specified in charter)

------

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

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

#### 800-638-8194

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
**Item 1: Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Touchstone Balanced Fund](#classnamed276c277-b927-40b5-a609-954958a3dd50)<br> **[CLASS A - SEBLX](#classnamed276c277-b927-40b5-a609-954958a3dd50)**  |
|  [Touchstone Balanced Fund](#classname9e4a665a-b400-4991-85da-40c16fad7439)<br> **[CLASS C - SBACX](#classname9e4a665a-b400-4991-85da-40c16fad7439)**  |
|  [Touchstone Balanced Fund](#classname56435436-0acf-4c24-ae10-a3ce98593097)<br> **[CLASS Y - SIBLX](#classname56435436-0acf-4c24-ae10-a3ce98593097)**  |
|  [Touchstone Balanced Fund](#classname8efb95d4-00f1-43a0-8617-e61c853752a4)<br> **[CLASS R6 - TBARX](#classname8efb95d4-00f1-43a0-8617-e61c853752a4)**  |
|  [Touchstone Core Municipal Bond Fund](#classname3cace409-b3bc-4314-9667-96ca0ddb2ae4)<br> **[CLASS A - TOHAX](#classname3cace409-b3bc-4314-9667-96ca0ddb2ae4)**  |
|  [Touchstone Core Municipal Bond Fund](#classname61b10d26-4199-4701-ab86-90fcebeb3bd4)<br> **[CLASS C - TOHCX](#classname61b10d26-4199-4701-ab86-90fcebeb3bd4)**  |
|  [Touchstone Core Municipal Bond Fund](#classname481e6225-618e-4ce5-9ff9-010f2eb38bc3)<br> **[CLASS Y - TOHYX](#classname481e6225-618e-4ce5-9ff9-010f2eb38bc3)**  |
|  [Touchstone Core Municipal Bond Fund](#classnamecc723429-8f90-4abb-ab7b-f550b3e743b4)<br> **[INSTITUTIONAL CLASS - TOHIX](#classnamecc723429-8f90-4abb-ab7b-f550b3e743b4)**  |
|  [Touchstone International Value Fund](#classname7a731e16-978c-4ad7-b561-b8baf57e6daf)<br> **[CLASS A - SWRLX](#classname7a731e16-978c-4ad7-b561-b8baf57e6daf)**  |
|  [Touchstone International Value Fund](#classnamed4090637-0c10-4414-bbe4-9e095281e853)<br> **[CLASS C - SWFCX](#classnamed4090637-0c10-4414-bbe4-9e095281e853)**  |
|  [Touchstone International Value Fund](#classnamea2eda0fa-19f2-4d89-b085-ca0217bb3526)<br> **[CLASS Y - SIIEX](#classnamea2eda0fa-19f2-4d89-b085-ca0217bb3526)**  |
|  [Touchstone International Value Fund](#classnameeba473fc-4ac3-47b7-a89d-decb083aaca7)<br> **[INSTITUTIONAL CLASS - TOIIX](#classnameeba473fc-4ac3-47b7-a89d-decb083aaca7)**  |
|  [Touchstone Large Cap Focused Fund](#classname3404c2aa-49ae-438e-853d-57b42f49d835)<br> **[CLASS A - SENCX](#classname3404c2aa-49ae-438e-853d-57b42f49d835)**  |
|  [Touchstone Large Cap Focused Fund](#classnamefd161dd1-63d7-40c1-8ecf-3c3403caa8fe)<br> **[CLASS C - SCSCX](#classnamefd161dd1-63d7-40c1-8ecf-3c3403caa8fe)**  |
|  [Touchstone Large Cap Focused Fund](#classname202584df-ead5-47a9-89ef-19ab7993c77f)<br> **[CLASS Y - SICWX](#classname202584df-ead5-47a9-89ef-19ab7993c77f)**  |
|  [Touchstone Large Cap Focused Fund](#classname5740eac3-a539-4e96-832c-8f4ab5ddc3df)<br> **[INSTITUTIONAL CLASS - SCRLX](#classname5740eac3-a539-4e96-832c-8f4ab5ddc3df)**  |
|  [Touchstone Large Cap Focused Fund](#classname869cd46c-6e33-412f-bc0f-37bfdbdaa211)<br> **[CLASS R6 - TSRLX](#classname869cd46c-6e33-412f-bc0f-37bfdbdaa211)**  |
|  [Touchstone Large Cap Fund](#classnamef7864780-2a48-4c51-90f8-cdcafc9e92ee)<br> **[CLASS A - TACLX](#classnamef7864780-2a48-4c51-90f8-cdcafc9e92ee)**  |
|  [Touchstone Large Cap Fund](#classnamef718a758-1b78-44ba-95bc-a3dc7ce12af1)<br> **[CLASS C - TFCCX](#classnamef718a758-1b78-44ba-95bc-a3dc7ce12af1)**  |
|  [Touchstone Large Cap Fund](#classname0b95d124-48c9-4144-adc1-57378e133c9c)<br> **[CLASS Y - TLCYX](#classname0b95d124-48c9-4144-adc1-57378e133c9c)**  |
|  [Touchstone Large Cap Fund](#classnamedb115084-be21-465e-b8e5-36f90c875ed8)<br> **[INSTITUTIONAL CLASS - TLCIX](#classnamedb115084-be21-465e-b8e5-36f90c875ed8)**  |
|  [Touchstone Large Company Growth Fund](#classname006450ef-4cea-40d4-b74c-bc40be956e50)<br> **[CLASS A - TSAGX](#classname006450ef-4cea-40d4-b74c-bc40be956e50)**  |
|  [Touchstone Large Company Growth Fund](#classname60c71bf8-8212-4b76-b2b5-d84c5a3ed614)<br> **[CLASS C - TCGLX](#classname60c71bf8-8212-4b76-b2b5-d84c5a3ed614)**  |
|  [Touchstone Large Company Growth Fund](#classnamee27b254e-734f-454c-b508-e8181f771ad3)<br> **[CLASS Y - TLGYX](#classnamee27b254e-734f-454c-b508-e8181f771ad3)**  |
|  [Touchstone Large Company Growth Fund](#classnamee07d9950-6d6e-4c7a-a8fa-a79a776330fb)<br> **[INSTITUTIONAL CLASS - DSMLX](#classnamee07d9950-6d6e-4c7a-a8fa-a79a776330fb)**  |
|  [Touchstone Small Company Fund](#classname569079e4-0b57-42a1-a313-5533e8520b96)<br> **[CLASS A - SAGWX](#classname569079e4-0b57-42a1-a313-5533e8520b96)**  |
|  [Touchstone Small Company Fund](#classname484c5887-13b2-4157-87c0-7703ff549798)<br> **[CLASS C - SSCOX](#classname484c5887-13b2-4157-87c0-7703ff549798)**  |
|  [Touchstone Small Company Fund](#classnamec274bfe8-58a9-4423-9694-777c366a24f5)<br> **[CLASS Y - SIGWX](#classnamec274bfe8-58a9-4423-9694-777c366a24f5)**  |
|  [Touchstone Small Company Fund](#classnamefe754e39-7dac-4785-8f1f-6595c527eb6d)<br> **[INSTITUTIONAL CLASS - TICSX](#classnamefe754e39-7dac-4785-8f1f-6595c527eb6d)**  |
|  [Touchstone Small Company Fund](#classname84fe98f9-6b7d-44f7-a434-951b5ad46026)<br> **[CLASS R6 - SSRRX](#classname84fe98f9-6b7d-44f7-a434-951b5ad46026)**  |
|  [Touchstone Value Fund](#classname80955f88-e792-4718-b80e-408d5cd68d22)<br> **[CLASS A - TVLAX](#classname80955f88-e792-4718-b80e-408d5cd68d22)**  |
|  [Touchstone Value Fund](#classname4ae695bb-c755-4e02-b81d-58995a4cbf6a)<br> **[CLASS C - TVLCX](#classname4ae695bb-c755-4e02-b81d-58995a4cbf6a)**  |
|  [Touchstone Value Fund](#classname1bb8e96a-88df-4a5e-865d-15014cecfbe6)<br> **[CLASS Y - TVLYX](#classname1bb8e96a-88df-4a5e-865d-15014cecfbe6)**  |
|  [Touchstone Value Fund](#classnamedfed0154-b1e5-4606-af81-4a8e8e907186)<br> **[INSTITUTIONAL CLASS - TVLIX](#classnamedfed0154-b1e5-4606-af81-4a8e8e907186)**  |
|  [Touchstone Value Fund](#classnameee7b7b35-4466-4df2-905b-9aaaeda27435)<br> **[CLASS R6 - TVLRX](#classnameee7b7b35-4466-4df2-905b-9aaaeda27435)**  |

---

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Balanced Fund

#### CLASS A \| SEBLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period July 1, 2024 to June 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 | $105 | 0.99% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to achieve its investment goal of providing capital appreciation and current income by generally investing in a diversified portfolio comprised of 60% equity securities and 40% fixed-income securities. With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. With respect to fixed-income, the Fund will invest primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.

The Fund's Class A shares performance was 11.83% (excluding sales loads) for the reporting period.

Economic growth was driven by robust consumer spending over the reporting period; however, elevated uncertainty due to shifting U.S. trade policy led to softer sentiment and expectations for slower growth as of period end. Despite an uncertain economic outlook, the S&P 500<sup>®</sup> Index was back to all-time highs at period end, after falling 20% earlier this year, and was at valuations that exceed long-term averages at period end. In addition, credit spreads were tighter over the reporting period, despite some volatility around tariff uncertainty, and were also at expensive levels relative to history.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Allocation | Positive | The Fund was overweight equities relative to the blended benchmark comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index in a period where equities outperformed fixed income. |
| Equity | Positive | Security selection had a positive impact on relative performance within the equity allocation, primarily due to selection within Consumer Staples and Financials stocks. |
| Fixed Income | Positive | Fixed income was a positive contributor primarily due to positive sector allocation, security selection, and interest rate management. |

---

Over the 12 month period, the Fund used periods of strong performance to trim equity exposure as valuations became stretched. However, the S&P 500<sup>®</sup> Index retreated into bear market territory in April 2025 and the Fund used that opportunity to modestly increase the allocation to equities, which is primarily concentrated in U.S. large cap securities. The Fund's fixed income allocation continues to be overweight risk within investment grade credit and securitized debt but added an allocation to high yield corporates in April due to attractive relative value amid tariff uncertainty.

#### 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](tm2523880d3_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.23% | 8.34% | 8.46% |
| Class A - excluding sales load | 11.83% | 9.46% | 9.02% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index | 12.29% | 9.58% | 9.05% |

---

**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** | $965172278 |
| **Total number of portfolio holdings** | 527 |
| **Total advisory fees paid** | $4521299 |
| **Portfolio turnover rate** | 82% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Common Stocks | 62.4% |
| Corporate Bonds | 15.0% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Mortgage-Backed Obligations | 3.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.2% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Asset-Backed Securities | 1.3% |
| Agency Collateralized Mortgage Obligations | 0.5% |
| Exchange-Traded Fund | 0.2% |
| Sovereign Government Obligations | 0.2% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.3% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 43.8% |
| AA/Aa | 16.1% |
| A/A | 13.4% |
| BBB/Baa | 19.8% |
| BB/Ba | 3.6% |
| B/B | 1.3% |
| Not Rated | 2.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SEBLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Balanced Fund

#### CLASS C \| SBACX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period July 1, 2024 to June 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 | $186 | 1.76% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to achieve its investment goal of providing capital appreciation and current income by generally investing in a diversified portfolio comprised of 60% equity securities and 40% fixed-income securities. With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. With respect to fixed-income, the Fund will invest primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.

The Fund's Class C shares performance was 10.92% (excluding sales loads) for the reporting period.

Economic growth was driven by robust consumer spending over the reporting period; however, elevated uncertainty due to shifting U.S. trade policy led to softer sentiment and expectations for slower growth as of period end. Despite an uncertain economic outlook, the S&P 500<sup>®</sup> Index was back to all-time highs at period end, after falling 20% earlier this year, and was at valuations that exceed long-term averages at period end. In addition, credit spreads were tighter over the reporting period, despite some volatility around tariff uncertainty, and were also at expensive levels relative to history.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Allocation | Positive | The Fund was overweight equities relative to the blended benchmark comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index in a period where equities outperformed fixed income. |
| Equity | Positive | Security selection had a positive impact on relative performance within the equity allocation, primarily due to selection within Consumer Staples and Financials stocks. |
| Fixed Income | Positive | Fixed income was a positive contributor primarily due to positive sector allocation, security selection, and interest rate management. |

---

Over the 12 month period, the Fund used periods of strong performance to trim equity exposure as valuations became stretched. However, the S&P 500<sup>®</sup> Index retreated into bear market territory in April 2025 and the Fund used that opportunity to modestly increase the allocation to equities, which is primarily concentrated in U.S. large cap securities. The Fund's fixed income allocation continues to be overweight risk within investment grade credit and securitized debt but added an allocation to high yield corporates in April due to attractive relative value amid tariff uncertainty.

#### 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](tm2523880d3_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 9.92% | 8.62% | 8.36% |
| Class C - excluding sales load | 10.92% | 8.62% | 8.36% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index | 12.29% | 9.58% | 9.05% |

---

**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** | $965172278 |
| **Total number of portfolio holdings** | 527 |
| **Total advisory fees paid** | $4521299 |
| **Portfolio turnover rate** | 82% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Common Stocks | 62.4% |
| Corporate Bonds | 15.0% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Mortgage-Backed Obligations | 3.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.2% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Asset-Backed Securities | 1.3% |
| Agency Collateralized Mortgage Obligations | 0.5% |
| Exchange-Traded Fund | 0.2% |
| Sovereign Government Obligations | 0.2% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.3% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 43.8% |
| AA/Aa | 16.1% |
| A/A | 13.4% |
| BBB/Baa | 19.8% |
| BB/Ba | 3.6% |
| B/B | 1.3% |
| Not Rated | 2.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SBACX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Balanced Fund

#### CLASS Y \| SIBLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period July 1, 2024 to June 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 | 0.77% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to achieve its investment goal of providing capital appreciation and current income by generally investing in a diversified portfolio comprised of 60% equity securities and 40% fixed-income securities. With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. With respect to fixed-income, the Fund will invest primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.

The Fund's Class Y shares performance was 12.04% for the reporting period.

Economic growth was driven by robust consumer spending over the reporting period; however, elevated uncertainty due to shifting U.S. trade policy led to softer sentiment and expectations for slower growth as of period end. Despite an uncertain economic outlook, the S&P 500<sup>®</sup> Index was back to all-time highs at period end, after falling 20% earlier this year, and was at valuations that exceed long-term averages at period end. In addition, credit spreads were tighter over the reporting period, despite some volatility around tariff uncertainty, and were also at expensive levels relative to history.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Allocation | Positive | The Fund was overweight equities relative to the blended benchmark comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index in a period where equities outperformed fixed income. |
| Equity | Positive | Security selection had a positive impact on relative performance within the equity allocation, primarily due to selection within Consumer Staples and Financials stocks. |
| Fixed Income | Positive | Fixed income was a positive contributor primarily due to positive sector allocation, security selection, and interest rate management. |

---

Over the 12 month period, the Fund used periods of strong performance to trim equity exposure as valuations became stretched. However, the S&P 500<sup>®</sup> Index retreated into bear market territory in April 2025 and the Fund used that opportunity to modestly increase the allocation to equities, which is primarily concentrated in U.S. large cap securities. The Fund's fixed income allocation continues to be overweight risk within investment grade credit and securitized debt but added an allocation to high yield corporates in April due to attractive relative value amid tariff uncertainty.

#### 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](tm2523880d3_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 12.04% | 9.69% | 9.25% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index | 12.29% | 9.58% | 9.05% |

---

**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** | $965172278 |
| **Total number of portfolio holdings** | 527 |
| **Total advisory fees paid** | $4521299 |
| **Portfolio turnover rate** | 82% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Common Stocks | 62.4% |
| Corporate Bonds | 15.0% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Mortgage-Backed Obligations | 3.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.2% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Asset-Backed Securities | 1.3% |
| Agency Collateralized Mortgage Obligations | 0.5% |
| Exchange-Traded Fund | 0.2% |
| Sovereign Government Obligations | 0.2% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.3% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 43.8% |
| AA/Aa | 16.1% |
| A/A | 13.4% |
| BBB/Baa | 19.8% |
| BB/Ba | 3.6% |
| B/B | 1.3% |
| Not Rated | 2.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SIBLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Balanced Fund

#### CLASS R6 \| TBARX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Balanced Fund ("Fund") for the period July 1, 2024 to June 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 | $67 | 0.63% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to achieve its investment goal of providing capital appreciation and current income by generally investing in a diversified portfolio comprised of 60% equity securities and 40% fixed-income securities. With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. With respect to fixed-income, the Fund will invest primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.

The Fund's Class R6 shares performance was 12.20% for the reporting period.

Economic growth was driven by robust consumer spending over the reporting period; however, elevated uncertainty due to shifting U.S. trade policy led to softer sentiment and expectations for slower growth as of period end. Despite an uncertain economic outlook, the S&P 500<sup>®</sup> Index was back to all-time highs at period end, after falling 20% earlier this year, and was at valuations that exceed long-term averages at period end. In addition, credit spreads were tighter over the reporting period, despite some volatility around tariff uncertainty, and were also at expensive levels relative to history.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Allocation | Positive | The Fund was overweight equities relative to the blended benchmark comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index in a period where equities outperformed fixed income. |
| Equity | Positive | Security selection had a positive impact on relative performance within the equity allocation, primarily due to selection within Consumer Staples and Financials stocks. |
| Fixed Income | Positive | Fixed income was a positive contributor primarily due to positive sector allocation, security selection, and interest rate management. |

---

Over the 12 month period, the Fund used periods of strong performance to trim equity exposure as valuations became stretched. However, the S&P 500<sup>®</sup> Index retreated into bear market territory in April 2025 and the Fund used that opportunity to modestly increase the allocation to equities, which is primarily concentrated in U.S. large cap securities. The Fund's fixed income allocation continues to be overweight risk within investment grade credit and securitized debt but added an allocation to high yield corporates in April due to attractive relative value amid tariff uncertainty.

#### 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](tm2523880d3_tsrimg021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 12.20% | 9.74% | 9.16% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index | 12.29% | 9.58% | 9.05% |

---

 **<sup>1</sup>** **The inception date was October 28, 2021. Performance information was calculated using the historical performance of Class A shares for the period prior to October 28, 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** | $965172278 |
| **Total number of portfolio holdings** | 527 |
| **Total advisory fees paid** | $4521299 |
| **Portfolio turnover rate** | 82% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Common Stocks | 62.4% |
| Corporate Bonds | 15.0% |
| U.S. Treasury Obligations | 11.4% |
| U.S. Government Mortgage-Backed Obligations | 3.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.2% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Asset-Backed Securities | 1.3% |
| Agency Collateralized Mortgage Obligations | 0.5% |
| Exchange-Traded Fund | 0.2% |
| Sovereign Government Obligations | 0.2% |
| Short-Term Investment Fund | 1.3% |
| Other Assets/Liabilities (Net) | 0.3% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 43.8% |
| AA/Aa | 16.1% |
| A/A | 13.4% |
| BBB/Baa | 19.8% |
| BB/Ba | 3.6% |
| B/B | 1.3% |
| Not Rated | 2.0% |
| Total | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TBARX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Core Municipal Bond Fund

#### CLASS A \| TOHAX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund ("Fund") for the period July 1, 2024 to June 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 | $80 | 0.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income exempt from federal income taxes, consistent with the protection of capital by investing primarily in high-quality, municipal debt issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

The Fund's Class A shares performance was 1.13% (excluding sales loads) for the reporting period.

Due to persistent economic uncertainty throughout the second quarter of 2025, market participants remained cautious, with many believing that credit conditions had already peaked. Although the U.S. economy showed occasional signs of weakness, it generally remained more resilient than expected. The Federal Reserve (Fed) has maintained a pause in rate changes.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Revenue Bonds | Positive | Security selection within revenue municipal bonds, particularly within BBB-rated credits, contributed to performance as all credit indices are fully priced. |
| Duration/Curve Tilts | Negative | Duration was neutral resulting in no meaningful performance differential. Curve allocation was tilted slightly towards a barbell, leading to negative excess return due to the yield curve steepening between the 10-year and 30-year Treasury bonds. |
| State Government Obligation Bonds (STGO) | Negative | Sector spreads did not move much; however, continued STGO Index spread tightening led to minor underperformance as the Fund held a significant underweight to that sector. |

---

Many sectors and credits were trading at historically tight spreads, prompting a shift away from generic exposure and toward idiosyncratic, value-oriented opportunities. With most sectors trading at historically rich spread levels, the Fund moved toward a sector-neutral allocation, except for prepaid gas bonds, which were maintained as a strategic overweight due to their attractive yield and risk-adjusted return profile. The Fund moved to underweight State Government Obligations, Airports, and Smaller Hospitals as these sectors were trimmed or avoided due to unattractive valuations and weaker credit or revenue trends, particularly in lower-rated hospital systems and certain state issuers like California. The Fund made opportunistic allocations to Local Government Obligations, particularly those with strong assessed value-to-market value buffers and favorable valuations were added to the Fund. The Fund continued using a barbell allocation, favoring both short and long maturities to capture term premium and mitigate curve risk. The Fund entered and exited the year with a duration marginally longer than the benchmark, which modestly contributed to performance during periods of falling rates. We tactically extended duration on market weakness and yield spikes, particularly when the 30-year Treasury approached or exceeded 5%.

#### 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](tm2523880d3_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | -2.14% | -0.53% | 1.17% |
| Class A - excluding sales load | 1.13% | 0.14% | 1.66% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

**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** | $41610195 |
| **Total number of portfolio holdings** | 81 |
| **Total advisory fees paid** | $185434 |
| **Portfolio turnover rate** | 15% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Fixed Rate Revenue Bonds | 74.3% |
| General Obligation Bonds | 23.1% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.5% |
| AA/Aa | 50.5% |
| A/A | 34.2% |
| BBB/Baa | 9.3% |
| BB/Ba | 2.2% |
| Not Rated | 1.3% |
| 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](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TOHAX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Core Municipal Bond Fund

#### CLASS C \| TOHCX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund ("Fund") for the period July 1, 2024 to June 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 | $152 | 1.52% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income exempt from federal income taxes, consistent with the protection of capital by investing primarily in high-quality, municipal debt issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

The Fund's Class C shares performance was 0.32% (excluding sales loads) for the reporting period.

Due to persistent economic uncertainty throughout the second quarter of 2025, market participants remained cautious, with many believing that credit conditions had already peaked. Although the U.S. economy showed occasional signs of weakness, it generally remained more resilient than expected. The Federal Reserve (Fed) has maintained a pause in rate changes.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Revenue Bonds | Positive | Security selection within revenue municipal bonds, particularly within BBB-rated credits, contributed to performance as all credit indices are fully priced. |
| Duration/Curve Tilts | Negative | Duration was neutral resulting in no meaningful performance differential. Curve allocation was tilted slightly towards a barbell, leading to negative excess return due to the yield curve steepening between the 10-year and 30-year Treasury bonds. |
| State Government Obligation Bonds (STGO) | Negative | Sector spreads did not move much; however, continued STGO Index spread tightening led to minor underperformance as the Fund held a significant underweight to that sector. |

---

Many sectors and credits were trading at historically tight spreads, prompting a shift away from generic exposure and toward idiosyncratic, value-oriented opportunities. With most sectors trading at historically rich spread levels, the Fund moved toward a sector-neutral allocation, except for prepaid gas bonds, which were maintained as a strategic overweight due to their attractive yield and risk-adjusted return profile. The Fund moved to underweight State Government Obligations, Airports, and Smaller Hospitals as these sectors were trimmed or avoided due to unattractive valuations and weaker credit or revenue trends, particularly in lower-rated hospital systems and certain state issuers like California. The Fund made opportunistic allocations to Local Government Obligations, particularly those with strong assessed value-to-market value buffers and favorable valuations were added to the Fund. The Fund continued using a barbell allocation, favoring both short and long maturities to capture term premium and mitigate curve risk. The Fund entered and exited the year with a duration marginally longer than the benchmark, which modestly contributed to performance during periods of falling rates. We tactically extended duration on market weakness and yield spikes, particularly when the 30-year Treasury approached or exceeded 5%.

#### 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](tm2523880d3_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | -0.66% | -0.68% | 1.03% |
| Class C - excluding sales load | 0.32% | -0.68% | 1.03% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

**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** | $41610195 |
| **Total number of portfolio holdings** | 81 |
| **Total advisory fees paid** | $185434 |
| **Portfolio turnover rate** | 15% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Fixed Rate Revenue Bonds | 74.3% |
| General Obligation Bonds | 23.1% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.5% |
| AA/Aa | 50.5% |
| A/A | 34.2% |
| BBB/Baa | 9.3% |
| BB/Ba | 2.2% |
| Not Rated | 1.3% |
| 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](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TOHCX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Core Municipal Bond Fund

#### CLASS Y \| TOHYX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund ("Fund") for the period July 1, 2024 to June 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 | $55 | 0.55% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income exempt from federal income taxes, consistent with the protection of capital by investing primarily in high-quality, municipal debt issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

The Fund's Class Y shares performance was 1.49% for the reporting period.

Due to persistent economic uncertainty throughout the second quarter of 2025, market participants remained cautious, with many believing that credit conditions had already peaked. Although the U.S. economy showed occasional signs of weakness, it generally remained more resilient than expected. The Federal Reserve (Fed) has maintained a pause in rate changes.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Revenue Bonds | Positive | Security selection within revenue municipal bonds, particularly within BBB-rated credits, contributed to performance as all credit indices are fully priced. |
| Duration/Curve Tilts | Negative | Duration was neutral resulting in no meaningful performance differential. Curve allocation was tilted slightly towards a barbell, leading to negative excess return due to the yield curve steepening between the 10-year and 30-year Treasury bonds. |
| State Government Obligation Bonds (STGO) | Negative | Sector spreads did not move much; however, continued STGO Index spread tightening led to minor underperformance as the Fund held a significant underweight to that sector. |

---

Many sectors and credits were trading at historically tight spreads, prompting a shift away from generic exposure and toward idiosyncratic, value-oriented opportunities. With most sectors trading at historically rich spread levels, the Fund moved toward a sector-neutral allocation, except for prepaid gas bonds, which were maintained as a strategic overweight due to their attractive yield and risk-adjusted return profile. The Fund moved to underweight State Government Obligations, Airports, and Smaller Hospitals as these sectors were trimmed or avoided due to unattractive valuations and weaker credit or revenue trends, particularly in lower-rated hospital systems and certain state issuers like California. The Fund made opportunistic allocations to Local Government Obligations, particularly those with strong assessed value-to-market value buffers and favorable valuations were added to the Fund. The Fund continued using a barbell allocation, favoring both short and long maturities to capture term premium and mitigate curve risk. The Fund entered and exited the year with a duration marginally longer than the benchmark, which modestly contributed to performance during periods of falling rates. We tactically extended duration on market weakness and yield spikes, particularly when the 30-year Treasury approached or exceeded 5%.

#### 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](tm2523880d3_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>1</sup> | 1.49% | 0.45% | 1.93% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

 **<sup>1</sup>** **The inception date was August 30, 2016. Performance information was calculated using the historical performance of Class A shares for the periods prior to August 30, 2016.** 

**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** | $41610195 |
| **Total number of portfolio holdings** | 81 |
| **Total advisory fees paid** | $185434 |
| **Portfolio turnover rate** | 15% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Fixed Rate Revenue Bonds | 74.3% |
| General Obligation Bonds | 23.1% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.5% |
| AA/Aa | 50.5% |
| A/A | 34.2% |
| BBB/Baa | 9.3% |
| BB/Ba | 2.2% |
| Not Rated | 1.3% |
| 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](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TOHYX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Core Municipal Bond Fund

#### INSTITUTIONAL CLASS \| TOHIX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund ("Fund") for the period July 1, 2024 to June 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 | $48 | 0.48% |

---

#### Management's Discussion of Fund Performance
The Fund seeks a high level of current income exempt from federal income taxes, consistent with the protection of capital by investing primarily in high-quality, municipal debt issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

The Fund's Institutional Class shares performance was 1.37% for the reporting period.

Due to persistent economic uncertainty throughout the second quarter of 2025, market participants remained cautious, with many believing that credit conditions had already peaked. Although the U.S. economy showed occasional signs of weakness, it generally remained more resilient than expected. The Federal Reserve (Fed) has maintained a pause in rate changes.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Revenue Bonds | Positive | Security selection within revenue municipal bonds, particularly within BBB-rated credits, contributed to performance as all credit indices are fully priced. |
| Duration/Curve Tilts | Negative | Duration was neutral resulting in no meaningful performance differential. Curve allocation was tilted slightly towards a barbell, leading to negative excess return due to the yield curve steepening between the 10-year and 30-year Treasury bonds. |
| State Government Obligation Bonds (STGO) | Negative | Sector spreads did not move much; however, continued STGO Index spread tightening led to minor underperformance as the Fund held a significant underweight to that sector. |

---

Many sectors and credits were trading at historically tight spreads, prompting a shift away from generic exposure and toward idiosyncratic, value-oriented opportunities. With most sectors trading at historically rich spread levels, the Fund moved toward a sector-neutral allocation, except for prepaid gas bonds, which were maintained as a strategic overweight due to their attractive yield and risk-adjusted return profile. The Fund moved to underweight State Government Obligations, Airports, and Smaller Hospitals as these sectors were trimmed or avoided due to unattractive valuations and weaker credit or revenue trends, particularly in lower-rated hospital systems and certain state issuers like California. The Fund made opportunistic allocations to Local Government Obligations, particularly those with strong assessed value-to-market value buffers and favorable valuations were added to the Fund. The Fund continued using a barbell allocation, favoring both short and long maturities to capture term premium and mitigate curve risk. The Fund entered and exited the year with a duration marginally longer than the benchmark, which modestly contributed to performance during periods of falling rates. We tactically extended duration on market weakness and yield spikes, particularly when the 30-year Treasury approached or exceeded 5%.

#### 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](tm2523880d3_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>1</sup> | 1.37% | 0.45% | 1.93% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.20% |

---

 **<sup>1</sup>** **The inception date was August 30, 2016. Performance information was calculated using the historical performance of Class A shares for the periods prior to August 30, 2016.** 

**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** | $41610195 |
| **Total number of portfolio holdings** | 81 |
| **Total advisory fees paid** | $185434 |
| **Portfolio turnover rate** | 15% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Fixed Rate Revenue Bonds | 74.3% |
| General Obligation Bonds | 23.1% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | 1.0% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| AAA/Aaa | 2.5% |
| AA/Aa | 50.5% |
| A/A | 34.2% |
| BBB/Baa | 9.3% |
| BB/Ba | 2.2% |
| Not Rated | 1.3% |
| 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](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TOHIX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone International Value Fund

#### CLASS A \| SWRLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone International Value Fund ("Fund") for the period July 1, 2024 to June 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 | $143 | 1.26% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by investing primarily in equity securities of companies in non-U.S. developed and emerging market countries. The investment philosophy focuses on identifying businesses whose securities are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow but show signs of recent improvement.

The Fund's Class A shares performance was 27.73% (excluding sales loads) for the reporting period.

We observed historically wide valuation spreads between value and growth stocks across global markets and the Fund's portfolio traded at significant discounts relative to benchmark indices during the period. From a style perspective, international value stocks outperformed growth over the 12-month period. Across developed and emerging markets, improving economic data, policy shifts, and valuation meant reversion played significant roles.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Deep Value bias / Stock Selection | Positive | Our comprehensive definition of value contributed to results relative to the benchmark. We define value stocks as those that are fairly valued on multiple measures of valuation including cash flow, earnings, book value and dividend yield. |
| Overweight Smaller Capitalization Stocks relative to the benchmark | Positive | The Fund's smaller capitalization bias versus the benchmark added to relative returns for the period. |
| Sector Allocation | Negative | Sector allocation relative losses were the result of Consumer Discretionary (overweight), Communication Services (underweight), and Energy (overweight). |

---

The Fund's portfolio has shifted to be overweight Consumer Discretionary, Energy, and Financials while underweight Health Care, Communication Services, and Industrials. At the industry level, the Fund is overweight Broadline Retail, Machinery, and Pharmaceuticals while underweight Semiconductor & Semiconductor Equipment, Aerospace & Defense, and Chemicals.

#### 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](tm2523880d3_tsrimg032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 21.36% | 10.15% | 5.60% |
| Class A - excluding sales load | 27.73% | 11.29% | 6.14% |
| MSCI All Country World Ex USA Index | 17.72% | 10.13% | 6.12% |

---

**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** | $114925387 |
| **Total number of portfolio holdings** | 78 |
| **Total advisory fees paid** | $734992 |
| **Portfolio turnover rate** | 20% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.4% |
| Consumer Discretionary | 14.9% |
| Industrials | 12.5% |
| Health Care | 8.7% |
| Information Technology | 8.7% |
| Materials | 7.4% |
| Energy | 6.8% |
| Consumer Staples | 6.0% |
| Real Estate | 2.5% |
| Communication Services | 2.4% |
| Utilities | 2.2% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;23.8% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SWRLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone International Value Fund

#### CLASS C \| SWFCX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone International Value Fund ("Fund") for the period July 1, 2024 to June 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 | $211 | 1.86% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by investing primarily in equity securities of companies in non-U.S. developed and emerging market countries. The investment philosophy focuses on identifying businesses whose securities are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow but show signs of recent improvement.

The Fund's Class C shares performance was 26.94% (excluding sales loads) for the reporting period.

We observed historically wide valuation spreads between value and growth stocks across global markets and the Fund's portfolio traded at significant discounts relative to benchmark indices during the period. From a style perspective, international value stocks outperformed growth over the 12-month period. Across developed and emerging markets, improving economic data, policy shifts, and valuation meant reversion played significant roles.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Deep Value bias / Stock Selection | Positive | Our comprehensive definition of value contributed to results relative to the benchmark. We define value stocks as those that are fairly valued on multiple measures of valuation including cash flow, earnings, book value and dividend yield. |
| Overweight Smaller Capitalization Stocks relative to the benchmark | Positive | The Fund's smaller capitalization bias versus the benchmark added to relative returns for the period. |
| Sector Allocation | Negative | Sector allocation relative losses were the result of Consumer Discretionary (overweight), Communication Services (underweight), and Energy (overweight). |

---

The Fund's portfolio has shifted to be overweight Consumer Discretionary, Energy, and Financials while underweight Health Care, Communication Services, and Industrials. At the industry level, the Fund is overweight Broadline Retail, Machinery, and Pharmaceuticals while underweight Semiconductor & Semiconductor Equipment, Aerospace & Defense, and Chemicals.

#### 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](tm2523880d3_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 25.94% | 10.57% | 5.34% |
| Class C - excluding sales load | 26.94% | 10.57% | 5.34% |
| MSCI All Country World Ex USA Index | 17.72% | 10.13% | 6.12% |

---

**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** | $114925387 |
| **Total number of portfolio holdings** | 78 |
| **Total advisory fees paid** | $734992 |
| **Portfolio turnover rate** | 20% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.4% |
| Consumer Discretionary | 14.9% |
| Industrials | 12.5% |
| Health Care | 8.7% |
| Information Technology | 8.7% |
| Materials | 7.4% |
| Energy | 6.8% |
| Consumer Staples | 6.0% |
| Real Estate | 2.5% |
| Communication Services | 2.4% |
| Utilities | 2.2% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;23.8% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SWFCX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone International Value Fund

#### CLASS Y \| SIIEX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone International Value Fund ("Fund") for the period July 1, 2024 to June 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 | 0.89% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by investing primarily in equity securities of companies in non-U.S. developed and emerging market countries. The investment philosophy focuses on identifying businesses whose securities are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow but show signs of recent improvement.

The Fund's Class Y shares performance was 28.21% for the reporting period.

We observed historically wide valuation spreads between value and growth stocks across global markets and the Fund's portfolio traded at significant discounts relative to benchmark indices during the period. From a style perspective, international value stocks outperformed growth over the 12-month period. Across developed and emerging markets, improving economic data, policy shifts, and valuation meant reversion played significant roles.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Deep Value bias / Stock Selection | Positive | Our comprehensive definition of value contributed to results relative to the benchmark. We define value stocks as those that are fairly valued on multiple measures of valuation including cash flow, earnings, book value and dividend yield. |
| Overweight Smaller Capitalization Stocks relative to the benchmark | Positive | The Fund's smaller capitalization bias versus the benchmark added to relative returns for the period. |
| Sector Allocation | Negative | Sector allocation relative losses were the result of Consumer Discretionary (overweight), Communication Services (underweight), and Energy (overweight). |

---

The Fund's portfolio has shifted to be overweight Consumer Discretionary, Energy, and Financials while underweight Health Care, Communication Services, and Industrials. At the industry level, the Fund is overweight Broadline Retail, Machinery, and Pharmaceuticals while underweight Semiconductor & Semiconductor Equipment, Aerospace & Defense, and Chemicals.

#### 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](tm2523880d3_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 28.21% | 11.71% | 6.52% |
| MSCI All Country World Ex USA Index | 17.72% | 10.13% | 6.12% |

---

**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** | $114925387 |
| **Total number of portfolio holdings** | 78 |
| **Total advisory fees paid** | $734992 |
| **Portfolio turnover rate** | 20% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.4% |
| Consumer Discretionary | 14.9% |
| Industrials | 12.5% |
| Health Care | 8.7% |
| Information Technology | 8.7% |
| Materials | 7.4% |
| Energy | 6.8% |
| Consumer Staples | 6.0% |
| Real Estate | 2.5% |
| Communication Services | 2.4% |
| Utilities | 2.2% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;23.8% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SIIEX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone International Value Fund

#### INSTITUTIONAL CLASS \| TOIIX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone International Value Fund ("Fund") for the period July 1, 2024 to June 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 | $89 | 0.78% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term growth of capital by investing primarily in equity securities of companies in non-U.S. developed and emerging market countries. The investment philosophy focuses on identifying businesses whose securities are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow but show signs of recent improvement.

The Fund's Institutional Class shares performance was 28.34% for the reporting period.

We observed historically wide valuation spreads between value and growth stocks across global markets and the Fund's portfolio traded at significant discounts relative to benchmark indices during the period. From a style perspective, international value stocks outperformed growth over the 12-month period. Across developed and emerging markets, improving economic data, policy shifts, and valuation meant reversion played significant roles.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Deep Value bias / Stock Selection | Positive | Our comprehensive definition of value contributed to results relative to the benchmark. We define value stocks as those that are fairly valued on multiple measures of valuation including cash flow, earnings, book value and dividend yield. |
| Overweight Smaller Capitalization Stocks relative to the benchmark | Positive | The Fund's smaller capitalization bias versus the benchmark added to relative returns for the period. |
| Sector Allocation | Negative | Sector allocation relative losses were the result of Consumer Discretionary (overweight), Communication Services (underweight), and Energy (overweight). |

---

The Fund's portfolio has shifted to be overweight Consumer Discretionary, Energy, and Financials while underweight Health Care, Communication Services, and Industrials. At the industry level, the Fund is overweight Broadline Retail, Machinery, and Pharmaceuticals while underweight Semiconductor & Semiconductor Equipment, Aerospace & Defense, and Chemicals.

#### 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](tm2523880d3_tsrimg035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>1</sup> | 28.34% | 11.82% | 6.59% |
| MSCI All Country World Ex USA Index | 17.72% | 10.13% | 6.12% |

---

 **<sup>1</sup>** **The inception date was October 30, 2017. Performance information was calculated using the historical performance of Class Y shares for the periods prior to October 30, 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** | $114925387 |
| **Total number of portfolio holdings** | 78 |
| **Total advisory fees paid** | $734992 |
| **Portfolio turnover rate** | 20% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 26.4% |
| Consumer Discretionary | 14.9% |
| Industrials | 12.5% |
| Health Care | 8.7% |
| Information Technology | 8.7% |
| Materials | 7.4% |
| Energy | 6.8% |
| Consumer Staples | 6.0% |
| Real Estate | 2.5% |
| Communication Services | 2.4% |
| Utilities | 2.2% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;23.8% |
| Short-Term Investment Fund | 0.4% |
| Other Assets/Liabilities (Net) | 1.1% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TOIIX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Focused Fund

#### CLASS A \| SENCX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Focused Fund ("Fund") for the period July 1, 2024 to June 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 | $105 | 0.98% |

---

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

The Fund's Class A shares performance was 14.95% (excluding sales loads) for the reporting period.

U.S. equities saw gains in the one-year period ending June 30, 2025, with the S&P 500<sup>®</sup> Index logging a 15.16% return. Monetary policy was a focal point during the period, with the Federal Reserve implementing the first of three rate cuts in September 2024 as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the aftereffects of its results contributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown. The period ended with a historic second quarter market rebound driven primarily by easing policy uncertainty, resilient hard economic data, continued enthusiasm around artificial intelligence, and strong corporate earnings.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples Stocks | Positive | Philip Morris International Inc. heavily contributed to performance due to product innovation and increased focus on reduced-risk products. |
| Communication Services Sector | Positive | Lead by Meta Platforms Inc., the highest individual contributor to performance, the overweight allocation to the sector was also a high contributor to Fund performance. |
| International Holdings | Positive | Fund international holdings outperformed the Russell 1000<sup>®</sup> Index for the period. |
| Materials Stocks | Negative | Stock selection in Materials had a negative impact based on two holdings, Dupont de Nemours, Inc. and International Flavors & Fragrances Inc., which both underperformed during the period. |
| Cash Position | Negative | The cash position had a negative impact on the Fund as the market rallied over the period. |

---

The increase in weight year-to-year to the Information Technology sector both in the Fund itself and relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund. The cash position also came down meaningfully during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2523880d3_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 9.21% | 14.48% | 12.83% |
| Class A - excluding sales load | 14.95% | 15.66% | 13.41% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $3462101652 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $17155557 |
| **Portfolio turnover rate** | 7% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.3% |
| Financials | 13.8% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.0% |
| Industrials | 6.5% |
| Consumer Staples | 4.4% |
| Energy | 2.3% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SENCX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Focused Fund

#### CLASS C \| SCSCX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Focused Fund ("Fund") for the period July 1, 2024 to June 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 | $193 | 1.80% |

---

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

The Fund's Class C shares performance was 14.02% (excluding sales loads) for the reporting period.

U.S. equities saw gains in the one-year period ending June 30, 2025, with the S&P 500<sup>®</sup> Index logging a 15.16% return. Monetary policy was a focal point during the period, with the Federal Reserve implementing the first of three rate cuts in September 2024 as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the aftereffects of its results contributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown. The period ended with a historic second quarter market rebound driven primarily by easing policy uncertainty, resilient hard economic data, continued enthusiasm around artificial intelligence, and strong corporate earnings.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples Stocks | Positive | Philip Morris International Inc. heavily contributed to performance due to product innovation and increased focus on reduced-risk products. |
| Communication Services Sector | Positive | Lead by Meta Platforms Inc., the highest individual contributor to performance, the overweight allocation to the sector was also a high contributor to Fund performance. |
| International Holdings | Positive | Fund international holdings outperformed the Russell 1000<sup>®</sup> Index for the period. |
| Materials Stocks | Negative | Stock selection in Materials had a negative impact based on two holdings, Dupont de Nemours, Inc. and International Flavors & Fragrances Inc., which both underperformed during the period. |
| Cash Position | Negative | The cash position had a negative impact on the Fund as the market rallied over the period. |

---

The increase in weight year-to-year to the Information Technology sector both in the Fund itself and relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund. The cash position also came down meaningfully during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2523880d3_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 13.02% | 14.73% | 12.69% |
| Class C - excluding sales load | 14.02% | 14.73% | 12.69% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $3462101652 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $17155557 |
| **Portfolio turnover rate** | 7% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.3% |
| Financials | 13.8% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.0% |
| Industrials | 6.5% |
| Consumer Staples | 4.4% |
| Energy | 2.3% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SCSCX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Focused Fund

#### CLASS Y \| SICWX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Focused Fund ("Fund") for the period July 1, 2024 to June 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 | $79 | 0.73% |

---

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

The Fund's Class Y shares performance was 15.23% for the reporting period.

U.S. equities saw gains in the one-year period ending June 30, 2025, with the S&P 500<sup>®</sup> Index logging a 15.16% return. Monetary policy was a focal point during the period, with the Federal Reserve implementing the first of three rate cuts in September 2024 as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the aftereffects of its results contributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown. The period ended with a historic second quarter market rebound driven primarily by easing policy uncertainty, resilient hard economic data, continued enthusiasm around artificial intelligence, and strong corporate earnings.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples Stocks | Positive | Philip Morris International Inc. heavily contributed to performance due to product innovation and increased focus on reduced-risk products. |
| Communication Services Sector | Positive | Lead by Meta Platforms Inc., the highest individual contributor to performance, the overweight allocation to the sector was also a high contributor to Fund performance. |
| International Holdings | Positive | Fund international holdings outperformed the Russell 1000<sup>®</sup> Index for the period. |
| Materials Stocks | Negative | Stock selection in Materials had a negative impact based on two holdings, Dupont de Nemours, Inc. and International Flavors & Fragrances Inc., which both underperformed during the period. |
| Cash Position | Negative | The cash position had a negative impact on the Fund as the market rallied over the period. |

---

The increase in weight year-to-year to the Information Technology sector both in the Fund itself and relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund. The cash position also came down meaningfully during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2523880d3_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 15.23% | 15.97% | 13.71% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $3462101652 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $17155557 |
| **Portfolio turnover rate** | 7% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.3% |
| Financials | 13.8% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.0% |
| Industrials | 6.5% |
| Consumer Staples | 4.4% |
| Energy | 2.3% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SICWX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Focused Fund

#### INSTITUTIONAL CLASS \| SCRLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Focused Fund ("Fund") for the period July 1, 2024 to June 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 | $75 | 0.70% |

---

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

The Fund's Institutional Class shares performance was 15.27% for the reporting period.

U.S. equities saw gains in the one-year period ending June 30, 2025, with the S&P 500<sup>®</sup> Index logging a 15.16% return. Monetary policy was a focal point during the period, with the Federal Reserve implementing the first of three rate cuts in September 2024 as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the aftereffects of its results contributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown. The period ended with a historic second quarter market rebound driven primarily by easing policy uncertainty, resilient hard economic data, continued enthusiasm around artificial intelligence, and strong corporate earnings.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples Stocks | Positive | Philip Morris International Inc. heavily contributed to performance due to product innovation and increased focus on reduced-risk products. |
| Communication Services Sector | Positive | Lead by Meta Platforms Inc., the highest individual contributor to performance, the overweight allocation to the sector was also a high contributor to Fund performance. |
| International Holdings | Positive | Fund international holdings outperformed the Russell 1000<sup>®</sup> Index for the period. |
| Materials Stocks | Negative | Stock selection in Materials had a negative impact based on two holdings, Dupont de Nemours, Inc. and International Flavors & Fragrances Inc., which both underperformed during the period. |
| Cash Position | Negative | The cash position had a negative impact on the Fund as the market rallied over the period. |

---

The increase in weight year-to-year to the Information Technology sector both in the Fund itself and relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund. The cash position also came down meaningfully during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2523880d3_tsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 15.27% | 16.00% | 13.77% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $3462101652 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $17155557 |
| **Portfolio turnover rate** | 7% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.3% |
| Financials | 13.8% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.0% |
| Industrials | 6.5% |
| Consumer Staples | 4.4% |
| Energy | 2.3% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SCRLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Focused Fund

#### CLASS R6 \| TSRLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Focused Fund ("Fund") for the period July 1, 2024 to June 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 | $71 | 0.66% |

---

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

The Fund's Class R6 shares performance was 15.32% for the reporting period.

U.S. equities saw gains in the one-year period ending June 30, 2025, with the S&P 500<sup>®</sup> Index logging a 15.16% return. Monetary policy was a focal point during the period, with the Federal Reserve implementing the first of three rate cuts in September 2024 as inflation tempered and expectation of a soft landing grew stronger. The build up to the election and the aftereffects of its results contributed to market volatility as well, with looming concerns over policy uncertainty and an economic slowdown. The period ended with a historic second quarter market rebound driven primarily by easing policy uncertainty, resilient hard economic data, continued enthusiasm around artificial intelligence, and strong corporate earnings.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples Stocks | Positive | Philip Morris International Inc. heavily contributed to performance due to product innovation and increased focus on reduced-risk products. |
| Communication Services Sector | Positive | Lead by Meta Platforms Inc., the highest individual contributor to performance, the overweight allocation to the sector was also a high contributor to Fund performance. |
| International Holdings | Positive | Fund international holdings outperformed the Russell 1000<sup>®</sup> Index for the period. |
| Materials Stocks | Negative | Stock selection in Materials had a negative impact based on two holdings, Dupont de Nemours, Inc. and International Flavors & Fragrances Inc., which both underperformed during the period. |
| Cash Position | Negative | The cash position had a negative impact on the Fund as the market rallied over the period. |

---

The increase in weight year-to-year to the Information Technology sector both in the Fund itself and relative to the Russell 1000<sup>®</sup> Index was the largest sector related change in the Fund. The cash position also came down meaningfully during the period.

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

Growth of $10,000

![Fund Performance - Growth of 10K](tm2523880d3_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 15.32% | 15.94% | 13.55% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

 **<sup>1</sup>** **The inception date was October 28, 2021. Performance information was calculated using the historical performance of Class A shares for the periods prior to October 28, 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** | $3462101652 |
| **Total number of portfolio holdings** | 46 |
| **Total advisory fees paid** | $17155557 |
| **Portfolio turnover rate** | 7% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 33.8% |
| Communication Services | 16.3% |
| Financials | 13.8% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.0% |
| Industrials | 6.5% |
| Consumer Staples | 4.4% |
| Energy | 2.3% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short-Term Investment Fund | 1.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TSRLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Fund

#### CLASS A \| TACLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Fund ("Fund") for the period July 1, 2024 to June 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 | $109 | 1.04% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of large-capitalization U.S. listed companies. The Fund seeks to purchase financially stable large-cap companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to the company's respective private market values.

The Fund's Class A shares performance was 10.51% (excluding sales loads) for the reporting period.

Over the 12 month period, U.S. stocks increased at a mid-teen rate. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. Large companies posted the strongest gains. Momentum factors were mixed. The Russell 1000<sup>®</sup> Index was up 15.66% in the period. The best performing sectors for the Index were Financials, Communications Services, and Utilities, while Health Care, Energy, and Materials lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Positive | During the period, the allocation for the Fund was overall positive. The Fund's overweight position in Financials contributed to relative performance. |
| Materials stocks | Positive | Materials stocks, driven by Air Products and Chemicals Inc. and NewMarket Corporation, were positive contributors to the Fund relative to the Index. |
| Industrials stocks | Negative | Overall, stock selection relative to the Russell 1000<sup>®</sup> Index detracted from performance for the period. Industrials stocks FedEx Corporation and Old Dominion Freight Line, Inc. were the largest detractors to relative performance in the sector for the Fund. |
| Magnificent 7 allocation | Negative | The Magnificent 7 accounted for roughly 30% of the Index weight and 34% of the 12-month return. The Fund's portfolio owns two (Apple Inc. and Alphabet Inc.) of the Magnificent 7 companies, with no exposure to the other five companies. The positioning size of the Magnificent 7 was a detractor vs. the Index. |
| Growth Factors | Negative | Growth factors had positive impact on the Index over the period. The Fund was generally under indexed to Growth, which detracted from relative performance. |

---

During the 12 month period, the Fund established new positions in TE Connectivity plc, Chubb Limited, Bruker Corporation, and Entegris, Inc., and added to Norfolk Southern Corporation, Nestle S.A., TE Connectivity plc, Entegris, Inc., and Old Dominion Freight Line. We sold Albemarle Corporation, Cisco Systems Inc., Pfizer Inc., CarMax Inc., and The Home Depot Inc., and trimmed O'Reilly Automotive, Inc., Altria Group, Inc., Berkshire Hathaway Inc., and BlackRock Inc.

#### 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](tm2523880d3_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.99% | 10.17% | 7.99% |
| Class A - excluding sales load | 10.51% | 11.31% | 8.64% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $295149568 |
| **Total number of portfolio holdings** | 29 |
| **Total advisory fees paid** | $1766871 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 32.1% |
| Information Technology | 14.2% |
| Industrials | 13.4% |
| Materials | 11.2% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 6.6% |
| Communication Services | 6.4% |
| Health Care | 3.8% |
| Energy | 2.3% |
| Short-Term Investment Fund | 2.3% |
| Other Assets/Liabilities (Net) | (0.0)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TACLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Fund

#### CLASS C \| TFCCX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Fund ("Fund") for the period July 1, 2024 to June 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 | $188 | 1.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of large-capitalization U.S. listed companies. The Fund seeks to purchase financially stable large-cap companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to the company's respective private market values.

The Fund's Class C shares performance was 9.79% (excluding sales loads) for the reporting period.

Over the 12 month period, U.S. stocks increased at a mid-teen rate. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. Large companies posted the strongest gains. Momentum factors were mixed. The Russell 1000<sup>®</sup> Index was up 15.66% in the period. The best performing sectors for the Index were Financials, Communications Services, and Utilities, while Health Care, Energy, and Materials lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Positive | During the period, the allocation for the Fund was overall positive. The Fund's overweight position in Financials contributed to relative performance. |
| Materials stocks | Positive | Materials stocks, driven by Air Products and Chemicals Inc. and NewMarket Corporation, were positive contributors to the Fund relative to the Index. |
| Industrials stocks | Negative | Overall, stock selection relative to the Russell 1000<sup>®</sup> Index detracted from performance for the period. Industrials stocks FedEx Corporation and Old Dominion Freight Line, Inc. were the largest detractors to relative performance in the sector for the Fund. |
| Magnificent 7 allocation | Negative | The Magnificent 7 accounted for roughly 30% of the Index weight and 34% of the 12-month return. The Fund's portfolio owns two (Apple Inc. and Alphabet Inc.) of the Magnificent 7 companies, with no exposure to the other five companies. The positioning size of the Magnificent 7 was a detractor vs. the Index. |
| Growth Factors | Negative | Growth factors had positive impact on the Index over the period. The Fund was generally under indexed to Growth, which detracted from relative performance. |

---

During the 12 month period, the Fund established new positions in TE Connectivity plc, Chubb Limited, Bruker Corporation, and Entegris, Inc., and added to Norfolk Southern Corporation, Nestle S.A., TE Connectivity plc, Entegris, Inc., and Old Dominion Freight Line. We sold Albemarle Corporation, Cisco Systems Inc., Pfizer Inc., CarMax Inc., and The Home Depot Inc., and trimmed O'Reilly Automotive, Inc., Altria Group, Inc., Berkshire Hathaway Inc., and BlackRock Inc.

#### 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](tm2523880d3_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 8.79% | 10.48% | 7.98% |
| Class C - excluding sales load | 9.79% | 10.48% | 7.98% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $295149568 |
| **Total number of portfolio holdings** | 29 |
| **Total advisory fees paid** | $1766871 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 32.1% |
| Information Technology | 14.2% |
| Industrials | 13.4% |
| Materials | 11.2% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 6.6% |
| Communication Services | 6.4% |
| Health Care | 3.8% |
| Energy | 2.3% |
| Short-Term Investment Fund | 2.3% |
| Other Assets/Liabilities (Net) | (0.0)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TFCCX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Fund

#### CLASS Y \| TLCYX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Fund ("Fund") for the period July 1, 2024 to June 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 | $83 | 0.79% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of large-capitalization U.S. listed companies. The Fund seeks to purchase financially stable large-cap companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to the company's respective private market values.

The Fund's Class Y shares performance was 10.86% for the reporting period.

Over the 12 month period, U.S. stocks increased at a mid-teen rate. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. Large companies posted the strongest gains. Momentum factors were mixed. The Russell 1000<sup>®</sup> Index was up 15.66% in the period. The best performing sectors for the Index were Financials, Communications Services, and Utilities, while Health Care, Energy, and Materials lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Positive | During the period, the allocation for the Fund was overall positive. The Fund's overweight position in Financials contributed to relative performance. |
| Materials stocks | Positive | Materials stocks, driven by Air Products and Chemicals Inc. and NewMarket Corporation, were positive contributors to the Fund relative to the Index. |
| Industrials stocks | Negative | Overall, stock selection relative to the Russell 1000<sup>®</sup> Index detracted from performance for the period. Industrials stocks FedEx Corporation and Old Dominion Freight Line, Inc. were the largest detractors to relative performance in the sector for the Fund. |
| Magnificent 7 allocation | Negative | The Magnificent 7 accounted for roughly 30% of the Index weight and 34% of the 12-month return. The Fund's portfolio owns two (Apple Inc. and Alphabet Inc.) of the Magnificent 7 companies, with no exposure to the other five companies. The positioning size of the Magnificent 7 was a detractor vs. the Index. |
| Growth Factors | Negative | Growth factors had positive impact on the Index over the period. The Fund was generally under indexed to Growth, which detracted from relative performance. |

---

During the 12 month period, the Fund established new positions in TE Connectivity plc, Chubb Limited, Bruker Corporation, and Entegris, Inc., and added to Norfolk Southern Corporation, Nestle S.A., TE Connectivity plc, Entegris, Inc., and Old Dominion Freight Line. We sold Albemarle Corporation, Cisco Systems Inc., Pfizer Inc., CarMax Inc., and The Home Depot Inc., and trimmed O'Reilly Automotive, Inc., Altria Group, Inc., Berkshire Hathaway Inc., and BlackRock Inc.

#### 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](tm2523880d3_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 10.86% | 11.59% | 8.91% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $295149568 |
| **Total number of portfolio holdings** | 29 |
| **Total advisory fees paid** | $1766871 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 32.1% |
| Information Technology | 14.2% |
| Industrials | 13.4% |
| Materials | 11.2% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 6.6% |
| Communication Services | 6.4% |
| Health Care | 3.8% |
| Energy | 2.3% |
| Short-Term Investment Fund | 2.3% |
| Other Assets/Liabilities (Net) | (0.0)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TLCYX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Cap Fund

#### INSTITUTIONAL CLASS \| TLCIX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Cap Fund ("Fund") for the period July 1, 2024 to June 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 | $73 | 0.69% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by investing primarily in common stocks of large-capitalization U.S. listed companies. The Fund seeks to purchase financially stable large-cap companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to the company's respective private market values.

The Fund's Institutional Class shares performance was 10.95% for the reporting period.

Over the 12 month period, U.S. stocks increased at a mid-teen rate. Growth and Volatility factors had the most positive impact on relative returns, while Value, Yield, and most of the Quality factors presented headwinds. Large companies posted the strongest gains. Momentum factors were mixed. The Russell 1000<sup>®</sup> Index was up 15.66% in the period. The best performing sectors for the Index were Financials, Communications Services, and Utilities, while Health Care, Energy, and Materials lagged.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Financials sector | Positive | During the period, the allocation for the Fund was overall positive. The Fund's overweight position in Financials contributed to relative performance. |
| Materials stocks | Positive | Materials stocks, driven by Air Products and Chemicals Inc. and NewMarket Corporation, were positive contributors to the Fund relative to the Index. |
| Industrials stocks | Negative | Overall, stock selection relative to the Russell 1000<sup>®</sup> Index detracted from performance for the period. Industrials stocks FedEx Corporation and Old Dominion Freight Line, Inc. were the largest detractors to relative performance in the sector for the Fund. |
| Magnificent 7 allocation | Negative | The Magnificent 7 accounted for roughly 30% of the Index weight and 34% of the 12-month return. The Fund's portfolio owns two (Apple Inc. and Alphabet Inc.) of the Magnificent 7 companies, with no exposure to the other five companies. The positioning size of the Magnificent 7 was a detractor vs. the Index. |
| Growth Factors | Negative | Growth factors had positive impact on the Index over the period. The Fund was generally under indexed to Growth, which detracted from relative performance. |

---

During the 12 month period, the Fund established new positions in TE Connectivity plc, Chubb Limited, Bruker Corporation, and Entegris, Inc., and added to Norfolk Southern Corporation, Nestle S.A., TE Connectivity plc, Entegris, Inc., and Old Dominion Freight Line. We sold Albemarle Corporation, Cisco Systems Inc., Pfizer Inc., CarMax Inc., and The Home Depot Inc., and trimmed O'Reilly Automotive, Inc., Altria Group, Inc., Berkshire Hathaway Inc., and BlackRock Inc.

#### 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](tm2523880d3_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 10.95% | 11.71% | 9.02% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Index | 15.66% | 16.30% | 13.35% |

---

**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** | $295149568 |
| **Total number of portfolio holdings** | 29 |
| **Total advisory fees paid** | $1766871 |
| **Portfolio turnover rate** | 12% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 32.1% |
| Information Technology | 14.2% |
| Industrials | 13.4% |
| Materials | 11.2% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 6.6% |
| Communication Services | 6.4% |
| Health Care | 3.8% |
| Energy | 2.3% |
| Short-Term Investment Fund | 2.3% |
| Other Assets/Liabilities (Net) | (0.0)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TLCIX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Company Growth Fund

#### CLASS A \| TSAGX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Company Growth Fund ("Fund") for the period July 1, 2024 to June 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 | $113 | 1.05% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in U.S. equity securities of large capitalization companies believed to offer the best opportunity for reliable growth at attractive stock valuations. The Fund utilizes a bottom-up idea-driven growth style with a long-term investment horizon. It seeks to identify companies, which are believed to exhibit certain quality characteristics, including predictable growth, solid fundamentals, attractive profitability and successful management.

The Fund's Class A shares performance was 15.86% (excluding sales loads) for the reporting period.

We believe President Trump's tariff policies, and the associated uncertainty, posed the most significant risk to the global economy during the period. In addition, monetary policy decision-making at the Federal Reserve and European Central Bank was complicated by the uncertain impact of tariffs on inflation and economic growth. We believe it is even more vital to own a collection of companies with very resilient business models where end demand is largely non-discretionary and growing largely due to artificial intelligence.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | GE Vernova Inc. and Howmet Aerospace Inc. were the best performing Industrials sector stocks in the Fund's portfolio. |
| Health Care stocks | Negative | Novo Nordisk A/S was the leading detractor within the Health Care sector stocks in the Fund. |
| Market volatility | Negative | Pervasive uncertainty surrounding the Trump Administration's tariff policies created market volatility and fears of slowing economic growth. |

---

As our research supported our earnings estimates, we continued to use market selloffs opportunistically to build positions such as during both the Deep Seek (January 2025) and tariff related (April 2025) drawdowns earlier this year.

#### 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](tm2523880d3_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A<sup>1</sup> | 10.07% | 13.90% | 13.69% |
| Class A - excluding sales load | 15.86% | 15.08% | 14.37% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Growth Index | 17.22% | 18.15% | 17.01% |

---

 **<sup>1</sup>** **The inception date was August 15, 2016. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to August 15, 2016.** 

**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** | $169659393 |
| **Total number of portfolio holdings** | 26 |
| **Total advisory fees paid** | $909017 |
| **Portfolio turnover rate** | 30% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 12.8% |
| Industrials | 11.8% |
| Consumer Discretionary | 10.7% |
| Financials | 8.0% |
| Health Care | 6.9% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TSAGX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Company Growth Fund

#### CLASS C \| TCGLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Company Growth Fund ("Fund") for the period July 1, 2024 to June 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 | $193 | 1.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in U.S. equity securities of large capitalization companies believed to offer the best opportunity for reliable growth at attractive stock valuations. The Fund utilizes a bottom-up idea-driven growth style with a long-term investment horizon. It seeks to identify companies, which are believed to exhibit certain quality characteristics, including predictable growth, solid fundamentals, attractive profitability and successful management.

The Fund's Class C shares performance was 14.97% (excluding sales loads) for the reporting period.

We believe President Trump's tariff policies, and the associated uncertainty, posed the most significant risk to the global economy during the period. In addition, monetary policy decision-making at the Federal Reserve and European Central Bank was complicated by the uncertain impact of tariffs on inflation and economic growth. We believe it is even more vital to own a collection of companies with very resilient business models where end demand is largely non-discretionary and growing largely due to artificial intelligence.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | GE Vernova Inc. and Howmet Aerospace Inc. were the best performing Industrials sector stocks in the Fund's portfolio. |
| Health Care stocks | Negative | Novo Nordisk A/S was the leading detractor within the Health Care sector stocks in the Fund. |
| Market volatility | Negative | Pervasive uncertainty surrounding the Trump Administration's tariff policies created market volatility and fears of slowing economic growth. |

---

As our research supported our earnings estimates, we continued to use market selloffs opportunistically to build positions such as during both the Deep Seek (January 2025) and tariff related (April 2025) drawdowns earlier this year.

#### 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](tm2523880d3_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C<sup>1</sup> | 13.97% | 14.21% | 13.58% |
| Class C - excluding sales load | 14.97% | 14.21% | 13.58% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Growth Index | 17.22% | 18.15% | 17.01% |

---

 **<sup>1</sup>** **The inception date was August 15, 2016. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to August 15, 2016.** 

**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** | $169659393 |
| **Total number of portfolio holdings** | 26 |
| **Total advisory fees paid** | $909017 |
| **Portfolio turnover rate** | 30% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 12.8% |
| Industrials | 11.8% |
| Consumer Discretionary | 10.7% |
| Financials | 8.0% |
| Health Care | 6.9% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TCGLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Company Growth Fund

#### CLASS Y \| TLGYX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Company Growth Fund ("Fund") for the period July 1, 2024 to June 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 | $86 | 0.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in U.S. equity securities of large capitalization companies believed to offer the best opportunity for reliable growth at attractive stock valuations. The Fund utilizes a bottom-up idea-driven growth style with a long-term investment horizon. It seeks to identify companies, which are believed to exhibit certain quality characteristics, including predictable growth, solid fundamentals, attractive profitability and successful management.

The Fund's Class Y shares performance was 16.15% for the reporting period.

We believe President Trump's tariff policies, and the associated uncertainty, posed the most significant risk to the global economy during the period. In addition, monetary policy decision-making at the Federal Reserve and European Central Bank was complicated by the uncertain impact of tariffs on inflation and economic growth. We believe it is even more vital to own a collection of companies with very resilient business models where end demand is largely non-discretionary and growing largely due to artificial intelligence.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | GE Vernova Inc. and Howmet Aerospace Inc. were the best performing Industrials sector stocks in the Fund's portfolio. |
| Health Care stocks | Negative | Novo Nordisk A/S was the leading detractor within the Health Care sector stocks in the Fund. |
| Market volatility | Negative | Pervasive uncertainty surrounding the Trump Administration's tariff policies created market volatility and fears of slowing economic growth. |

---

As our research supported our earnings estimates, we continued to use market selloffs opportunistically to build positions such as during both the Deep Seek (January 2025) and tariff related (April 2025) drawdowns earlier this year.

#### 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](tm2523880d3_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y<sup>1</sup> | 16.15% | 15.36% | 14.65% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Growth Index | 17.22% | 18.15% | 17.01% |

---

 **<sup>1</sup>** **The inception date was August 15, 2016. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to August 15, 2016.** 

**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** | $169659393 |
| **Total number of portfolio holdings** | 26 |
| **Total advisory fees paid** | $909017 |
| **Portfolio turnover rate** | 30% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 12.8% |
| Industrials | 11.8% |
| Consumer Discretionary | 10.7% |
| Financials | 8.0% |
| Health Care | 6.9% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TLGYX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Large Company Growth Fund

#### INSTITUTIONAL CLASS \| DSMLX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Large Company Growth Fund ("Fund") for the period July 1, 2024 to June 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 | $76 | 0.70% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital appreciation by primarily investing in U.S. equity securities of large capitalization companies believed to offer the best opportunity for reliable growth at attractive stock valuations. The Fund utilizes a bottom-up idea-driven growth style with a long-term investment horizon. It seeks to identify companies, which are believed to exhibit certain quality characteristics, including predictable growth, solid fundamentals, attractive profitability and successful management.

The Fund's Institutional Class shares performance was 16.26% for the reporting period.

We believe President Trump's tariff policies, and the associated uncertainty, posed the most significant risk to the global economy during the period. In addition, monetary policy decision-making at the Federal Reserve and European Central Bank was complicated by the uncertain impact of tariffs on inflation and economic growth. We believe it is even more vital to own a collection of companies with very resilient business models where end demand is largely non-discretionary and growing largely due to artificial intelligence.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Industrials stocks | Positive | GE Vernova Inc. and Howmet Aerospace Inc. were the best performing Industrials sector stocks in the Fund's portfolio. |
| Health Care stocks | Negative | Novo Nordisk A/S was the leading detractor within the Health Care sector stocks in the Fund. |
| Market volatility | Negative | Pervasive uncertainty surrounding the Trump Administration's tariff policies created market volatility and fears of slowing economic growth. |

---

As our research supported our earnings estimates, we continued to use market selloffs opportunistically to build positions such as during both the Deep Seek (January 2025) and tariff related (April 2025) drawdowns earlier this year.

#### 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](tm2523880d3_tsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 16.26% | 15.48% | 14.75% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Growth Index | 17.22% | 18.15% | 17.01% |

---

**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** | $169659393 |
| **Total number of portfolio holdings** | 26 |
| **Total advisory fees paid** | $909017 |
| **Portfolio turnover rate** | 30% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Information Technology | 49.3% |
| Communication Services | 12.8% |
| Industrials | 11.8% |
| Consumer Discretionary | 10.7% |
| Financials | 8.0% |
| Health Care | 6.9% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-DSMLX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Small Company Fund

#### CLASS A \| SAGWX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period July 1, 2024 to June 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 | $120 | 1.15% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with growth of capital by investing primarily in common stocks of small capitalization companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

The Fund's Class A shares performance was 9.55% (excluding sales loads) for the reporting period.

For the 12-month period ended June 30, 2025, small cap equities, as measured by the Russell 2000<sup>®</sup> Index, returned 7.68%.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care sector | Positive | The Health Care sector was the top contributing sector. Doximity, Inc. and Encompass Health Corporation were the two top contributors in the sector. |
| Industrials sector | Positive | The collective allocation and security selection performance within the Industrials sector allocation was a positive contributor to the second-best performing sector. Esco Technologies Inc. and Curtiss-Wright Corp. were the two top contributors in the sector. |
| Energy sector | Positive | The Energy sector underweight had the largest positive allocation effect in the Fund. |
| Information Technology sector | Negative | Weak relative stock performance within the Information Technology sector allocation was the largest detractor. Onto Innovation Inc. and Verint Systems Inc. were the two largest individual stock detractors in the sector. |

---

The Fund purchased eight new positions and exited nine positions. There were no material sector allocation changes over 3% relative to the Russell 2000<sup>®</sup> Index.

#### 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](tm2523880d3_tsrimg027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.15% | 12.84% | 8.27% |
| Class A - excluding sales load | 9.55% | 13.99% | 8.82% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

**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** | $1173462910 |
| **Total number of portfolio holdings** | 73 |
| **Total advisory fees paid** | $7389460 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 22.7% |
| Information Technology | 19.5% |
| Health Care | 18.7% |
| Consumer Discretionary | 12.7% |
| Financials | 9.2% |
| Real Estate | 6.2% |
| Energy | 4.2% |
| Communication Services | 3.2% |
| Materials | 3.1% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SAGWX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Small Company Fund

#### CLASS C \| SSCOX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period July 1, 2024 to June 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 | $204 | 1.96% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with growth of capital by investing primarily in common stocks of small capitalization companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

The Fund's Class C shares performance was 8.65% (excluding sales loads) for the reporting period.

For the 12-month period ended June 30, 2025, small cap equities, as measured by the Russell 2000<sup>®</sup> Index, returned 7.68%.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care sector | Positive | The Health Care sector was the top contributing sector. Doximity, Inc. and Encompass Health Corporation were the two top contributors in the sector. |
| Industrials sector | Positive | The collective allocation and security selection performance within the Industrials sector allocation was a positive contributor to the second-best performing sector. Esco Technologies Inc. and Curtiss-Wright Corp. were the two top contributors in the sector. |
| Energy sector | Positive | The Energy sector underweight had the largest positive allocation effect in the Fund. |
| Information Technology sector | Negative | Weak relative stock performance within the Information Technology sector allocation was the largest detractor. Onto Innovation Inc. and Verint Systems Inc. were the two largest individual stock detractors in the sector. |

---

The Fund purchased eight new positions and exited nine positions. There were no material sector allocation changes over 3% relative to the Russell 2000<sup>®</sup> Index.

#### 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](tm2523880d3_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 7.65% | 13.02% | 8.18% |
| Class C - excluding sales load | 8.65% | 13.02% | 8.18% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

**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** | $1173462910 |
| **Total number of portfolio holdings** | 73 |
| **Total advisory fees paid** | $7389460 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 22.7% |
| Information Technology | 19.5% |
| Health Care | 18.7% |
| Consumer Discretionary | 12.7% |
| Financials | 9.2% |
| Real Estate | 6.2% |
| Energy | 4.2% |
| Communication Services | 3.2% |
| Materials | 3.1% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SSCOX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Small Company Fund

#### CLASS Y \| SIGWX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period July 1, 2024 to June 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 | $94 | 0.90% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with growth of capital by investing primarily in common stocks of small capitalization companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

The Fund's Class Y shares performance was 9.80% for the reporting period.

For the 12-month period ended June 30, 2025, small cap equities, as measured by the Russell 2000<sup>®</sup> Index, returned 7.68%.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care sector | Positive | The Health Care sector was the top contributing sector. Doximity, Inc. and Encompass Health Corporation were the two top contributors in the sector. |
| Industrials sector | Positive | The collective allocation and security selection performance within the Industrials sector allocation was a positive contributor to the second-best performing sector. Esco Technologies Inc. and Curtiss-Wright Corp. were the two top contributors in the sector. |
| Energy sector | Positive | The Energy sector underweight had the largest positive allocation effect in the Fund. |
| Information Technology sector | Negative | Weak relative stock performance within the Information Technology sector allocation was the largest detractor. Onto Innovation Inc. and Verint Systems Inc. were the two largest individual stock detractors in the sector. |

---

The Fund purchased eight new positions and exited nine positions. There were no material sector allocation changes over 3% relative to the Russell 2000<sup>®</sup> Index.

#### 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](tm2523880d3_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 9.80% | 14.25% | 9.12% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

**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** | $1173462910 |
| **Total number of portfolio holdings** | 73 |
| **Total advisory fees paid** | $7389460 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 22.7% |
| Information Technology | 19.5% |
| Health Care | 18.7% |
| Consumer Discretionary | 12.7% |
| Financials | 9.2% |
| Real Estate | 6.2% |
| Energy | 4.2% |
| Communication Services | 3.2% |
| Materials | 3.1% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SIGWX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Small Company Fund

#### INSTITUTIONAL CLASS \| TICSX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period July 1, 2024 to June 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 | $84 | 0.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with growth of capital by investing primarily in common stocks of small capitalization companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

The Fund's Institutional Class shares performance was 9.93% for the reporting period.

For the 12-month period ended June 30, 2025, small cap equities, as measured by the Russell 2000<sup>®</sup> Index, returned 7.68%.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care sector | Positive | The Health Care sector was the top contributing sector. Doximity, Inc. and Encompass Health Corporation were the two top contributors in the sector. |
| Industrials sector | Positive | The collective allocation and security selection performance within the Industrials sector allocation was a positive contributor to the second-best performing sector. Esco Technologies Inc. and Curtiss-Wright Corp. were the two top contributors in the sector. |
| Energy sector | Positive | The Energy sector underweight had the largest positive allocation effect in the Fund. |
| Information Technology sector | Negative | Weak relative stock performance within the Information Technology sector allocation was the largest detractor. Onto Innovation Inc. and Verint Systems Inc. were the two largest individual stock detractors in the sector. |

---

The Fund purchased eight new positions and exited nine positions. There were no material sector allocation changes over 3% relative to the Russell 2000<sup>®</sup> Index.

#### 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](tm2523880d3_tsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class<sup>1</sup> | 9.93% | 14.39% | 9.16% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

 **<sup>1</sup>** **The inception date was October 30, 2017. Performance information was calculated using the historical performance of Class Y shares for the periods prior to October 30, 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** | $1173462910 |
| **Total number of portfolio holdings** | 73 |
| **Total advisory fees paid** | $7389460 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 22.7% |
| Information Technology | 19.5% |
| Health Care | 18.7% |
| Consumer Discretionary | 12.7% |
| Financials | 9.2% |
| Real Estate | 6.2% |
| Energy | 4.2% |
| Communication Services | 3.2% |
| Materials | 3.1% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TICSX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Small Company Fund

#### CLASS R6 \| SSRRX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Small Company Fund ("Fund") for the period July 1, 2024 to June 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 | $84 | 0.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks to provide investors with growth of capital by investing primarily in common stocks of small capitalization companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

The Fund's Class R6 shares performance was 9.90% for the reporting period.

For the 12-month period ended June 30, 2025, small cap equities, as measured by the Russell 2000<sup>®</sup> Index, returned 7.68%.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Health Care sector | Positive | The Health Care sector was the top contributing sector. Doximity, Inc. and Encompass Health Corporation were the two top contributors in the sector. |
| Industrials sector | Positive | The collective allocation and security selection performance within the Industrials sector allocation was a positive contributor to the second-best performing sector. Esco Technologies Inc. and Curtiss-Wright Corp. were the two top contributors in the sector. |
| Energy sector | Positive | The Energy sector underweight had the largest positive allocation effect in the Fund. |
| Information Technology sector | Negative | Weak relative stock performance within the Information Technology sector allocation was the largest detractor. Onto Innovation Inc. and Verint Systems Inc. were the two largest individual stock detractors in the sector. |

---

The Fund purchased eight new positions and exited nine positions. There were no material sector allocation changes over 3% relative to the Russell 2000<sup>®</sup> Index.

#### 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](tm2523880d3_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 9.90% | 14.38% | 9.32% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

**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** | $1173462910 |
| **Total number of portfolio holdings** | 73 |
| **Total advisory fees paid** | $7389460 |
| **Portfolio turnover rate** | 47% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Industrials | 22.7% |
| Information Technology | 19.5% |
| Health Care | 18.7% |
| Consumer Discretionary | 12.7% |
| Financials | 9.2% |
| Real Estate | 6.2% |
| Energy | 4.2% |
| Communication Services | 3.2% |
| Materials | 3.1% |
| Short-Term Investment Fund | 0.6% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-SSRRX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Value Fund

#### CLASS A \| TVLAX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Value Fund ("Fund") for the period July 1, 2024 to June 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 | $114 | 1.08% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by primarily investing in equity securities of large and mid-cap companies believed to be undervalued. The Fund uses traditional methods of stock selection — research and analysis — to identify companies that have price-to-earnings and price-to-book ratios below the market and also have above-average dividend yields. The Fund focuses on companies that are out of favor due to internal or external challenges judged to be short term in nature. Stock selection is driven by fundamental analysis on individual companies rather than by broad market themes.

The Fund's Class A shares performance was 12.00% (excluding sales loads) for the reporting period.

Markets once again found their way to new all-time highs, climbing over a multitude of potential headwinds including a trade war, a conflict with Iran, and the potential for the largest tariff increase in a century. While the Fund was challenged during the early part of 2025, the performance remained solid overall.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples stocks | Positive | Strong pricing for their combustible products and volume growth for their non-combustible products helped drive shares of Phillip Morris International Inc. higher over the period. |
| Industrials stocks | Positive | Strong stock selection boosted performance as Vertiv Holdings Co. continued to see strong demand from data centers for their solutions. |
| Financials sector | Negative | An underweight to the best performing sector for the trailing year and less favorable selection across holdings weighed on relative performance. |
| Health Care stocks | Negative | A tailwind from being underweight was more than offset by weak performance for several holdings including Merck & Co. Inc., which faced demand disruptions and regulatory uncertainty. |

---

Over the period, the Fund increased its weighting to Financials, reducing the underweight, added to and overweighted Utilities, and reduced the overweight to Consumer Discretionary.

#### 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](tm2523880d3_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.36% | 14.00% | 8.76% |
| Class A - excluding sales load | 12.00% | 15.18% | 9.41% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

**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** | $581762149 |
| **Total number of portfolio holdings** | 52 |
| **Total advisory fees paid** | $3334176 |
| **Portfolio turnover rate** | 40% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 20.2% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.0% |
| Information Technology | 10.0% |
| Energy | 9.2% |
| Industrials | 8.2% |
| Utilities | 7.8% |
| Consumer Staples | 6.0% |
| Materials | 5.5% |
| Real Estate | 4.9% |
| Communication Services | 4.6% |
| Short-Term Investment Fund | 1.9% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TVLAX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Value Fund

#### CLASS C \| TVLCX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Value Fund ("Fund") for the period July 1, 2024 to June 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 | $190 | 1.80% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by primarily investing in equity securities of large and mid-cap companies believed to be undervalued. The Fund uses traditional methods of stock selection — research and analysis — to identify companies that have price-to-earnings and price-to-book ratios below the market and also have above-average dividend yields. The Fund focuses on companies that are out of favor due to internal or external challenges judged to be short term in nature. Stock selection is driven by fundamental analysis on individual companies rather than by broad market themes.

The Fund's Class C shares performance was 11.20% (excluding sales loads) for the reporting period.

Markets once again found their way to new all-time highs, climbing over a multitude of potential headwinds including a trade war, a conflict with Iran, and the potential for the largest tariff increase in a century. While the Fund was challenged during the early part of 2025, the performance remained solid overall.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples stocks | Positive | Strong pricing for their combustible products and volume growth for their non-combustible products helped drive shares of Phillip Morris International Inc. higher over the period. |
| Industrials stocks | Positive | Strong stock selection boosted performance as Vertiv Holdings Co. continued to see strong demand from data centers for their solutions. |
| Financials sector | Negative | An underweight to the best performing sector for the trailing year and less favorable selection across holdings weighed on relative performance. |
| Health Care stocks | Negative | A tailwind from being underweight was more than offset by weak performance for several holdings including Merck & Co. Inc., which faced demand disruptions and regulatory uncertainty. |

---

Over the period, the Fund increased its weighting to Financials, reducing the underweight, added to and overweighted Utilities, and reduced the overweight to Consumer Discretionary.

#### 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](tm2523880d3_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class C | 10.20% | 14.32% | 8.76% |
| Class C - excluding sales load | 11.20% | 14.32% | 8.76% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

**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** | $581762149 |
| **Total number of portfolio holdings** | 52 |
| **Total advisory fees paid** | $3334176 |
| **Portfolio turnover rate** | 40% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 20.2% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.0% |
| Information Technology | 10.0% |
| Energy | 9.2% |
| Industrials | 8.2% |
| Utilities | 7.8% |
| Consumer Staples | 6.0% |
| Materials | 5.5% |
| Real Estate | 4.9% |
| Communication Services | 4.6% |
| Short-Term Investment Fund | 1.9% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TVLCX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Value Fund

#### CLASS Y \| TVLYX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Value Fund ("Fund") for the period July 1, 2024 to June 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 | $88 | 0.83% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by primarily investing in equity securities of large and mid-cap companies believed to be undervalued. The Fund uses traditional methods of stock selection — research and analysis — to identify companies that have price-to-earnings and price-to-book ratios below the market and also have above-average dividend yields. The Fund focuses on companies that are out of favor due to internal or external challenges judged to be short term in nature. Stock selection is driven by fundamental analysis on individual companies rather than by broad market themes.

The Fund's Class Y shares performance was 12.29% for the reporting period.

Markets once again found their way to new all-time highs, climbing over a multitude of potential headwinds including a trade war, a conflict with Iran, and the potential for the largest tariff increase in a century. While the Fund was challenged during the early part of 2025, the performance remained solid overall.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples stocks | Positive | Strong pricing for their combustible products and volume growth for their non-combustible products helped drive shares of Phillip Morris International Inc. higher over the period. |
| Industrials stocks | Positive | Strong stock selection boosted performance as Vertiv Holdings Co. continued to see strong demand from data centers for their solutions. |
| Financials sector | Negative | An underweight to the best performing sector for the trailing year and less favorable selection across holdings weighed on relative performance. |
| Health Care stocks | Negative | A tailwind from being underweight was more than offset by weak performance for several holdings including Merck & Co. Inc., which faced demand disruptions and regulatory uncertainty. |

---

Over the period, the Fund increased its weighting to Financials, reducing the underweight, added to and overweighted Utilities, and reduced the overweight to Consumer Discretionary.

#### 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](tm2523880d3_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 12.29% | 15.48% | 9.69% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

**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** | $581762149 |
| **Total number of portfolio holdings** | 52 |
| **Total advisory fees paid** | $3334176 |
| **Portfolio turnover rate** | 40% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 20.2% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.0% |
| Information Technology | 10.0% |
| Energy | 9.2% |
| Industrials | 8.2% |
| Utilities | 7.8% |
| Consumer Staples | 6.0% |
| Materials | 5.5% |
| Real Estate | 4.9% |
| Communication Services | 4.6% |
| Short-Term Investment Fund | 1.9% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TVLYX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Value Fund

#### INSTITUTIONAL CLASS \| TVLIX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Value Fund ("Fund") for the period July 1, 2024 to June 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 | $72 | 0.68% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by primarily investing in equity securities of large and mid-cap companies believed to be undervalued. The Fund uses traditional methods of stock selection — research and analysis — to identify companies that have price-to-earnings and price-to-book ratios below the market and also have above-average dividend yields. The Fund focuses on companies that are out of favor due to internal or external challenges judged to be short term in nature. Stock selection is driven by fundamental analysis on individual companies rather than by broad market themes.

The Fund's Institutional Class shares performance was 12.42% for the reporting period.

Markets once again found their way to new all-time highs, climbing over a multitude of potential headwinds including a trade war, a conflict with Iran, and the potential for the largest tariff increase in a century. While the Fund was challenged during the early part of 2025, the performance remained solid overall.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples stocks | Positive | Strong pricing for their combustible products and volume growth for their non-combustible products helped drive shares of Phillip Morris International Inc. higher over the period. |
| Industrials stocks | Positive | Strong stock selection boosted performance as Vertiv Holdings Co. continued to see strong demand from data centers for their solutions. |
| Financials sector | Negative | An underweight to the best performing sector for the trailing year and less favorable selection across holdings weighed on relative performance. |
| Health Care stocks | Negative | A tailwind from being underweight was more than offset by weak performance for several holdings including Merck & Co. Inc., which faced demand disruptions and regulatory uncertainty. |

---

Over the period, the Fund increased its weighting to Financials, reducing the underweight, added to and overweighted Utilities, and reduced the overweight to Consumer Discretionary.

#### 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](tm2523880d3_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 12.42% | 15.64% | 9.85% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

**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** | $581762149 |
| **Total number of portfolio holdings** | 52 |
| **Total advisory fees paid** | $3334176 |
| **Portfolio turnover rate** | 40% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 20.2% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.0% |
| Information Technology | 10.0% |
| Energy | 9.2% |
| Industrials | 8.2% |
| Utilities | 7.8% |
| Consumer Staples | 6.0% |
| Materials | 5.5% |
| Real Estate | 4.9% |
| Communication Services | 4.6% |
| Short-Term Investment Fund | 1.9% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TVLIX-2506

![TSR - Logo](tm2523880d3_tsrimg036.jpg)

#### Touchstone Value Fund

#### CLASS R6 \| TVLRX

#### ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Touchstone Value Fund ("Fund") for the period July 1, 2024 to June 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 | $67 | 0.63% |

---

#### Management's Discussion of Fund Performance
The Fund seeks long-term capital growth by primarily investing in equity securities of large and mid-cap companies believed to be undervalued. The Fund uses traditional methods of stock selection — research and analysis — to identify companies that have price-to-earnings and price-to-book ratios below the market and also have above-average dividend yields. The Fund focuses on companies that are out of favor due to internal or external challenges judged to be short term in nature. Stock selection is driven by fundamental analysis on individual companies rather than by broad market themes.

The Fund's Class R6 shares performance was 12.47% for the reporting period.

Markets once again found their way to new all-time highs, climbing over a multitude of potential headwinds including a trade war, a conflict with Iran, and the potential for the largest tariff increase in a century. While the Fund was challenged during the early part of 2025, the performance remained solid overall.

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

---

| | | |
|:---|:---|:---|
| **Factor** | **Performance Impact** | **Observations** |
| Consumer Staples stocks | Positive | Strong pricing for their combustible products and volume growth for their non-combustible products helped drive shares of Phillip Morris International Inc. higher over the period. |
| Industrials stocks | Positive | Strong stock selection boosted performance as Vertiv Holdings Co. continued to see strong demand from data centers for their solutions. |
| Financials sector | Negative | An underweight to the best performing sector for the trailing year and less favorable selection across holdings weighed on relative performance. |
| Health Care stocks | Negative | A tailwind from being underweight was more than offset by weak performance for several holdings including Merck & Co. Inc., which faced demand disruptions and regulatory uncertainty. |

---

Over the period, the Fund increased its weighting to Financials, reducing the underweight, added to and overweighted Utilities, and reduced the overweight to Consumer Discretionary.

#### 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](tm2523880d3_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>1</sup> | 12.47% | 15.66% | 9.78% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

 **<sup>1</sup>** **The inception date was October 28, 2021. Performance information was calculated using the historical performance of Class Y shares for the periods prior to October 28, 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** | $581762149 |
| **Total number of portfolio holdings** | 52 |
| **Total advisory fees paid** | $3334176 |
| **Portfolio turnover rate** | 40% |

---

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Financials | 20.2% |
| Consumer Discretionary | 11.8% |
| Health Care | 10.0% |
| Information Technology | 10.0% |
| Energy | 9.2% |
| Industrials | 8.2% |
| Utilities | 7.8% |
| Consumer Staples | 6.0% |
| Materials | 5.5% |
| Real Estate | 4.9% |
| Communication Services | 4.6% |
| Short-Term Investment Fund | 1.9% |
| Other Assets/Liabilities (Net) | (0.1)% |
| Total | 100.0% |

---

Availability of Additional Information

![TSR - QR Code - Mutual Fund](tm2523880d3_tsrimg037.jpg)

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

TSF-TST-AR-TVLRX-2506

&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 $164,680 and $155,000 for the fiscal years
ended June 30, 2025 and June 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 $0 and $6,800 for the fiscal years ended June 30, 2025 and June 30, 2024,
respectively. These fees are associated with Form N-1A filings and out of scope expenses for 2024.

<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 $51,648 and $60,962 for the fiscal years ended June 30,
2025 and June 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 $16,573 and $20,107 for
the fiscal years ended June 30, 2025 and June 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 $2,243,785 and $1,679,199 for each of the last two fiscal years ended
June 30, 2025 and June 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.

June 30, 2025

Annual Financial Statements

---

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

---

![](tm2523880d3financiali001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_3f2b8f55-8cd3-4bff-9969-2ba5b57a8c11_1) |
| [Portfolios of Investments:](#xx_31fec8cb-1c29-43a2-aa9d-0fd91e2770f5_1tm2523880d3_financial) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Balanced Fund](#xx_31fec8cb-1c29-43a2-aa9d-0fd91e2770f5_1tm2523880d3_financial) | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Core Municipal Bond Fund](#xx_44094182-a399-4653-a5c6-a8223cde5873_1tm2523880d3_financial) | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone International Value Fund](#xx_c3a9def5-3524-470e-966a-4c907859d0c8_1tm2523880d3_financial) | 13-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Large Cap Focused Fund](#xx_c8224b94-9cfc-42f9-a764-492e4f9a5201_1tm2523880d3_financial) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Large Cap Fund](#xx_b828fdf7-efbf-4438-aee7-d9a4193364fe_1tm2523880d3_financial) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Large Company Growth Fund](#xx_ebb6a818-ec72-4630-88a5-f34f5032d578_1tm2523880d3_financial) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Company Fund](#xx_709e8c87-a0e6-45da-8ac2-4e455981ef06_1tm2523880d3_financial) | 19-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Value Fund](#xx_9ebc7ac2-1727-481c-a8ca-5255f4a068a7_1tm2523880d3_financial) | 21 |
| [Statements of Assets and Liabilities](#xx_88b22a95-63e3-49af-b52b-5c71bfb4bbc1_1tm2523880d3_financial) | 22-25 |
| [Statements of Operations](#xx_8d4049b4-da5f-4f68-b437-e87eae41296f_1tm2523880d3_financial) | 26-27 |
| [Statements of Changes in Net Assets](#xx_3ccf390b-edc2-45ba-884e-9e1df702add2_1tm2523880d3_financial) | 28-30 |
| [Statements of Changes in Net Assets - Capital Stock Activity](#xx_7e378cbc-ff92-4144-b6cb-d9d3e3cbe833_2tm2523880d3_financial) | 32-35 |
| [Financial Highlights](#xx_55929322-1b8f-48d2-ac41-5550a5e81efc_1tm2523880d3_financial) | 36-43 |
| [Notes to Financial Statements](#xx_bea3af9c-b031-46e4-9090-8dca707d948c_1tm2523880d3_financial) | 44-58 |
| [Report of Independent Registered Public Accounting Firm](#xx_dad7ab10-0407-42f5-8f34-3215c126e6cc_1tm2523880d3_financial) | 59 |
| [Other Items (Unaudited)](#xx_13c58e94-b864-406d-b5f3-a25cf2ca73c9_1tm2523880d3_financial) | 60 |

---

This report identifies the Funds' investments on June 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_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Balanced Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 62.4%** |  |
|  | &nbsp;&nbsp;**Information Technology — 20.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;192440 | &nbsp;&nbsp;Apple, Inc. | $39482915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35732 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 6541457 |
| &nbsp;&nbsp;&nbsp;&nbsp;125789 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 62568706 |
| &nbsp;&nbsp;&nbsp;&nbsp;195234 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 30845020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88680 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 19388108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47914 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 13065669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48376 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 10956680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56093 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 11646029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30704 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 7368960 |
|  |  | &nbsp;&nbsp;201863544 |
|  | &nbsp;&nbsp;**Communication Services — 10.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;192275 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 34107662 |
| &nbsp;&nbsp;&nbsp;&nbsp;185727 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 6628597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67678 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 49952455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 8085667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48709 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 6040403 |
|  |  | &nbsp;&nbsp;104814784 |
|  | &nbsp;&nbsp;**Financials — 8.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;223067 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 10555530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20496 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 9956342 |
| &nbsp;&nbsp;&nbsp;&nbsp;134356 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 12258641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23066 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 16324962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 12293751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50702 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 18001745 |
|  |  | &nbsp;&nbsp; 79390971 |
|  | &nbsp;&nbsp;**Health Care — 6.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51848 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 8930818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58478 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 3214536 |
| &nbsp;&nbsp;&nbsp;&nbsp;140997 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 6526751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23434 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 8977565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73072 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 11161748 |
| &nbsp;&nbsp;&nbsp;&nbsp;133703 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 11654891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24467 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 7632970 |
|  |  | &nbsp;&nbsp; 58099279 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73685 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 9751473 |
| &nbsp;&nbsp;&nbsp;&nbsp;158995 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 34881913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74568 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 3244454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61382 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 5624432 |
|  |  | &nbsp;&nbsp; 53502272 |
|  | &nbsp;&nbsp;**Industrials — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57581 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 12064947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14559 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 5946041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51972 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 7588952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99553 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 8242988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56962 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 3859176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61564 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 5743921 |
|  |  | &nbsp;&nbsp; 43446025 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29897 | &nbsp;&nbsp;Diageo PLC (United Kingdom) ADR | &nbsp;&nbsp; 3014813 |
| &nbsp;&nbsp;&nbsp;&nbsp;124975 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 7828434 |
| &nbsp;&nbsp;&nbsp;&nbsp;101858 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 18551398 |
|  |  | &nbsp;&nbsp; 29394645 |
|  | &nbsp;&nbsp;**Energy — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;104592 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 11275018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66720 | &nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp; 2255136 |
|  |  | &nbsp;&nbsp; 13530154 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 62.4% (Continued)** |  |
|  | &nbsp;&nbsp;**Materials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87747 | &nbsp;&nbsp;DuPont de Nemours, Inc. | $6018567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61501 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 4523398 |
|  |  | &nbsp;&nbsp; 10541965 |
|  | &nbsp;&nbsp;**Real Estate — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30037 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 7682864 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $602266503 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0%** |  |
|  | &nbsp;&nbsp;**Financials — 3.8%** |  |
| $924000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28 | &nbsp;&nbsp; 880110 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144a, 7.000%, 1/15/31 | &nbsp;&nbsp; 82745 |
| &nbsp;&nbsp; 253000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 7.526%, 8/15/53<sup>(A)</sup> | &nbsp;&nbsp; 253106 |
| &nbsp;&nbsp; 29000 | &nbsp;&nbsp;Ally Financial, Inc., 8.000%, 11/1/31 | &nbsp;&nbsp; 32778 |
| &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;American Express Co., 5.282%, 7/27/29 | &nbsp;&nbsp; 1336569 |
| &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;Ares Capital Corp., 3.250%, 7/15/25 | &nbsp;&nbsp; 1109294 |
| &nbsp;&nbsp; 802000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 719642 |
| &nbsp;&nbsp; 815000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 805240 |
| &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;Bank of America Corp., 5.511%, 1/24/36 | &nbsp;&nbsp; 1069715 |
| &nbsp;&nbsp; 932000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 907691 |
| &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 1081845 |
| &nbsp;&nbsp; 1009000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | &nbsp;&nbsp; 944055 |
| &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 1083949 |
| &nbsp;&nbsp; 690000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 580812 |
| &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;Citigroup, Inc., 4.542%, 9/19/30 | &nbsp;&nbsp; 1742067 |
| &nbsp;&nbsp; 645000 | &nbsp;&nbsp;Citigroup, Inc., 6.174%, 5/25/34 | &nbsp;&nbsp; 675144 |
| &nbsp;&nbsp; 1044000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 1046074 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 9.250%, 12/15/28 | &nbsp;&nbsp; 98447 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Credit Acceptance Corp., 144a, 6.625%, 3/15/30 | &nbsp;&nbsp; 65945 |
| &nbsp;&nbsp; 812000 | &nbsp;&nbsp;First Maryland Capital I, (TSFR3M + 1.262%), 5.518%, 1/15/27<sup>(A)</sup> | &nbsp;&nbsp; 799928 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 4.625%, 9/1/28 | &nbsp;&nbsp; 47135 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 5.625%, 1/1/30 | &nbsp;&nbsp; 55827 |
| &nbsp;&nbsp; 21000 | &nbsp;&nbsp;FirstCash, Inc., 144a, 6.875%, 3/1/32 | &nbsp;&nbsp; 21732 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Freedom Mortgage Corp., 144a, 12.000%, 10/1/28 | &nbsp;&nbsp; 26836 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Freedom Mortgage Holdings LLC, 144a, 9.250%, 2/1/29 | &nbsp;&nbsp; 120487 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 9.250%, 12/1/28 | &nbsp;&nbsp; 93119 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 6.875%, 5/15/30 | &nbsp;&nbsp; 48257 |
| &nbsp;&nbsp; 31000 | &nbsp;&nbsp;goeasy Ltd. (Canada), 144a, 7.625%, 7/1/29 | &nbsp;&nbsp; 31956 |
| &nbsp;&nbsp; 1213000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 1077222 |
| &nbsp;&nbsp; 674000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 664258 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;HUB International Ltd., 144a, 7.250%, 6/15/30 | &nbsp;&nbsp; 97150 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;Jane Street Group / JSG Finance, Inc., 144a, 6.125%, 11/1/32 | &nbsp;&nbsp; 108003 |
| &nbsp;&nbsp; 1276000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 1179584 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 979490 |
| &nbsp;&nbsp; 816000 | &nbsp;&nbsp;JPMorgan Chase & Co., 4.946%, 10/22/35 | &nbsp;&nbsp; 808414 |
| &nbsp;&nbsp; 1211000 | &nbsp;&nbsp;Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29 | &nbsp;&nbsp; 1264003 |
| &nbsp;&nbsp; 878000 | &nbsp;&nbsp;Marsh & McLennan Cos., Inc., 5.350%, 11/15/44 | &nbsp;&nbsp; 863243 |
| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 1089231 |
| &nbsp;&nbsp; 978000 | &nbsp;&nbsp;Morgan Stanley, 2.484%, 9/16/36 | &nbsp;&nbsp; 830783 |
| &nbsp;&nbsp; 1086000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 1079102 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 6.500%, 8/1/29 | &nbsp;&nbsp; 39837 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Nationstar Mortgage Holdings, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 105942 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Navient Corp., 4.875%, 3/15/28 | &nbsp;&nbsp; 24638 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 3.8% (Continued)** |  |
| $63000 | &nbsp;&nbsp;Navient Corp., 5.000%, 3/15/27 | $62719 |
| &nbsp;&nbsp; 948000 | &nbsp;&nbsp;New York Life Global Funding, 144a, 4.550%, 1/28/33 | &nbsp;&nbsp; 927842 |
| &nbsp;&nbsp; 1220708 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 930477 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;OneMain Finance Corp., 3.875%, 9/15/28 | &nbsp;&nbsp; 44071 |
| &nbsp;&nbsp; 33000 | &nbsp;&nbsp;OneMain Finance Corp., 4.000%, 9/15/30 | &nbsp;&nbsp; 30439 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;OneMain Finance Corp., 6.625%, 5/15/29 | &nbsp;&nbsp; 38006 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;OneMain Finance Corp., 7.125%, 3/15/26 | &nbsp;&nbsp; 15222 |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 4.250%, 2/15/29 | &nbsp;&nbsp; 54786 |
| &nbsp;&nbsp; 31000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 5.750%, 9/15/31 | &nbsp;&nbsp; 30398 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.875%, 12/15/29 | &nbsp;&nbsp; 39290 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;PennyMac Financial Services, Inc., 144a, 7.125%, 11/15/30 | &nbsp;&nbsp; 39375 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;PNC Capital Trust, (TSFR3M + 0.832%), 5.161%, 6/1/28<sup>(A)</sup> | &nbsp;&nbsp; 1379383 |
| &nbsp;&nbsp; 23000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.375%, 2/1/28 | &nbsp;&nbsp; 23604 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;PRA Group, Inc., 144a, 8.875%, 1/31/30 | &nbsp;&nbsp; 124775 |
| &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;Royal Bank of Canada (Canada), 4.969%, 8/2/30 | &nbsp;&nbsp; 1120352 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;SBL Holdings, Inc., 144a, 9.508%<sup>(B)</sup> | &nbsp;&nbsp; 103871 |
| &nbsp;&nbsp; 1576000 | &nbsp;&nbsp;State Street Corp., (TSFR3M + 1.262%), 5.580%, 6/15/47<sup>(A)</sup> | &nbsp;&nbsp; 1383482 |
| &nbsp;&nbsp; 1986000 | &nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 144a, 3.300%, 5/15/50 | &nbsp;&nbsp; 1332625 |
| &nbsp;&nbsp; 1844000 | &nbsp;&nbsp;Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.258%, 5/15/27<sup>(A)</sup> | &nbsp;&nbsp; 1820965 |
| &nbsp;&nbsp; 807000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 797233 |
|  |  | &nbsp;&nbsp; 36270320 |
|  | &nbsp;&nbsp;**Industrials — 1.7%** |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;AAR Escrow Issuer LLC, 144a, 6.750%, 3/15/29 | &nbsp;&nbsp; 103632 |
| &nbsp;&nbsp; 1251000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 1134838 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 4.625%, 5/15/30 | &nbsp;&nbsp; 81825 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Amsted Industries, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 52868 |
| &nbsp;&nbsp; 108000 | &nbsp;&nbsp;BNSF Funding Trust I, 6.613%, 12/15/55 | &nbsp;&nbsp; 108357 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 7.250%, 7/1/31 | &nbsp;&nbsp; 58819 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Bombardier, Inc. (Canada), 144a, 8.750%, 11/15/30 | &nbsp;&nbsp; 41133 |
| &nbsp;&nbsp; 109000 | &nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 144a, 7.500%, 2/1/32 | &nbsp;&nbsp; 108040 |
| &nbsp;&nbsp; 95000 | &nbsp;&nbsp;Builders FirstSource, Inc., 144a, 6.375%, 6/15/32 | &nbsp;&nbsp; 97621 |
| &nbsp;&nbsp; 983000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 1029776 |
| &nbsp;&nbsp; 115000 | &nbsp;&nbsp;BWX Technologies, Inc., 144a, 4.125%, 6/30/28 | &nbsp;&nbsp; 112104 |
| &nbsp;&nbsp; 1286000 | &nbsp;&nbsp;Canadian Pacific Railway Co. (Canada), 3.000%, 12/2/41 | &nbsp;&nbsp; 936159 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Cascades, Inc. / Cascades USA, Inc. (Canada), 144a, 5.375%, 1/15/28 | &nbsp;&nbsp; 49580 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Clearwater Paper Corp., 144a, 4.750%, 8/15/28 | &nbsp;&nbsp; 62396 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 144a, 6.750%, 4/15/32 | &nbsp;&nbsp; 24611 |
| &nbsp;&nbsp; 1254000 | &nbsp;&nbsp;Element Fleet Management Corp. (Canada), 144a, 5.037%, 3/25/30 | &nbsp;&nbsp; 1264620 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.625%, 12/15/30 | &nbsp;&nbsp; 63392 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;EMRLD Borrower LP / Emerald Co-Issuer, Inc., 144a, 6.750%, 7/15/31 | &nbsp;&nbsp; 19657 |
| &nbsp;&nbsp; 26000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 5.500%, 5/1/28 | &nbsp;&nbsp; 25860 |
| &nbsp;&nbsp; 15000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 7.000%, 6/15/32 | &nbsp;&nbsp; 15495 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 144a, 7.875%, 12/1/30 | &nbsp;&nbsp; 12728 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Industrials — 1.7% (Continued)** |  |
| $55000 | &nbsp;&nbsp;GFL Environmental, Inc., 144a, 3.500%, 9/1/28 | $53048 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Goat Holdco LLC, 144a, 6.750%, 2/1/32 | &nbsp;&nbsp; 78274 |
| &nbsp;&nbsp; 154000 | &nbsp;&nbsp;Imola Merger Corp., 144a, 4.750%, 5/15/29 | &nbsp;&nbsp; 148639 |
| &nbsp;&nbsp; 1004000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 5.100%, 4/11/34 | &nbsp;&nbsp; 1026468 |
| &nbsp;&nbsp; 897000 | &nbsp;&nbsp;Keysight Technologies, Inc., 4.950%, 10/15/34 | &nbsp;&nbsp; 886906 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Manitowoc Co., Inc. (The), 144a, 9.250%, 10/1/31 | &nbsp;&nbsp; 78933 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 144a, 7.875%, 4/15/27 | &nbsp;&nbsp; 107756 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Moog, Inc., 144a, 4.250%, 12/15/27 | &nbsp;&nbsp; 103405 |
| &nbsp;&nbsp; 808000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 740426 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.250%, 5/15/31 | &nbsp;&nbsp; 95302 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 144a, 7.375%, 6/1/32 | &nbsp;&nbsp; 46857 |
| &nbsp;&nbsp; 685000 | &nbsp;&nbsp;Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27 | &nbsp;&nbsp; 692747 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.375%, 3/1/32 | &nbsp;&nbsp; 77237 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Quikrete Holdings, Inc., 144a, 6.750%, 3/1/33 | &nbsp;&nbsp; 80484 |
| &nbsp;&nbsp; 110000 | &nbsp;&nbsp;Roller Bearing Co. of America, Inc., 144a, 4.375%, 10/15/29 | &nbsp;&nbsp; 106444 |
| &nbsp;&nbsp; 864000 | &nbsp;&nbsp;RTX Corp., 6.400%, 3/15/54 | &nbsp;&nbsp; 948232 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Smyrna Ready Mix Concrete LLC, 144a, 8.875%, 11/15/31 | &nbsp;&nbsp; 67108 |
| &nbsp;&nbsp; 18000 | &nbsp;&nbsp;Standard Building Solutions, Inc., 144a, 6.500%, 8/15/32 | &nbsp;&nbsp; 18444 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 3.375%, 1/15/31 | &nbsp;&nbsp; 46624 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Standard Industries, Inc., 144a, 5.000%, 2/15/27 | &nbsp;&nbsp; 29926 |
| &nbsp;&nbsp; 157000 | &nbsp;&nbsp;Stanley Black & Decker, Inc., 6.707%, 3/15/60 | &nbsp;&nbsp; 153145 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;Stonepeak Nile Parent LLC, 144a, 7.250%, 3/15/32 | &nbsp;&nbsp; 73150 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Terex Corp., 144a, 6.250%, 10/15/32 | &nbsp;&nbsp; 100201 |
| &nbsp;&nbsp; 1888000 | &nbsp;&nbsp;Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.323%, 2/15/42<sup>(A)</sup> | &nbsp;&nbsp; 1698452 |
| &nbsp;&nbsp; 1358000 | &nbsp;&nbsp;Timken Co. (The), 4.500%, 12/15/28 | &nbsp;&nbsp; 1360558 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;TK Elevator US Newco, Inc. (Germany), 144a, 5.250%, 7/15/27 | &nbsp;&nbsp; 199807 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.375%, 3/1/29 | &nbsp;&nbsp; 66618 |
| &nbsp;&nbsp; 99000 | &nbsp;&nbsp;TransDigm, Inc., 144a, 6.625%, 3/1/32 | &nbsp;&nbsp; 102528 |
| &nbsp;&nbsp; 1104000 | &nbsp;&nbsp;United Parcel Service, Inc., 5.950%, 5/14/55 | &nbsp;&nbsp; 1134568 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Waste Pro USA, Inc., 144a, 7.000%, 2/1/33 | &nbsp;&nbsp; 61234 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/29 | &nbsp;&nbsp; 39099 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.375%, 3/15/33 | &nbsp;&nbsp; 22747 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;WESCO Distribution, Inc., 144a, 6.625%, 3/15/32 | &nbsp;&nbsp; 39329 |
| &nbsp;&nbsp; 676000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 773637 |
| &nbsp;&nbsp; 136000 | &nbsp;&nbsp;XPO, Inc., 144a, 7.125%, 2/1/32 | &nbsp;&nbsp; 142432 |
|  |  | &nbsp;&nbsp; 16804276 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.7%** |  |
| &nbsp;&nbsp; 1795000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 1519736 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;Air Canada (Canada), 144a, 3.875%, 8/15/26 | &nbsp;&nbsp; 62362 |
| &nbsp;&nbsp; 66015 | &nbsp;&nbsp;Air Canada Pass-Through Trust (Canada), Ser 2015-1, Class A, 144a, 3.600%, 3/15/27 | &nbsp;&nbsp; 64446 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Beazer Homes USA, Inc., 144a, 7.500%, 3/15/31 | &nbsp;&nbsp; 38526 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;BlueLinx Holdings, Inc., 144a, 6.000%, 11/15/29 | &nbsp;&nbsp; 106772 |
| &nbsp;&nbsp; 223000 | &nbsp;&nbsp;Carnival Corp., 144a, 4.000%, 8/1/28 | &nbsp;&nbsp; 218540 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Carnival Corp., 144a, 5.750%, 3/1/27 | &nbsp;&nbsp; 54429 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;Carnival Corp., 144a, 6.125%, 2/15/33 | &nbsp;&nbsp; 25579 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;Carriage Services, Inc., 144a, 4.250%, 5/15/29 | &nbsp;&nbsp; 58583 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;Champ Acquisition Corp., 144a, 8.375%, 12/1/31 | &nbsp;&nbsp; 113690 |
| &nbsp;&nbsp; 151000 | &nbsp;&nbsp;Cimpress PLC (Ireland), 144a, 7.375%, 9/15/32 | &nbsp;&nbsp; 144173 |
| &nbsp;&nbsp; 1178000 | &nbsp;&nbsp;Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28 | &nbsp;&nbsp; 1180588 |
| &nbsp;&nbsp; 908000 | &nbsp;&nbsp;Ford Motor Credit Co. LLC, 6.050%, 3/5/31 | &nbsp;&nbsp; 905882 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.7% (Continued)** |  |
| $59000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.625%, 10/1/29 | $54800 |
| &nbsp;&nbsp; 2018000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 1773291 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The), 5.625%, 4/30/33 | &nbsp;&nbsp; 53534 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 4.000%, 8/15/28 | &nbsp;&nbsp; 115815 |
| &nbsp;&nbsp; 26000 | &nbsp;&nbsp;Group 1 Automotive, Inc., 144a, 6.375%, 1/15/30 | &nbsp;&nbsp; 26696 |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 637982 |
| &nbsp;&nbsp; 999000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 5.350%, 3/19/29 | &nbsp;&nbsp; 1017028 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;JB Poindexter & Co., Inc., 144a, 8.750%, 12/15/31 | &nbsp;&nbsp; 103581 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;LGI Homes, Inc., 144a, 7.000%, 11/15/32 | &nbsp;&nbsp; 71453 |
| &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 1138459 |
| &nbsp;&nbsp; 867000 | &nbsp;&nbsp;Mattel, Inc., 5.450%, 11/1/41 | &nbsp;&nbsp; 771057 |
| &nbsp;&nbsp; 1456000 | &nbsp;&nbsp;Meritage Homes Corp., 144a, 3.875%, 4/15/29 | &nbsp;&nbsp; 1402898 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;MGM China Holdings Ltd. (Macao), 144a, 4.750%, 2/1/27 | &nbsp;&nbsp; 198497 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Michaels Cos., Inc. (The), 144a, 5.250%, 5/1/28 | &nbsp;&nbsp; 64386 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;NCL Corp. Ltd., 144a, 6.750%, 2/1/32 | &nbsp;&nbsp; 54257 |
| &nbsp;&nbsp; 68000 | &nbsp;&nbsp;Newell Brands, Inc., 6.375%, 9/15/27 | &nbsp;&nbsp; 68903 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Newell Brands, Inc., 6.625%, 5/15/32 | &nbsp;&nbsp; 36101 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Sands China Ltd. (Macao), 5.400%, 8/8/28 | &nbsp;&nbsp; 201491 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Sonic Automotive, Inc., 144a, 4.625%, 11/15/29 | &nbsp;&nbsp; 99873 |
| &nbsp;&nbsp; 199000 | &nbsp;&nbsp;Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27 | &nbsp;&nbsp; 197508 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Station Casinos LLC, 144a, 4.625%, 12/1/31 | &nbsp;&nbsp; 67441 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Taylor Morrison Communities, Inc., 144a, 5.125%, 8/1/30 | &nbsp;&nbsp; 64760 |
| &nbsp;&nbsp; 1174000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 1139239 |
| &nbsp;&nbsp; 680000 | &nbsp;&nbsp;Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29 | &nbsp;&nbsp; 687956 |
| &nbsp;&nbsp; 1276000 | &nbsp;&nbsp;United Airlines, Inc., 144a, 4.625%, 4/15/29 | &nbsp;&nbsp; 1238572 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Wynn Macau Ltd. (Macao), 144a, 5.125%, 12/15/29 | &nbsp;&nbsp; 192168 |
|  |  | &nbsp;&nbsp; 15971052 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.5%** |  |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;ACCO Brands Corp., 144a, 4.250%, 3/15/29 | &nbsp;&nbsp; 71389 |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Allied Universal Holdco LLC, 144a, 7.875%, 2/15/31 | &nbsp;&nbsp; 81523 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;AMN Healthcare, Inc., 144a, 4.625%, 10/1/27 | &nbsp;&nbsp; 67105 |
| &nbsp;&nbsp; 672000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 616344 |
| &nbsp;&nbsp; 995000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 979806 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.000%, 2/15/31 | &nbsp;&nbsp; 50510 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144a, 8.250%, 1/15/30 | &nbsp;&nbsp; 38619 |
| &nbsp;&nbsp; 1101000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28 | &nbsp;&nbsp; 1041119 |
| &nbsp;&nbsp; 1074000 | &nbsp;&nbsp;Cargill, Inc., 144a, 4.760%, 11/23/45 | &nbsp;&nbsp; 958642 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Chobani LLC / Chobani Finance Corp., Inc., 144a, 4.625%, 11/15/28 | &nbsp;&nbsp; 50058 |
| &nbsp;&nbsp; 1876000 | &nbsp;&nbsp;Coca-Cola Co. (The), 2.500%, 3/15/51 | &nbsp;&nbsp; 1127154 |
| &nbsp;&nbsp; 30000 | &nbsp;&nbsp;Coty, Inc. /HFC Prestige Products, Inc./HFC Prestige International US LLC, 144a, 6.625%, 7/15/30 | &nbsp;&nbsp; 30687 |
| &nbsp;&nbsp; 1091000 | &nbsp;&nbsp;ERAC USA Finance LLC, 144a, 4.200%, 11/1/46 | &nbsp;&nbsp; 893775 |
| &nbsp;&nbsp; 132000 | &nbsp;&nbsp;Gap, Inc. (The), 144a, 3.875%, 10/1/31 | &nbsp;&nbsp; 118294 |
| &nbsp;&nbsp; 98000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 5.500%, 7/15/27 | &nbsp;&nbsp; 98009 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Herc Holdings, Inc., 144a, 6.625%, 6/15/29 | &nbsp;&nbsp; 38984 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;Ingles Markets, Inc., 144a, 4.000%, 6/15/31 | &nbsp;&nbsp; 80579 |
| &nbsp;&nbsp; 635000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 578414 |
| &nbsp;&nbsp; 697000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.600%, 4/1/34 | &nbsp;&nbsp; 631287 |
| &nbsp;&nbsp; 878000 | &nbsp;&nbsp;Mars, Inc., 144a, 5.200%, 3/1/35 | &nbsp;&nbsp; 887963 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Performance Food Group, Inc., 144a, 6.125%, 9/15/32 | &nbsp;&nbsp; 67498 |
| &nbsp;&nbsp; 1974000 | &nbsp;&nbsp;Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31 | &nbsp;&nbsp; 1664165 |
| &nbsp;&nbsp; 1349000 | &nbsp;&nbsp;Philip Morris International, Inc., 5.375%, 2/15/33 | &nbsp;&nbsp; 1393857 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.5% (Continued)** |  |
| $60000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 4.625%, 4/15/30 | $57678 |
| &nbsp;&nbsp; 108000 | &nbsp;&nbsp;Post Holdings, Inc., 144a, 6.250%, 10/15/34 | &nbsp;&nbsp; 108601 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;S&S Holdings LLC, 144a, 8.375%, 10/1/31 | &nbsp;&nbsp; 52350 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 144a, 6.750%, 8/15/32 | &nbsp;&nbsp; 50906 |
| &nbsp;&nbsp; 156000 | &nbsp;&nbsp;Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 144a, 4.625%, 3/1/29 | &nbsp;&nbsp; 147305 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 438557 |
| &nbsp;&nbsp; 244000 | &nbsp;&nbsp;Turning Point Brands, Inc., 144a, 7.625%, 3/15/32 | &nbsp;&nbsp; 255466 |
| &nbsp;&nbsp; 815000 | &nbsp;&nbsp;Tyson Foods, Inc., 5.400%, 3/15/29 | &nbsp;&nbsp; 840073 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;Velocity Vehicle Group LLC, 144a, 8.000%, 6/1/29 | &nbsp;&nbsp; 68919 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;VT Topco, Inc., 144a, 8.500%, 8/15/30 | &nbsp;&nbsp; 79079 |
| &nbsp;&nbsp; 808000 | &nbsp;&nbsp;Walmart, Inc., 4.500%, 9/9/52 | &nbsp;&nbsp; 707489 |
|  |  | &nbsp;&nbsp; 14372204 |
|  | &nbsp;&nbsp;**Energy — 1.5%** |  |
| &nbsp;&nbsp; 1236000 | &nbsp;&nbsp;Aker BP ASA (Norway), 144a, 5.125%, 10/1/34 | &nbsp;&nbsp; 1186914 |
| &nbsp;&nbsp; 101000 | &nbsp;&nbsp;Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30 | &nbsp;&nbsp; 101290 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.000%, 7/15/29 | &nbsp;&nbsp; 52097 |
| &nbsp;&nbsp; 36000 | &nbsp;&nbsp;Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 7.250%, 7/15/32 | &nbsp;&nbsp; 38145 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;Bristow Group, Inc., 144a, 6.875%, 3/1/28 | &nbsp;&nbsp; 96475 |
| &nbsp;&nbsp; 157000 | &nbsp;&nbsp;Buckeye Partners LP, 144a, 6.875%, 7/1/29 | &nbsp;&nbsp; 162617 |
| &nbsp;&nbsp; 1126000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 3.250%, 1/31/32 | &nbsp;&nbsp; 1009413 |
| &nbsp;&nbsp; 355000 | &nbsp;&nbsp;Cheniere Energy Partners LP, 4.000%, 3/1/31 | &nbsp;&nbsp; 337810 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;Civitas Resources, Inc., 144a, 8.375%, 7/1/28 | &nbsp;&nbsp; 89077 |
| &nbsp;&nbsp; 251000 | &nbsp;&nbsp;CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31 | &nbsp;&nbsp; 248015 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;Crescent Energy Finance LLC, 144a, 9.250%, 2/15/28 | &nbsp;&nbsp; 64534 |
| &nbsp;&nbsp; 1063000 | &nbsp;&nbsp;DCP Midstream Operating LP, 144a, 6.750%, 9/15/37 | &nbsp;&nbsp; 1119439 |
| &nbsp;&nbsp; 98000 | &nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC, 144a, 8.500%, 10/1/30 | &nbsp;&nbsp; 102054 |
| &nbsp;&nbsp; 192000 | &nbsp;&nbsp;Enbridge, Inc. (Canada), Ser NC5, 8.250%, 1/15/84 | &nbsp;&nbsp; 202951 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Energy Transfer LP, 8.000%, 5/15/54 | &nbsp;&nbsp; 76576 |
| &nbsp;&nbsp; 26000 | &nbsp;&nbsp;Energy Transfer LP, Ser G, 7.125%<sup>(B)</sup> | &nbsp;&nbsp; 26483 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 7.875%, 5/15/32 | &nbsp;&nbsp; 49907 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.250%, 1/15/29 | &nbsp;&nbsp; 48103 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Genesis Energy LP / Genesis Energy Finance Corp., 8.875%, 4/15/30 | &nbsp;&nbsp; 81775 |
| &nbsp;&nbsp; 1174000 | &nbsp;&nbsp;HF Sinclair Corp., 5.000%, 2/1/28 | &nbsp;&nbsp; 1174307 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 2/1/29 | &nbsp;&nbsp; 59227 |
| &nbsp;&nbsp; 33000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 4/15/30 | &nbsp;&nbsp; 32084 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28 | &nbsp;&nbsp; 91231 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.875%, 5/15/34 | &nbsp;&nbsp; 45970 |
| &nbsp;&nbsp; 95000 | &nbsp;&nbsp;Kinetik Holdings LP, 144a, 5.875%, 6/15/30 | &nbsp;&nbsp; 95836 |
| &nbsp;&nbsp; 106000 | &nbsp;&nbsp;Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144a, 6.875%, 12/1/32 | &nbsp;&nbsp; 106759 |
| &nbsp;&nbsp; 566482 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 447181 |
| &nbsp;&nbsp; 1161000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 | &nbsp;&nbsp; 1150887 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Murphy Oil Corp., 5.875%, 12/1/42 | &nbsp;&nbsp; 51882 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Murphy Oil Corp., 6.000%, 10/1/32 | &nbsp;&nbsp; 73414 |
| &nbsp;&nbsp; 1244000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 1419823 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Energy — 1.5% (Continued)** |  |
| $13000 | &nbsp;&nbsp;Noble Finance II LLC, 144a, 8.000%, 4/15/30 | $13229 |
| &nbsp;&nbsp; 1046000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.950%, 6/15/39 | &nbsp;&nbsp; 1173995 |
| &nbsp;&nbsp; 133000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 4.500%, 10/1/29 | &nbsp;&nbsp; 127867 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Parkland Corp. (Canada), 144a, 6.625%, 8/15/32 | &nbsp;&nbsp; 39865 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;Prairie Acquiror LP, 144a, 9.000%, 8/1/29 | &nbsp;&nbsp; 75909 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29 | &nbsp;&nbsp; 64198 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;Rockies Express Pipeline LLC, 144a, 4.800%, 5/15/30 | &nbsp;&nbsp; 11630 |
| &nbsp;&nbsp; 38000 | &nbsp;&nbsp;Rockies Express Pipeline LLC, 144a, 7.500%, 7/15/38 | &nbsp;&nbsp; 38548 |
| &nbsp;&nbsp; 1418000 | &nbsp;&nbsp;Sempra Infrastructure Partners LP, 144a, 3.250%, 1/15/32 | &nbsp;&nbsp; 1208329 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;SM Energy Co., 144a, 6.750%, 8/1/29 | &nbsp;&nbsp; 38853 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;SM Energy Co., 144a, 7.000%, 8/1/32 | &nbsp;&nbsp; 63062 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144a, 7.375%, 2/15/29 | &nbsp;&nbsp; 105861 |
| &nbsp;&nbsp; 143000 | &nbsp;&nbsp;Valaris Ltd., 144a, 8.375%, 4/30/30 | &nbsp;&nbsp; 146719 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 144a, 6.250%, 1/15/30 | &nbsp;&nbsp; 56684 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 7.000%, 1/15/30 | &nbsp;&nbsp; 65676 |
| &nbsp;&nbsp; 108000 | &nbsp;&nbsp;Venture Global LNG, Inc., 144a, 9.000%<sup>(B)</sup> | &nbsp;&nbsp; 105080 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Vermilion Energy, Inc. (Canada), 144a, 6.875%, 5/1/30 | &nbsp;&nbsp; 71134 |
| &nbsp;&nbsp; 977000 | &nbsp;&nbsp;Western Midstream Operating LP, 5.250%, 2/1/50 | &nbsp;&nbsp; 822648 |
|  |  | &nbsp;&nbsp; 14071563 |
|  | &nbsp;&nbsp;**Information Technology — 1.1%** |  |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;Amentum Holdings, Inc., 144a, 7.250%, 8/1/32 | &nbsp;&nbsp; 22642 |
| &nbsp;&nbsp; 1424000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 1303855 |
| &nbsp;&nbsp; 1481000 | &nbsp;&nbsp;Broadcom, Inc., 144a, 3.419%, 4/15/33 | &nbsp;&nbsp; 1342949 |
| &nbsp;&nbsp; 1708000 | &nbsp;&nbsp;Cisco Systems, Inc., 4.850%, 2/26/29 | &nbsp;&nbsp; 1749938 |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 6.500%, 3/31/29 | &nbsp;&nbsp; 143325 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Cloud Software Group, Inc., 144a, 8.250%, 6/30/32 | &nbsp;&nbsp; 90429 |
| &nbsp;&nbsp; 134000 | &nbsp;&nbsp;Consensus Cloud Solutions, Inc., 144a, 6.000%, 10/15/26 | &nbsp;&nbsp; 133330 |
| &nbsp;&nbsp; 762000 | &nbsp;&nbsp;Dell International LLC / EMC Corp., 4.850%, 2/1/35 | &nbsp;&nbsp; 735524 |
| &nbsp;&nbsp; 1289000 | &nbsp;&nbsp;Marvell Technology, Inc., 2.950%, 4/15/31 | &nbsp;&nbsp; 1173513 |
| &nbsp;&nbsp; 671000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 583740 |
| &nbsp;&nbsp; 277000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 299331 |
| &nbsp;&nbsp; 1742000 | &nbsp;&nbsp;Microsoft Corp., 2.525%, 6/1/50 | &nbsp;&nbsp; 1078099 |
| &nbsp;&nbsp; 11000 | &nbsp;&nbsp;NCR Voyix Corp., 144a, 5.125%, 4/15/29 | &nbsp;&nbsp; 10834 |
| &nbsp;&nbsp; 69000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 12/1/29 | &nbsp;&nbsp; 64995 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;Open Text Corp. (Canada), 144a, 3.875%, 2/15/28 | &nbsp;&nbsp; 67826 |
| &nbsp;&nbsp; 393000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 314499 |
| &nbsp;&nbsp; 313000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 297314 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;SS&C Technologies, Inc., 144a, 5.500%, 9/30/27 | &nbsp;&nbsp; 48976 |
| &nbsp;&nbsp; 864000 | &nbsp;&nbsp;Texas Instruments, Inc., 5.100%, 5/23/35 | &nbsp;&nbsp; 880224 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Xerox Holdings Corp., 144a, 5.000%, 8/15/25 | &nbsp;&nbsp; 63664 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Zebra Technologies Corp., 144a, 6.500%, 6/1/32 | &nbsp;&nbsp; 19537 |
|  |  | &nbsp;&nbsp; 10424544 |
|  | &nbsp;&nbsp;**Health Care — 1.0%** |  |
| &nbsp;&nbsp; 832000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 717202 |
| &nbsp;&nbsp; 40000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 5.000%, 4/15/29 | &nbsp;&nbsp; 38798 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Acadia Healthcare Co., Inc., 144a, 7.375%, 3/15/33 | &nbsp;&nbsp; 65985 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 4.625%, 8/1/29 | &nbsp;&nbsp; 48051 |
| &nbsp;&nbsp; 47000 | &nbsp;&nbsp;AdaptHealth LLC, 144a, 5.125%, 3/1/30 | &nbsp;&nbsp; 44658 |
| &nbsp;&nbsp; 917000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 677739 |
| &nbsp;&nbsp; 1068000 | &nbsp;&nbsp;Amgen, Inc., 5.150%, 3/2/28 | &nbsp;&nbsp; 1091103 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Avantor Funding, Inc., 144a, 3.875%, 11/1/29 | &nbsp;&nbsp; 68155 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 609850 |
| &nbsp;&nbsp; 857000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 662304 |
| &nbsp;&nbsp; 19000 | &nbsp;&nbsp;Concentra Health Services, Inc., 144a, 6.875%, 7/15/32 | &nbsp;&nbsp; 19672 |
| &nbsp;&nbsp; 782000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 693370 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 1.0% (Continued)** |  |
| $52000 | &nbsp;&nbsp;DaVita, Inc., 144a, 6.875%, 9/1/32 | $53883 |
| &nbsp;&nbsp; 1036000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 833759 |
| &nbsp;&nbsp; 942000 | &nbsp;&nbsp;Elevance Health, Inc., 4.750%, 2/15/33 | &nbsp;&nbsp; 936319 |
| &nbsp;&nbsp; 1234000 | &nbsp;&nbsp;HCA, Inc., 5.500%, 3/1/32 | &nbsp;&nbsp; 1273398 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 8.375%, 2/15/32 | &nbsp;&nbsp; 63951 |
| &nbsp;&nbsp; 25000 | &nbsp;&nbsp;LifePoint Health, Inc., 144a, 11.000%, 10/15/30 | &nbsp;&nbsp; 27571 |
| &nbsp;&nbsp; 35000 | &nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc., 144a, 6.250%, 4/1/29 | &nbsp;&nbsp; 35952 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 3.875%, 5/15/32 | &nbsp;&nbsp; 94666 |
| &nbsp;&nbsp; 26000 | &nbsp;&nbsp;Molina Healthcare, Inc., 144a, 6.250%, 1/15/33 | &nbsp;&nbsp; 26425 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Option Care Health, Inc., 144a, 4.375%, 10/31/29 | &nbsp;&nbsp; 76014 |
| &nbsp;&nbsp; 146000 | &nbsp;&nbsp;Pediatrix Medical Group, Inc., 144a, 5.375%, 2/15/30 | &nbsp;&nbsp; 144151 |
| &nbsp;&nbsp; 117000 | &nbsp;&nbsp;Tenet Healthcare Corp., 6.125%, 10/1/28 | &nbsp;&nbsp; 117145 |
| &nbsp;&nbsp; 832000 | &nbsp;&nbsp;Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | &nbsp;&nbsp; 823594 |
| &nbsp;&nbsp; 1062000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 856737 |
|  |  | &nbsp;&nbsp; 10100452 |
|  | &nbsp;&nbsp;**Communication Services — 1.0%** |  |
| &nbsp;&nbsp; 57000 | &nbsp;&nbsp;AMC Networks, Inc., 144a, 10.250%, 1/15/29 | &nbsp;&nbsp; 59209 |
| &nbsp;&nbsp; 1327000 | &nbsp;&nbsp;AT&T, Inc., 3.800%, 12/1/57 | &nbsp;&nbsp; 930117 |
| &nbsp;&nbsp; 535000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 509952 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Cable One, Inc., 144a, 4.000%, 11/15/30 | &nbsp;&nbsp; 60641 |
| &nbsp;&nbsp; 48000 | &nbsp;&nbsp;Cars.com, Inc., 144a, 6.375%, 11/1/28 | &nbsp;&nbsp; 48134 |
| &nbsp;&nbsp; 221000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31 | &nbsp;&nbsp; 206423 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 5/1/32 | &nbsp;&nbsp; 75434 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 6.375%, 9/1/29 | &nbsp;&nbsp; 54083 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 7.375%, 3/1/31 | &nbsp;&nbsp; 115818 |
| &nbsp;&nbsp; 283000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.750%, 3/1/30 | &nbsp;&nbsp; 274138 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 1/15/34 | &nbsp;&nbsp; 70328 |
| &nbsp;&nbsp; 711000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 704584 |
| &nbsp;&nbsp; 796000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 615728 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;Directv Financing LLC, 144a, 8.875%, 2/1/30 | &nbsp;&nbsp; 69983 |
| &nbsp;&nbsp; 87000 | &nbsp;&nbsp;Directv Financing LLC / Directv Financing Co-Obligor, Inc., 144a, 10.000%, 2/15/31 | &nbsp;&nbsp; 84359 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Gen Digital, Inc., 144a, 6.750%, 9/30/27 | &nbsp;&nbsp; 89547 |
| &nbsp;&nbsp; 111000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 4.750%, 11/1/28 | &nbsp;&nbsp; 108082 |
| &nbsp;&nbsp; 103000 | &nbsp;&nbsp;Nexstar Media, Inc., 144a, 5.625%, 7/15/27 | &nbsp;&nbsp; 102759 |
| &nbsp;&nbsp; 1357000 | &nbsp;&nbsp;Rogers Communications, Inc. (Canada), 5.300%, 2/15/34 | &nbsp;&nbsp; 1358897 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;Sinclair Television Group, Inc., 144a, 8.125%, 2/15/33 | &nbsp;&nbsp; 22266 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;Sirius XM Radio LLC, 144a, 4.000%, 7/15/28 | &nbsp;&nbsp; 158471 |
| &nbsp;&nbsp; 1178000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 1144045 |
| &nbsp;&nbsp; 566000 | &nbsp;&nbsp;T-Mobile USA, Inc., 5.750%, 1/15/54 | &nbsp;&nbsp; 555385 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Univision Communications, Inc., 144a, 8.500%, 7/31/31 | &nbsp;&nbsp; 113037 |
| &nbsp;&nbsp; 1103000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 665125 |
| &nbsp;&nbsp; 1634000 | &nbsp;&nbsp;Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29 | &nbsp;&nbsp; 1562120 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;Ziff Davis, Inc., 144a, 4.625%, 10/15/30 | &nbsp;&nbsp; 99903 |
|  |  | &nbsp;&nbsp; 9858568 |
|  | &nbsp;&nbsp;**Utilities — 0.9%** |  |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Algonquin Power & Utilities Corp. (Canada), 4.750%, 1/18/82 | &nbsp;&nbsp; 165677 |
| &nbsp;&nbsp; 101000 | &nbsp;&nbsp;AltaGas Ltd. (Canada), 144a, 7.200%, 10/15/54 | &nbsp;&nbsp; 101022 |
| &nbsp;&nbsp; 634000 | &nbsp;&nbsp;Calpine Corp., 144a, 5.000%, 2/1/31 | &nbsp;&nbsp; 627175 |
| &nbsp;&nbsp; 1863000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 1810482 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 15.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Utilities — 0.9% (Continued)** |  |
| $97000 | &nbsp;&nbsp;Dominion Energy, Inc., Ser A, 6.875%, 2/1/55 | $102087 |
| &nbsp;&nbsp; 738000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 602243 |
| &nbsp;&nbsp; 719000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 693984 |
| &nbsp;&nbsp; 209000 | &nbsp;&nbsp;Edison International, 7.875%, 6/15/54 | &nbsp;&nbsp; 198206 |
| &nbsp;&nbsp; 876000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 806948 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Georgia Power Co., 5.950%, 2/1/39 | &nbsp;&nbsp; 714778 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 5.250%, 4/20/46 | &nbsp;&nbsp; 72437 |
| &nbsp;&nbsp; 91000 | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., (TSFR3M + 2.329%), 6.620%, 10/1/66<sup>(A)</sup> | &nbsp;&nbsp; 84603 |
| &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 694318 |
| &nbsp;&nbsp; 105000 | &nbsp;&nbsp;PacifiCorp, 7.375%, 9/15/55 | &nbsp;&nbsp; 108875 |
| &nbsp;&nbsp; 887000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 902107 |
| &nbsp;&nbsp; 171000 | &nbsp;&nbsp;Sempra, 4.125%, 4/1/52 | &nbsp;&nbsp; 164425 |
| &nbsp;&nbsp; 195000 | &nbsp;&nbsp;South Jersey Industries, Inc., 5.020%, 4/15/31 | &nbsp;&nbsp; 161493 |
| &nbsp;&nbsp; 960000 | &nbsp;&nbsp;Virginia Electric and Power Co., 5.650%, 3/15/55 | &nbsp;&nbsp; 945214 |
|  |  | &nbsp;&nbsp; 8956074 |
|  | &nbsp;&nbsp;**Real Estate — 0.6%** |  |
| &nbsp;&nbsp; 1219000 | &nbsp;&nbsp;American Tower Corp. REIT, 5.900%, 11/15/33 | &nbsp;&nbsp; 1286802 |
| &nbsp;&nbsp; 992000 | &nbsp;&nbsp;Crown Castle, Inc. REIT, 4.800%, 9/1/28 | &nbsp;&nbsp; 997831 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;CTR Partnership LP / CareTrust Capital Corp. REIT, 144a, 3.875%, 6/30/28 | &nbsp;&nbsp; 60215 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Howard Hughes Corp. (The) REIT, 144a, 4.125%, 2/1/29 | &nbsp;&nbsp; 63803 |
| &nbsp;&nbsp; 1206000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 1142047 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;MPT Operating Partnership LP / MPT Finance Corp. REIT, 144a, 8.500%, 2/15/32 | &nbsp;&nbsp; 12549 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 4.875%, 5/15/29 | &nbsp;&nbsp; 73648 |
| &nbsp;&nbsp; 39000 | &nbsp;&nbsp;Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer REIT, 144a, 7.000%, 2/1/30 | &nbsp;&nbsp; 40094 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. REIT, 4.750%, 10/15/27 | &nbsp;&nbsp; 63643 |
| &nbsp;&nbsp; 12000 | &nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 7.250%, 7/15/28 | &nbsp;&nbsp; 12443 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;RLJ Lodging Trust LP REIT, 144a, 3.750%, 7/1/26 | &nbsp;&nbsp; 119783 |
| &nbsp;&nbsp; 735000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 735497 |
| &nbsp;&nbsp; 446000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.700%, 12/1/31 | &nbsp;&nbsp; 378195 |
| &nbsp;&nbsp; 274000 | &nbsp;&nbsp;Store Capital LLC REIT, 2.750%, 11/18/30 | &nbsp;&nbsp; 241397 |
| &nbsp;&nbsp; 623000 | &nbsp;&nbsp;Store Capital LLC REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 612485 |
| &nbsp;&nbsp; 21000 | &nbsp;&nbsp;XHR LP REIT, 144a, 4.875%, 6/1/29 | &nbsp;&nbsp; 20349 |
| &nbsp;&nbsp; 50000 | &nbsp;&nbsp;XHR LP REIT, 144a, 6.625%, 5/15/30 | &nbsp;&nbsp; 50943 |
|  |  | &nbsp;&nbsp; 5911724 |
|  | &nbsp;&nbsp;**Materials — 0.2%** |  |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.629%, 7/15/32 | &nbsp;&nbsp; 65999 |
| &nbsp;&nbsp; 97000 | &nbsp;&nbsp;Celanese US Holdings LLC, 7.200%, 11/15/33 | &nbsp;&nbsp; 102967 |
| &nbsp;&nbsp; 102000 | &nbsp;&nbsp;Magnera Corp., 144a, 7.250%, 11/15/31 | &nbsp;&nbsp; 96007 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;NOVA Chemicals Corp. (Canada), 144a, 8.500%, 11/15/28 | &nbsp;&nbsp; 81326 |
| &nbsp;&nbsp; 158000 | &nbsp;&nbsp;Novelis Corp., 144a, 4.750%, 1/30/30 | &nbsp;&nbsp; 151407 |
| &nbsp;&nbsp; 108000 | &nbsp;&nbsp;Novelis Corp., 144a, 6.875%, 1/30/30 | &nbsp;&nbsp; 111836 |
| &nbsp;&nbsp; 626000 | &nbsp;&nbsp;Rio Tinto Finance USA PLC (Australia), 5.250%, 3/14/35 | &nbsp;&nbsp; 637013 |
| &nbsp;&nbsp; 846000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 708774 |
|  |  | &nbsp;&nbsp; 1955329 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $144696106 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 11.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 11.4%** |
| &nbsp;&nbsp; 9735000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.125%, 8/15/44 | &nbsp;&nbsp; 8929961 |
| &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.250%, 8/15/54 | &nbsp;&nbsp; 937475 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 11.4% (Continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations — 11.4% (Continued)** |
| $2499000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.500%, 11/15/54 | $2385374 |
| &nbsp;&nbsp; 291000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 11/15/44 | &nbsp;&nbsp; 285225 |
| &nbsp;&nbsp;10050000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.625%, 2/15/55 | &nbsp;&nbsp; 9798750 |
| &nbsp;&nbsp; 7015000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.750%, 2/15/45 | &nbsp;&nbsp; 6985405 |
| &nbsp;&nbsp;35990000 | &nbsp;&nbsp;U.S. Treasury Note, 3.500%, 9/30/29 | &nbsp;&nbsp; 35618853 |
| &nbsp;&nbsp;16295000 | &nbsp;&nbsp;U.S. Treasury Note, 3.750%, 4/15/28 | &nbsp;&nbsp; 16314096 |
| &nbsp;&nbsp;21695000 | &nbsp;&nbsp;U.S. Treasury Note, 4.000%, 5/31/30 | &nbsp;&nbsp; 21901781 |
| &nbsp;&nbsp; 6916000 | &nbsp;&nbsp;U.S. Treasury Note, 4.625%, 2/15/35 | &nbsp;&nbsp; 7137528 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $110294448 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 3.1%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 3.1%** |
| &nbsp;&nbsp; 883 | &nbsp;&nbsp;FHLMC, Pool #G08062, 5.000%, 6/1/35 | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp; 97510 | &nbsp;&nbsp;FHLMC, Pool #G08637, 4.000%, 4/1/45 | &nbsp;&nbsp; 92694 |
| &nbsp;&nbsp; 603128 | &nbsp;&nbsp;FHLMC, Pool #Q02664, 4.500%, 8/1/41 | &nbsp;&nbsp; 600142 |
| &nbsp;&nbsp; 1088263 | &nbsp;&nbsp;FHLMC, Pool #Q29056, 4.000%, 10/1/44 | &nbsp;&nbsp; 1024304 |
| &nbsp;&nbsp; 479246 | &nbsp;&nbsp;FHLMC, Pool #Q29260, 4.000%, 10/1/44 | &nbsp;&nbsp; 457795 |
| &nbsp;&nbsp; 1853167 | &nbsp;&nbsp;FHLMC REMIC, Pool #RA7784, 4.500%, 8/1/52 | &nbsp;&nbsp; 1783156 |
| &nbsp;&nbsp; 1278687 | &nbsp;&nbsp;FHLMC REMIC, Pool #SB0855, 3.000%, 7/1/37 | &nbsp;&nbsp; 1222729 |
| &nbsp;&nbsp; 2041502 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD4499, 3.500%, 5/1/52 | &nbsp;&nbsp; 1840558 |
| &nbsp;&nbsp; 1200899 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD8148, 3.000%, 5/1/51 | &nbsp;&nbsp; 1045788 |
| &nbsp;&nbsp; 181868 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 186310 |
| &nbsp;&nbsp; 163526 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 167073 |
| &nbsp;&nbsp; 35876 | &nbsp;&nbsp;FNMA, Pool #748895, 6.000%, 12/1/33 | &nbsp;&nbsp; 36000 |
| &nbsp;&nbsp; 75560 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 76502 |
| &nbsp;&nbsp; 198813 | &nbsp;&nbsp;FNMA, Pool #AH8925, 4.500%, 3/1/41 | &nbsp;&nbsp; 197585 |
| &nbsp;&nbsp; 230550 | &nbsp;&nbsp;FNMA, Pool #AR9195, 3.000%, 3/1/43 | &nbsp;&nbsp; 208370 |
| &nbsp;&nbsp; 357459 | &nbsp;&nbsp;FNMA, Pool #BC1809, 3.500%, 5/1/46 | &nbsp;&nbsp; 330137 |
| &nbsp;&nbsp; 1519606 | &nbsp;&nbsp;FNMA, Pool #BT7156, 2.000%, 8/1/51 | &nbsp;&nbsp; 1218429 |
| &nbsp;&nbsp; 1589996 | &nbsp;&nbsp;FNMA, Pool #CB1336, 2.000%, 8/1/41 | &nbsp;&nbsp; 1371018 |
| &nbsp;&nbsp; 2191349 | &nbsp;&nbsp;FNMA, Pool #CB2643, 2.500%, 1/1/52 | &nbsp;&nbsp; 1820180 |
| &nbsp;&nbsp; 1524563 | &nbsp;&nbsp;FNMA, Pool #FM5085, 2.000%, 12/1/50 | &nbsp;&nbsp; 1218546 |
| &nbsp;&nbsp; 482151 | &nbsp;&nbsp;FNMA, Pool #FM5166, 3.000%, 12/1/50 | &nbsp;&nbsp; 419086 |
| &nbsp;&nbsp; 410673 | &nbsp;&nbsp;FNMA, Pool #FM5279, 3.500%, 11/1/50 | &nbsp;&nbsp; 373941 |
| &nbsp;&nbsp; 287827 | &nbsp;&nbsp;FNMA, Pool #FM5468, 2.500%, 1/1/36 | &nbsp;&nbsp; 270215 |
| &nbsp;&nbsp; 483241 | &nbsp;&nbsp;FNMA, Pool #FM5682, 2.500%, 1/1/51 | &nbsp;&nbsp; 405111 |
| &nbsp;&nbsp; 1122577 | &nbsp;&nbsp;FNMA, Pool #FM7913, 2.000%, 4/1/36 | &nbsp;&nbsp; 1035015 |
| &nbsp;&nbsp; 1548098 | &nbsp;&nbsp;FNMA, Pool #FM8360, 2.500%, 8/1/51 | &nbsp;&nbsp; 1300787 |
| &nbsp;&nbsp; 1472770 | &nbsp;&nbsp;FNMA, Pool #FM8361, 2.500%, 8/1/51 | &nbsp;&nbsp; 1235651 |
| &nbsp;&nbsp; 1184849 | &nbsp;&nbsp;FNMA, Pool #FM9448, 2.000%, 10/1/51 | &nbsp;&nbsp; 940577 |
| &nbsp;&nbsp; 936157 | &nbsp;&nbsp;FNMA, Pool #FS0816, 2.500%, 2/1/37 | &nbsp;&nbsp; 874222 |
| &nbsp;&nbsp; 2024267 | &nbsp;&nbsp;FNMA, Pool #FS6793, 4.000%, 6/1/53 | &nbsp;&nbsp; 1882970 |
| &nbsp;&nbsp; 2097255 | &nbsp;&nbsp;FNMA, Pool #FS6899, 3.000%, 11/1/51 | &nbsp;&nbsp; 1818455 |
| &nbsp;&nbsp; 496307 | &nbsp;&nbsp;FNMA, Pool #MA4166, 3.000%, 10/1/40 | &nbsp;&nbsp; 462360 |
| &nbsp;&nbsp; 343913 | &nbsp;&nbsp;GNMA, Pool #5175, 4.500%, 9/20/41 | &nbsp;&nbsp; 341205 |
| &nbsp;&nbsp; 1491365 | &nbsp;&nbsp;GNMA, Pool #786741, 3.500%, 4/20/52 | &nbsp;&nbsp; 1359021 |
| &nbsp;&nbsp; 1929053 | &nbsp;&nbsp;GNMA, Pool #MA8945, 4.000%, 6/20/53 | &nbsp;&nbsp; 1801254 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | $29418082 |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.2%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.2%** |
| &nbsp;&nbsp; 48992 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.560%, 7/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 47469 |
| &nbsp;&nbsp; 140424 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.486%, 6/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 137124 |
| &nbsp;&nbsp; 305154 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.638%, 10/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 291239 |
| &nbsp;&nbsp; 1196548 | &nbsp;&nbsp;Angel Oak Mortgage Trust, Ser 2024-1, Class A1, 144a, 5.210%, 8/25/68<sup>(A)(C)</sup> | &nbsp;&nbsp; 1191188 |
| &nbsp;&nbsp; 754673 | &nbsp;&nbsp;AOMT, Ser 2024-6, Class A1, 144a, 4.650%, 11/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 746638 |
| &nbsp;&nbsp; 828066 | &nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2024-NQM8, Class A1A, 144a, 4.300%, 8/1/53<sup>(A)(C)</sup> | &nbsp;&nbsp; 821051 |
| &nbsp;&nbsp; 615582 | &nbsp;&nbsp;CIM Trust, Ser 2020-J2, Class A19, 144a, 2.500%, 1/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 502626 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.2%<br> (Continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 2.2%<br> (Continued)** |
| $433454 | &nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67<sup>(A)(C)</sup> | $431781 |
| &nbsp;&nbsp; 94219 | &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.399%, 5/25/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 92352 |
| &nbsp;&nbsp; 235801 | &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.891%, 1/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 227231 |
| &nbsp;&nbsp; 241532 | &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.764%, 12/25/44<sup>(A)(C)</sup> | &nbsp;&nbsp; 232628 |
| &nbsp;&nbsp; 776448 | &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 751124 |
| &nbsp;&nbsp; 1403664 | &nbsp;&nbsp;GCAT Trust, Ser 2022-INV2, Class A9, 144a, 3.000%, 4/25/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 1315717 |
| &nbsp;&nbsp; 1268856 | &nbsp;&nbsp;GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 1250743 |
| &nbsp;&nbsp; 1009567 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ8, Class A8, 144a, 2.500%, 1/25/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 895548 |
| &nbsp;&nbsp; 1158078 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2022-PJ1, Class A8, 144a, 2.500%, 5/28/52<sup>(A)(C)</sup> | &nbsp;&nbsp; 1019957 |
| &nbsp;&nbsp; 571848 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.447%, 1/25/47<sup>(A)(C)</sup> | &nbsp;&nbsp; 518130 |
| &nbsp;&nbsp; 1209095 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2018-8, Class B3, 144a, 4.046%, 1/25/49<sup>(A)(C)</sup> | &nbsp;&nbsp; 1108491 |
| &nbsp;&nbsp; 1040651 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2020-5, Class B1, 144a, 3.565%, 12/25/50<sup>(A)(C)</sup> | &nbsp;&nbsp; 921784 |
| &nbsp;&nbsp; 1243310 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2024-3, Class A6, 144a, 3.000%, 5/25/54<sup>(A)(C)</sup> | &nbsp;&nbsp; 1152692 |
| &nbsp;&nbsp; 573777 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 511833 |
| &nbsp;&nbsp; 1397426 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2019-1, Class M1, 144a, 3.500%, 10/25/69<sup>(A)(C)</sup> | &nbsp;&nbsp; 1321232 |
| &nbsp;&nbsp; 1430931 | &nbsp;&nbsp;OBX Trust, Ser 2021-J3, Class A4, 144a, 2.500%, 10/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 1276341 |
| &nbsp;&nbsp; 119885 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45<sup>(A)(C)</sup> | &nbsp;&nbsp; 110351 |
| &nbsp;&nbsp; 790833 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.719%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 764978 |
| &nbsp;&nbsp; 717516 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.719%, 8/25/48<sup>(A)(C)</sup> | &nbsp;&nbsp; 694058 |
| &nbsp;&nbsp; 1429055 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-S1, Class A4, 144a, 2.500%, 9/25/54<sup>(A)(C)</sup> | &nbsp;&nbsp; 1262240 |
| &nbsp;&nbsp; 1157700 | &nbsp;&nbsp;Verus Securitization Trust, Ser 2022-7, Class A1, 144a, 5.152%, 7/25/67<sup>(A)(C)</sup> | &nbsp;&nbsp; 1165180 |
| &nbsp;&nbsp; 1038786 | &nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Ser 2021-2, Class A3, 144a, 2.500%, 6/25/51<sup>(A)(C)</sup> | &nbsp;&nbsp; 920199 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | $21681925 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.1%** |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 810964 |
| &nbsp;&nbsp;25560058 | &nbsp;&nbsp;BANK, Ser 2019-BN21, Class XA, 0.947%, 10/17/52<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 722061 |
| &nbsp;&nbsp; 905000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 814427 |
| &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55<sup>(A)(C)</sup> | &nbsp;&nbsp; 1024419 |
| &nbsp;&nbsp; 670000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57<sup>(A)(C)</sup> | &nbsp;&nbsp; 702997 |
| &nbsp;&nbsp; 780000 | &nbsp;&nbsp;BMO Mortgage Trust, Ser 2025-5C10, Class B, 6.445%, 5/15/58<sup>(A)(C)</sup> | &nbsp;&nbsp; 815431 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2020-VIV3, Class B, 144a, 3.662%, 3/9/44<sup>(A)(C)</sup> | &nbsp;&nbsp; 1394595 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2020-VIV4, Class A, 144a, 2.843%, 3/9/44 | &nbsp;&nbsp; 1368368 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.1% (Continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 2.1% (Continued)** |
| $390000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50<sup>(A)(C)</sup> | $373949 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 692721 |
| &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2018-HOME, Class A, 144a, 3.942%, 4/10/33<sup>(A)(C)</sup> | &nbsp;&nbsp; 1183842 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.659%, 1/10/43<sup>(A)(C)</sup> | &nbsp;&nbsp; 620873 |
| &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 1086024 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 5.876%, 10/15/36<sup>(A)</sup> | &nbsp;&nbsp; 987943 |
| &nbsp;&nbsp; 785000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 763498 |
| &nbsp;&nbsp; 665000 | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47 | &nbsp;&nbsp; 640674 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 5.629%, 11/15/35<sup>(A)</sup> | &nbsp;&nbsp; 468719 |
| &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51 | &nbsp;&nbsp; 1084380 |
| &nbsp;&nbsp; 825000 | &nbsp;&nbsp;SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41 | &nbsp;&nbsp; 792458 |
| &nbsp;&nbsp; 435000 | &nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50 | &nbsp;&nbsp; 421864 |
| &nbsp;&nbsp; 495000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48 | &nbsp;&nbsp; 491774 |
| &nbsp;&nbsp; 770000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Class B, 144a, 4.194%, 8/17/36<sup>(A)(C)</sup> | &nbsp;&nbsp; 748274 |
| &nbsp;&nbsp; 2220000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 2082446 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | $20092701 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 1.3%** | &nbsp;&nbsp;**Asset-Backed Securities — 1.3%** |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 6.168%, 4/15/34<sup>(A)</sup> | &nbsp;&nbsp; 1001174 |
| &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd. (Cayman Islands), Ser 2021-25A, Class BR, 144a, (TSFR3M + 1.450%), 5.706%, 1/15/35<sup>(A)</sup> | &nbsp;&nbsp; 1051073 |
| &nbsp;&nbsp; 337295 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | &nbsp;&nbsp; 333684 |
| &nbsp;&nbsp; 809583 | &nbsp;&nbsp;CLI Funding VI LLC, Ser 2020-3A, Class A, 144a, 2.070%, 10/18/45 | &nbsp;&nbsp; 753430 |
| &nbsp;&nbsp; 126892 | &nbsp;&nbsp;Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | &nbsp;&nbsp; 124783 |
| &nbsp;&nbsp; 995800 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2019-1A, Class A2II, 144a, 4.476%, 8/25/49 | &nbsp;&nbsp; 981229 |
| &nbsp;&nbsp; 935000 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 901513 |
| &nbsp;&nbsp; 1176000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1R, 144a, (TSFR3M + 1.450%), 5.719%, 10/19/34<sup>(A)</sup> | &nbsp;&nbsp; 1172922 |
| &nbsp;&nbsp; 816000 | &nbsp;&nbsp;Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51 | &nbsp;&nbsp; 763003 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class B, 144a, (TSFR3M + 1.912%), 6.168%, 10/15/34<sup>(A)</sup> | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp; 243106 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 228822 |
| &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;Textainer Marine Containers, Ltd. (China), Ser 2021-3A, Class A, 144a, 1.940%, 8/20/46 | &nbsp;&nbsp; 924592 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 1.3% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 1.3% (Continued)** |
| $1400000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2015-6, Class B1, 144a, 3.798%, 4/25/55<sup>(A)(C)</sup> | $1356600 |
| &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-4, Class M1B, 144a, 3.000%, 10/25/59<sup>(A)(C)</sup> | &nbsp;&nbsp; 965602 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | $12058427 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.5%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.5%** |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 371566 |
| &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | &nbsp;&nbsp; 1216549 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | &nbsp;&nbsp; 1199691 |
| &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 1647996 |
| &nbsp;&nbsp; 110103 | &nbsp;&nbsp;GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40 | &nbsp;&nbsp; 110423 |
| &nbsp;&nbsp; 3418746 | &nbsp;&nbsp;GNMA, Ser 2012-147, Class IO, 0.533%, 4/16/54<sup>(A)(C)(D)</sup> | &nbsp;&nbsp; 34818 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$4581043 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59431 | &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2229257 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.2%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.2%** |
| $834000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 1/22/61 | &nbsp;&nbsp; 503069 |
| &nbsp;&nbsp; 1034000 | &nbsp;&nbsp;Mexico Government International Bond, 3.771%, 5/24/61 | &nbsp;&nbsp; 605872 |
| &nbsp;&nbsp; 870000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.500%, 3/18/54 | &nbsp;&nbsp; 806362 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp;$1915303 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.3%** |  |
| 13015336 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 13015336 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.7%<br> (Cost $671,482,341)** | $962249131 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.3%** | &nbsp;&nbsp; 2923147 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $965172278 |

---

---

| | |
|:---|:---|
| *(A)* | *Variable rate security - Rate reflected is the rate in effect as of June 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.* |
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *CLO – Collateralized Loan Obligation* |
| *DAC – Designated Activity Company* |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *GNMA – Government National Mortgage Association* |
| *IO – Interest Only* |
| *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* |
| *TSFR1M – One Month Term Secured Overnight Financing Rate* |
| *TSFR3M – Three Month Term Secured Overnight Financing Rate* |
| *USD – United States Dollar* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities were valued at $88,142,774 or 9.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Balanced 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:*** |  |  |  |  |
| *Common Stocks* | *$602266503* | *$—* | *$—* | *$602266503* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*144696106* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*144696106* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*110294448* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*110294448* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*29418082* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*29418082* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*21681925* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*21681925* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20092701* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*20092701* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*12058427* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*12058427* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4581043* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4581043* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2229257* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2229257* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1915303* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1915303* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*13015336* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*13015336* |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*228082* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*228082* |
| *Total Assets* | *$617739178* | *$344738035* | *$—* | *$962477213* |
| ***Liabilities:*** |  |  |  |  |
| ***Other Financial Instruments*** |  |  |  |  |
| *Futures* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Interest rate contracts* | *$(304474)* | *$—* | *$—* | *$(304474)* |
| *Total Liabilities* | *$(304474)* | *$—* | *$—* | *$(304474)* |
| *Total* | *$617434704* | *$344738035* | *$—* | *$962172739* |

---

#### Futures Contracts
*At June 30, 2025, $597,775 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at June 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:* |  |  |  |  |
| *10-Year U.S. Ultra Treasury Bond* | &nbsp;&nbsp;&nbsp;*9/19/2025* | &nbsp;&nbsp;&nbsp;*201* | &nbsp;&nbsp;&nbsp;*$22967392* | &nbsp;&nbsp;&nbsp;*$(304474)* |
| *Long Futures:* |  |  |  |  |
| *2-Year U.S. Treasury Note* | &nbsp;&nbsp;&nbsp;*9/30/2025* | &nbsp;&nbsp;&nbsp;*487* | &nbsp;&nbsp;&nbsp;&nbsp;*101307414* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*228082* |
|  |  |  |  | &nbsp;&nbsp;&nbsp;*$(76392)* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Core Municipal Bond Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 74.3%** | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 74.3%** |
| $500000 | &nbsp;&nbsp;Arizona Board of Regents, Revenue, 5.000%, 08/01/54 | $506201 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Barry County, MO, COP, 5.000%, 10/01/37 | &nbsp;&nbsp; 509108 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Beaumont , TX, Waterworks & Sewer System Revenue Ser A, 5.000%, 09/01/26 | &nbsp;&nbsp; 511990 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Central Plains Energy Project, Revenue Ser A1, 5.000%, 08/01/55 | &nbsp;&nbsp; 529223 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Chicago O'Hare International Airport, Revenue Ser A, 5.000%, 01/01/31 | &nbsp;&nbsp; 513232 |
| &nbsp;&nbsp;450000 | &nbsp;&nbsp;City of Erie Higher Education Building Authority, Revenue, 5.000%, 05/01/47 | &nbsp;&nbsp; 410880 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Colorado Health Fac. Auth., Revenue, 5.000%, 11/01/28 | &nbsp;&nbsp; 529635 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Colorado Health Fac. Auth., Revenue, 5.000%, 05/15/30 | &nbsp;&nbsp; 514524 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Connecticut State Health & Educational Fac. Auth., Revenue, 5.000%, 07/01/48 | &nbsp;&nbsp; 493855 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;County of Nez Perce, COP, 5.000%, 03/01/52 | &nbsp;&nbsp; 500009 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;DeKalb-Jackson Water Supply District Inc, Revenue Ser A, 5.000%, 07/01/32 | &nbsp;&nbsp; 537677 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Duluth Economic Development Auth., Revenue EDR, 5.000%, 06/15/32 | &nbsp;&nbsp; 549722 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Florida Development Finance Corp., Revenue Ser A, 5.000%, 06/15/30 | &nbsp;&nbsp; 512403 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Greater Jasper School Building Corp., Revenue, 5.000%, 07/15/29 | &nbsp;&nbsp; 530634 |
| &nbsp;&nbsp;510000 | &nbsp;&nbsp;Greater Texas Cultural Education Fac. Finance Corp., Revenue, 5.000%, 03/01/28 | &nbsp;&nbsp; 538115 |
| &nbsp;&nbsp;350000 | &nbsp;&nbsp;Guam Power Auth., Revenue Ser A, 5.000%, 10/01/26 | &nbsp;&nbsp; 357944 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Hamilton County, OH, 5.000%, 08/15/40 | &nbsp;&nbsp; 513039 |
| &nbsp;&nbsp;465000 | &nbsp;&nbsp;Harris County Cultural Education Fac. Finance Corp., Revenue Ser A, 5.000%, 07/01/52 | &nbsp;&nbsp; 460001 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Health Care Auth. for Baptist Health/The, Revenue Ser A, 5.000%, 11/15/32 | &nbsp;&nbsp; 538168 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Hospitals & Higher Education Fac. Auth. of Philadelphia/The, Revenue, 5.000%, 07/01/37 | &nbsp;&nbsp; 524561 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Illinois Finance Auth., Revenue Ser A, 5.000%, 08/15/47 | &nbsp;&nbsp; 494010 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Indiana Finance Auth., Revenue Ser A, 5.750%, 03/01/54 | &nbsp;&nbsp; 513525 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Iowa Higher Education Loan Auth., Revenue, 5.375%, 10/01/52 | &nbsp;&nbsp; 504537 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Kentucky Public Energy Auth., Revenue Ser 1, 4.000%, 02/01/30 | &nbsp;&nbsp; 504893 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, 5.000%, 08/15/30 | &nbsp;&nbsp; 517611 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Main Street Natural Gas, Inc., Revenue Ser B, 5.000%, 12/01/54 | &nbsp;&nbsp; 528398 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Massachusetts Development Finance Agency, Revenue, 5.000%, 01/01/35 | &nbsp;&nbsp; 538692 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Sports Auth., Revenue Ser A, 5.250%, 07/01/53 | &nbsp;&nbsp; 514633 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Michigan Finance Authority, Revenue Ser C, 5.000%, 06/01/32 | &nbsp;&nbsp; 522085 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission, Revenue, 5.000%, 12/01/36 | &nbsp;&nbsp; 539685 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Monroeville Finance Auth., Revenue Ser B, 5.000%, 02/15/29 | &nbsp;&nbsp; 531043 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Montrose Redevelopment Auth., 5.000%, 09/01/26 | &nbsp;&nbsp; 510517 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Municipal Electric Authority of Georgia Ser A, 5.000%, 07/01/52 | &nbsp;&nbsp; 496048 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;New Hampshire Business Finance Auth., Revenue Ser A, 5.250%, 06/01/51 | &nbsp;&nbsp; 512144 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;New Jersey Economic Development Auth., Revenue EDR, 5.000%, 03/01/28 | &nbsp;&nbsp; 527828 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Revenue Ser AA, 5.000%, 06/15/45 | &nbsp;&nbsp; 504278 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 74.3% (Continued)** | &nbsp;&nbsp;**Fixed Rate Revenue Bonds – 74.3% (Continued)** |
| $500000 | &nbsp;&nbsp;New York City Transitional Finance Auth., Revenue Ser D, 5.000%, 05/01/50 | $508940 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;New York State Dormitory Auth., Revenue, 5.000%, 07/01/29 | &nbsp;&nbsp; 496441 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Newark Higher Education Finance Corp., Revenue Ser A, 4.000%, 04/01/57 | &nbsp;&nbsp; 391568 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Ohio Higher Educational Fac. Commission, 5.000%, 03/01/34 | &nbsp;&nbsp; 500775 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Pasco County School Board, COP Ser B, 5.000%, 08/01/46 | &nbsp;&nbsp; 507638 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Pennsylvania Higher Educational Fac. Auth., Revenue Ser A, 5.000%, 05/01/32 | &nbsp;&nbsp; 537218 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Polaris Career Center COP, 5.000%, 11/01/35 | &nbsp;&nbsp; 502258 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Public Utility District No. 1 of Benton County, Revenue, 5.000%, 11/01/28 | &nbsp;&nbsp; 512233 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Pulaski County, AR, Revenue, 5.250%, 03/01/53 | &nbsp;&nbsp; 513546 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Regional Transportation District, Revenue Ser A, 5.000%, 01/15/29 | &nbsp;&nbsp; 525989 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Regional Transportation District, Revenue Ser A, 5.000%, 01/15/31 | &nbsp;&nbsp; 535641 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Rhode Island Health and Educational Building Corp., Revenue Ser A, 5.000%, 05/15/48 | &nbsp;&nbsp; 514312 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Rock Hill , SC, Combined Utility System Revenue Ser A, 5.000%, 01/01/54 | &nbsp;&nbsp; 502781 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Southwest Higher Education Auth., Inc., Revenue, 5.000%, 10/01/29 | &nbsp;&nbsp; 512255 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;St Lucie County School Board, COP Ser A, 5.000%, 07/01/48 | &nbsp;&nbsp; 503497 |
| &nbsp;&nbsp;510000 | &nbsp;&nbsp;State Board of Higher Education of the State of North Dakota, Revenue Ser A, 5.000%, 04/01/29 | &nbsp;&nbsp; 527104 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;State of Illinois Sales Tax Revenue Ser B, 5.000%, 06/15/33 | &nbsp;&nbsp; 517991 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;State of Louisiana Gasoline & Fuels Tax Revenue Ser A, 4.000%, 05/01/40 | &nbsp;&nbsp; 483298 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Tobacco Settlement Financing Corp, Revenue Ser A, 5.000%, 06/01/30 | &nbsp;&nbsp; 514693 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Town of Upland, Revenue EDR, 4.000%, 09/01/43 | &nbsp;&nbsp; 452786 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Troy Capital Resource Corp., Revenue, 5.000%, 09/01/30 | &nbsp;&nbsp; 538731 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Westmoreland County Municipal Auth., Revenue, 5.000%, 08/15/49 | &nbsp;&nbsp; 505624 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Williamsburg LSD, COP, 5.250%, 12/15/53 | &nbsp;&nbsp; 504975 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Wisconsin Health & Educational Fac. Auth., Revenue, 5.000%, 03/15/53 | &nbsp;&nbsp; 459552 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Wisconsin Health & Educational Fac. Auth., Revenue Ser B, 5.250%, 12/01/48 | &nbsp;&nbsp; 510104 |
|  | &nbsp;&nbsp;**Total Fixed Rate Revenue Bonds** | $30920798 |
|  | &nbsp;&nbsp;**General Obligation Bonds – 23.1%** | &nbsp;&nbsp;**General Obligation Bonds – 23.1%** |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Aubrey, TX, LTGO Ser A, 5.000%, 02/15/42 | &nbsp;&nbsp; 516488 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Bexar County Hospital District, LTGO, 5.000%, 02/15/48 | &nbsp;&nbsp; 503713 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Chicago Board of Education, UTGO Ser A, 4.000%, 12/01/47 | &nbsp;&nbsp; 394820 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Chicago, IL, UTGO Ser A, 5.000%, 01/01/34 | &nbsp;&nbsp; 520000 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Decatur, TX, LTGO, 5.000%, 03/01/54 | &nbsp;&nbsp; 503824 |
| &nbsp;&nbsp;505000 | &nbsp;&nbsp;Ecorse Public School District, UTGO, 5.000%, 05/01/27 | &nbsp;&nbsp; 524861 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Gregg County, TX, LTGO, 5.000%, 09/15/30 | &nbsp;&nbsp; 536567 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Harris County Hospital District, LTGO, 5.000%, 02/15/55 | &nbsp;&nbsp; 502241 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Harris County, TX, LTGO Ser A, 5.000%, 09/15/54 | &nbsp;&nbsp; 508111 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Homewood, AL, UTGO, 5.000%, 09/01/29 | &nbsp;&nbsp; 511316 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Hudsonville Public Schools, UTGO, 5.000%, 05/01/53 | &nbsp;&nbsp; 505648 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Jackson, MS, UTGO, 5.000%, 03/01/28 | &nbsp;&nbsp; 504842 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;L'Anse Creuse Public Schools, UTGO Ser I, 5.000%, 05/01/49 | &nbsp;&nbsp; 516126 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Milwaukee, WI, UTGO Ser N3, 5.000%, 04/01/29 | &nbsp;&nbsp; 535321 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;North Pine Vistas Metropolitan District No 2, LTGO, 5.250%, 12/01/42 | &nbsp;&nbsp; 518666 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Core Municipal Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**General Obligation Bonds – 23.1% (Continued)** | &nbsp;&nbsp;**General Obligation Bonds – 23.1% (Continued)** |
| $450000 | &nbsp;&nbsp;School District of Philadelphia/The, LTGO Ser B, 5.000%, 09/01/30 | $486778 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;St Louis, MO, UTGO Ser A, 5.000%, 02/15/43 | &nbsp;&nbsp; 510932 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;State of Illinois, UTGO Ser B, 5.500%, 05/01/47 | &nbsp;&nbsp; 510368 |
| &nbsp;&nbsp;500000 | &nbsp;&nbsp;Whispering Pines Metropolitan District No 1, LTGO, 5.000%, 12/01/52 | &nbsp;&nbsp; 499402 |
|  | &nbsp;&nbsp;**Total General Obligation Bonds** | $9610024 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.6%** | &nbsp;&nbsp;**Short-Term Investment Fund — 1.6%** |
| 681270 | &nbsp;&nbsp;Dreyfus Government Cash Management Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 681270 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.0%<br> (Cost $42,563,988)** | $41212092 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;$398103 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $41610195 |

---

*∞* *Open-End Fund.* 

*Ω* *Represents the 7-Day SEC yield as of June 30, 2025.* 

---

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

---

#### 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*** |
| *Municipal Bonds* | *$—* | *$40530822* | *$—* | *$40530822* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;*681270* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*681270* |
| *Total* | *$681270* | *$40530822* | *$—* | *$41212092* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone International Value Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.5%** |  |
|  | &nbsp;&nbsp;**Japan — 14.4%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;115500 | &nbsp;&nbsp;Honda Motor Co. Ltd. | $1113750 |
| &nbsp;&nbsp;&nbsp;&nbsp;140300 | &nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp; 1501115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;Sankyo Co. Ltd. | &nbsp;&nbsp; 1615817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88300 | &nbsp;&nbsp;Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 1002779 |
| &nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 1092529 |
|  | &nbsp;&nbsp;**Financials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;138500 | &nbsp;&nbsp;Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 1282817 |
|  | &nbsp;&nbsp;**Health Care — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700 | &nbsp;&nbsp;Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 953675 |
|  | &nbsp;&nbsp;**Industrials — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;Komatsu Ltd. | &nbsp;&nbsp; 1626581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95800 | &nbsp;&nbsp;NGK Insulators Ltd. | &nbsp;&nbsp; 1202444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;NIPPON EXPRESS HOLDINGS, Inc. | &nbsp;&nbsp; 1685075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63440 | &nbsp;&nbsp;Sojitz Corp. | &nbsp;&nbsp; 1558945 |
|  | &nbsp;&nbsp;**Information Technology — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67800 | &nbsp;&nbsp;Brother Industries Ltd. | &nbsp;&nbsp; 1169577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp; 727994 |
|  | &nbsp;&nbsp;Total Japan | &nbsp;&nbsp; 16533098 |
|  | &nbsp;&nbsp;**China — 8.8%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;138100 | &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1954937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86100 | &nbsp;&nbsp;JD.com, Inc. - Class A | &nbsp;&nbsp; 1406212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;Prosus NV | &nbsp;&nbsp; 1346556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70700 | &nbsp;&nbsp;Vipshop Holdings Ltd. ADR | &nbsp;&nbsp; 1064035 |
|  | &nbsp;&nbsp;**Energy — 1.1%** |  |
| 1484000 | &nbsp;&nbsp;PetroChina Co. Ltd. Class H | &nbsp;&nbsp; 1278877 |
|  | &nbsp;&nbsp;**Health Care — 1.5%** |  |
| 1800000 | &nbsp;&nbsp;CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 1770590 |
|  | &nbsp;&nbsp;**Industrials — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;Weichai Power Co. Ltd. Class H | &nbsp;&nbsp; 1315268 |
|  | &nbsp;&nbsp;Total China | &nbsp;&nbsp; 10136475 |
|  | &nbsp;&nbsp;**United Kingdom — 8.5%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31600 | &nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp; 1248521 |
| &nbsp;&nbsp;&nbsp;&nbsp;360400 | &nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp; 1987074 |
|  | &nbsp;&nbsp;**Financials — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;153500 | &nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp; 1856765 |
| &nbsp;&nbsp;&nbsp;&nbsp;177800 | &nbsp;&nbsp;Investec PLC | &nbsp;&nbsp; 1330112 |
| &nbsp;&nbsp;&nbsp;&nbsp;266700 | &nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp; 1873022 |
|  | &nbsp;&nbsp;**Real Estate — 1.3%** |  |
| 1250600 | &nbsp;&nbsp;Supermarket Income PLC REIT | &nbsp;&nbsp; 1457424 |
|  | &nbsp;&nbsp;Total United Kingdom | &nbsp;&nbsp; 9752918 |
|  | &nbsp;&nbsp;**Canada — 7.2%** |  |
|  | &nbsp;&nbsp;**Energy — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;Imperial Oil Ltd. | &nbsp;&nbsp; 1390233 |
|  | &nbsp;&nbsp;**Financials — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53900 | &nbsp;&nbsp;Manulife Financial Corp. | &nbsp;&nbsp; 1723375 |
|  | &nbsp;&nbsp;**Industrials — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;Finning International, Inc. | &nbsp;&nbsp; 1898269 |
|  | &nbsp;&nbsp;**Materials — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;100100 | &nbsp;&nbsp;Dundee Precious Metals, Inc. | &nbsp;&nbsp; 1608363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;Lundin Gold, Inc. | &nbsp;&nbsp; 1657911 |
|  | &nbsp;&nbsp;Total Canada | &nbsp;&nbsp; 8278151 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.5% (Continued)** |  |
|  | &nbsp;&nbsp;**South Korea — 6.4%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;SK Telecom Co. Ltd. | $1277179 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp; 1237891 |
|  | &nbsp;&nbsp;**Financials — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;DB Insurance Co. Ltd. | &nbsp;&nbsp; 1350538 |
|  | &nbsp;&nbsp;**Industrials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15720 | &nbsp;&nbsp;SK Square Co. Ltd.\* | &nbsp;&nbsp; 2112910 |
|  | &nbsp;&nbsp;**Information Technology — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31690 | &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1401383 |
|  | &nbsp;&nbsp;Total South Korea | &nbsp;&nbsp; 7379901 |
|  | &nbsp;&nbsp;**France — 5.1%** |  |
|  | &nbsp;&nbsp;**Energy — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 1332474 |
|  | &nbsp;&nbsp;**Financials — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 1785064 |
|  | &nbsp;&nbsp;**Real Estate — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;Klepierre SA REIT | &nbsp;&nbsp; 1403645 |
|  | &nbsp;&nbsp;**Utilities — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41100 | &nbsp;&nbsp;Rubis SCA | &nbsp;&nbsp; 1328906 |
|  | &nbsp;&nbsp;Total France | &nbsp;&nbsp; 5850089 |
|  | &nbsp;&nbsp;**Italy — 4.9%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;187300 | &nbsp;&nbsp;Pirelli & C SpA, 144a | &nbsp;&nbsp; 1291073 |
|  | &nbsp;&nbsp;**Financials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp; 1569751 |
|  | &nbsp;&nbsp;**Industrials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;Iveco Group NV | &nbsp;&nbsp; 1276123 |
|  | &nbsp;&nbsp;**Materials — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp; 1464146 |
|  | &nbsp;&nbsp;Total Italy | &nbsp;&nbsp; 5601093 |
|  | &nbsp;&nbsp;**Netherlands — 4.8%** |  |
|  | &nbsp;&nbsp;**Energy — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;Shell PLC | &nbsp;&nbsp; 1646787 |
|  | &nbsp;&nbsp;**Financials — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400 | &nbsp;&nbsp;ABN AMRO Bank NV, 144a | &nbsp;&nbsp; 1976951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;NN Group NV | &nbsp;&nbsp; 1896364 |
|  | &nbsp;&nbsp;Total Netherlands | &nbsp;&nbsp; 5520102 |
|  | &nbsp;&nbsp;**Germany — 4.0%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp; 1101117 |
|  | &nbsp;&nbsp;**Financials — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp; 1843946 |
|  | &nbsp;&nbsp;**Industrials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp; 1608350 |
|  | &nbsp;&nbsp;Total Germany | &nbsp;&nbsp; 4553413 |
|  | &nbsp;&nbsp;**Switzerland — 3.7%** |  |
|  | &nbsp;&nbsp;**Health Care — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | &nbsp;&nbsp;Novartis AG | &nbsp;&nbsp; 3167942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 1142470 |
|  | &nbsp;&nbsp;Total Switzerland | &nbsp;&nbsp; 4310412 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone International Value Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Taiwan — 3.6%** |  |
|  | &nbsp;&nbsp;**Information Technology — 3.6%** |  |
| 1275000 | &nbsp;&nbsp;Compal Electronics, Inc. | $1268173 |
| &nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 1473129 |
| &nbsp;&nbsp;&nbsp;&nbsp;901000 | &nbsp;&nbsp;United Microelectronics Corp. | &nbsp;&nbsp; 1358974 |
|  | &nbsp;&nbsp;Total Taiwan | &nbsp;&nbsp; 4100276 |
|  | &nbsp;&nbsp;**India — 3.3%** |  |
|  | &nbsp;&nbsp;**Energy — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;240700 | &nbsp;&nbsp;Coal India Ltd. | &nbsp;&nbsp; 1100683 |
| &nbsp;&nbsp;&nbsp;&nbsp;320400 | &nbsp;&nbsp;Petronet LNG Ltd. | &nbsp;&nbsp; 1128170 |
|  | &nbsp;&nbsp;**Financials — 1.4%** |  |
| 1185300 | &nbsp;&nbsp;Canara Bank | &nbsp;&nbsp; 1578732 |
|  | &nbsp;&nbsp;Total India | &nbsp;&nbsp; 3807585 |
|  | &nbsp;&nbsp;**Spain — 2.9%** |  |
|  | &nbsp;&nbsp;**Financials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;249400 | &nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp; 2065251 |
|  | &nbsp;&nbsp;**Information Technology — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;Indra Sistemas SA | &nbsp;&nbsp; 1266881 |
|  | &nbsp;&nbsp;Total Spain | &nbsp;&nbsp; 3332132 |
|  | &nbsp;&nbsp;**Hong Kong — 2.6%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.2%** |  |
| 1447900 | &nbsp;&nbsp;WH Group Ltd., 144a | &nbsp;&nbsp; 1395475 |
|  | &nbsp;&nbsp;**Health Care — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;United Laboratories International Holdings Ltd. (The) | &nbsp;&nbsp; 1633459 |
|  | &nbsp;&nbsp;Total Hong Kong | &nbsp;&nbsp; 3028934 |
|  | &nbsp;&nbsp;**South Africa — 2.3%** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;Naspers Ltd. Class N | &nbsp;&nbsp; 1341658 |
|  | &nbsp;&nbsp;**Materials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92400 | &nbsp;&nbsp;Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1285649 |
|  | &nbsp;&nbsp;Total South Africa | &nbsp;&nbsp; 2627307 |
|  | &nbsp;&nbsp;**Norway — 2.2%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700 | &nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp; 824396 |
|  | &nbsp;&nbsp;**Financials — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62400 | &nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp; 1725646 |
|  | &nbsp;&nbsp;Total Norway | &nbsp;&nbsp; 2550042 |
|  | &nbsp;&nbsp;**Denmark — 1.6%** |  |
|  | &nbsp;&nbsp;**Financials — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp; 1854309 |
|  | &nbsp;&nbsp;**Austria — 1.5%** |  |
|  | &nbsp;&nbsp;**Financials — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp; 1719531 |
|  | &nbsp;&nbsp;**Belgium — 1.4%** |  |
|  | &nbsp;&nbsp;**Financials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;Ageas SA | &nbsp;&nbsp; 1616778 |
|  | &nbsp;&nbsp;**Greece — 1.3%** |  |
|  | &nbsp;&nbsp;**Communication Services — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80700 | &nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1534278 |
|  | &nbsp;&nbsp;**Mexico — 1.3%** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;815400 | &nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV - Class A | &nbsp;&nbsp; 1494831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.5% (Continued)** |  |
|  | &nbsp;&nbsp;**United States — 1.3%** |  |
|  | &nbsp;&nbsp;**Health Care — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;GSK PLC | $1450958 |
|  | &nbsp;&nbsp;**Brazil — 1.2%** |  |
|  | &nbsp;&nbsp;**Materials — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;Vale SA | &nbsp;&nbsp; 1344393 |
|  | &nbsp;&nbsp;**Sweden — 1.1%** |  |
|  | &nbsp;&nbsp;**Information Technology — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;154400 | &nbsp;&nbsp;Telefonaktiebolaget LM Ericsson - Class B | &nbsp;&nbsp; 1319398 |
|  | &nbsp;&nbsp;**Malaysia — 1.1%** |  |
|  | &nbsp;&nbsp;**Financials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;765300 | &nbsp;&nbsp;CIMB Group Holdings Bhd | &nbsp;&nbsp; 1234319 |
|  | &nbsp;&nbsp;**Indonesia — 1.0%** |  |
|  | &nbsp;&nbsp;**Utilities — 1.0%** |  |
| 11771900 | &nbsp;&nbsp;Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 1171559 |
|  | &nbsp;&nbsp;**Australia — 1.0%** |  |
|  | &nbsp;&nbsp;**Materials — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;Rio Tinto Ltd. | &nbsp;&nbsp; 1146802 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $113249084 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;448942 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 448942 |
|  | &nbsp;&nbsp;**Total Investment Securities — 98.9%<br> (Cost $93,811,597)** | $113698026 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 1.1%** | &nbsp;&nbsp; 1227361 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $114925387 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities were valued at $4,663,499 or 4.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone International 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* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Japan* | *$—* | *$16533098* | *$—* | *$16533098* |
| &nbsp;&nbsp;&nbsp;*China* | &nbsp;&nbsp;&nbsp;&nbsp;*1064035* | &nbsp;&nbsp;&nbsp;&nbsp;*9072440* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*10136475* |
| &nbsp;&nbsp;&nbsp;*United Kingdom* | &nbsp;&nbsp;&nbsp;&nbsp;*2787536* | &nbsp;&nbsp;&nbsp;&nbsp;*6965382* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9752918* |
| &nbsp;&nbsp;&nbsp;*Canada* | &nbsp;&nbsp;&nbsp;&nbsp;*8278151* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8278151* |
| &nbsp;&nbsp;&nbsp;*South Korea* | &nbsp;&nbsp;&nbsp;&nbsp;*1277179* | &nbsp;&nbsp;&nbsp;&nbsp;*6102722* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7379901* |
| &nbsp;&nbsp;&nbsp;*France* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*5850089* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5850089* |
| &nbsp;&nbsp;&nbsp;*Italy* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*5601093* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5601093* |
| &nbsp;&nbsp;&nbsp;*Netherlands* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*5520102* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5520102* |
| &nbsp;&nbsp;&nbsp;*Germany* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4553413* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4553413* |
| &nbsp;&nbsp;&nbsp;*Switzerland* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4310412* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4310412* |
| &nbsp;&nbsp;&nbsp;*Taiwan* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4100276* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4100276* |
| &nbsp;&nbsp;&nbsp;*India* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3807585* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3807585* |
| &nbsp;&nbsp;&nbsp;*Spain* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3332132* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3332132* |
| &nbsp;&nbsp;&nbsp;*Hong Kong* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3028934* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3028934* |
| &nbsp;&nbsp;&nbsp;*South Africa* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2627307* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2627307* |
| &nbsp;&nbsp;&nbsp;*Norway* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*824396* | &nbsp;&nbsp;&nbsp;&nbsp;*1725646* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2550042* |
| &nbsp;&nbsp;&nbsp;*Denmark* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1854309* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1854309* |
| &nbsp;&nbsp;&nbsp;*Austria* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1719531* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1719531* |
| &nbsp;&nbsp;&nbsp;*Belgium* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1616778* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1616778* |
| &nbsp;&nbsp;&nbsp;*Greece* | &nbsp;&nbsp;&nbsp;&nbsp;*1534278* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1534278* |
| &nbsp;&nbsp;&nbsp;*Mexico* | &nbsp;&nbsp;&nbsp;&nbsp;*1494831* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1494831* |
| &nbsp;&nbsp;&nbsp;*United States* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1450958* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1450958* |
| &nbsp;&nbsp;&nbsp;*Brazil* | &nbsp;&nbsp;&nbsp;&nbsp;*1344393* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1344393* |
| &nbsp;&nbsp;&nbsp;*Sweden* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1319398* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1319398* |
| &nbsp;&nbsp;&nbsp;*Malaysia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1234319* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1234319* |
| &nbsp;&nbsp;&nbsp;*Indonesia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1171559* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1171559* |
| &nbsp;&nbsp;&nbsp;*Australia* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1146802* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1146802* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*448942* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*448942* |
| *Total* | *$19053741* | *$94644285* | *$—* | *$113698026* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Large Cap Focused Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.5%** |  |
|  | &nbsp;&nbsp;**Information Technology — 33.8%** |  |
| 1088780 | &nbsp;&nbsp;Apple, Inc. | $223384993 |
| &nbsp;&nbsp;&nbsp;&nbsp;208028 | &nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 38083686 |
| &nbsp;&nbsp;&nbsp;&nbsp;757177 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 376627411 |
| 1158011 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 182954158 |
| &nbsp;&nbsp;&nbsp;&nbsp;469937 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 102742326 |
| &nbsp;&nbsp;&nbsp;&nbsp;273284 | &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp; 74521814 |
| &nbsp;&nbsp;&nbsp;&nbsp;277183 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | &nbsp;&nbsp; 62779178 |
| &nbsp;&nbsp;&nbsp;&nbsp;325115 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 67500376 |
| &nbsp;&nbsp;&nbsp;&nbsp;174337 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 41840880 |
|  |  | &nbsp;&nbsp;1170434822 |
|  | &nbsp;&nbsp;**Communication Services — 16.3%** |  |
| 1098315 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 194830098 |
| 1034614 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 36925374 |
| &nbsp;&nbsp;&nbsp;&nbsp;372694 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 275081714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16928 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 22668793 |
| &nbsp;&nbsp;&nbsp;&nbsp;272326 | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp; 33771147 |
|  |  | &nbsp;&nbsp; 563277126 |
|  | &nbsp;&nbsp;**Financials — 13.8%** |  |
| 1968763 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 93161865 |
| &nbsp;&nbsp;&nbsp;&nbsp;112872 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 54829831 |
| &nbsp;&nbsp;&nbsp;&nbsp;812560 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 74137974 |
| &nbsp;&nbsp;&nbsp;&nbsp;116726 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 82612827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36350 | &nbsp;&nbsp;Markel Group, Inc.\* | &nbsp;&nbsp; 72604036 |
| &nbsp;&nbsp;&nbsp;&nbsp;282293 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 100228130 |
|  |  | &nbsp;&nbsp; 477574663 |
|  | &nbsp;&nbsp;**Health Care — 9.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;291385 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp; 50191066 |
| &nbsp;&nbsp;&nbsp;&nbsp;329786 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 18128336 |
| &nbsp;&nbsp;&nbsp;&nbsp;825047 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 38191426 |
| &nbsp;&nbsp;&nbsp;&nbsp;120775 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 46268903 |
| &nbsp;&nbsp;&nbsp;&nbsp;388638 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 59364454 |
| &nbsp;&nbsp;&nbsp;&nbsp;775587 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 67607919 |
| &nbsp;&nbsp;&nbsp;&nbsp;145870 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 45507064 |
|  |  | &nbsp;&nbsp; 325259168 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 9.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;418209 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 55345779 |
| &nbsp;&nbsp;&nbsp;&nbsp;948364 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 208061578 |
| &nbsp;&nbsp;&nbsp;&nbsp;418713 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 18218203 |
| &nbsp;&nbsp;&nbsp;&nbsp;327273 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 29988025 |
|  |  | &nbsp;&nbsp; 311613585 |
|  | &nbsp;&nbsp;**Industrials — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;330248 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 69196864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72234 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 29501088 |
| &nbsp;&nbsp;&nbsp;&nbsp;157304 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp; 22969530 |
| &nbsp;&nbsp;&nbsp;&nbsp;597739 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 49492789 |
| &nbsp;&nbsp;&nbsp;&nbsp;341064 | &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 23107086 |
| &nbsp;&nbsp;&nbsp;&nbsp;349931 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 32648562 |
|  |  | &nbsp;&nbsp; 226915919 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;171679 | &nbsp;&nbsp;Diageo PLC (United Kingdom) ADR | $17312110 |
| &nbsp;&nbsp;&nbsp;&nbsp;506791 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 31745388 |
| &nbsp;&nbsp;&nbsp;&nbsp;559197 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 101846550 |
|  |  | &nbsp;&nbsp; 150904048 |
|  | &nbsp;&nbsp;**Energy — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;614529 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 66246226 |
| &nbsp;&nbsp;&nbsp;&nbsp;365452 | &nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp; 12352278 |
|  |  | &nbsp;&nbsp; 78598504 |
|  | &nbsp;&nbsp;**Materials — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;432897 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 29692405 |
| &nbsp;&nbsp;&nbsp;&nbsp;361806 | &nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 26610832 |
|  |  | &nbsp;&nbsp; 56303237 |
|  | &nbsp;&nbsp;**Real Estate — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;188994 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 48340885 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $3409221957 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.6%** |  |
| 55107368 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 55107368 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $1,635,752,436)** | $3464329325 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (2227673) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $3462101652 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$3409221957* | *$—* | *$—* | *$3409221957* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*55107368* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*55107368* |
| *Total* | *$3464329325* | *$—* | *$—* | *$3464329325* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Large Cap Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7%** |  |
|  | &nbsp;&nbsp;**Financials — 32.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;41540 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | $20178886 |
| &nbsp;&nbsp;&nbsp;&nbsp;11861 | &nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp; 12445154 |
| &nbsp;&nbsp;&nbsp;&nbsp;131378 | &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp; 11986929 |
| &nbsp;&nbsp;&nbsp;&nbsp;31696 | &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp; 9182965 |
| &nbsp;&nbsp;&nbsp;&nbsp;63702 | &nbsp;&nbsp;Fiserv, Inc.\* | &nbsp;&nbsp; 10982862 |
| &nbsp;&nbsp;&nbsp;&nbsp;59558 | &nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp; 15893648 |
| &nbsp;&nbsp;&nbsp;&nbsp;39639 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 14073827 |
|  |  | &nbsp;&nbsp; 94744271 |
|  | &nbsp;&nbsp;**Information Technology — 14.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;77763 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp; 15954635 |
| &nbsp;&nbsp;&nbsp;&nbsp;84889 | &nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp; 6846298 |
| &nbsp;&nbsp;&nbsp;&nbsp;54469 | &nbsp;&nbsp;TE Connectivity PLC (Switzerland) | &nbsp;&nbsp; 9187286 |
| &nbsp;&nbsp;&nbsp;&nbsp;48140 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 9994827 |
|  |  | &nbsp;&nbsp; 41983046 |
|  | &nbsp;&nbsp;**Industrials — 13.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;31738 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 7214365 |
| &nbsp;&nbsp;&nbsp;&nbsp;48278 | &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 12357719 |
| &nbsp;&nbsp;&nbsp;&nbsp;51443 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 8349199 |
| &nbsp;&nbsp;&nbsp;&nbsp;47070 | &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp; 11607933 |
|  |  | &nbsp;&nbsp; 39529216 |
|  | &nbsp;&nbsp;**Materials — 11.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;45647 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp; 12875193 |
| &nbsp;&nbsp;&nbsp;&nbsp;16662 | &nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp; 9146772 |
| &nbsp;&nbsp;&nbsp;&nbsp;16127 | &nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp; 11141499 |
|  |  | &nbsp;&nbsp; 33163464 |
|  | &nbsp;&nbsp;**Consumer Staples — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;140467 | &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp; 8235580 |
| &nbsp;&nbsp;&nbsp;&nbsp;74528 | &nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp; 7162886 |
| &nbsp;&nbsp;&nbsp;&nbsp;72757 | &nbsp;&nbsp;Nestle SA (Switzerland) ADR | &nbsp;&nbsp; 7226225 |
|  |  | &nbsp;&nbsp; 22624691 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22895 | &nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 5079714 |
| &nbsp;&nbsp;&nbsp;&nbsp;77492 | &nbsp;&nbsp;O'Reilly Automotive, Inc.\* | &nbsp;&nbsp; 6984354 |
| &nbsp;&nbsp;&nbsp;&nbsp;82461 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 7555901 |
|  |  | &nbsp;&nbsp; 19619969 |
|  | &nbsp;&nbsp;**Communication Services — 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;106360 | &nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp; 18867200 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 97.7% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 3.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;134927 | &nbsp;&nbsp;Bruker Corp. | $5558992 |
| &nbsp;&nbsp;&nbsp;&nbsp;36988 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 5649917 |
|  |  | &nbsp;&nbsp; 11208909 |
|  | &nbsp;&nbsp;**Energy — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;46653 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp; 6680243 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $288421009 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 2.3%** |  |
| 6752954 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 6752954 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.0%<br> (Cost $169,838,153)** | $295173963 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.0%)** | &nbsp;&nbsp;&nbsp; (24395) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $295149568 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$288421009* | *$—* | *$—* | *$288421009* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6752954* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6752954* |
| *Total* | *$295173963* | *$—* | *$—* | *$295173963* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Large Company Growth Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.5%** |  |
|  | &nbsp;&nbsp;**Information Technology — 49.3%** |  |
| 111700 | &nbsp;&nbsp;Arista Networks, Inc.\* | $11428027 |
| 11094 | &nbsp;&nbsp;Autodesk, Inc.\* | &nbsp;&nbsp; 3434370 |
| 26830 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 7395689 |
| &nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;Cadence Design Systems, Inc.\* | &nbsp;&nbsp; 2197418 |
| 62704 | &nbsp;&nbsp;Dynatrace, Inc.\* | &nbsp;&nbsp; 3461888 |
| 54959 | &nbsp;&nbsp;Fortinet, Inc.\* | &nbsp;&nbsp; 5810265 |
| 10039 | &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp; 7907018 |
| 35668 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 17741620 |
| 144471 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 22824973 |
| &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;Synopsys, Inc.\* | &nbsp;&nbsp; 1384236 |
|  |  | &nbsp;&nbsp; 83585504 |
|  | &nbsp;&nbsp;**Communication Services — 12.8%** |  |
| 56907 | &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp; 10028721 |
| 10578 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 7807516 |
| &nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 3896868 |
|  |  | &nbsp;&nbsp; 21733105 |
|  | &nbsp;&nbsp;**Industrials — 11.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp; 2825661 |
| 18290 | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp; 4707663 |
| 25189 | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp; 4688428 |
| 84482 | &nbsp;&nbsp;Uber Technologies, Inc.\* | &nbsp;&nbsp; 7882171 |
|  |  | &nbsp;&nbsp; 20103923 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 10.7%** |  |
| 65701 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 14414142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp; 3705114 |
|  |  | &nbsp;&nbsp; 18119256 |
|  | &nbsp;&nbsp;**Financials — 8.0%** |  |
| 33300 | &nbsp;&nbsp;Fiserv, Inc.\* | &nbsp;&nbsp; 5741253 |
| &nbsp;&nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp; 3121577 |
| 13414 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 4762640 |
|  |  | &nbsp;&nbsp; 13625470 |
|  | &nbsp;&nbsp;**Health Care — 6.9%** |  |
| 23992 | &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp; 3263152 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Health Care — 6.9% (Continued)** |  |
| 52210 | &nbsp;&nbsp;DexCom, Inc.\* | $4557411 |
| 56005 | &nbsp;&nbsp;Novo Nordisk A/S (Denmark) ADR | &nbsp;&nbsp; 3865465 |
|  |  | &nbsp;&nbsp; 11686028 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $168853286 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.6%** |  |
| 952976 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 952976 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $86,452,925)** | $169806262 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (146869) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $169659393 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 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* | *$168853286* | *$—* | *$—* | *$168853286* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*952976* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*952976* |
| *Total* | *$169806262* | *$—* | *$—* | *$169806262* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Small Company Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.5%** |  |
|  | &nbsp;&nbsp;**Industrials — 22.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;37065 | &nbsp;&nbsp;CACI International, Inc. - Class A\* | $17668885 |
| &nbsp;&nbsp;&nbsp;&nbsp;76395 | &nbsp;&nbsp;Clean Harbors, Inc.\* | &nbsp;&nbsp; 17660996 |
| &nbsp;&nbsp;&nbsp;&nbsp;72152 | &nbsp;&nbsp;Crane Co. | &nbsp;&nbsp; 13700943 |
| &nbsp;&nbsp;&nbsp;&nbsp;246843 | &nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp; 16121316 |
| &nbsp;&nbsp;&nbsp;&nbsp;24349 | &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp; 11895704 |
| &nbsp;&nbsp;&nbsp;&nbsp;31760 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp; 16988106 |
| &nbsp;&nbsp;&nbsp;&nbsp;86918 | &nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp; 16676957 |
| &nbsp;&nbsp;&nbsp;&nbsp;475619 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 20827356 |
| &nbsp;&nbsp;&nbsp;&nbsp;154579 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp; 16450297 |
| &nbsp;&nbsp;&nbsp;&nbsp;294628 | &nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp; 16643536 |
| &nbsp;&nbsp;&nbsp;&nbsp;108090 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 16951755 |
| &nbsp;&nbsp;&nbsp;&nbsp;313808 | &nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp; 15043956 |
| &nbsp;&nbsp;&nbsp;&nbsp;195183 | &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp; 13701847 |
| &nbsp;&nbsp;&nbsp;&nbsp;273137 | &nbsp;&nbsp;NEXTracker, Inc. - Class A\* | &nbsp;&nbsp; 14850459 |
| &nbsp;&nbsp;&nbsp;&nbsp;395450 | &nbsp;&nbsp;WNS Holdings Ltd. (India) ADR\* | &nbsp;&nbsp; 25008258 |
| &nbsp;&nbsp;&nbsp;&nbsp;438505 | &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 16036128 |
|  |  | &nbsp;&nbsp; 266226499 |
|  | &nbsp;&nbsp;**Information Technology — 19.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;110556 | &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp; 14648670 |
| &nbsp;&nbsp;&nbsp;&nbsp;386927 | &nbsp;&nbsp;Box, Inc. - Class A\* | &nbsp;&nbsp; 13221295 |
| 1376435 | &nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\* | &nbsp;&nbsp; 12952253 |
| &nbsp;&nbsp;&nbsp;&nbsp;196483 | &nbsp;&nbsp;Ciena Corp.\* | &nbsp;&nbsp; 15979962 |
| &nbsp;&nbsp;&nbsp;&nbsp;89923 | &nbsp;&nbsp;CommVault Systems, Inc.\* | &nbsp;&nbsp; 15676277 |
| 1229459 | &nbsp;&nbsp;DoubleVerify Holdings, Inc.\* | &nbsp;&nbsp; 18405001 |
| &nbsp;&nbsp;&nbsp;&nbsp;792867 | &nbsp;&nbsp;LiveRamp Holdings, Inc.\* | &nbsp;&nbsp; 26196326 |
| &nbsp;&nbsp;&nbsp;&nbsp;134981 | &nbsp;&nbsp;Onto Innovation, Inc.\* | &nbsp;&nbsp; 13623632 |
| &nbsp;&nbsp;&nbsp;&nbsp;127775 | &nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp; 18255214 |
| &nbsp;&nbsp;&nbsp;&nbsp;814878 | &nbsp;&nbsp;RingCentral, Inc. - Class A\* | &nbsp;&nbsp; 23101791 |
| &nbsp;&nbsp;&nbsp;&nbsp;107881 | &nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp; 14681525 |
| &nbsp;&nbsp;&nbsp;&nbsp;481810 | &nbsp;&nbsp;Tower Semiconductor Ltd. (Israel)\* | &nbsp;&nbsp; 20886464 |
| &nbsp;&nbsp;&nbsp;&nbsp;731816 | &nbsp;&nbsp;Verint Systems, Inc.\* | &nbsp;&nbsp; 14394821 |
| &nbsp;&nbsp;&nbsp;&nbsp;533267 | &nbsp;&nbsp;Viant Technology, Inc. - Class A\* | &nbsp;&nbsp; 7055123 |
|  |  | &nbsp;&nbsp; 229078354 |
|  | &nbsp;&nbsp;**Health Care — 18.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;364276 | &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp; 18742000 |
| &nbsp;&nbsp;&nbsp;&nbsp;31512 | &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp; 15344138 |
| &nbsp;&nbsp;&nbsp;&nbsp;215290 | &nbsp;&nbsp;Doximity, Inc. - Class A\* | &nbsp;&nbsp; 13205889 |
| &nbsp;&nbsp;&nbsp;&nbsp;175554 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 21528187 |
| &nbsp;&nbsp;&nbsp;&nbsp;115271 | &nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp; 17781705 |
| &nbsp;&nbsp;&nbsp;&nbsp;312317 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 18432949 |
| &nbsp;&nbsp;&nbsp;&nbsp;419740 | &nbsp;&nbsp;Haemonetics Corp.\* | &nbsp;&nbsp; 31316801 |
| &nbsp;&nbsp;&nbsp;&nbsp;515452 | &nbsp;&nbsp;LivaNova PLC\* | &nbsp;&nbsp; 23205649 |
| &nbsp;&nbsp;&nbsp;&nbsp;146067 | &nbsp;&nbsp;Merit Medical Systems, Inc.\* | &nbsp;&nbsp; 13654343 |
| &nbsp;&nbsp;&nbsp;&nbsp;727258 | &nbsp;&nbsp;Option Care Health, Inc.\* | &nbsp;&nbsp; 23621340 |
| 1009864 | &nbsp;&nbsp;Progyny, Inc.\* | &nbsp;&nbsp; 22217008 |
|  |  | &nbsp;&nbsp; 219050009 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 12.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;175620 | &nbsp;&nbsp;Champion Homes, Inc.\* | &nbsp;&nbsp; 10995568 |
| &nbsp;&nbsp;&nbsp;&nbsp;151890 | &nbsp;&nbsp;Crocs, Inc.\* | &nbsp;&nbsp; 15383419 |
| &nbsp;&nbsp;&nbsp;&nbsp;208223 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 12272664 |
| &nbsp;&nbsp;&nbsp;&nbsp;80655 | &nbsp;&nbsp;Grand Canyon Education, Inc.\* | &nbsp;&nbsp; 15243795 |
| &nbsp;&nbsp;&nbsp;&nbsp;324555 | &nbsp;&nbsp;Malibu Boats, Inc. - Class A\* | &nbsp;&nbsp; 10171554 |
| &nbsp;&nbsp;&nbsp;&nbsp;200320 | &nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp; 13741952 |
| &nbsp;&nbsp;&nbsp;&nbsp;404416 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 9697896 |
| &nbsp;&nbsp;&nbsp;&nbsp;151953 | &nbsp;&nbsp;Stride, Inc.\* | &nbsp;&nbsp; 22062056 |
| &nbsp;&nbsp;&nbsp;&nbsp;73142 | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 13707542 |
| &nbsp;&nbsp;&nbsp;&nbsp;38748 | &nbsp;&nbsp;TopBuild Corp.\* | &nbsp;&nbsp; 12544277 |
| &nbsp;&nbsp;&nbsp;&nbsp;415940 | &nbsp;&nbsp;YETI Holdings, Inc.\* | &nbsp;&nbsp; 13110429 |
|  |  | &nbsp;&nbsp; 148931152 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.5% (Continued)** |  |
|  | &nbsp;&nbsp;**Financials — 9.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;276880 | &nbsp;&nbsp;Ameris Bancorp | $17914136 |
| &nbsp;&nbsp;&nbsp;&nbsp;363268 | &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 11363023 |
| &nbsp;&nbsp;&nbsp;&nbsp;67942 | &nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp; 18345699 |
| &nbsp;&nbsp;&nbsp;&nbsp;933567 | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp; 13611407 |
| &nbsp;&nbsp;&nbsp;&nbsp;576003 | &nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp; 16393045 |
| &nbsp;&nbsp;&nbsp;&nbsp;135517 | &nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp; 12471629 |
| &nbsp;&nbsp;&nbsp;&nbsp;329643 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 17998508 |
|  |  | &nbsp;&nbsp; 108097447 |
|  | &nbsp;&nbsp;**Real Estate — 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;195134 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 14256490 |
| &nbsp;&nbsp;&nbsp;&nbsp;538576 | &nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 6285182 |
| &nbsp;&nbsp;&nbsp;&nbsp;107504 | &nbsp;&nbsp;Colliers International Group, Inc. (Canada) | &nbsp;&nbsp; 14033572 |
| &nbsp;&nbsp;&nbsp;&nbsp;581373 | &nbsp;&nbsp;COPT Defense Properties REIT | &nbsp;&nbsp; 16034267 |
| &nbsp;&nbsp;&nbsp;&nbsp;252978 | &nbsp;&nbsp;Kite Realty Group Trust REIT | &nbsp;&nbsp; 5729952 |
| &nbsp;&nbsp;&nbsp;&nbsp;458367 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 16629555 |
|  |  | &nbsp;&nbsp; 72969018 |
|  | &nbsp;&nbsp;**Energy — 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;411246 | &nbsp;&nbsp;Cactus, Inc. - Class A | &nbsp;&nbsp; 17979675 |
| &nbsp;&nbsp;&nbsp;&nbsp;304944 | &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp; 12527099 |
| &nbsp;&nbsp;&nbsp;&nbsp;930273 | &nbsp;&nbsp;Oceaneering International, Inc.\* | &nbsp;&nbsp; 19275257 |
|  |  | &nbsp;&nbsp; 49782031 |
|  | &nbsp;&nbsp;**Communication Services — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;809095 | &nbsp;&nbsp;Cargurus, Inc.\* | &nbsp;&nbsp; 27080410 |
| &nbsp;&nbsp;&nbsp;&nbsp;346975 | &nbsp;&nbsp;Ziff Davis, Inc.\* | &nbsp;&nbsp; 10502933 |
|  |  | &nbsp;&nbsp; 37583343 |
|  | &nbsp;&nbsp;**Materials — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;66586 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 13457696 |
| &nbsp;&nbsp;&nbsp;&nbsp;414153 | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp; 22438810 |
|  |  | &nbsp;&nbsp; 35896506 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $1167614359 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.6%** |  |
| 6613056 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 6613056 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $892,800,143)** | $1174227415 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (764505) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $1173462910 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

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

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Touchstone Small Company 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* | *$1167614359* | *$—* | *$—* | *$1167614359* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6613056* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6613056* |
| *Total* | *$1174227415* | *$—* | *$—* | *$1174227415* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Portfolio of Investments

Touchstone Value Fund – June 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.2%** |  |
|  | &nbsp;&nbsp;**Financials — 20.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37750 | &nbsp;&nbsp;American Express Co. | $12041495 |
| &nbsp;&nbsp;&nbsp;&nbsp;145961 | &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp; 12492802 |
| &nbsp;&nbsp;&nbsp;&nbsp;421787 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 19958961 |
| &nbsp;&nbsp;&nbsp;&nbsp;170657 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp; 9432212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28929 | &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp; 6154934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16163 | &nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp; 5492995 |
| &nbsp;&nbsp;&nbsp;&nbsp;215961 | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp; 17581385 |
| &nbsp;&nbsp;&nbsp;&nbsp;187464 | &nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp; 6146945 |
| &nbsp;&nbsp;&nbsp;&nbsp;120173 | &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp; 9628261 |
| &nbsp;&nbsp;&nbsp;&nbsp;133647 | &nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp; 10421793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27030 | &nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp; 8284695 |
|  |  | &nbsp;&nbsp;117636478 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 11.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;205016 | &nbsp;&nbsp;Aptiv PLC (Jersey)\* | &nbsp;&nbsp; 13986191 |
| &nbsp;&nbsp;&nbsp;&nbsp;905680 | &nbsp;&nbsp;Carnival Corp.\* | &nbsp;&nbsp; 25467722 |
| &nbsp;&nbsp;&nbsp;&nbsp;201821 | &nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 8781232 |
| &nbsp;&nbsp;&nbsp;&nbsp;101130 | &nbsp;&nbsp;Lennar Corp. - Class A | &nbsp;&nbsp; 11185989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96421 | &nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp; 9031755 |
|  |  | &nbsp;&nbsp; 68452889 |
|  | &nbsp;&nbsp;**Health Care — 10.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;642115 | &nbsp;&nbsp;Avantor, Inc.\* | &nbsp;&nbsp; 8642868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16454 | &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp; 6399948 |
| &nbsp;&nbsp;&nbsp;&nbsp;127577 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 11120887 |
| &nbsp;&nbsp;&nbsp;&nbsp;141581 | &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 11207552 |
| &nbsp;&nbsp;&nbsp;&nbsp;237140 | &nbsp;&nbsp;Sanofi SA ADR | &nbsp;&nbsp; 11456233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30010 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 9362220 |
|  |  | &nbsp;&nbsp; 58189708 |
|  | &nbsp;&nbsp;**Information Technology — 10.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83753 | &nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | &nbsp;&nbsp; 6535247 |
| &nbsp;&nbsp;&nbsp;&nbsp;166364 | &nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp; 13417257 |
| &nbsp;&nbsp;&nbsp;&nbsp;152867 | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 10757251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56704 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 12397195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93506 | &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 14891765 |
|  |  | &nbsp;&nbsp; 57998715 |
|  | &nbsp;&nbsp;**Energy — 9.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;162355 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 17501869 |
| &nbsp;&nbsp;&nbsp;&nbsp;467657 | &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp; 9530850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50099 | &nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp; 6940715 |
| &nbsp;&nbsp;&nbsp;&nbsp;515077 | &nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp; 7015349 |
| &nbsp;&nbsp;&nbsp;&nbsp;103182 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp; 12309613 |
|  |  | &nbsp;&nbsp; 53298396 |
|  | &nbsp;&nbsp;**Industrials — 8.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76930 | &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp; 4010361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52930 | &nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 7600748 |
| &nbsp;&nbsp;&nbsp;&nbsp;152808 | &nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp; 16139581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25643 | &nbsp;&nbsp;Ralliant Corp.\* | &nbsp;&nbsp; 1243429 |
| &nbsp;&nbsp;&nbsp;&nbsp;145811 | &nbsp;&nbsp;Vertiv Holdings Co. - Class A | &nbsp;&nbsp; 18723591 |
|  |  | &nbsp;&nbsp; 47717710 |
|  | &nbsp;&nbsp;**Utilities — 7.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;244053 | &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp; 20285685 |
| &nbsp;&nbsp;&nbsp;&nbsp;133395 | &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp; 11934851 |
| &nbsp;&nbsp;&nbsp;&nbsp;196827 | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp; 13403919 |
|  |  | &nbsp;&nbsp; 45624455 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 98.2% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Staples — 6.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;559188 | &nbsp;&nbsp;Keurig Dr Pepper, Inc. | $18486755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91215 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 16612988 |
|  |  | &nbsp;&nbsp; 35099743 |
|  | &nbsp;&nbsp;**Materials — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54163 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp; 15277216 |
| &nbsp;&nbsp;&nbsp;&nbsp;290947 | &nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp; 8638216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87400 | &nbsp;&nbsp;CRH PLC | &nbsp;&nbsp; 8023320 |
|  |  | &nbsp;&nbsp; 31938752 |
|  | &nbsp;&nbsp;**Real Estate — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53481 | &nbsp;&nbsp;Prologis, Inc. REIT | &nbsp;&nbsp; 5621923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33750 | &nbsp;&nbsp;Public Storage REIT | &nbsp;&nbsp; 9902925 |
| &nbsp;&nbsp;&nbsp;&nbsp;400627 | &nbsp;&nbsp;VICI Properties, Inc. REIT | &nbsp;&nbsp; 13060440 |
|  |  | &nbsp;&nbsp; 28585288 |
|  | &nbsp;&nbsp;**Communication Services — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52435 | &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp; 9240620 |
| &nbsp;&nbsp;&nbsp;&nbsp;269643 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 9623559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50745 | &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp; 8103976 |
|  |  | &nbsp;&nbsp; 26968155 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $571510289 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.9%** |  |
| 11025620 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.21%<sup>∞Ω</sup> | &nbsp;&nbsp; 11025620 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $466,540,395)** | $582535909 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (773760) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $581762149 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of June 30, 2025.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *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* | *$571510289* | *$—* | *$—* | *$571510289* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*11025620* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*11025620* |
| *Total* | *$582535909* | *$—* | *$—* | *$582535909* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Assets and Liabilities

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth<br> Fund** |
| **Assets** |  |  |  |  |  |  |
| Investments, at cost | $671482341 | $42563988 | $93811597 | $1635752436 | $169838153 | $86452925 |
| Investments, at market value | $962249131 | $41212092 | $113698026 | $3464329325 | $295173963 | $169806262 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| Cash deposits held at prime broker <sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597775 |  |  |  |  |  |
| Foreign currency † |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504568 |  |  |  |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
| Receivable for investments sold |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681101 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184364 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22836 |  |  |  |  |  |
| Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463953 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;966732730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41770185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115252210 | &nbsp;&nbsp;&nbsp;&nbsp;3476746694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295564489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170004970 |
| **Liabilities** |  |  |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30002 |  |  |  |  |  |
| Dividends payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190317 |
| Payable for investments purchased |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33973 |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71983 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18976 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24532 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7441 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9203 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7833 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14645042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345577 |
| **Net Assets** | $965172278 | $41610195 | $114925387 | $3462101652 | $295149568 | $169659393 |
| **Net assets consist of:** |  |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;659509245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44932688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155550668 | &nbsp;&nbsp;&nbsp;&nbsp;1623743173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161468475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81381455 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;305663033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3322493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40625281) | &nbsp;&nbsp;&nbsp;&nbsp;1838358479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133681093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88277938 |
| Net Assets | $965172278 | $41610195 | $114925387 | $3462101652 | $295149568 | $169659393 |
| *†Cost of foreign currency:* | *$—* | *$—* | *$496341* | *$—* | *$—* | *$—* |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Assets and Liabilities (Continued)

---

| | |
|:---|:---|
| **Touchstone<br> Small<br> Company<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Value<br> Fund** |
| $892800143 | $466540395 |
| $1174227415 | $582535909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266 |
| 1185045678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583474083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;11582768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711934 |
| $1173462910 | $581762149 |
| &nbsp;&nbsp;&nbsp;882800863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418667614 |
| &nbsp;&nbsp;&nbsp;290662047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163094535 |
| $1173462910 | $581762149 |
| *$1499* | *$315* |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Assets and Liabilities (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth<br> Fund** |
| **Pricing of Class A Shares** |  |  |  |  |  |  |
| Net assets applicable to Class A shares | $597054820 | $20627055 | $85991065 | $2189303080 | $7517612 | $6389215 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20365860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29059682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102380 |
| Net asset value price per share\* | $29.32 | $10.59 | $18.10 | $75.34 | $19.74 | $62.41 |
| Maximum sales charge - Class A shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% |
| Maximum offering price per share<br> (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares | $30.86 | $10.95 | $19.05 | $79.31 | $20.78 | $65.69 |
| **Pricing of Class C Shares** |  |  |  |  |  |  |
| Net assets applicable to Class C shares | $73771881 | $502891 | $1525451 | $44930760 | $622623 | $180071 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 |
| Net asset value and offering price per share\*\* | $29.36 | $10.57 | $16.35 | $66.93 | $19.26 | $56.75 |
| **Pricing of Class Y Shares** |  |  |  |  |  |  |
| Net assets applicable to Class Y shares | $290178217 | $2403651 | $26806963 | $931809690 | $217877951 | $10725914 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12367831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166691 |
| Net asset value, offering price and redemption price per share | $29.03 | $10.64 | $17.85 | $75.34 | $19.78 | $64.35 |
| **Pricing of Institutional Class Shares** |  |  |  |  |  |  |
| Net assets applicable to Institutional Class shares | $— | $18076598 | $601908 | $227983524 | $69131382 | $152364193 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338221 |
| Net asset value, offering price and redemption price per share | $— | $10.60 | $17.68 | $75.50 | $19.80 | $65.16 |
| **Pricing of Class R6 Shares** |  |  |  |  |  |  |
| Net assets applicable to Class R6 shares | $4167360 | $— | $— | $68074598 | $— | $— |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143649 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900735 |  |  |
| Net asset value, offering price and redemption price per share | $29.01 | $— | $— | $75.58 | $— | $— |

---

*\** *There is no sales load on subscriptions of $1 million or more for all funds except for Core Municipal Bond Fund. There is no sales load on subscriptions of $500,000 or more for Core Municipal Bond Fund. Redemptions that were part of a $500,000 or $1 million or more subscription, as applicable, may be subject to a contingent deferred sales load if redeemed within a one-year period from the date of purchase.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Assets and Liabilities (Continued)

---

| | |
|:---|:---|
| **Touchstone<br> Small<br> Company<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Value<br> Fund** |
| $480704267 | $168596171 |
| &nbsp;&nbsp;&nbsp;80289685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13923090 |
| $5.99 | $12.11 |
| &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% |
| $6.31 | $12.75 |
| $13376459 | $1989265 |
| &nbsp;&nbsp;&nbsp;&nbsp;2292518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164798 |
| $5.83 | $12.07 |
| $562970297 | $112416176 |
| &nbsp;&nbsp;&nbsp;80857229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226549 |
| $6.96 | $12.18 |
| $31508231 | $268725160 |
| &nbsp;&nbsp;&nbsp;&nbsp;4510285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22151136 |
| $6.99 | $12.13 |
| $84903656 | $30035377 |
| &nbsp;&nbsp;&nbsp;13383692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474184 |
| $6.34 | $12.14 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Operations For the Year Ended June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International<br> Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth<br> Fund** |
| **Investment Income** |  |  |  |  |  |  |
| Dividends\* | $7399561 | $54908 | $4714572 | $40491972 | $4906488 | $560545 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15252397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Income from securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22652698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40494329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561054 |
| **Expenses** |  |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17155557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909017 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4529240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203229 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28595 |
| Transfer Agent fees, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670 |
| Transfer Agent fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| Transfer Agent fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9127 |
| Transfer Agent fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39398 |
| Transfer Agent fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11520 |
| Registration fees, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590 |
| Registration fees, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 |
| Registration fees, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22313 |
| Registration fees, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;34408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 |
| Reports to Shareholders, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 |
| Reports to Shareholders, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 |
| Reports to Shareholders, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031 |
| Reports to Shareholders, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 expenses, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13913 |
| Distribution and shareholder servicing expenses, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47449 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9211019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30877985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359560 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262792) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30511591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096768 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13450004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9982738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535714) |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |  |  |
| Net realized gains (losses) on investments<sup>(B)(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26012438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077455 | &nbsp;&nbsp;&nbsp;&nbsp;198270455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20592176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12455600 |
| Net realized gains on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(217084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;63901417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18478737 | &nbsp;&nbsp;&nbsp;&nbsp;264934178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6994915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12105693 |
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(63037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;90820454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22652053 | &nbsp;&nbsp;&nbsp;&nbsp;463204633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27587091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24561293 |
| **Change in Net Assets Resulting from Operations** | $104270458 | $636353 | $26131237 | $473187371 | $30216006 | $24025579 |
| *\*Net of foreign tax withholding of:* | *$26164* | *$—* | *$635419* | *$149581* | *$39429* | *$15851* |
| *†Includes decrease in deferred foreign capital gain tax of:* | *$—* | *$—* | *$8228* | *$—* | *$—* | *$—* |

---

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

*<sup>(B)</sup>* *Includes foreign capital gains taxes paid of $119,049 for the International Value Fund.* 

*<sup>(C)</sup>* *Net realized gains on investments includes the realized gains of $175,770,678, $6,679,739, $4,354,072 and $15,464,901 for the Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Small Company 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_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Operations (Continued)

---

| | |
|:---|:---|
| **Touchstone<br> Small<br> Company<br> Fund** | **Touchstone<br> Value<br> Fund** |
| $10404422 | $13127578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43667 |
| &nbsp;&nbsp;&nbsp;10408340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103509 |
| &nbsp;&nbsp;&nbsp;11825925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454510) |
| &nbsp;&nbsp;&nbsp;11592357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722820 |
| &nbsp;&nbsp;&nbsp;&nbsp;(1184017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8448425 |
| &nbsp;&nbsp;&nbsp;&nbsp;77924735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72656904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3090) |
| &nbsp;&nbsp;&nbsp;&nbsp;24511801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15348333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;102436543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57305482 |
| $101252526 | $65753907 |
| *$4437* | *$265125* |
| *$—* | *$—* |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> International Value<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> International Value<br> Fund** |
|  | **For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $13450004 | &nbsp;&nbsp;&nbsp;$12583442 | &nbsp;&nbsp;&nbsp;$1416229 | &nbsp;&nbsp;&nbsp;$1483277 | &nbsp;&nbsp;&nbsp;$3479184 | &nbsp;&nbsp;&nbsp;$1707429 |
| Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;26960125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121217 | &nbsp;&nbsp;&nbsp;&nbsp;15029374 |
| Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;63860329 | &nbsp;&nbsp;&nbsp;&nbsp;89056923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781330 | &nbsp;&nbsp;&nbsp;&nbsp;18530836 | &nbsp;&nbsp;&nbsp;&nbsp;(12728675) |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;104270458 | &nbsp;&nbsp;&nbsp;&nbsp;101112255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636353 | &nbsp;&nbsp;&nbsp;&nbsp;1734430 | &nbsp;&nbsp;&nbsp;&nbsp;26131237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008128 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;(11269753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7655925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7150624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1107769) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20132) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(6084187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3910645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2294692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481196) |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(768851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72826) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(18211229) | &nbsp;&nbsp;&nbsp;&nbsp;(12011292) | &nbsp;&nbsp;&nbsp;&nbsp;(1416235) | &nbsp;&nbsp;&nbsp;&nbsp;(1483287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9638146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1681923) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;(37638272) | &nbsp;&nbsp;&nbsp;&nbsp;14490546 | &nbsp;&nbsp;&nbsp;&nbsp;(6928866) | &nbsp;&nbsp;&nbsp;&nbsp;(4017832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6990050) | &nbsp;&nbsp;&nbsp;&nbsp;(11081155) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;48420957 | &nbsp;&nbsp;&nbsp;&nbsp;103591509 | &nbsp;&nbsp;&nbsp;&nbsp;(7708748) | &nbsp;&nbsp;&nbsp;&nbsp;(3766689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9503041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8754950) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;916751321 | &nbsp;&nbsp;&nbsp;&nbsp;813159812 | &nbsp;&nbsp;&nbsp;&nbsp;49318943 | &nbsp;&nbsp;&nbsp;&nbsp;53085632 | &nbsp;&nbsp;&nbsp;&nbsp;105422346 | &nbsp;&nbsp;&nbsp;&nbsp;114177296 |
| End of period | $965172278 | &nbsp;&nbsp;&nbsp;$916751321 | &nbsp;&nbsp;&nbsp;$41610195 | &nbsp;&nbsp;&nbsp;$49318943 | &nbsp;&nbsp;&nbsp;$114925387 | &nbsp;&nbsp;&nbsp;$105422346 |

---

*(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_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Changes in Net Assets (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone<br> Large Cap<br> Focused Fund** | **Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Small Company Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Small Company Fund** |
| **For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** |
| $9982738 | &nbsp;&nbsp;&nbsp;$18591182 | &nbsp;&nbsp;&nbsp;$2628915 | &nbsp;&nbsp;&nbsp;$2539084 | &nbsp;&nbsp;&nbsp;$(535714) | &nbsp;&nbsp;&nbsp;$(433407) | &nbsp;&nbsp;&nbsp;$(1184017) | &nbsp;&nbsp;&nbsp;$1264584 |
| &nbsp;&nbsp;&nbsp;198270455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109359169 | &nbsp;&nbsp;&nbsp;&nbsp;20592176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9158148 | &nbsp;&nbsp;&nbsp;&nbsp;12455600 | &nbsp;&nbsp;&nbsp;&nbsp;18793746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77924735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41310327 |
| &nbsp;&nbsp;&nbsp;264934178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393563765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6994915 | &nbsp;&nbsp;&nbsp;&nbsp;12727366 | &nbsp;&nbsp;&nbsp;&nbsp;12105693 | &nbsp;&nbsp;&nbsp;&nbsp;29377410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24511808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72135979 |
| &nbsp;&nbsp;&nbsp;473187371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521514116 | &nbsp;&nbsp;&nbsp;&nbsp;30216006 | &nbsp;&nbsp;&nbsp;&nbsp;24424598 | &nbsp;&nbsp;&nbsp;&nbsp;24025579 | &nbsp;&nbsp;&nbsp;&nbsp;47737749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101252526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114710890 |
| &nbsp;&nbsp;&nbsp;&nbsp;(14290861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12772081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29701501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23753) |
| &nbsp;&nbsp;&nbsp;&nbsp;(8561004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7364752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7752092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3712247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27249001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(494033) |
| &nbsp;&nbsp;&nbsp;&nbsp;(2231509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2528634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3728002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4710574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1743608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5123010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103235) |
| &nbsp;&nbsp;&nbsp;&nbsp;(25871829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22862368) | &nbsp;&nbsp;&nbsp;&nbsp;(10569424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4986781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4189493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5206543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64647202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430467) |
| &nbsp;&nbsp;(344685386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74902210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4365068) | &nbsp;&nbsp;&nbsp;&nbsp;(13419255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3292469) | &nbsp;&nbsp;&nbsp;&nbsp;(35938927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80792048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39368266 |
| &nbsp;&nbsp;&nbsp;102630156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423749538 | &nbsp;&nbsp;&nbsp;&nbsp;15281514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018562 | &nbsp;&nbsp;&nbsp;&nbsp;16543617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117397372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152648689 |
| 3359471496 | &nbsp;&nbsp;&nbsp;&nbsp;2935721958 | &nbsp;&nbsp;&nbsp;&nbsp;279868054 | &nbsp;&nbsp;&nbsp;&nbsp;273849492 | &nbsp;&nbsp;&nbsp;&nbsp;153115776 | &nbsp;&nbsp;&nbsp;&nbsp;146523497 | &nbsp;&nbsp;&nbsp;&nbsp;1056065538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903416849 |
| $3462101652 | &nbsp;&nbsp;&nbsp;$3359471496 | &nbsp;&nbsp;&nbsp;$295149568 | &nbsp;&nbsp;&nbsp;$279868054 | &nbsp;&nbsp;&nbsp;$169659393 | &nbsp;&nbsp;&nbsp;$153115776 | &nbsp;&nbsp;&nbsp;$1173462910 | &nbsp;&nbsp;&nbsp;$1056065538 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | **Touchstone<br> Value Fund** | **Touchstone<br> Value Fund** |
|  | **For the<br> Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> June 30,<br> 2024** |
| **From Operations** |  |  |
| Net investment income | $8448425 | &nbsp;&nbsp;&nbsp;$7917574 |
| Net realized gains on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;72653814 | &nbsp;&nbsp;&nbsp;&nbsp;22760631 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;(15348332) | &nbsp;&nbsp;&nbsp;&nbsp;49629747 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;&nbsp;65753907 | &nbsp;&nbsp;&nbsp;&nbsp;80307952 |
| **Distributions to Shareholders:** |  |  |
| Distributed earnings, Class A | &nbsp;&nbsp;&nbsp;(13780241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3370015) |
| Distributed earnings, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46658) |
| Distributed earnings, Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(8908226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2126316) |
| Distributed earnings, Institutional Class | &nbsp;&nbsp;&nbsp;(22258644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5875414) |
| Distributed earnings, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(2445480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710922) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;(47564060) | &nbsp;&nbsp;&nbsp;&nbsp;(12129325) |
| **Change in Net Assets from Share Transactions<sup>(A)</sup>** | &nbsp;&nbsp;&nbsp;19027974 | &nbsp;&nbsp;&nbsp;&nbsp;(20052324) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;37217821 | &nbsp;&nbsp;&nbsp;&nbsp;48126303 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;544544328 | &nbsp;&nbsp;&nbsp;&nbsp;496418025 |
| End of period | $581762149 | &nbsp;&nbsp;&nbsp;$544544328 |

---

*(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_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

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------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Statements of Changes in Net Assets - Capital Stock Activity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | **Touchstone<br> Balanced Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** | &nbsp;&nbsp;**Touchstone<br> Core Municipal<br> Bond Fund** |
|  | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 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;1167090 | $32504569 | &nbsp;&nbsp;1630348 | $40651293 | &nbsp;&nbsp;&nbsp;&nbsp;78233 | $842849 | &nbsp;&nbsp;&nbsp;&nbsp;44735 | $478238 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;377453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693250 | &nbsp;&nbsp;&nbsp;&nbsp;285889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7248875 | &nbsp;&nbsp;&nbsp;&nbsp;48514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522462 | &nbsp;&nbsp;&nbsp;&nbsp;47173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503359 |
| Cost of Shares redeemed | (2863601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79655206) | &nbsp;&nbsp;(2675799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66982143) | &nbsp;&nbsp;(240828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2560945) | &nbsp;&nbsp;(171817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1824135) |
| **Change from Class A Share Transactions** | (1319058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36457387) | &nbsp;&nbsp;&nbsp;(759562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19081975) | (114081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1195634) | &nbsp;&nbsp;&nbsp;(79909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(842538) |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;535810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14925188 | &nbsp;&nbsp;&nbsp;&nbsp;486712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220449 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;28391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808753 | &nbsp;&nbsp;&nbsp;&nbsp;17249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437404 | &nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13366 | &nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18213 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(745386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20801965) | &nbsp;&nbsp;&nbsp;(865883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21630246) | &nbsp;&nbsp;&nbsp;(17762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190792) | &nbsp;&nbsp;&nbsp;(54656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583986) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;(181185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5068024) | &nbsp;&nbsp;&nbsp;(361922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9173058) | &nbsp;&nbsp;&nbsp;(16520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177426) | &nbsp;&nbsp;&nbsp;(31729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345324) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;2265345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62623185 | &nbsp;&nbsp;3778756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92702752 | &nbsp;&nbsp;&nbsp;&nbsp;77667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838307 | &nbsp;&nbsp;&nbsp;153692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651123 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;216447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069075 | &nbsp;&nbsp;&nbsp;&nbsp;155059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903732 | &nbsp;&nbsp;&nbsp;&nbsp;7478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80844 | &nbsp;&nbsp;&nbsp;&nbsp;7207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77156 |
| Cost of Shares redeemed | (2498750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68777518) | &nbsp;&nbsp;(2167949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53832716) | &nbsp;&nbsp;(137916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1486340) | &nbsp;&nbsp;(127493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1372552) |
| **Change from Class Y Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(16958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85258) | 1765866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42773768 | &nbsp;&nbsp;&nbsp;(52771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567189) | &nbsp;&nbsp;&nbsp;33406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355727 |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82104 | &nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32690 |
| 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;63685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687730 | &nbsp;&nbsp;&nbsp;&nbsp;71966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768842 |
| 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;(531324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5758451) | &nbsp;&nbsp;(369948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3987229) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (460052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4988617) | (294892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3185697) |
| **Class R6** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;143027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(4894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;139501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972397 | &nbsp;&nbsp;&nbsp;&nbsp;(1187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | (1377700) | $(37638272) | &nbsp;&nbsp;&nbsp;643195 | $14490546 | (643424) | $(6928866) | (373124) | $(4017832) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> International Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> International Value<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused Fund** | &nbsp;&nbsp;**Touchstone<br> Large Cap<br> Focused Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 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;152562 | $2454434 | &nbsp;&nbsp;&nbsp;222688 | $3421364 | &nbsp;&nbsp;&nbsp;&nbsp;618618 | $43272300 | &nbsp;&nbsp;&nbsp;&nbsp;959151 | $56976265 |
| &nbsp;&nbsp;&nbsp;470273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929845 | &nbsp;&nbsp;&nbsp;&nbsp;66321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049853 | &nbsp;&nbsp;&nbsp;&nbsp;182540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13248569 | &nbsp;&nbsp;&nbsp;&nbsp;198433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11761830 |
| &nbsp;&nbsp;(872264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13866455) | &nbsp;&nbsp;(688264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10591785) | &nbsp;&nbsp;(3344425) | &nbsp;&nbsp;&nbsp;&nbsp;(232675527) | &nbsp;&nbsp;(3759887) | &nbsp;&nbsp;&nbsp;&nbsp;(224823408) |
| (249429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4482176) | (399255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6120568) | (2543267) | &nbsp;&nbsp;&nbsp;&nbsp;(176154658) | (2602303) | &nbsp;&nbsp;&nbsp;&nbsp;(156085313) |
| &nbsp;&nbsp;&nbsp;&nbsp;9119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130546 | &nbsp;&nbsp;&nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136051 | &nbsp;&nbsp;&nbsp;&nbsp;184201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575579 |
| &nbsp;&nbsp;&nbsp;&nbsp;11317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151099 | &nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48816 |
| &nbsp;&nbsp;&nbsp;(53384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751581) | &nbsp;&nbsp;&nbsp;(49165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689437) | &nbsp;&nbsp;&nbsp;&nbsp;(311255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19349859) | &nbsp;&nbsp;&nbsp;&nbsp;(303353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16022142) |
| &nbsp;&nbsp;&nbsp;(32948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469936) | &nbsp;&nbsp;&nbsp;(40253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565202) | &nbsp;&nbsp;&nbsp;(209258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12983190) | &nbsp;&nbsp;&nbsp;(118224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6397747) |
| &nbsp;&nbsp;&nbsp;321123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115033 | &nbsp;&nbsp;&nbsp;318224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786758 | &nbsp;&nbsp;&nbsp;2512953 | &nbsp;&nbsp;&nbsp;&nbsp;174967437 | &nbsp;&nbsp;&nbsp;5225833 | &nbsp;&nbsp;&nbsp;&nbsp;306946790 |
| &nbsp;&nbsp;&nbsp;156652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273642 | &nbsp;&nbsp;&nbsp;&nbsp;30392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474424 | &nbsp;&nbsp;&nbsp;&nbsp;113525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188418 | &nbsp;&nbsp;&nbsp;&nbsp;118534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020176 |
| &nbsp;&nbsp;(598407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9520096) | &nbsp;&nbsp;(399791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6133226) | &nbsp;&nbsp;(3627882) | &nbsp;&nbsp;&nbsp;&nbsp;(252583595) | &nbsp;&nbsp;(3872951) | &nbsp;&nbsp;&nbsp;&nbsp;(234200464) |
| (120632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2131421) | &nbsp;&nbsp;&nbsp;(51175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(872044) | (1001404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69427740) | &nbsp;&nbsp;1471416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79766502 |
| &nbsp;&nbsp;&nbsp;&nbsp;12228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193978 | &nbsp;&nbsp;&nbsp;&nbsp;68212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005003 | &nbsp;&nbsp;&nbsp;4533590 | &nbsp;&nbsp;&nbsp;&nbsp;316751829 | &nbsp;&nbsp;&nbsp;3794448 | &nbsp;&nbsp;&nbsp;&nbsp;230455953 |
| &nbsp;&nbsp;&nbsp;&nbsp;2744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39444 | &nbsp;&nbsp;&nbsp;&nbsp;4678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628984 |
| &nbsp;&nbsp;&nbsp;&nbsp;(8862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139939) | &nbsp;&nbsp;(298441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4601170) | &nbsp;&nbsp;(5694534) | &nbsp;&nbsp;&nbsp;&nbsp;(397909407) | &nbsp;&nbsp;(4366399) | &nbsp;&nbsp;&nbsp;&nbsp;(263599619) |
| &nbsp;&nbsp;&nbsp;&nbsp;6110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93483 | (225551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3523341) | (1134984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79282041) | &nbsp;&nbsp;&nbsp;(544502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31514682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;233639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16740372 | &nbsp;&nbsp;&nbsp;&nbsp;693744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43050865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(341783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24132532) | &nbsp;&nbsp;&nbsp;&nbsp;(66730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4025873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(100472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6837757) | &nbsp;&nbsp;&nbsp;&nbsp;632134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39329030 |
| (396899) | $(6990050) | (716234) | $(11081155) | (4989385) | $(344685386) | (1161479) | $(74902210) |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Large Cap Fund** | **Touchstone<br> Large Cap Fund** | **Touchstone<br> Large Cap Fund** | **Touchstone<br> Large Cap Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** | &nbsp;&nbsp;**Touchstone<br> Large Company<br> Growth Fund** |
|  | **For the Year<br> Ended<br> June 30, 2025** | **For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 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;96458 | $1886880 | &nbsp;&nbsp;&nbsp;&nbsp;85298 | $1494908 | &nbsp;&nbsp;&nbsp;17259 | $967091 | &nbsp;&nbsp;&nbsp;&nbsp;23075 | $1082748 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;11788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85774 | &nbsp;&nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160700 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(77737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1522813) | &nbsp;&nbsp;&nbsp;&nbsp;(45676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799721) | &nbsp;&nbsp;&nbsp;(14059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777396) | &nbsp;&nbsp;&nbsp;&nbsp;(21183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922930) |
| **Change from Class A Share Transactions** | &nbsp;&nbsp;&nbsp;30509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600527 | &nbsp;&nbsp;&nbsp;&nbsp;44520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780961 | &nbsp;&nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320518 |
| **Class C** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108287 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(44381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835614) | &nbsp;&nbsp;&nbsp;&nbsp;(49252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(839102) | &nbsp;&nbsp;&nbsp;&nbsp;(2176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176071) |
| **Change from Class C Share Transactions** | &nbsp;&nbsp;(42691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802692) | &nbsp;&nbsp;&nbsp;&nbsp;(46654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795059) | &nbsp;&nbsp;&nbsp;(1081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55079) | &nbsp;&nbsp;&nbsp;&nbsp;(1625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60282) |
| **Class Y** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;341282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499369 | &nbsp;&nbsp;&nbsp;&nbsp;126493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227695 | &nbsp;&nbsp;&nbsp;28139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605555 | &nbsp;&nbsp;&nbsp;&nbsp;23515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108228 |
| Reinvestment of distributions | &nbsp;&nbsp;375231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523362 | &nbsp;&nbsp;&nbsp;&nbsp;205919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607496 | &nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325622 |
| Cost of Shares redeemed | (947870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18616921) | (1061397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18735885) | &nbsp;&nbsp;&nbsp;(45636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2649568) | &nbsp;&nbsp;&nbsp;&nbsp;(25226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1207506) |
| **Change from Class Y Share Transactions** | (231357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4594190) | &nbsp;&nbsp;&nbsp;(728985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12900694) | &nbsp;&nbsp;(12557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226344 |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;781867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342116 | &nbsp;&nbsp;&nbsp;&nbsp;868656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15363823 | &nbsp;&nbsp;393189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22826997 | &nbsp;&nbsp;&nbsp;&nbsp;865302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39789725 |
| Reinvestment of distributions | &nbsp;&nbsp;123646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480156 | &nbsp;&nbsp;&nbsp;&nbsp;64508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130314 | &nbsp;&nbsp;&nbsp;55810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372050 | &nbsp;&nbsp;&nbsp;&nbsp;93729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237475 |
| Cost of Shares redeemed | (883360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17390985) | &nbsp;&nbsp;&nbsp;(964649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16998600) | (497928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29038067) | (1774771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80452707) |
| **Change from Institutional Class Share Transactions** | &nbsp;&nbsp;&nbsp;22153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431287 | &nbsp;&nbsp;&nbsp;&nbsp;(31485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504463) | &nbsp;&nbsp;(48929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2839020) | &nbsp;&nbsp;&nbsp;(815740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36425507) |
| **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;— |
| 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;— |
| 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;— |
| **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;— |
| **Change from Share Transactions** | (221386) | $(4365068) | &nbsp;&nbsp;&nbsp;(762604) | $(13419255) | &nbsp;&nbsp;(56588) | $(3292469) | &nbsp;&nbsp;&nbsp;(806216) | $(35938927) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Touchstone<br> Small Company Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company Fund** | &nbsp;&nbsp;**Touchstone<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Value Fund** | &nbsp;&nbsp;**Touchstone<br> Value Fund** |
| &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 30, 2024** | &nbsp;&nbsp;**For the Year<br> Ended<br> June 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;3644193 | $21997016 | &nbsp;&nbsp;&nbsp;4138747 | $22612271 | &nbsp;&nbsp;&nbsp;&nbsp;334917 | $4049282 | &nbsp;&nbsp;&nbsp;&nbsp;254866 | $2825643 |
| &nbsp;&nbsp;&nbsp;4529289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28663618 | &nbsp;&nbsp;&nbsp;&nbsp;137843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747108 | &nbsp;&nbsp;1069582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13128410 | &nbsp;&nbsp;&nbsp;&nbsp;293023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211085 |
| &nbsp;&nbsp;(14520642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87468140) | &nbsp;&nbsp;(11630577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62953665) | &nbsp;&nbsp;(1467186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17682094) | &nbsp;&nbsp;(2043559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22062477) |
| &nbsp;&nbsp;(6347160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36807506) | &nbsp;&nbsp;(7353987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39594286) | &nbsp;&nbsp;&nbsp;&nbsp;(62687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504402) | (1495670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16025749) |
| &nbsp;&nbsp;&nbsp;&nbsp;394976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358094 | &nbsp;&nbsp;&nbsp;&nbsp;232553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256743 | &nbsp;&nbsp;&nbsp;&nbsp;10711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189507 |
| &nbsp;&nbsp;&nbsp;&nbsp;132988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23507 | &nbsp;&nbsp;&nbsp;&nbsp;13709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44583 |
| &nbsp;&nbsp;&nbsp;&nbsp;(728517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4257980) | &nbsp;&nbsp;&nbsp;&nbsp;(880593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4656784) | &nbsp;&nbsp;&nbsp;(109725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1315228) | &nbsp;&nbsp;&nbsp;&nbsp;(135873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1480695) |
| &nbsp;&nbsp;&nbsp;&nbsp;(200553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1076692) | &nbsp;&nbsp;&nbsp;&nbsp;(643646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3376534) | &nbsp;&nbsp;&nbsp;&nbsp;(85305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019455) | &nbsp;&nbsp;&nbsp;(114176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246605) |
| &nbsp;&nbsp;35503899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245929242 | &nbsp;&nbsp;24356258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152445794 | &nbsp;&nbsp;2134039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26143778 | &nbsp;&nbsp;&nbsp;1586542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17476697 |
| &nbsp;&nbsp;&nbsp;3703895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27182672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492496 | &nbsp;&nbsp;&nbsp;&nbsp;707156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728321 | &nbsp;&nbsp;&nbsp;&nbsp;188183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079320 |
| &nbsp;&nbsp;(22717468) | &nbsp;&nbsp;&nbsp;&nbsp;(154685476) | &nbsp;&nbsp;(12804020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79969613) | &nbsp;&nbsp;(1844484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22288424) | &nbsp;&nbsp;(1841609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20026557) |
| 16490326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118426438 | 11631037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72968677 | &nbsp;&nbsp;&nbsp;996711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12583675 | &nbsp;&nbsp;&nbsp;&nbsp;(66884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470540) |
| &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869382 | &nbsp;&nbsp;&nbsp;1078347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566951 | &nbsp;&nbsp;3547525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42518833 | &nbsp;&nbsp;&nbsp;2607957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28399593 |
| &nbsp;&nbsp;&nbsp;&nbsp;228423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36273 | &nbsp;&nbsp;1658058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20379723 | &nbsp;&nbsp;&nbsp;&nbsp;489873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394766 |
| &nbsp;&nbsp;&nbsp;(1000846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6929133) | &nbsp;&nbsp;&nbsp;&nbsp;(631355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3924525) | &nbsp;&nbsp;(4410307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53157855) | &nbsp;&nbsp;(3445331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37305656) |
| &nbsp;&nbsp;&nbsp;&nbsp;(92423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378818) | &nbsp;&nbsp;&nbsp;&nbsp;452786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678699 | &nbsp;&nbsp;&nbsp;795276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740701 | &nbsp;&nbsp;&nbsp;(347501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3511297) |
| &nbsp;&nbsp;15081521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93828256 | &nbsp;&nbsp;10905457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62635195 | &nbsp;&nbsp;&nbsp;&nbsp;528818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6358369 | &nbsp;&nbsp;&nbsp;&nbsp;589491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484783 |
| &nbsp;&nbsp;&nbsp;&nbsp;756998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103221 | &nbsp;&nbsp;&nbsp;&nbsp;198860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710921 |
| &nbsp;&nbsp;(15745419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98258979) | &nbsp;&nbsp;&nbsp;(9805280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56046706) | &nbsp;&nbsp;&nbsp;(852766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10576395) | &nbsp;&nbsp;&nbsp;&nbsp;(552251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5993837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628626 | &nbsp;&nbsp;&nbsp;1118223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691710 | &nbsp;&nbsp;&nbsp;(125088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1772545) | &nbsp;&nbsp;&nbsp;&nbsp;101656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201867 |
| &nbsp;&nbsp;&nbsp;9943290 | $80792048 | &nbsp;&nbsp;&nbsp;5204413 | $39368266 | 1518907 | $19027974 | (1922575) | $(20052324) |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<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** |
| 06/30/21 | $21.61 | &nbsp;&nbsp;&nbsp;$0.16<sup>(3)</sup> | $5.47 | $5.63 | $(0.15) | $(1.57) | $(1.72) | $25.52 | &nbsp;&nbsp;26.92% | $322009 | 1.01% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;0.66% | 60% |
| 06/30/22 | &nbsp;&nbsp;25.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(3)</sup> | &nbsp;&nbsp;(3.42) | &nbsp;&nbsp;(3.28) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;21.48 | (13.32) | &nbsp;&nbsp;521933 | 0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;21.48 | &nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;24.14 | &nbsp;&nbsp;13.81 | &nbsp;&nbsp;541895 | 1.02 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;57<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;24.14 | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;26.72 | &nbsp;&nbsp;12.22 | &nbsp;&nbsp;579513 | 1.01 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;1.47 | 70 |
| 06/30/25 | &nbsp;&nbsp;26.72 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;29.32 | &nbsp;&nbsp;11.83 | &nbsp;&nbsp;597055 | 0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.43 | 82 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $21.72 | $(0.03)<sup>(3)</sup> | $5.49 | $5.46 | $(0.02) | $(1.57) | $(1.59) | $25.59 | &nbsp;&nbsp;25.93% | $65455 | 1.78% | &nbsp;&nbsp;1.81% | (0.11)% | 60% |
| 06/30/22 | &nbsp;&nbsp;25.59 | &nbsp;&nbsp;(0.05)<sup>(3)</sup> | &nbsp;&nbsp;(3.42) | &nbsp;&nbsp;(3.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;21.51 | (13.96) | &nbsp;&nbsp;&nbsp;73906 | 1.75 | &nbsp;&nbsp;1.75 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;24.18 | &nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;73893 | 1.78 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;57<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;26.77 | &nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;72104 | 1.77 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;0.71 | 70 |
| 06/30/25 | &nbsp;&nbsp;26.77 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;29.36 | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;73772 | 1.76 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;0.65 | 82 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $21.43 | &nbsp;&nbsp;&nbsp;$0.20<sup>(3)</sup> | $5.41 | $5.61 | $(0.19) | $(1.57) | $(1.76) | $25.28 | &nbsp;&nbsp;27.12% | $197877 | 0.81% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;0.86% | 60% |
| 06/30/22 | &nbsp;&nbsp;25.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(3)</sup> | &nbsp;&nbsp;(3.38) | &nbsp;&nbsp;(3.20) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;21.28 | (13.13) | &nbsp;&nbsp;155159 | &nbsp;&nbsp;&nbsp;0.79<sup>(6)</sup> | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;23.91 | &nbsp;&nbsp;14.06 | &nbsp;&nbsp;197245 | 0.79 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;57<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;23.91 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;26.47 | &nbsp;&nbsp;12.51 | &nbsp;&nbsp;265024 | 0.78 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;1.69 | 70 |
| 06/30/25 | &nbsp;&nbsp;26.47 | &nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;29.03 | &nbsp;&nbsp;12.04 | &nbsp;&nbsp;290178 | 0.77 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;1.65 | 82 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(7)</sup> | $26.15 | &nbsp;&nbsp;&nbsp;$0.13<sup>(3)</sup> | $(4.22) | $(4.09) | $(0.18) | $(0.61) | $(0.79) | $21.27 | (16.08)%<sup>(8)</sup> | $112 | 0.64%<sup>(9)</sup> | 33.98%<sup>(9)</sup> | &nbsp;&nbsp;0.89%<sup>(9)</sup> | 92%<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;21.27 | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;23.90 | &nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 0.65 | &nbsp;&nbsp;6.11 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;57<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;23.90 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;26.45 | &nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | 0.64 | &nbsp;&nbsp;6.94 | &nbsp;&nbsp;1.83 | 70 |
| 06/30/25 | &nbsp;&nbsp;26.45 | &nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;29.01 | &nbsp;&nbsp;12.20 | &nbsp;&nbsp;&nbsp;&nbsp;4167 | 0.63 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.78 | 82 |

---

*<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 June 30, 2023.* 

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

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

*<sup>(5)</sup>* *Portfolio turnover excludes the purchases and sales of securities by the AIG Asset Allocation Fund and AIG Multi-Asset Allocation Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

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

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

*<sup>(8)</sup>* *Not annualized.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $11.83 | $0.28 | $0.06 | $0.34 | $(0.28) | $— | $(0.28) | $11.89 | 2.90% | $30870 | 0.85% | 1.15% | 2.35% | &nbsp;&nbsp;21% |
| 06/30/22 | &nbsp;&nbsp;11.89 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;10.72 | (8.43) | &nbsp;&nbsp;25101 | 0.82 | 1.08 | 1.40 | 157 |
| 06/30/23 | &nbsp;&nbsp;10.72 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;10.73 | 2.37 | &nbsp;&nbsp;22988 | 0.80 | 1.05 | 2.27 | &nbsp;&nbsp;54 |
| 06/30/24 | &nbsp;&nbsp;10.73 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;10.78 | 3.27 | &nbsp;&nbsp;22231 | 0.80 | 1.09 | 2.75 | &nbsp;&nbsp;27 |
| 06/30/25 | &nbsp;&nbsp;10.78 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;10.59 | 1.13 | &nbsp;&nbsp;20627 | 0.80 | 1.14 | 2.90 | &nbsp;&nbsp;15 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $11.85 | $0.18 | $0.07 | $0.25 | $(0.19) | $— | $(0.19) | $11.91 | 2.13% | $1180 | 1.60% | 2.27% | 1.60% | &nbsp;&nbsp;21% |
| 06/30/22 | &nbsp;&nbsp;11.91 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;10.73 | (9.27) | &nbsp;&nbsp;&nbsp;&nbsp;943 | 1.57 | 2.47 | 0.65 | 157 |
| 06/30/23 | &nbsp;&nbsp;10.73 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;10.73 | 1.54 | &nbsp;&nbsp;&nbsp;1028 | 1.55 | 2.45 | 1.52 | &nbsp;&nbsp;54 |
| 06/30/24 | &nbsp;&nbsp;10.73 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;10.77 | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;690 | 1.55 | 3.23 | 2.00 | &nbsp;&nbsp;27 |
| 06/30/25 | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;10.57 | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;503 | 1.52 | 3.33 | 2.19 | &nbsp;&nbsp;15 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $11.85 | $0.31 | $0.05 | $0.36 | $(0.31) | $— | $(0.31) | $11.90 | 3.07% | $3449 | 0.60% | 1.25% | 2.60% | &nbsp;&nbsp;21% |
| 06/30/22 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;10.74 | (8.19) | &nbsp;&nbsp;&nbsp;2740 | 0.57 | 1.11 | 1.65 | 157 |
| 06/30/23 | &nbsp;&nbsp;10.74 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;10.75 | 2.66 | &nbsp;&nbsp;&nbsp;2637 | 0.55 | 1.18 | 2.52 | &nbsp;&nbsp;54 |
| 06/30/24 | &nbsp;&nbsp;10.75 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;10.82 | 3.72 | &nbsp;&nbsp;&nbsp;3015 | 0.55 | 1.16 | 3.00 | &nbsp;&nbsp;27 |
| 06/30/25 | &nbsp;&nbsp;10.82 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;10.64 | 1.49 | &nbsp;&nbsp;&nbsp;2404 | 0.55 | 1.35 | 3.15 | &nbsp;&nbsp;15 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $11.84 | $0.32 | $0.06 | $0.38 | $(0.32) | $— | $(0.32) | $11.90 | 3.20% | $14481 | 0.55% | 0.85% | 2.65% | &nbsp;&nbsp;21% |
| 06/30/22 | &nbsp;&nbsp;11.90 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;10.74 | (8.13) | &nbsp;&nbsp;29694 | 0.50 | 0.75 | 1.72 | 157 |
| 06/30/23 | &nbsp;&nbsp;10.74 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;10.75 | 2.73 | &nbsp;&nbsp;26434 | 0.48 | 0.73 | 2.59 | &nbsp;&nbsp;54 |
| 06/30/24 | &nbsp;&nbsp;10.75 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;10.80 | 3.60 | &nbsp;&nbsp;23383 | 0.48 | 0.77 | 3.07 | &nbsp;&nbsp;27 |
| 06/30/25 | &nbsp;&nbsp;10.80 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;10.60 | 1.37 | &nbsp;&nbsp;18077 | 0.48 | 0.79 | 3.22 | &nbsp;&nbsp;15 |

---

*<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.* 

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International 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** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $13.93 | $0.09 | $4.94 | $5.03 | $(0.08) | $— | $(0.08) | $18.88 | &nbsp;&nbsp;36.16% | $88022 | 1.36% | 1.37% | &nbsp;&nbsp;0.56% | &nbsp;&nbsp;31% |
| 06/30/22 | &nbsp;&nbsp;18.88 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(3.44) | &nbsp;&nbsp;(3.26) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.32) | &nbsp;&nbsp;13.30 | (18.87) | &nbsp;&nbsp;76671 | 1.36 | 1.40 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;45<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;15.32 | &nbsp;&nbsp;16.99 | &nbsp;&nbsp;82697 | 1.36 | 1.44 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;32 |
| 06/30/24 | &nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;15.63 | &nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;78145 | 1.34 | 1.47 | &nbsp;&nbsp;1.44 | 112 |
| 06/30/25 | &nbsp;&nbsp;15.63 | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(1.48) | &nbsp;&nbsp;18.10 | &nbsp;&nbsp;27.73 | &nbsp;&nbsp;85991 | 1.26 | 1.51 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;20 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $12.99 | $(0.04) | $4.60 | $4.56 | $(—)<sup>(4)</sup> | $— | $(—)<sup>(4)</sup> | $17.55 | &nbsp;&nbsp;35.14% | $2115 | 2.15% | 2.90% | (0.24)% | &nbsp;&nbsp;31% |
| 06/30/22 | &nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(3.18) | &nbsp;&nbsp;(3.11) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.26) | &nbsp;&nbsp;12.18 | (19.45) | &nbsp;&nbsp;&nbsp;2399 | 1.99 | 2.71 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;45<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;13.97 | &nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;2327 | 1.99 | 2.80 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;32 |
| 06/30/24 | &nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;1797 | 1.97 | 2.84 | &nbsp;&nbsp;0.81 | 112 |
| 06/30/25 | &nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(1.38) | &nbsp;&nbsp;16.35 | &nbsp;&nbsp;26.94 | &nbsp;&nbsp;&nbsp;1525 | 1.86 | 3.21 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;20 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $13.73 | $0.15 | $4.88 | $5.03 | $(0.11) | $— | $(0.11) | $18.65 | &nbsp;&nbsp;36.71% | $27903 | 0.99% | 1.19% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;31% |
| 06/30/22 | &nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(3.40) | &nbsp;&nbsp;(3.17) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.37) | &nbsp;&nbsp;13.11 | (18.61) | &nbsp;&nbsp;20430 | 0.99 | 1.19 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;45<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;15.13 | &nbsp;&nbsp;17.46 | &nbsp;&nbsp;25324 | 0.99 | 1.23 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;32 |
| 06/30/24 | &nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;25049 | 0.97 | 1.24 | &nbsp;&nbsp;1.81 | 112 |
| 06/30/25 | &nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(1.54) | &nbsp;&nbsp;17.85 | &nbsp;&nbsp;28.21 | &nbsp;&nbsp;26807 | 0.89 | 1.28 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;20 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $13.71 | $0.16 | $4.88 | $5.04 | $(0.12) | $— | $(0.12) | $18.63 | &nbsp;&nbsp;36.83% | $4315 | 0.89% | 1.06% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;31% |
| 06/30/22 | &nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(3.40) | &nbsp;&nbsp;(3.15) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(2.24) | &nbsp;&nbsp;(2.39) | &nbsp;&nbsp;13.09 | (18.52) | &nbsp;&nbsp;&nbsp;3273 | 0.89 | 1.34 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;45<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;15.11 | &nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;3830 | 0.89 | 1.23 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;32 |
| 06/30/24 | &nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;431 | 0.88 | 1.35 | &nbsp;&nbsp;1.91 | 112 |
| 06/30/25 | &nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;17.68 | &nbsp;&nbsp;28.34 | &nbsp;&nbsp;&nbsp;&nbsp;602 | 0.78 | 3.80 | &nbsp;&nbsp;3.72 | &nbsp;&nbsp;20 |

---

*<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 by the AIG International Dividend Strategy Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $42.30 | &nbsp;&nbsp;&nbsp;$0.08<sup>(3)</sup> | $19.10 | $19.18 | $(0.09) | $(2.71) | $(2.80) | $58.68 | &nbsp;&nbsp;46.68% | $1541127 | 1.01% | 1.05% | &nbsp;&nbsp;0.15%16%<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.68 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;(7.56) | &nbsp;&nbsp;&nbsp;(7.52) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(3.96) | &nbsp;&nbsp;47.20 | (14.07) | &nbsp;&nbsp;1736900 | 0.99 | 0.99 | &nbsp;&nbsp;0.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;47.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;56.37 | &nbsp;&nbsp;21.28 | &nbsp;&nbsp;1928303 | 1.01 | 1.02 | &nbsp;&nbsp;0.43&nbsp;&nbsp;&nbsp;&nbsp;4<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;56.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.68 | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;65.97 | &nbsp;&nbsp;17.79 | &nbsp;&nbsp;2084764 | 1.00 | 1.00 | &nbsp;&nbsp;0.51&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| 06/30/25 | &nbsp;&nbsp;65.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.15<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;75.34 | &nbsp;&nbsp;14.95 | &nbsp;&nbsp;2189303 | 0.98 | 0.98 | &nbsp;&nbsp;0.21&nbsp;&nbsp;&nbsp;&nbsp;7<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** |
| 06/30/21 | $39.16 | $(0.30)<sup>(3)</sup> | $17.58 | $17.28 | $— | $(2.71) | $(2.71) | $53.73 | &nbsp;&nbsp;45.49% | $41645 | 1.80% | 1.88% | (0.64)%16%<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;53.73 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;(7.18) | &nbsp;&nbsp;&nbsp;(7.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;42.62 | (14.78) | &nbsp;&nbsp;&nbsp;&nbsp;49115 | 1.80 | 1.80 | (0.68)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;42.62 | &nbsp;&nbsp;(0.16)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;50.51 | &nbsp;&nbsp;20.35 | &nbsp;&nbsp;&nbsp;&nbsp;50451 | 1.80 | 1.84 | (0.36)&nbsp;&nbsp;&nbsp;&nbsp;4<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;50.51 | &nbsp;&nbsp;(0.15)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;58.96 | &nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;51919 | 1.80 | 1.81 | (0.29)&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| 06/30/25 | &nbsp;&nbsp;58.96 | &nbsp;&nbsp;(0.38)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.64 | &nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;66.93 | &nbsp;&nbsp;14.02 | &nbsp;&nbsp;&nbsp;&nbsp;44931 | 1.80 | 1.80 | (0.60)&nbsp;&nbsp;&nbsp;&nbsp;7<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** |
| 06/30/21 | $42.18 | &nbsp;&nbsp;&nbsp;$0.22<sup>(3)</sup> | $19.05 | $19.27 | $(0.16) | $(2.71) | $(2.87) | $58.58 | &nbsp;&nbsp;47.07% | $575053 | 0.73% | 0.86% | &nbsp;&nbsp;0.43%16%<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.58 | &nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;(7.57) | &nbsp;&nbsp;&nbsp;(7.37) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(4.07) | &nbsp;&nbsp;47.14 | (13.86) | &nbsp;&nbsp;&nbsp;&nbsp;493825 | 0.73 | 0.78 | &nbsp;&nbsp;0.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;47.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;56.37 | &nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;670688 | 0.73 | 0.81 | &nbsp;&nbsp;0.71&nbsp;&nbsp;&nbsp;&nbsp;4<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;56.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.47<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;65.97 | &nbsp;&nbsp;18.11 | &nbsp;&nbsp;&nbsp;&nbsp;881916 | 0.73 | 0.79 | &nbsp;&nbsp;0.78&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| 06/30/25 | &nbsp;&nbsp;65.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;75.34 | &nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp;&nbsp;931810 | 0.73 | 0.77 | &nbsp;&nbsp;0.47&nbsp;&nbsp;&nbsp;&nbsp;7<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** |
| 06/30/21 | $42.24 | &nbsp;&nbsp;&nbsp;$0.23<sup>(3)</sup> | $19.10 | $19.33 | $(0.17) | $(2.71) | $(2.88) | $58.69 | &nbsp;&nbsp;47.14% | $207274 | 0.70% | 0.81% | &nbsp;&nbsp;0.46%16%<sup>(4)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.69 | &nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;(7.63) | &nbsp;&nbsp;&nbsp;(7.37) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(3.91) | &nbsp;&nbsp;(4.09) | &nbsp;&nbsp;47.23 | (13.85) | &nbsp;&nbsp;&nbsp;&nbsp;217531 | 0.70 | 0.73 | &nbsp;&nbsp;0.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;47.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.37<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;56.48 | &nbsp;&nbsp;21.68 | &nbsp;&nbsp;&nbsp;&nbsp;265418 | 0.70 | 0.75 | &nbsp;&nbsp;0.74&nbsp;&nbsp;&nbsp;&nbsp;4<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;56.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;66.10 | &nbsp;&nbsp;18.13 | &nbsp;&nbsp;&nbsp;&nbsp;274624 | 0.70 | 0.72 | &nbsp;&nbsp;0.81&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| 06/30/25 | &nbsp;&nbsp;66.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;75.50 | &nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;227984 | 0.70 | 0.71 | &nbsp;&nbsp;0.50&nbsp;&nbsp;&nbsp;&nbsp;7<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** |
| 06/30/22<sup>(6)</sup> | $61.99 | $0.22 | $(10.89) | $(10.67) | $(0.16) | $(3.91) | $(4.07) | $47.25 | (18.43)%<sup>(7)</sup> | $804 | 0.66%<sup>(8)</sup> | 3.02%<sup>(8)</sup> | &nbsp;&nbsp;0.47%<sup>(8)</sup>27%<sup>(4)(5)</sup> |
| 06/30/23 | &nbsp;&nbsp;47.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;56.53 | &nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;20862 | 0.66 | 1.19 | &nbsp;&nbsp;0.78&nbsp;&nbsp;&nbsp;&nbsp;4<sup>(4)</sup> |
| 06/30/24 | &nbsp;&nbsp;56.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;66.17 | &nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;66248 | 0.66 | 0.73 | &nbsp;&nbsp;0.85&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(4)</sup> |
| 06/30/25 | &nbsp;&nbsp;66.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;75.58 | &nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;68075 | 0.66 | 0.69 | &nbsp;&nbsp;0.54&nbsp;&nbsp;7<sup>(4)</sup> |

---

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

*<sup>(2)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.01%, 0.01% and 0.01% for the years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.* 

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

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

*<sup>(5)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the AIG Focused Alpha Large-Cap Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(6)</sup>* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** |
| **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** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $13.04 | $0.11 | $4.83 | $4.94 | $(0.12) | $— | $(0.12) | $17.86 | &nbsp;&nbsp;38.06% | $4278 | 1.04% | 1.53% | &nbsp;&nbsp;0.75%15%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.86 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;15.39 | (11.44) | &nbsp;&nbsp;&nbsp;&nbsp;4510 | 1.05 | 1.48 | &nbsp;&nbsp;0.51&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;17.20 | &nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;5259 | 1.06 | 1.42 | &nbsp;&nbsp;0.75&nbsp;&nbsp;&nbsp;17<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;6464 | 1.04 | 1.39 | &nbsp;&nbsp;0.67&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;19.74 | &nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;7518 | 1.04 | 1.34 | &nbsp;&nbsp;0.63&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $12.79 | $(0.10) | $4.84 | $4.74 | $— | $— | $— | $17.53 | &nbsp;&nbsp;37.06% | $4328 | 1.79% | 2.03% | &nbsp;&nbsp;&nbsp;(—)%<sup>(5)</sup>15%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.53 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(1.96) | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;15.07 | (12.15) | &nbsp;&nbsp;&nbsp;&nbsp;2995 | 1.80 | 2.12 | (0.24)&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;16.73 | &nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp;2036 | 1.81 | 2.17 | &nbsp;&nbsp;&nbsp;(—)<sup>(5)</sup>&nbsp;&nbsp;&nbsp;17<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;16.73 | &nbsp;&nbsp;(0.01)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;1353 | 1.79 | 2.46 | (0.08)&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;18.03 | &nbsp;&nbsp;(0.02)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | 1.79 | 3.02 | (0.12)&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $13.07 | $0.16 | $4.83 | $4.99 | $(0.18) | $— | $(0.18) | $17.88 | &nbsp;&nbsp;38.39% | $270305 | 0.79% | 0.88% | &nbsp;&nbsp;1.00%15%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.88 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;15.42 | (11.20) | &nbsp;&nbsp;202913 | 0.80 | 0.88 | &nbsp;&nbsp;0.76&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;17.22 | &nbsp;&nbsp;16.24 | &nbsp;&nbsp;206214 | 0.81 | 0.90 | &nbsp;&nbsp;1.00&nbsp;&nbsp;&nbsp;17<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;17.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;207868 | 0.79 | 0.89 | &nbsp;&nbsp;0.92&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;19.78 | &nbsp;&nbsp;10.86 | &nbsp;&nbsp;217878 | 0.79 | 0.89 | &nbsp;&nbsp;0.88&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $13.09 | $0.16 | $4.86 | $5.02 | $(0.20) | $— | $(0.20) | $17.91 | &nbsp;&nbsp;38.59% | $90358 | 0.69% | 0.82% | &nbsp;&nbsp;1.10%15%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(2.08) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;15.44 | (11.15) | &nbsp;&nbsp;&nbsp;67679 | 0.70 | 0.82 | &nbsp;&nbsp;0.86&nbsp;&nbsp;&nbsp;12<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;17.23 | &nbsp;&nbsp;16.35 | &nbsp;&nbsp;&nbsp;60341 | 0.71 | 0.85 | &nbsp;&nbsp;1.10&nbsp;&nbsp;&nbsp;17<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;17.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;64183 | 0.69 | 0.83 | &nbsp;&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;19.80 | &nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;69131 | 0.69 | 0.83 | &nbsp;&nbsp;0.9812<sup>(3)</sup> |

---

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

*<sup>(2)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.03%, 0.02% and 0.01% for the years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.* 

*<sup>(3)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> loss** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio of gross<br> expenses<br> to average<br> net assets<sup>(2)</sup>** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $47.46 | $(0.15) | $16.56 | $16.41 | $(6.61) | $(6.61) | $57.26 | &nbsp;&nbsp;37.33% | $3617 | 1.06% | 1.59% | (0.71)%36%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;57.26 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(10.40) | &nbsp;&nbsp;(10.58) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;36.16 | (23.29) | &nbsp;&nbsp;&nbsp;&nbsp;3290 | 1.07 | 1.58 | (0.61)&nbsp;&nbsp;&nbsp;41<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;36.16 | &nbsp;&nbsp;(0.17)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;40.86 | &nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;&nbsp;3711 | 1.08 | 1.57 | (0.46)&nbsp;&nbsp;&nbsp;44<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;40.86 | &nbsp;&nbsp;(0.30)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;55.36 | &nbsp;&nbsp;41.47 | &nbsp;&nbsp;&nbsp;&nbsp;5337 | 1.07 | 1.53 | (0.65)&nbsp;&nbsp;&nbsp;39<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;55.36 | &nbsp;&nbsp;(0.38)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;62.41 | &nbsp;&nbsp;15.86 | &nbsp;&nbsp;&nbsp;&nbsp;6389 | 1.05 | 1.40 | (0.68)&nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $45.93 | $(1.42) | $16.81 | $15.39 | $(6.61) | $(6.61) | $54.71 | &nbsp;&nbsp;36.28% | $473 | 1.81% | 3.39% | (1.46)%36%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;54.71 | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;(9.03) | &nbsp;&nbsp;(10.27) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;33.92 | (23.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | 1.82 | 4.24 | (1.36)&nbsp;&nbsp;&nbsp;41<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;33.92 | &nbsp;&nbsp;(0.42)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;37.95 | &nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | 1.83 | 5.86 | (1.21)&nbsp;&nbsp;&nbsp;44<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;37.95 | &nbsp;&nbsp;(0.58)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;50.86 | &nbsp;&nbsp;40.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | 1.82 | 6.43 | (1.40)&nbsp;&nbsp;&nbsp;39<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;50.86 | &nbsp;&nbsp;(0.73)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;56.75 | &nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | 1.80 | 7.83 | (1.43)&nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $47.97 | $(0.26) | $17.00 | $16.74 | $(6.61) | $(6.61) | $58.10 | &nbsp;&nbsp;37.64% | $28952 | 0.81% | 0.96% | (0.46)%36%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.10 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(10.49) | &nbsp;&nbsp;(10.67) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;36.91 | (23.09) | &nbsp;&nbsp;&nbsp;13917 | 0.82 | 0.97 | (0.36)&nbsp;&nbsp;&nbsp;41<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;36.91 | &nbsp;&nbsp;(0.08)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;41.84 | &nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;7266 | 0.83 | 1.07 | (0.21)&nbsp;&nbsp;&nbsp;44<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;41.84 | &nbsp;&nbsp;(0.19)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;56.90 | &nbsp;&nbsp;41.85 | &nbsp;&nbsp;&nbsp;10199 | 0.82 | 1.08 | (0.40)&nbsp;&nbsp;&nbsp;39<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;56.90 | &nbsp;&nbsp;(0.25)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;64.35 | &nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;10726 | 0.80 | 1.01 | (0.43)&nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $48.18 | $(0.21) | $17.10 | $16.89 | $(6.61) | $(6.61) | $58.46 | &nbsp;&nbsp;37.80% | $229690 | 0.71% | 0.85% | (0.36)%36%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;58.46 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(10.58) | &nbsp;&nbsp;(10.72) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;(10.52) | &nbsp;&nbsp;37.22 | (23.03) | &nbsp;&nbsp;145441 | 0.72 | 0.84 | (0.26)&nbsp;&nbsp;&nbsp;41<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;37.22 | &nbsp;&nbsp;(0.04)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;42.25 | &nbsp;&nbsp;17.30 | &nbsp;&nbsp;135324 | 0.73 | 0.88 | (0.11)&nbsp;&nbsp;&nbsp;44<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;42.25 | &nbsp;&nbsp;(0.14)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;57.54 | &nbsp;&nbsp;41.99 | &nbsp;&nbsp;137363 | 0.72 | 0.89 | (0.30)&nbsp;&nbsp;&nbsp;39<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;57.54 | &nbsp;&nbsp;(0.19)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;65.16 | &nbsp;&nbsp;16.26 | &nbsp;&nbsp;152364 | 0.70 | 0.86 | (0.33)30<sup>(3)</sup> |

---

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

*<sup>(2)</sup>* *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.03%, 0.04%, 0.03% and 0.02% for the years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.* 

*<sup>(3)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** |
| **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** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $4.06 | $(0.03) | $2.65 | $2.62 | $— | $(0.01) | $(0.01) | $6.67 | &nbsp;&nbsp;64.45% | $608513 | 1.20% | 1.20% | (0.45)%80%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;6.67 | &nbsp;&nbsp;(0.02)<sup>(4)</sup> | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;4.56 | (17.95) | &nbsp;&nbsp;451081 | 1.17 | 1.17 | (0.31)&nbsp;&nbsp;&nbsp;70<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.15 | &nbsp;&nbsp;15.80 | &nbsp;&nbsp;484105 | 1.19 | 1.19 | &nbsp;&nbsp;&nbsp;(—)<sup>(5)</sup>&nbsp;&nbsp;&nbsp;79<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;5.78 | &nbsp;&nbsp;12.41 | &nbsp;&nbsp;500584 | 1.18 | 1.18 | &nbsp;&nbsp;&nbsp;(—)<sup>(5)</sup>&nbsp;&nbsp;&nbsp;59<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;5.78 | &nbsp;&nbsp;(0.01)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;5.99 | &nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;480704 | 1.15 | 1.15 | (0.24)&nbsp;&nbsp;&nbsp;47<sup>(3)</sup> |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21^ | $5.25 | $(0.11) | $3.41 | $3.30 | $— | $(0.03) | $(0.03) | $8.52 | &nbsp;&nbsp;62.65% | $26123 | 1.97% | 2.05% | (1.22)%80%<sup>(3)</sup> |
| 06/30/22^ | &nbsp;&nbsp;8.52 | &nbsp;&nbsp;(0.08)<sup>(4)</sup> | &nbsp;&nbsp;(0.89) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.01) | &nbsp;&nbsp;(3.01) | &nbsp;&nbsp;4.54 | (18.70) | &nbsp;&nbsp;&nbsp;17385 | 1.97 | 2.02 | (1.11)&nbsp;&nbsp;&nbsp;70<sup>(3)</sup> |
| 06/30/23^ | &nbsp;&nbsp;4.54 | &nbsp;&nbsp;(0.03)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;15.26 | &nbsp;&nbsp;&nbsp;15992 | 1.96 | 2.06 | (0.77)&nbsp;&nbsp;&nbsp;79<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;(0.04)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;5.67 | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;14146 | 1.96 | 2.06 | (0.78)&nbsp;&nbsp;&nbsp;59<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;5.67 | &nbsp;&nbsp;(0.06)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;13376 | 1.96 | 2.02 | (1.05)&nbsp;&nbsp;&nbsp;47<sup>(3)</sup> |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $4.53 | $(0.01) | $2.94 | $2.93 | $(—)<sup>(5)</sup> | $(0.01) | $(0.01) | $7.45 | &nbsp;&nbsp;64.61% | $282428 | 0.91% | 0.99% | (0.16)%80%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(4)(5)</sup> | &nbsp;&nbsp;(1.10) | &nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;5.21 | (17.81) | &nbsp;&nbsp;222141 | 0.91 | 0.97 | (0.05)&nbsp;&nbsp;&nbsp;70<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;312720 | 0.90 | 0.98 | &nbsp;&nbsp;0.29&nbsp;&nbsp;&nbsp;79<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;6.67 | &nbsp;&nbsp;12.63 | &nbsp;&nbsp;429455 | 0.90 | 0.96 | &nbsp;&nbsp;0.28&nbsp;&nbsp;&nbsp;59<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;562970 | 0.90 | 0.93 | &nbsp;&nbsp;0.01&nbsp;&nbsp;&nbsp;47<sup>(3)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $4.52 | $(—)<sup>(5)</sup> | $2.93 | $2.93 | $(—)<sup>(5)</sup> | $(0.01) | $(0.01) | $7.44 | &nbsp;&nbsp;64.75% | $18770 | 0.81% | 0.99% | (0.06)%80%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(4)(5)</sup> | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;5.21 | (17.70) | &nbsp;&nbsp;&nbsp;21299 | 0.81 | 0.96 | &nbsp;&nbsp;0.05&nbsp;&nbsp;&nbsp;70<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.94 | &nbsp;&nbsp;16.52 | &nbsp;&nbsp;&nbsp;24638 | 0.80 | 0.96 | &nbsp;&nbsp;0.39&nbsp;&nbsp;&nbsp;79<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;6.69 | &nbsp;&nbsp;12.78 | &nbsp;&nbsp;&nbsp;30779 | 0.80 | 0.94 | &nbsp;&nbsp;0.38&nbsp;&nbsp;&nbsp;59<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;31508 | 0.80 | 0.92 | &nbsp;&nbsp;0.11&nbsp;&nbsp;&nbsp;47<sup>(3)</sup> |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/21 | $4.19 | $(—)<sup>(5)</sup> | $2.73 | $2.73 | $(—)<sup>(5)</sup> | $(0.01) | $(0.01) | $6.91 | &nbsp;&nbsp;65.08% | $63766 | 0.81% | 0.89% | (0.06)%80%<sup>(3)</sup> |
| 06/30/22 | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(4)(5)</sup> | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;4.77 | (17.73) | &nbsp;&nbsp;&nbsp;53500 | 0.81 | 0.87 | &nbsp;&nbsp;0.05&nbsp;&nbsp;&nbsp;70<sup>(3)</sup> |
| 06/30/23 | &nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;5.42 | &nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;65962 | 0.80 | 0.88 | &nbsp;&nbsp;0.39&nbsp;&nbsp;&nbsp;79<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;6.10 | &nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;81101 | 0.80 | 0.87 | &nbsp;&nbsp;0.38&nbsp;&nbsp;&nbsp;59<sup>(3)</sup> |
| 06/30/25 | &nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;84904 | 0.80 | 0.84 | &nbsp;&nbsp;0.1147<sup>(3)</sup> |

---

---

| | |
|:---|:---|
| *^* | *Updated to reflect the effect of a 1 for 0.379048 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split.* |
| *<sup>(1)</sup>* | *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* |
| *<sup>(2)</sup>* | *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.01%, 0.02% and 0.02% for the years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.* |
| *<sup>(3)</sup>* | *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |
| *<sup>(4)</sup>* | *The net investment income (loss) per share was based on average shares outstanding for the period.* |
| *<sup>(5)</sup>* | *Less than $0.005 per share or 0.005%.* |

---

*See accompanying Notes to Financial Statements.*

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Financial Highlights (Continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net<br> realized<br> and<br> unrealized<br> gains (losses)<br> on investments** | **Total from<br> investment<br> operations** | **Distributions<br> from net<br> investment<br> income** | **Distributions<br> from realized<br> capital<br> gains** | **Total<br> distributions** | **Net<br> asset<br> value<br> at end<br> of period** | **Total<br> return<sup>(1)</sup>** | **Net<br> assets<br> at end<br> of period<br> (000's)** | **Ratio of net<br> expenses<br> to average<br> net assets** | **Ratio of gross<br> expenses<br> to average<br> net assets** | **Ratio<br> of net<br> investment<br> income (loss)<br> to average<br> net assets** | **Portfolio<br> turnover<br> rate** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $7.95 | $0.10 | $3.62 | $3.72 | $(0.10) | $(0.16) | $(0.26) | $11.41 | 47.49% | $33052 | 1.08% | 1.24% | 1.08% | 37% |
| 06/30/22 | &nbsp;&nbsp;11.41 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;9.92 | (5.30) | &nbsp;&nbsp;156947 | 1.08 | 1.13 | 1.03 | &nbsp;&nbsp;&nbsp;63<sup>(2)</sup> |
| 06/30/23 | &nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;10.25 | 11.07 | &nbsp;&nbsp;158698 | 1.08 | 1.12 | 1.34 | &nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;11.71 | 16.71 | &nbsp;&nbsp;163754 | 1.08 | 1.13 | 1.30 | 28 |
| 06/30/25 | &nbsp;&nbsp;11.71 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;12.11 | 12.00 | &nbsp;&nbsp;168596 | 1.08 | 1.11 | 1.23 | 40 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $7.93 | $0.03 | $3.61 | $3.64 | $(0.03) | $(0.16) | $(0.19) | $11.38 | 46.40% | $1943 | 1.83% | 2.46% | 0.33% | 37% |
| 06/30/22 | &nbsp;&nbsp;11.38 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;9.88 | (6.11) | &nbsp;&nbsp;&nbsp;&nbsp;5722 | 1.83 | 2.08 | 0.28 | &nbsp;&nbsp;&nbsp;63<sup>(2)</sup> |
| 06/30/23 | &nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;10.22 | 10.35 | &nbsp;&nbsp;&nbsp;&nbsp;3721 | 1.83 | 2.05 | 0.59 | &nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;11.67 | 15.76 | &nbsp;&nbsp;&nbsp;&nbsp;2919 | 1.83 | 2.16 | 0.55 | 28 |
| 06/30/25 | &nbsp;&nbsp;11.67 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;12.07 | 11.20 | &nbsp;&nbsp;&nbsp;&nbsp;1989 | 1.80 | 2.30 | 0.51 | 40 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $7.98 | $0.13 | $3.64 | $3.77 | $(0.13) | $(0.16) | $(0.29) | $11.46 | 47.93% | $100542 | 0.83% | 0.95% | 1.33% | 37% |
| 06/30/22 | &nbsp;&nbsp;11.46 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;9.97 | (5.06) | &nbsp;&nbsp;&nbsp;86615 | 0.83 | 0.88 | 1.28 | &nbsp;&nbsp;&nbsp;63<sup>(2)</sup> |
| 06/30/23 | &nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;10.31 | 11.39 | &nbsp;&nbsp;&nbsp;85516 | 0.83 | 0.88 | 1.59 | &nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;11.77 | 16.90 | &nbsp;&nbsp;&nbsp;96905 | 0.83 | 0.88 | 1.55 | 28 |
| 06/30/25 | &nbsp;&nbsp;11.77 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;12.18 | 12.29 | &nbsp;&nbsp;112416 | 0.83 | 0.86 | 1.48 | 40 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $7.96 | $0.14 | $3.63 | $3.77 | $(0.14) | $(0.16) | $(0.30) | $11.43 | 48.12% | $289120 | 0.68% | 0.88% | 1.48% | 37% |
| 06/30/22 | &nbsp;&nbsp;11.43 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;9.93 | (5.02) | &nbsp;&nbsp;252281 | 0.68 | 0.83 | 1.43 | &nbsp;&nbsp;&nbsp;63<sup>(2)</sup> |
| 06/30/23 | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;10.27 | 11.62 | &nbsp;&nbsp;222825 | 0.68 | 0.80 | 1.74 | &nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;11.73 | 17.14 | &nbsp;&nbsp;250463 | 0.68 | 0.81 | 1.70 | 28 |
| 06/30/25 | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;12.13 | 12.42 | &nbsp;&nbsp;268725 | 0.68 | 0.80 | 1.63 | 40 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(5)</sup> | $11.91 | $0.11 | $(1.11) | $(1.00) | $(0.13) | $(0.85) | $(0.98) | $9.93 | (9.10)%<sup>(6)</sup> | $395 | 0.63%<sup>(7)</sup> | 8.11%<sup>(7)</sup> | 1.47%<sup>(7)</sup> | 63%<sup>(2)</sup> |
| 06/30/23 | &nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;10.27 | 11.64 | &nbsp;&nbsp;&nbsp;25657 | 0.63 | 0.91 | 1.79 | &nbsp;&nbsp;&nbsp;30<sup>(3)</sup> |
| 06/30/24 | &nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;11.74 | 17.29 | &nbsp;&nbsp;&nbsp;30504 | 0.63 | 0.79 | 1.75 | 28 |
| 06/30/25 | &nbsp;&nbsp;11.74 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;12.14 | 12.47 | &nbsp;&nbsp;&nbsp;30035 | 0.63 | 0.79 | 1.68 | 40 |

---

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

*<sup>(2)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the AIG Strategic Value Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

*<sup>(3)</sup>* *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

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

*<sup>(5)</sup>* *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.* 

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

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

*See accompanying Notes to Financial Statements.*

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements

June 30, 2025

1. Organization

The Touchstone Strategic Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated November 18, 1982. The Trust consists of fifteen funds, including the following eight funds (individually, a "Fund", and collectively, the "Funds"):

---

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

---

Each Fund is diversified, with the exception of the Large Cap Focused Fund and the Large Company Growth Fund, which are non-diversified.

The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. The table below indicates the classes of shares that each Fund is registered to offer:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Class R6** |
| Balanced Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |
| Core Municipal Bond Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| International Value Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Large Cap Focused Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Large Cap Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Large Company Growth Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Small Company Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Value Fund | X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |

---

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

The aggregate value by input level, as of June 30, 2025, for each Fund's investments, is included in each Fund's Portfolio of Investments. The Funds did not hold or transfer any Level 3 categorized securities during the year ended June 30, 2025.

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

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

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

Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities' terms and conditions, among others, and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.

Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund's NAV. The Funds may use fair value pricing under the following circumstances, among others:

• If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.

• If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.

• If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.

• If the validity of market quotations is not reliable.

Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures established by Touchstone Advisors, Inc. (the "Adviser") and adopted by the Funds' Board of Trustees (the "Board") and are generally categorized in Level 3.

**Collateralized Loan Obligations — The Balanced Fund may invest in collateralized loan obligations ("CLOs"). CLOs are types of asset-backed securities. A CLO is an entity that is backed by syndicated bank loans. The cash flows of the CLO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CLO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive higher ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.**

**Investment companies — The Funds may invest in securities of other investment companies, including exchange-traded funds ("ETFs"), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter ("OTC"). An ETF is an investment company whose shares are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which the other investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. When a Fund invests in another investment**

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

company, shareholders of the Fund indirectly bear their proportionate share of the other investment company's fees and expenses, including operating, registration, trustee, licensing, and marketing, as well as their share of the Fund's fees and expenses.

**Futures Contracts — The Balanced Fund may buy and sell futures contracts and related options to manage its exposure to changing interest rates and securities prices. Some strategies reduce the Fund's exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact the Fund's return. When the Fund purchases or sells a futures contract, or sells an option thereon, the Fund must deposit initial margin and, in some instances, daily variation margin, to meet its obligations under a contract with a futures commission merchant.**

When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate the futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

**Swap Contracts — The Balanced Fund may enter into swap transactions to help enhance the value of its portfolio or manage its 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 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").

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

#### Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars and translated into U.S. dollars on the following basis:
(1) market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and

(2) purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

**Real Estate Investment Trusts — The Funds may invest in real estate investment trusts ("REITs") that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management's estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.**

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

When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and variation margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house's minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as cash deposits held at prime broker and due to prime broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

Certain ISDA Master Agreements allow counterparties to OTC derivatives transactions to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund (counterparty) to accelerate payment of any net liability owed to the counterparty (Fund).

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

As of June 30, 2025, the Balanced Fund did not hold any assets and liabilities that were subject to a MNA.

The following table sets forth the fair value of the Balanced Fund's derivative financial instruments by primary risk exposure as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset<br> Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability<br> Derivatives** |
| Balanced 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;$228082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$304474 |

---

*(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.* 

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

The following table sets forth the effect of the Balanced Fund's derivative financial instruments by primary risk exposure on the Statements of Operations for the year ended June 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** |
| Balanced Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures - Interest Rate Contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1164874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements - Credit Contracts<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63037) |

---

*(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.* 

For the year ended June 30, 2025, the average quarterly notional value of outstanding derivative financial instruments was as follows:

---

| | |
|:---|:---|
|  | **Balanced Fund** |
| **Credit Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps (buy protection) - Notional value | $2044000 |
| **Interest Rate Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts (long) - Notional Value | &nbsp;&nbsp;&nbsp;51827955 |
| &nbsp;&nbsp;&nbsp;Futures Contracts (short) - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;8268210 |

---

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

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.

As of June 30, 2025, the Funds did not have any securities on loan.

**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.**

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

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

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least $1 million for equity funds or $500,000 for fixed income funds where a Finder's Fee was paid may be subject to a contingent deferred sales charge ("CDSC") of up to 1.00% or 0.50% for equity or fixed income funds, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00% if redeemed within a one-year period from the date of purchase. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.

**Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal pay downs on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security or to the appropriate call date, as applicable, with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds' policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.**

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

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

**Security transactions — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis.**

**Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.**

**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**

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

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.**

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br> Fund** | &nbsp;&nbsp;**Core<br> Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;**International<br> Value<br> Fund** | &nbsp;&nbsp;**Large Cap<br> Focused<br> Fund<sup>(1)</sup>** |
| Purchases of investment securities | $108120613 | &nbsp;&nbsp;$6878165 | &nbsp;&nbsp;$21078267 | &nbsp;&nbsp;$222815366 |
| Proceeds from sales and maturities | $146944821 | &nbsp;&nbsp;$12929675 | &nbsp;&nbsp;$32635199 | &nbsp;&nbsp;$227863645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Large<br> Company<br> Growth<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Small<br> Company<br> Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Value<br> Fund** |
| Purchases of investment securities | $35504729 | &nbsp;&nbsp;$46750574 | &nbsp;&nbsp;$605242467 | &nbsp;&nbsp;$227520313 |
| Proceeds from sales and maturities | $37587913 | &nbsp;&nbsp;$45753187 | &nbsp;&nbsp;$537154819 | &nbsp;&nbsp;$243908253 |

---

*(1)* *The Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Small Company Fund had redemption-in-kinds out of the Fund of $288,662,410, $13,646,362, $9,532,423 and $36,114,728, respectively, which are excluded from the proceeds from sales and maturities.* 

For the year ended June 30, 2025, purchases and proceeds from sales and maturities in U.S. Government Securities were $645,572,972 and $646,733,656, respectively, for the Balanced Fund. There were no purchases or proceeds from sales and maturities of U.S. Government securities by the other Funds for the year ended June 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 $259,608 for the Funds' Board for the year ended June 30, 2025.

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

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.

---

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

---

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

---

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

---

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

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

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

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[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

The Adviser has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Termination Date** |
| Balanced Fund<sup>(1)</sup> | &nbsp;&nbsp;1.01% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;October 29, 2025 |
| Core Municipal Bond Fund<sup>(2)</sup> | &nbsp;&nbsp;0.80% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29, 2025 |
| International Value Fund<sup>(3)</sup> | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29, 2025 |
| Large Cap Focused Fund | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;October 29, 2025 |
| Large Cap Fund | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29, 2025 |
| Large Company Growth Fund | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;October 29, 2025 |
| Small Company Fund | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.95% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;October 29, 2025 |
| Value Fund<sup>(4)</sup> | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;October 29, 2025 |

---

*(1)* *Prior to October 29, 2024, the expense limitation for Class R6 was 0.64%.* 

*(2)* *Prior to October 29, 2024, the expense limitation for Class C was 1.55%.* 

*(3)* *Prior to October 29, 2024, the expense limitation for Class C and Institutional Class shares was 1.89% and 0.79%, respectively.* 

*(4)* *Prior to October 29, 2024, the expense limitation for Class C was 1.83%.* 

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

During the year ended June 30, 2025, the Adviser or its affiliates waived investment advisory fees, administration fees or other operating expenses, including distribution fees of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Investment<br> Advisory<br> Fees Waived** | &nbsp;&nbsp;**Administration<br> Fees Waived** | &nbsp;&nbsp;**Other Operating<br> Expenses<br> Reimbursed/<br> Waived** | &nbsp;&nbsp;**Total** |
| Balanced Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$432 | &nbsp;&nbsp;$7893 | &nbsp;&nbsp;$8325 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32194 | &nbsp;&nbsp;&nbsp;&nbsp;140489 | &nbsp;&nbsp;&nbsp;&nbsp;172683 |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33426 | &nbsp;&nbsp;&nbsp;&nbsp;296216 | &nbsp;&nbsp;&nbsp;&nbsp;329642 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 | &nbsp;&nbsp;&nbsp;&nbsp;359719 | &nbsp;&nbsp;&nbsp;&nbsp;366394 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;94824 | &nbsp;&nbsp;&nbsp;&nbsp;243443 | &nbsp;&nbsp;&nbsp;&nbsp;338267 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;146907 | &nbsp;&nbsp;&nbsp;&nbsp;115885 | &nbsp;&nbsp;&nbsp;&nbsp;262792 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12159 | &nbsp;&nbsp;&nbsp;&nbsp;221409 | &nbsp;&nbsp;&nbsp;&nbsp;233568 |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;225354 | &nbsp;&nbsp;&nbsp;&nbsp;229156 | &nbsp;&nbsp;&nbsp;&nbsp;454510 |

---

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

As of June 30, 2025, the Adviser may seek recoupment of previously waived fees and reimbursed expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> June 30, 2026** | **Expires on<br> or before<br> June 30, 2027** | **Expires on<br> or before<br> June 30, 2028** | **Total** |
| Balanced Fund | $6383 | $6420 | $8325 | $21128 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;85859 | &nbsp;&nbsp;&nbsp;106066 | &nbsp;&nbsp;&nbsp;112188 | &nbsp;&nbsp;&nbsp;&nbsp;304113 |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;61315 | &nbsp;&nbsp;&nbsp;&nbsp;87423 | &nbsp;&nbsp;&nbsp;117359 | &nbsp;&nbsp;&nbsp;&nbsp;266097 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;562231 | &nbsp;&nbsp;&nbsp;534098 | &nbsp;&nbsp;&nbsp;366298 | &nbsp;&nbsp;&nbsp;1462627 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;274546 | &nbsp;&nbsp;&nbsp;305525 | &nbsp;&nbsp;&nbsp;310465 | &nbsp;&nbsp;&nbsp;&nbsp;890536 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;258765 | &nbsp;&nbsp;&nbsp;246627 | &nbsp;&nbsp;&nbsp;247194 | &nbsp;&nbsp;&nbsp;&nbsp;752586 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;299021 | &nbsp;&nbsp;&nbsp;292662 | &nbsp;&nbsp;&nbsp;224369 | &nbsp;&nbsp;&nbsp;&nbsp;816052 |
| Value Fund | &nbsp;&nbsp;&nbsp;385367 | &nbsp;&nbsp;&nbsp;390592 | &nbsp;&nbsp;&nbsp;394789 | &nbsp;&nbsp;&nbsp;1170748 |

---

The Adviser did not recoup any amounts it previously waived or reimbursed during the year ended June 30, 2025.

#### 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

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

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

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

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

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

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

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

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

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

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

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

#### PLANS OF DISTRIBUTION AND SHAREHOLDER SERVICING FEE ARRANGEMENTS
The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act for each class of shares it offers that is subject to 12b-1 distribution fees. The plans allow each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. The fees charged to the Funds are limited to the actual expenses incurred. Under the Class A plan, each Fund offering Class A shares pays an annual fee not to exceed 0.25% of average daily net assets that are attributable to Class A shares. Under the Class C plan, each Fund offering Class C shares pays an annual fee not to exceed 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee).

#### DISTRIBUTION AGREEMENT
The Distributor is the Funds' principal underwriter and, as such, acts as exclusive agent for distribution of the Funds' shares. Under the terms of the Distribution Agreement between the Trust and the Distributor, the Distributor earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Distributor and the Adviser, also earned broker commissions on the sale of Class A shares of the Funds. Listed below are the total underwriting and broker commissions earned by the Distributor and its affiliate during the year ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Balanced Fund | $58103 |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1692 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;32790 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1364 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;25250 |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;3873 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

In addition, the Distributor collected CDSC on the redemption of Class A shares and Class C shares of the Funds listed below during the year ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** |
| Balanced Fund | $193 | &nbsp;&nbsp;&nbsp;$1614 |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |

---

#### 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 June 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 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 June 30, 2025, the following Funds utilized ReFlow. The shares ReFlow subscribed to and redemptions-in-kind were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares ReFlow<br> Subscribed to** | &nbsp;&nbsp;**Redemptions-in-kind** |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;&nbsp;4264385 | &nbsp;&nbsp;$288662410 |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750998 | &nbsp;&nbsp;&nbsp;&nbsp;13646362 |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532423 |
| Small Company Fund | &nbsp;&nbsp;11633104 | &nbsp;&nbsp;&nbsp;&nbsp;36114728 |

---

**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 June 30, 2025, the Funds did not utilize interfund lending.

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_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

The tax character of distributions paid for the years ended June 30, 2025 and June 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** | &nbsp;&nbsp;&nbsp;**Core Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Core Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**International Value Fund** | &nbsp;&nbsp;&nbsp;**International Value Fund** |
|  | **Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| From ordinary income | $13725321 | &nbsp;&nbsp;&nbsp;$12011292 | &nbsp;&nbsp;&nbsp;$47310 | &nbsp;&nbsp;&nbsp;$56917 | &nbsp;&nbsp;&nbsp;$4140141 | &nbsp;&nbsp;&nbsp;$1681923 |
| From tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1368925 | &nbsp;&nbsp;&nbsp;&nbsp;1426370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;4485908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5498005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $18211229 | &nbsp;&nbsp;&nbsp;$12011292 | &nbsp;&nbsp;&nbsp;$1416235 | &nbsp;&nbsp;&nbsp;$1483287 | &nbsp;&nbsp;&nbsp;$9638146 | &nbsp;&nbsp;&nbsp;$1681923 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Focused Fund** | **Large Cap Focused Fund** | &nbsp;&nbsp;&nbsp;**Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Large Cap Fund** | &nbsp;&nbsp;&nbsp;**Large Company Growth Fund** | &nbsp;&nbsp;&nbsp;**Large Company Growth Fund** |
|  | **Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| From ordinary income | $12007747 | &nbsp;&nbsp;&nbsp;$20228585 | &nbsp;&nbsp;&nbsp;$2606753 | &nbsp;&nbsp;&nbsp;$3999402 | &nbsp;&nbsp;&nbsp;$427248 | &nbsp;&nbsp;&nbsp;$— |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;13864082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987379 | &nbsp;&nbsp;&nbsp;&nbsp;3762245 | &nbsp;&nbsp;&nbsp;&nbsp;5206543 |
| Total distributions | $25871829 | &nbsp;&nbsp;&nbsp;$22862368 | &nbsp;&nbsp;&nbsp;$10569424 | &nbsp;&nbsp;&nbsp;$4986781 | &nbsp;&nbsp;&nbsp;$4189493 | &nbsp;&nbsp;&nbsp;$5206543 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Company Fund** | **Small Company Fund** | &nbsp;&nbsp;&nbsp;**Value Fund** | &nbsp;&nbsp;&nbsp;**Value Fund** |
|  | **Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| From ordinary income | $16851559 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9000068 | &nbsp;&nbsp;&nbsp;$7919186 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;47795643 | &nbsp;&nbsp;&nbsp;&nbsp;1430467 | &nbsp;&nbsp;&nbsp;&nbsp;38563992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210139 |
| Total distributions | $64647202 | &nbsp;&nbsp;&nbsp;$1430467 | &nbsp;&nbsp;&nbsp;$47564060 | &nbsp;&nbsp;&nbsp;$12129325 |

---

The following information is computed on a tax basis for each item as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Core<br> Municipal<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**International<br> Value<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Large<br> Cap<br> Focused<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Large<br> Cap<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$672723139 | &nbsp;&nbsp;&nbsp;&nbsp;$42563988 | &nbsp;&nbsp;&nbsp;&nbsp;$95090115 | &nbsp;&nbsp;&nbsp;&nbsp;$1635923841 | &nbsp;&nbsp;&nbsp;&nbsp;$169980983 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;312741271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24735180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884383249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130738388 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(23215279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1524310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6127269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55977765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5545408) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;289525992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1351896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18607911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828405484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125192980 |
| 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;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net unrealized appreciation (depreciation) on foreign currency transactions and deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| 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;(1962904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63238411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8386388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457329 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;17054243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7030783 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(917275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$305663033 | &nbsp;&nbsp;&nbsp;&nbsp;$(3322493) | &nbsp;&nbsp;&nbsp;&nbsp;$(40625281) | &nbsp;&nbsp;&nbsp;&nbsp;$1838358479 | &nbsp;&nbsp;&nbsp;&nbsp;$133681093 |

---

------

[**Table of Contents**](#JOB_TS_-__c894da56-b84b-4e0d-a48f-be21bb1267c0_TOCtm2523880d3_financial)

Notes to Financial Statements (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large<br> Company<br> Growth<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small Company<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$86509759 | &nbsp;&nbsp;&nbsp;&nbsp;$905492629 | &nbsp;&nbsp;&nbsp;&nbsp;$470222087 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;86191965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316066412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134969123 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(2895462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47331626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22655301) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;83296503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268734786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112313822 |
| Gross unrealized appreciation on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Gross unrealized depreciation on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;1423255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14108870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733425 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;3558179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7818481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48047287 |
| Accumulated earnings (deficit) | &nbsp;&nbsp;$88277938 | &nbsp;&nbsp;&nbsp;&nbsp;$290662047 | &nbsp;&nbsp;&nbsp;&nbsp;$163094535 |

---

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 and callable bonds.

As of June 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** |
| Core Municipal Bond Fund | &nbsp;&nbsp;$1315202 | &nbsp;&nbsp;&nbsp;$647702 | &nbsp;&nbsp;&nbsp;$1962904 |
| International Value Fund\* | &nbsp;&nbsp;&nbsp;33763332 | &nbsp;&nbsp;&nbsp;&nbsp;29475079 | &nbsp;&nbsp;&nbsp;&nbsp;63238411 |

---

*\** *Future utilization may be limited under current tax laws.* 

The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

During the year ended June 30, 2025, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Utilized** |
| Balanced Fund | &nbsp;&nbsp;$5851503 |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756729 |

---

Under current laws, certain capital losses realized after October 31 and ordinary losses realized after December 31 may be deferred (and certain ordinary losses after October and/or December 31 may be deferred) and treated as occurring on the first day of the following fiscal year. For the year ended June 30, 2025, the Funds did not elect to defer any losses.

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

Certain reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital as presented on the Statements of Assets and Liabilities. These reclassifications have no impact on the net assets or NAV per share of the Funds. The following reclassifications, which are primarily attributed to the tax treatment of net operating loss, redemptions in-kind, deemed distributions on shareholder redemptions, differing tax and GAAP distribution requirements, have been made to the following Funds for the year ended June 30, 2025:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | &nbsp;&nbsp;**Distributable<br> Earnings** |
| Balanced Fund | $561638 | &nbsp;&nbsp;$(561638) |
| Core Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 |
| International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539955) |
| Large Cap Focused Fund | &nbsp;&nbsp;&nbsp;196673930 | &nbsp;&nbsp;&nbsp;&nbsp;(196673930) |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7673673) |
| Large Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5338295) |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;21992022 | &nbsp;&nbsp;&nbsp;&nbsp;(21992022) |

---

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Notes to Financial Statements (Continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | &nbsp;&nbsp;**Distributable<br> Earnings** |
| Value Fund | $5254072 | &nbsp;&nbsp;$(5254072) |

---

7. Commitments and Contingencies

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

8. Principal Risks

**Risks Associated with Foreign Investments – Certain Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Political and military events may cause market disruptions. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.** 

**Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments, positive or negative, in a particular sector of the market and may experience increased volatility in the Funds' NAVs and magnified effect on the total return.**

**Risks Associated with Credit – An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer's securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.**

**Risks Associated with Cybersecurity – With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to Cybersecurity risks that could result in losses to a Fund and its shareholders. Cybersecurity breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A Cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. Cybersecurity incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.** 

**Risks Associated with Interest Rate Changes – In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more 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 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**

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Notes to Financial Statements (Continued)

continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities, operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect a Fund's performance, resulting in losses to your investment.

Please see the Funds' prospectus and statement of additional information for a complete discussion of these and other risks.

9. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued.

At a meeting held on August 14, 2025, the Board approved converting the Large Company Growth Fund (the "Target Fund") into an exchange-traded fund ("ETF"), by the reorganization of the Target Fund into a new ETF (the "Acquiring Fund"), which upon filing will be a newly-created ETF series of the Touchstone ETF Trust (the "Reorganization"). The Reorganization does not require approval of the Target Fund's shareholders. An information statement/prospectus on Form N-14 containing more information regarding the Acquiring Fund and the Reorganization will be filed with the Securities and Exchange Commission and, once effective, mailed to Target Fund shareholders of record. The Reorganization is expected to be completed in the first quarter of 2026.

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Touchstone Balanced Fund, Touchstone Core Municipal Bond Fund, Touchstone International Value Fund, Touchstone Large Cap Focused Fund, Touchstone Large Cap Fund, Touchstone Large Company Growth Fund, Touchstone Small Company Fund and Touchstone Value Fund and the Board of Trustees of Touchstone Strategic Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Touchstone Strategic Trust (the "Trust") comprising the Touchstone Balanced Fund, Touchstone Core Municipal Bond Fund, Touchstone International Value Fund, Touchstone Large Cap Focused Fund, Touchstone Large Cap Fund, Touchstone Large Company Growth Fund, Touchstone Small Company Fund and Touchstone Value Fund (collectively referred to as the "Funds"), including the portfolios of investments, as of June 30, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended 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 Strategic Trust) at June 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, 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.

![](tm2523880d3financiali002.jpg)

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

Cincinnati, Ohio

August 15, 2025

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Other Items (Unaudited)

#### Qualified Dividend Income
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended June 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.

---

| | |
|:---|:---|
| Balanced Fund | 50.09% |
| International Value Fund | 56.22% |
| Large Cap Focused Fund | 100.00% |
| Large Cap Fund | 100.00% |
| Large Company Growth Fund | 33.21% |
| Small Company Fund | 21.34% |
| Value Fund | 97.14% |

---

#### Dividend Received Deduction
For corporate shareholders, the following ordinary distributions paid during the fiscal year ended June 30, 2025 qualify for the corporate dividends received deduction. The Funds intend to pass through the maximum allowable percentage.

---

| | |
|:---|:---|
| Balanced Fund | 44.93% |
| Large Cap Focused Fund | 100.00% |
| Large Cap Fund | 100.00% |
| Large Company Growth Fund | 25.91% |
| Small Company Fund | 21.74% |
| Value Fund | 74.73% |

---

For the fiscal year ended June 30, 2025, the Funds designated long-term capital gains as follows:

---

| | |
|:---|:---|
| Balanced Fund | $22101789 |
| International Value Fund | $6037960 |
| Large Cap Focused Fund | $34767334 |
| Large Cap Fund | $13922175 |
| Large Company Growth Fund | $6125378 |
| Small Company Fund | $54629912 |
| Value Fund | $69911034 |

---

Of the dividends paid from net investment income during the most-recent fiscal year, 97.49% was designated as exempt interest dividends for federal income tax purposes for the Core Municipal Bond Fund.

#### Foreign Tax Income and Foreign Tax Credit
The International Value Fund intends to pass through a foreign tax credit to the shareholders. For the fiscal year ended June 30, 2025, the total amount of foreign source income is $5,302,336 or $0.83 per share. The total amount of foreign taxes to be paid is $597,719 or $0.09 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.

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![](tm2523880d3financiali001.gif)

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![](tm2523880d3financiali003.gif)

#### Touchstone Investments

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

303 Broadway

Cincinnati, Ohio 45202-4203

800.638.8194 www.touchstoneinvestments.com

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

303 Broadway

Cincinnati, Ohio 45202-4203

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

P.O. Box 534467

Pittsburgh, PA 15253-4467

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

TSF-TST-AR-NCSR-2506

**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)](tm2523880d3_ex99-codeeth.htm) [The registrant's Code of Ethics is attached hereto.](tm2523880d3_ex99-codeeth.htm)

(a)(2) Not Applicable.

[(a)(3)](tm2523880d3_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.](tm2523880d3_ex99-cert.htm)

(a)(4) Not Applicable.

(a)(5) Not Applicable.

[(b)](tm2523880d3_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.](tm2523880d3_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Touchstone Strategic Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft, President |
|  | (principal executive officer) |

---

Date: <u>8/29/2025</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>8/29/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Terri A. Lucas |
|  | Terri A. Lucas, Controller and Treasurer |
|  | (principal financial officer) |

---

Date: <u>8/29/2025</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

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 Strategic Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Terri A. Lucas, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Strategic Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

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## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Terrie A. Wiedenheft, President of Touchstone Strategic Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Terrie A. Wiedenheft |
| | | Terrie A. Wiedenheft, President |
| | | (principal executive officer) |

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I, Terri A. Lucas, Controller and Treasurer of Touchstone Strategic Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Terri A. Lucas |
| | | Terri A. Lucas, Controller and Treasurer |
| | | (principal financial officer) |

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