# EDGAR Filing Document

**Accession Number:** 0000920547
**File Stem:** 0001104659-23-027296
**Filing Date:** 2023-3
**Character Count:** 340752
**Document Hash:** 66f1f1b48626b21445ea7310f63e9955
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-027296.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001104659-23-027296

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0000920547
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08416
- **FILM NUMBER:** 23693053

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203
- **BUSINESS PHONE:** 513-362-8000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SELECT ADVISORS VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19950912

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IFS VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19940318

## Series and Classes Contracts Data

### Touchstone Balanced Fund (Series ID: S000059066)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000193689 | Touchstone Balanced Fund - Class I |  |
| C000226678 | Class SC                           |  |

### Touchstone Bond Fund (Series ID: S000059067)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000193690 | Touchstone Bond Fund - Class I |  |
| C000213075 | Class SC                       |  |

### Touchstone Common Stock Fund (Series ID: S000059068)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000193691 | Touchstone Common Stock Fund - Class I |  |
| C000213076 | Class SC                               |  |

### Touchstone Small Company Fund (Series ID: S000059069)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000193692 | Touchstone Small Company Fund |  |

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

**FORM N-CSR**

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

Investment Company Act file number <u>811-08416</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Touchstone Variable Series Trust</u> 

(Exact name of registrant as specified in charter)

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

E. Blake Moore, Jr.

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

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

Date of fiscal year end: <u>December 31</u>

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

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

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

**Item 1. Reports to Stockholders.**

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

December 31, 2022

Annual Report

---

| |
|:---|
| **Touchstone Variable Series Trust** |
| Touchstone Balanced Fund |
| Touchstone Bond Fund |
| Touchstone Common Stock Fund |
| Touchstone Small Company Fund |

---

![](tm237590d1anulrpti001.gif)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | [Page](#xx_9462c940-1bc7-4ab5-a396-1914de290430_1) |
| [Letter from the President](#xx_2f8cf8c2-67d9-4dbd-9e83-563bd76be2c8_1tm237590d1_anulrpt) | 3 |
| [Management's Discussion of Fund Performance (Unaudited)](#xx_270ee59a-4cf1-4c07-b9ff-40413b863691_1tm237590d1_anulrpt) | 4-13 |
| [Tabular Presentation of Portfolios of Investments (Unaudited)](#xx_0f93f46c-9a6a-408b-983b-9d4007d0288a_1tm237590d1_anulrpt) | 14-15 |
| [Portfolios of Investments:](#xx_be18b1dc-2828-4f60-b586-002bc5e01c1d_1tm237590d1_anulrpt) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Balanced Fund](#xx_be18b1dc-2828-4f60-b586-002bc5e01c1d_1tm237590d1_anulrpt) | 16-18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Bond Fund](#xx_d1df2d99-083c-4521-a332-a36279bdbf3a_1tm237590d1_anulrpt) | 19-22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Common Stock Fund](#xx_360073e1-d4c3-4bbf-bd2e-12464fa860b3_1tm237590d1_anulrpt) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Touchstone Small Company Fund](#xx_a7d866c7-d0ac-4421-be3e-c5d51b95a8ba_1tm237590d1_anulrpt) | 24 |
| [Statements of Assets and Liabilities](#xx_871fdf90-725d-433c-913c-1227d3c450c1_1tm237590d1_anulrpt) | 25 |
| [Statements of Operations](#xx_e7189816-a3e1-47b9-8a95-f0f8e0104549_1tm237590d1_anulrpt) | 26 |
| [Statements of Changes in Net Assets](#xx_0f6ffb04-3ddb-4d0e-b4d8-9305b35145c0_2tm237590d1_anulrpt) | 28-29 |
| [Financial Highlights](#xx_572306cc-9a99-43b6-b2df-f417d0f09fff_1tm237590d1_anulrpt) | 30-31 |
| [Notes to Financial Statements](#xx_9d676a66-47a3-4f9a-83ed-88d855e45025_1tm237590d1_anulrpt) | 32-42 |
| [Report of Independent Registered Public Accounting Firm](#xx_eddc8b09-1c66-4f52-aaae-f3e5fc646bf1_1tm237590d1_anulrpt) | 43 |
| [Other Items (Unaudited)](#xx_13c24d93-5cfe-4efb-8867-b9157536e9d7_1tm237590d1_anulrpt) | 44-49 |
| [Management of the Trust (Unaudited)](#xx_d7158130-d642-407a-a1bf-e23b93a487ce_1tm237590d1_anulrpt) | 50-52 |
| [Privacy Protection Policy](#xx_2017ae42-7ba9-49e1-a38d-a5df8bc96157_3tm237590d1_anulrpt) | 55 |

---

This report identifies the Funds' investments on December 31, 2022. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Letter from the President

Dear Shareholder:

We are pleased to provide you with the Touchstone Variable Series Trust Annual Report. Inside you will find key financial information, as well as manager commentaries for the Funds, for the twelve months ended December 31, 2022.

For the calendar year 2022, the U.S. Federal Reserve (Fed) initiated a series of Fed Funds rate hikes to combat persistent inflation. Over the course of the year, the Fed raised overnight rates by over 4 percent in an effort to slow down economic growth. The Fed's attempt to engineer a "soft landing" for the economy created uncertainty at times throughout the year. This uncertainty contributed to a selloff in nearly every major asset class in the capital markets, a rare negative annual return for both U.S. equities and fixed income markets. Outside the U.S., global economic growth slowed due to various reasons such as the unexpected Russian invasion of Ukraine in February, disrupted supply chains and trade from continued COVID-related lockdowns in China, and political turbulence in the U.K. However, the capital markets absorption of the Russian-Ukrainian conflict by mid-year and the loosening of China's COVID lockdowns later in the year, were not enough to squelch economic headwinds that had been occurring since the beginning of 2022 including higher rates of inflation, slowing demand and higher energy prices.

U.S. equity markets reported negative results for the year. The equity style shift from Growth to Value that began in late 2020 continued throughout 2022. Within the domestic markets, large cap value stocks outperformed their growth counterparts on a relative basis. The aforementioned Fed rate hikes disproportionately impacted growth stocks due to their higher implied growth rates and longer duration of earnings growth included in their valuation multiples. Value stocks generally benefit from higher commodity costs (e.g. Energy sector) and when equity investors seek refuge in defensive sectors such as Consumer Staples and Health Care – both of which occurred during 2022.

In the fixed income markets, Fed rate hikes and persistent inflation pushed shorter maturity yields up compared to longer maturities on the yield curve, providing a headwind for the investment grade bonds. Over the full year, credit spreads did not widen significantly despite slowing economic growth, hence below investment grade bonds outperformed their investment grade peers due to their yield advantage.

We are reminded especially in periods like these of the importance of the steady hands of financial professionals, trust in your investment strategy, and the risks of trying to time the market. Additionally, we believe that environments that are more volatile create more opportunity for active managers to add value, especially those that are Distinctively Active with high Active Share. We greatly value your continued support. Thank you for including Touchstone as part of your investment plan.

Sincerely,

![](tm237590d1anulrpti002.jpg)

E. Blake Moore Jr.<br> President<br> Touchstone Variable Series Trust

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited)

#### Touchstone Balanced Fund

#### Sub-Advised by Fort Washington Investment Advisors, Inc.

#### Investment Philosophy
The Touchstone Balanced Fund (the "Fund") seeks to achieve its investment goal of providing investors with capital appreciation and current income by generally investing in a diversified portfolio comprising approximately 60 percent equity securities and 40 percent 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 invests 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.

#### Fund Performance
The Fund (Class I Shares) underperformed its blended benchmark, the 60 percent S&P 500<sup>®</sup> Index & 40 percent Bloomberg U.S. Aggregate Bond Index, for the 12 months ending December 31, 2022. The Fund's total return was -15.97 percent while the total return of the blended benchmark was -15.79 percent.

#### Market Environment
The 12 months ended December 31, 2022 were marked by geopolitical conflict, high inflation, and aggressive central bank tightening around the world. Global conflict and sharp monetary tightening were most impactful, as risk assets (equities, credit spreads) generally performed poorly and interest rates reached multi-year highs.

Entering 2022, expectations for the global economy were strong. Consensus estimates for U.S. gross domestic product growth were nearly 4%. Pandemic restrictions were being lifted across the world and economies rebounded amid an unleashing of pent-up demand for activities that had been restricted for the previous two years. Subsequent events tempered activity and expectations, with the most recent estimates of 2022 economic growth declining to 1.9%.

The Russian invasion of Ukraine in early 2022 was a negative for markets, initially fearing that the conflict would spread to greater Europe. For U.S. markets, the most direct impact of the conflict was an increase in commodity prices, fueling higher energy and food costs for consumers. As fears subsided that the conflict would expand beyond the Ukrainian border, markets calmed, but the effects of higher commodity prices persisted. Europe is facing winter with reduced natural gas supplies from Russia, and U.S. inflation increased as these higher prices were passed through to consumers.

For the past year, inflation has been well above the U.S. Federal Reserve's ("Fed") 2% target, averaging nearly 6% in 2022. Hopeful that inflation would drift towards 2% as pandemic effects subsided, the Fed and markets were initially sanguine regarding the amount of rate increases that would be needed over the coming months. As the inflation data remained high and increasingly persistent, expectations of Fed rate hikes increased substantially. Through the end of the fourth quarter 2022, the Fed has raised interest rates by 4.25% and is expected to reach nearly 5% in early 2023. U.S. Treasury yields have risen sharply, reaching the highest levels since the 2008 financial crisis and inverting yield curves to levels not seen since the 1980s. For many bond market indices, 2022 is the worst year on record amid substantial price declines.

Increasingly tight monetary policy and slowing growth have been headwinds for risk assets. Equities ended the period down, and credit spreads wider from the beginning of 2022. Recession risk has increased and markets are facing a very uncertain and likely volatile period ahead. Broadly, economic data continues to indicate that tighter financial conditions are having the desired effect of slowing the economy, which is necessary to reduce inflation back into a normal range.

The labor market will continue to be the key factor for the overall outlook as it impacts consumer spending, the largest component of the economy. While other economic indicators show weakness, job gains and wages have remained solid, supporting spending. Higher consumer income, along with accumulated savings from pandemic-era programs, have enabled consumers to maintain solid levels of spending. However, as existing savings are spent and the effect of tighter financial conditions lead to a weaker job market, the risk is to the downside.

Thus far, there are only tentative signs of weakening in the labor market. Monthly nonfarm payroll growth has slowed to a more sustainable pace, but still indicates healthy growth. Job openings have declined, but remain plentiful when compared to the number of unemployed people. Similarly, wage growth, is showing signs of declining, but remains at the higher end of recent ranges. If this persists and the labor market is able to achieve balance without significant job losses, there is a high likelihood that a recession will be shallow and short-lived.

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited) (Continued)

Business spending rebounded somewhat in the third quarter, but forward-looking data indicates further softening and represents another downside risk. The downshift in global growth has negatively impacted demand and various surveys of business confidence have fallen sharply over the past several months. Importantly, inventories are plentiful and supply chains have largely normalized, contributing to reduced inflation pressures from this sector of the economy.

An improvement in the inflation picture was a key driver of markets at the end of 2022, and will remain crucially important into 2023. Late in the period, inflation data decelerated notably, driven by declining commodity and other goods prices. Services inflation remained strong, but forward-looking data indicates it will also move lower in mid-2023. Along with slower growth, the improvement in inflation data allowed the Fed to downshift to a 0.50% rate increase in December. Further progress is needed to confidently say that inflation is heading back to 2.0%, but we believe recent optimism is justified and expect inflation to drift lower in 2023. For their part, we believe the Fed will continue to indicate tighter policy as inflation will remain well above target for the next several months. However, in our view, the path of policy priced into markets is appropriate and slower growth/lower inflation will put downward pressure on rates in 2023.

Credit spreads across sectors and quality ranges are generally in the 50-60 percentile relative to history after the recovery late in the period. Credit spreads reflect some uncertainty, but are not indicating significant concern of an imminent or deep recession. Similarly, equity valuations have adjusted but are near fair levels. If the economy slows more/faster than expected, risk assets are likely to underperform. However, if a soft landing is achieved or a recession is shallow, the current asset prices are compelling. As a result, we believe current valuations support a modest overweight to risk in portfolios.

#### Portfolio Review
An overweight allocation to equities had a negative impact on relative performance as equities underperformed fixed income during the year. The Fund entered the year with a 7% overweight to equities and ended with a 5% overweight.

The fixed income segment of the Fund performed in line with the benchmark, resulting in a neutral impact to relative performance.

Security selection within equities was the primary driver of contribution during the year, primarily within the Health Care, Industrials, and Information Technology sectors. Overweight positions in Raytheon Technologies Corp. (Industrials sector), Exxon Mobile Corp. (Energy sector), and Hubbell Inc. (Industrials sector) and zero exposure to Tesla Inc. stock were among the largest contributors to positive security selection.

The Fund entered the year with a 67% weight in equities and ended the year with 65%, largely concentrated in U.S. large cap securities. The Fund reduced its equity exposure throughout the year as we maintained a modest overweight to risk but acknowledged the potential headwinds on asset prices as economic growth slowed.

Within Fixed Income, the Fund increased its exposure to Securitized Products, primarily through high quality, AAA rated commercial mortgage-backed securities and mortgage-backed securities. We continued to favor higher quality credit with favorable risk/reward characteristics. Although High Yield has widened amid increased economic uncertainties, we believe current valuations for the sector do not adequately compensate for ongoing risks and the Fund does not have an exposure to the sector as a result.

Activity within equities was below average for the year. The Fund initiated several new positions, including Paypal Holdings Inc. (Information Technology sector), Markel Corp. (Financials sector), The Boeing Corp. (Industrials sector), and Medtronic plc (Health Care sector). We view each of these names as compelling idiosyncratic opportunities even in a weakening economic environment.

Despite increased risks from tightening financial conditions, persistent inflation, and increased global risks, we continue to have a favorable long-term outlook for the US economy and financial markets but acknowledge that the near-term outlook has deteriorated. Valuations have adjusted to reflect these risks, and are at fair levels. Combining our economic outlook with fair valuations, the Fund remained modestly overweight risk compared to the benchmark.

#### Outlook and Conclusion
The Fund's risks remain focused on the evolution of the labor market and inflation. Overall growth has slowed to below-trend pace, but expected softening in job growth is a downside risk over coming months. Inflation has declined from recent highs, a welcome signal for markets. However, further deceleration is needed throughout 2023 to move inflation back toward 2.0 percent. The Fed has aggressively raised rates to combat inflation and we believe will continue to indicate restrictive policy until they see a string of data that confirms a lower inflation trajectory. We believe slowing growth and tight monetary policy represents the biggest risk to markets, but we do not believe a hard recession is necessary to control inflation. As our view of the economy and monetary policy changes, we will adjust positioning as these risks evolve.

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited) (Continued)

The Fund's sector positioning reflects our outlook on valuations, attractive relative value, and opportunities within each sector. During the period, sector changes were largely the result of market performance. Within equities, the Fund remains overweight in Communication Services and Health Care. The largest underweights are Utilities and Consumer Discretionary. Within fixed income, the Fund remains underweight US Government, overweight Investment Grade Credit and Emerging Markets Debt, and neutral Securitized. We are positioning portfolios generally neutral to long duration compared to benchmarks as risk-reward has become more compelling at current levels following the rapid rise in interest rates.

Given our outlook for the economy, markets, and resulting risk positioning, we believe the Fund is appropriately positioned to generate compelling investment returns. Our base case scenario assumes the economy avoids a deep recession, and markets will likely perform well over the medium-term despite near-term volatility. We believe the Fund's overweight to equities and credit sectors should perform well in a stable to improving economic environment. We believe the high conviction nature of the Fund should provide excess return through positive security selection in various economic environments.

**Comparison of the Change in Value of a $10,000 Investment in the Touchstone Balanced Fund Class I and the 60% S&P 500® Index & 40% Bloomberg U.S. Aggregate Bond Index**

![](tm237590d1anulrpti003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Touchstone Balanced Fund** | **1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;&nbsp;Class I | -15.97% | &nbsp;&nbsp;6.22% | &nbsp;&nbsp;7.82% |
| &nbsp;&nbsp;&nbsp;Class SC\* | -15.95% | &nbsp;&nbsp;6.23% | &nbsp;&nbsp;7.83% |
| **60% S&P 500® Index & 40% Bloomberg U.S. Aggregate Bond Index** | -15.79% | &nbsp;&nbsp;5.96% | &nbsp;&nbsp;8.08% |

---

*\** *The chart above represents performance of Class I shares only, which will vary from the performance of Class SC shares based on the differences in fees paid by shareholders in the different classes. The inception date of Class SC shares was April 13, 2021. Class SC shares performance was calculated using the historical performance of Class I shares for the periods prior to April 13, 2021. The returns have been restated for fees applicable to Class SC shares.* 

*Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.*

#### Notes to Chart
*S&P 500® Index is a group of 500 widely held stocks and is commonly regarded to be representative of the large capitalization stock universe.*

*Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited)

#### Touchstone Bond Fund

#### Sub-Advised by Fort Washington Investment Advisors, Inc.

#### Investment Philosophy
The Touchstone Bond Fund (the "Fund") seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. Under normal circumstances, the Fund invests at least 80 percent of its assets in bonds. Bonds include mortgage-related securities, asset-backed securities, government securities (both U.S. Government and foreign sovereign debt) and corporate debt securities. The Fund primarily invests in investment-grade debt securities, but may invest up to 30 percent of total assets in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization (NRSRO).

#### Fund Performance
The Fund (Class I Shares) underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the 12-month period ended December 31, 2022. The Fund's total return was -13.85 percent, while the total return of the benchmark was -13.01 percent.

#### Market Environment
The 12 months ended December 31, 2022 were marked by geopolitical conflict, high inflation, and aggressive central bank tightening around the world. Global conflict and sharp monetary tightening were most impactful, as risk assets (equities, credit spreads) generally performed poorly and interest rates reached multi-year highs.

Entering 2022, expectations for the global economy were strong. Consensus estimates for U.S. gross domestic product growth were nearly 4% at the beginning of the year. Pandemic restrictions were being lifted across the world and economies rebounded amid an unleashing of pent-up demand for activities that had been restricted for the previous two years. Subsequent events tempered activity and expectations, with the most recent estimates of 2022 economic growth declining to 1.9%.

The Russian invasion of Ukraine in early 2022 was a negative for markets, initially fearing that the conflict would spread to greater Europe. For U.S. markets, the most direct impact of the conflict was an increase in commodity prices, fueling higher energy and food costs for consumers. As fears subsided that the conflict would expand beyond the Ukrainian border, markets calmed, but the effects of higher commodity prices persisted. Europe is facing winter with reduced natural gas supplies from Russia, and U.S. inflation increased as these higher prices were passed through to consumers.

For the past year, inflation has been well above the U.S. Federal Reserve's (Fed) 2% target, averaging nearly 6% in 2022. Hopeful that inflation would drift towards 2% as pandemic effects subsided, the Fed and markets were initially sanguine regarding the amount of rate increases that would be needed over the coming months. As the inflation data remained high and increasingly persistent, expectations of Fed rate hikes increased substantially. Through 2022, the Fed raised interest rates by 4.25%, which is expected to reach nearly 5% in early 2023. U.S. Treasury yields have risen sharply, reaching the highest levels since the 2008 financial crisis and inverting yield curves to levels not seen since the 1980s. For many bond market indices, 2022 is the worst year on record amid substantial price declines.

Increasingly tight monetary policy and slowing growth have been headwinds for risk assets. Equities ended the year down and credit spreads widened from the beginning of 2022. Recession risk has increased and markets are facing a very uncertain and likely volatile period ahead. Broadly, economic data continues to indicate that tighter financial conditions are having the desired effect of slowing the economy, which is necessary to reduce inflation back into a normal range.

The labor market will continue to be the key factor for the overall outlook as it impacts consumer spending, the largest component of the economy. While other economic indicators show weakness, job gains and wages have remained solid, supporting spending. Higher consumer income, along with accumulated savings from pandemic-era programs, have enabled consumers to maintain solid levels of spending. However, as existing savings are spent and the effect of tighter financial conditions lead to a weaker job market, the risk is to the downside.

Thus far, there are only tentative signs of weakening in the labor market. Monthly nonfarm payroll growth has slowed to a more sustainable pace, but still indicates healthy growth. Job openings have declined, but remain plentiful when compared to the number of unemployed people. Similarly, wage growth, is showing signs of declining, but remains at the higher end of recent ranges. If this persists and the labor market is able to achieve balance without significant job losses, there is a high likelihood that a recession will be shallow and short-lived.

Business spending rebounded somewhat in the third quarter, but forward-looking data indicates further softening and represents another downside risk. The downshift in global growth has negatively impacted demand and various surveys of business confidence

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited) (Continued)

have fallen sharply over the past several months. Importantly, inventories are plentiful and supply chains have largely normalized, contributing to reduced inflation pressures from this sector of the economy.

An improvement in the inflation picture was a key driver of markets at the end of 2022, and will remain crucially important into 2023. In the fourth quarter 2022, inflation data decelerated notably, driven by declining commodity and other goods prices. Services inflation remained strong, but forward-looking data indicates it will also move lower in mid-2023. Along with slower growth, the improvement in inflation data allowed the Fed to downshift to a 0.50% rate increase in December. Further progress is needed to confidently say that inflation is heading back to 2.0%, but we believe recent optimism is justified and expect inflation to drift lower in 2023. For their part, we believe the Fed will continue to indicate tighter policy as inflation will remain well above target for the next several months. However, in our view, the path of policy priced into markets is appropriate and slower growth/lower inflation will put downward pressure on rates in 2023.

Credit spreads across sectors and quality ranges are generally in the 50-60 percentile relative to history after the recovery late in the quarter. Credit spreads reflect some uncertainty, but are not indicating significant concern of an imminent or deep recession. If the economy slows more/faster than expected, credit spreads are likely to widen. However, if a soft landing is achieved or a recession is shallow, the current level of spreads is attractive. As a result, we believe current valuations support a modest overweight to risk in portfolios.

#### Portfolio Review
The Fund's risk overweight was the biggest detractor to returns over the past year. 2022 was a difficult period for risk assets as tighter monetary policy and a slowing economy resulted in widening credit spreads. From an allocation perspective, the Fund's overweight to emerging markets debt was the primary detractor to performance. Security selection was a slight negative, primarily driven by the investment grade corporate allocation. Additionally, the Fund has slightly underperformed the benchmark amid wider credit spreads.

Credit spreads widened in mid-2022 to reflect the increased uncertainty and recession risk associated with tightening Fed policy. We judged the level of credit spreads as attractive to add a modest amount of risk in the Fund. Increases to investment grade credit and securitized products were additions to higher quality sectors, in recognition that uncertainty was likely to remain high for much of 2022.

At the end of December 2022, the Fund was positioned with a slightly longer duration position than the benchmark, focused on the long end of the yield curve. For the year, duration was a slight detractor to returns. In early 2022, the Fund's tactical duration positioning was a positive for performance. As rates increased in early 2022, the Fund benefitted a bias to short duration. In mid-2022, the Fund was slightly longer duration versus the benchmark. As interest rates rose further, performance was negatively impacted.

For the 12-month period, yield curve positioning positively affected performance. The yield curve was in a strong flattening trend for the first several months of the year, and the Fund was positioned to benefit from that trend. As the yield curve reached inversion levels not seen since the 1980s, the Fund moved to a neutral/steepening bias in mid/late 2022. At the end of December 2022, the Fund's yield curve positioning was mostly neutral relative to the benchmark, but with a bias to benefit from a steepening curve.

#### Outlook and Conclusion
In the near-term, risks remain focused on the evolution of the labor market and inflation. Overall growth slowed to below-trend pace, but expected softening in job growth is a downside risk over the coming months. Inflation declined from recent highs, a welcome signal for markets. However, further deceleration is needed throughout 2023 to move inflation back toward 2.0 percent. The Fed aggressively raised rates to combat inflation and we believe will continue to indicate restrictive policy until it sees a string of data that confirms a lower inflation trajectory. We believe slowing growth and tight monetary policy represents the biggest risk to markets, but we do not believe a hard recession is necessary to control inflation. As our view of the economy and monetary policy changes, we will adjust positioning as these risks evolve.

The Fund's sector positioning at the end of the period reflects our overall positive outlook on valuations, attractive relative value, and opportunities within each sector. Primary risk exposures include:

• The Fund remains overweight to Investment Grade Credit (IG). Within the IG allocation, risk was increased during the end of the period as spread widening in October 2022 provided an opportunity to add to 10 year bank debt and BBB cyclicals. We still see value in non-cyclical sectors such as Utilities, Health Care, and Food/beverage while selectively adding financials and BBB cyclicals such as Technology and Paper/packaging.

• Securitized Products remain an overweight exposure relative to the benchmark. High-quality Commercial Mortgage-Backed Securities (CMBS) remains an attractive relative value opportunity to other credit sectors. We continue to favor non-agency

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Management's Discussion of Fund Performance (Unaudited) (Continued)

exposure and are positioned appropriately with overweight exposure to non-Agency Residential Mortgage-Backed Securities (RMBS), Asset-Backed Securities (ABS), and CMBS.

• The overweight allocation to Emerging Markets Debt (EMD) was increased slightly during the period. We think valuations are attractive, especially in the High Yield portion of the market. EMD spreads recovered sharply in the period, but the High Yield portion of the market spreads finished the quarter near the 80 percentile relative to history. Latin America remains the largest regional exposure within the sector.

Finally, in terms of the Fund's interest rate and yield curve positioning, we are positioning the Fund with a slight long duration, focused in the long end of the curve. We believe the current level of rates reflects an appropriate amount of Fed tightening, and that the growth and inflation outlook may trend interest rates lower over the next several months.

We believe valuations are generally fair given the macro environment and potential risks. If conditions are stable to improving, we believe the Fund is positioned well to benefit from the additional yield relative to the benchmark and potential price appreciation from spread tightening. If volatility continues and economic growth deteriorates more than expected, the Fund can add positions opportunistically if risk assets experience weakness. Additionally, we believe positive security selection can benefit in many different market environments.

#### Comparison of the Change in Value of a $10,000 Investment in the Touchstone Bond Fund Class I and the Bloomberg U.S. Aggregate Bond Index
![](tm237590d1anulrpti004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Touchstone Bond Fund** | **1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;&nbsp;Class I | -13.85% | &nbsp;&nbsp;0.24% | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Class SC\* | -13.90% | &nbsp;&nbsp;0.08% | &nbsp;&nbsp;0.57% |
| **Bloomberg U.S. Aggregate Bond Index** | -13.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.06% |

---

*\** *The chart above represents performance of Class I shares only, which will vary from the performance of Class SC shares based on the differences in fees paid by shareholders in the different classes. The inception date of Class SC shares was July 10, 2019. Class SC shares performance was calculated using the historical performance of Class I shares for the periods prior to July 10, 2019. The returns have been restated for fees applicable to Class SC shares.* 

*Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.*

#### Note to Chart
*Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years.*

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Management's Discussion of Fund Performance (Unaudited)

#### Touchstone Common Stock Fund

#### Sub-Advised by Fort Washington Investment Advisors, Inc.

#### Investment Philosophy
The Touchstone Common Stock Fund (the "Fund") seeks to provide investors with capital appreciation. The Fund invests at least 80 percent of its assets in large capitalization equity securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc., seeks to invest in companies that are trading below what is believed to be the estimate of the companies' 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). Fort Washington believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

#### Fund Performance
The Fund (Class I Shares) outperformed its benchmark, the S&P 500<sup>®</sup> Index, for the 12-month period ended December 31, 2022. The Fund's total return was -17.66 percent while the benchmark's total return was -18.11 percent.

#### Market Environment
U.S. equities declined during the period as high inflation readings prompted significantly restrictive policy measures and investors considered the looming possibility of an economic slowdown. The worst performing sectors for the index were Communication Services, Consumer Discretionary, and Information Technology. The best performing sectors for the index were Consumer Staples, Health Care, and Industrials sectors.

#### Portfolio Review
Within the Fund's portfolio, the sectors where holdings outperformed relative to the benchmark include Energy, Industrials, and Health Care. Sectors that lagged relative to the benchmark include Real Estate, Communication Services, and Materials. Stock selection contributed to performance for the period. Sector allocation detracted primarily due to an overweight to Communication Services and an underweight to Energy.

At the holding level, the three largest contributors were Schlumberger Limited (Energy) ("Schlumberger"), Hubbell Incorporated (Industrials) ("Hubbell"), and Raytheon Technologies Corp. (Industrials) ("Raytheon"). Schlumberger outperformed as the company benefited from international oil and gas companies mobilizing rigs to capitalize on tight supply. Hubbell shares outperformed primarily due to strong earnings results re-affirming that the company is a beneficiary of the need to improve the grid with the global energy transition. Raytheon shares outperformed on expectations of elevated defense spending in response to geopolitical tensions.

The three largest detractors for the period included Meta Platforms Inc. (Communication Services) ("Meta"), Salesforce Inc. (Information Technology) ("Salesforce"), and Jones Lang LaSalle Inc. (Real Estate) ("Jones Lang LaSalle"). Meta underperformed primarily due to mixed quarterly results during the period, higher than expected investments in the meta and reels segments, and headlines regarding potential data protection regulatory challenges in Europe. Salesforce shares underperformed primarily due to concerns around macroeconomic headwinds expanding the length of their sales cycle and reducing deal sizes. Jones Lang Lasalle shares underperformed primarily due to rising rates and slower economic growth challenging the company's brokerage segment.

Investments made in international companies, which comprised 2.4% of the Fund's assets at the end of the period, outperformed the benchmark.

#### Outlook and Conclusion
Despite the fourth quarter 2022 rally in equities, the path for a soft landing remains narrow and we continue to see indications of the slowdown we thought was likely in the back half of 2022 and into 2023 mainly due to the lag effects of higher interest rates and higher prices. The labor market and consumer spending have been resilient buoyed by elevated pandemic savings. But with sustained tight financial conditions, we see additional downside risk to growth.

Based on our outlook, the investment team has been mitigating risk through a combination of long standing elements of our process and gradual shifts in portfolio positioning. Several components of our investment process help mitigate the impact of higher inflation and interest rates. First, focusing on barriers to entry in fundamental analysis, specifically businesses with pricing power, is especially important today as companies look to pass on cost pressures. Second, consistently using conservative discount rates provides a cushion as rates rise. Last, prioritizing a margin of safety with each holding provides additional risk mitigation for challenging market environments. Additionally, since early 2021, the Fund has been gradually reducing risk in the portfolio in terms of both sector weights and exposures within sectors. For example, sector weights in Consumer Discretionary and

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited) (Continued)

Communication Services have decreased while the Consumer Staples weight and the cash position have increased. Within sectors, we have also taken opportunities to swap out of positions in favor of new positions that come with some combination of fundamental risk reduction and higher margin of safety in valuation.

At the end of the period, the Fund continued to emphasize businesses with higher barriers to entry and returns on capital. Consistent with the past several quarters, portfolio positioning is fairly defensive while we look for opportunities that fit our framework through the volatility. We believe this risk posture combined with continued disciplined execution of our process will benefit the portfolio going forward.

#### Comparison of the Change in Value of a $10,000 Investment in the Touchstone Common Stock Fund Class I and the S&P 500® Index
![](tm237590d1anulrpti005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Touchstone Common Stock Fund** | **1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;&nbsp;Class I | -17.66% | &nbsp;&nbsp;9.01% | &nbsp;&nbsp;11.73% |
| &nbsp;&nbsp;&nbsp;Class SC\* | -17.79% | &nbsp;&nbsp;8.76% | &nbsp;&nbsp;11.41% |
| **S&P 500® Index** | -18.11% | &nbsp;&nbsp;9.42% | &nbsp;&nbsp;12.56% |

---

*\** *The chart above represents performance of Class I shares only, which will vary from the performance of Class SC shares based on the differences in fees paid by shareholders in the different classes. The inception date of Class SC shares was July 10, 2019. Class SC shares performance was calculated using the historical performance of Class I shares for the periods prior to July 10, 2019. The returns have been restated for fees applicable to Class SC shares.* 

*Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.*

#### Note to Chart
*S&P 500® Index is a group of 500 widely held stocks and is commonly regarded to be representative of the large capitalization stock universe.*

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Management's Discussion of Fund Performance (Unaudited)

#### Touchstone Small Company Fund

#### Sub-Advised by Fort Washington Investment Advisors, Inc.

#### Investment Philosophy
The Touchstone Small Company Fund (the "Fund") seeks to provide investors with growth of capital by investing primarily in common stocks of small companies that the sub-adviser believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued.

#### Fund Performance
The Fund outperformed its benchmark, the Russell 2000<sup>®</sup> Index, for the 12-month period ended December 31, 2022. The Fund's total return was -14.44 percent while the return of the benchmark was -20.44 percent.

#### Market Environment
The Russell 2000 Index declined for the year ended December 31, 2022. From a sector perspective, Energy was the only positive returning sector. The following sectors were negative but outperformed the overall Index: Utilities; Consumer Staples; Materials; Financials; and Industrials. The following sectors underperformed the overall Index: Communication Services; Information Technology; Consumer Discretionary; Health Care; and Real Estate.

Economic growth and corporate earnings growth remained positive and resilient in 2022, with corporate earnings posting a record year in 2022. However, valuations contracted meaningfully, driving the vast majority of the equity price decline. We believe equity valuation contracted for two primary reasons. First, the pandemic, pent-up demand, and unprecedented fiscal and monetary stimulus fueled unsustainable consumer and corporate demand and earnings across several industries in 2020 and 2021, but that demand and earnings began to moderate over the course of 2022. Second, inflationary pressures proved not be transitory, and in reaction the Federal Reserve aggressive tightened monetary policy faster and higher than anticipated. Moderating demand, higher costs, and higher rates result in an uncertain corporate earnings outlook entering 2023.

#### Portfolio Review
The Fund's stock selection within Information Technology, Health Care, and Industrials were the primary drivers of outperformance. The Fund's bottom three performing sectors were Energy, Consumer Discretionary, and Utilities. Sector allocation, primarily the underweight allocation to the outperforming Energy sector, was the driver of underperformance.

Among the Fund's top performing stocks were Box Inc. ("Box"), a leading Software-as-a-Service enterprise content collaboration platform; Clean Harbors Inc. ("Clean Harbors"), North America's leading provider of environmental and industrial services; and Digi International Inc. ("Digi International"), a leading global provider of Internet of Things connectivity products, services, and solutions.

Box outperformed because end market demand has accelerated in a hybrid work environment and new product technology introductions have driven market share gains. The accelerated revenue growth combined with operational improvements in margins and free cash flow generation drove increased future earnings expectations.Clean Harbors executed well to capitalize on robust demand for its services and report significant increases in earnings, as well as increase earnings targets. The pandemic-fueled record demand for Digi International's automated solutions, and a well-timed acquisition improved its future earnings potential.

Among the Fund's bottom performing stocks were Omnicell Inc. ("Omnicell"), the leading provider of automated medication management products and services to health care facilities in the United States; PacWest Bancorp, a regional bank; and Zumiez Inc. ("Zumiez"), a specialty apparel, footwear, accessories, and hard goods retailer.

Omnicell underperformed because after two years of surging demand related to the pandemic and government funding, health care facilities significantly reduced its capital spending plans near-term. This caused a material reduction in product bookings for the company, which we believe will result in lower than expected future earnings. PacWest Bancorp underperformed due to concerns about significant growth in its balance sheet negatively impacting its capital position, particularly if a recession unfolds and drives higher credit losses across the industry. Zumiez underperformed because demand for its products declined in 2022 after record years in 2020 and 2021.

#### Outlook and Conclusion
Pent-up demand and unprecedented fiscal and monetary stimulus over the last three years fueled record corporate earnings in 2021 and 2022. As we look into 2023, the demand tailwinds to corporate earnings are becoming headwinds. Inflationary pressures,

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Management's Discussion of Fund Performance (Unaudited) (Continued)

particularly wage inflation, and higher interest rates are likely to be costly headwinds to corporate earnings as well. Future corporate earnings expectations peaked in May 2022 and have declined for seven consecutive months, though at the end of December we still project 2023 to be a record year.

We believe that earnings drive long-term equity returns, which makes the current return environment uncertain depending on whether we experience a soft or hard landing for corporate earnings. The interesting dynamic this cycle is the unprecedented consumer excess savings/net worth and corporate profits on balance sheets that could cushion the corporate earnings down cycle.

It is encouraging though that small cap equity valuations are only slightly above 20 year lows at 12 times 2023 forecasted earnings, and small cap relative valuations to large cap are below the Great Financial Crisis March 2009 and April 2020 pandemic lows. It appears to us the uncertain corporate earnings outlook has been reflected in small cap equity price trends since the November 2021 small cap equity price peak and in current valuations.

We have favorable views on the long-term earnings outlook for our profitable, higher quality small cap portfolio. We continue to consistently execute our stock selection and portfolio construction process on companies that we believe are positioned favorably across the investment cycle with a high probability of outperformance, while executing our risk management discipline on companies positioned unfavorably for downside protection.

#### Comparison of the Change in Value of a $10,000 Investment in the Touchstone Small Company Fund Class I and the Russell 2000® Index
![](tm237590d1anulrpti006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Touchstone Small Company Fund** | **1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;&nbsp;Class I | -14.44% | &nbsp;&nbsp;7.10% | &nbsp;&nbsp;11.08% |
| **Russell 2000® Index** | -20.44% | &nbsp;&nbsp;4.13% | &nbsp;&nbsp;9.01% |

---

*The inception date of the Fund was November 30, 2000.*

*Performance information does not reflect fees that are paid by the separate accounts through which shares of the Fund are sold. Inclusion of those fees would reduce figures for all periods.*

#### Notes to Chart
*Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe.*

*The Frank Russell Company (FRC) is the source and owner of the Russell 2000® Index data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.*

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Tabular Presentation of Portfolios of Investments (Unaudited)

December 31, 2022

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

#### Touchstone Balanced Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** | &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** |
| &nbsp;&nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;41.9% |
| &nbsp;&nbsp;&nbsp;AA/Aa | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;&nbsp;A/A | &nbsp;&nbsp;15.6 |
| &nbsp;&nbsp;&nbsp;BBB/Baa | &nbsp;&nbsp;35.4 |
| &nbsp;&nbsp;&nbsp;BB/Ba | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;18.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;17.0 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;&nbsp;U.S. Government Mortgage-Backed Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;&nbsp;Sovereign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

#### Touchstone Bond Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** | &nbsp;&nbsp;&nbsp;&nbsp;**Credit Quality\*(% of Fixed Income Securities)** |
| &nbsp;&nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;45.3% |
| &nbsp;&nbsp;&nbsp;AA/Aa | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;&nbsp;A/A | &nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;&nbsp;BBB/Baa | &nbsp;&nbsp;29.7 |
| &nbsp;&nbsp;&nbsp;BB/Ba | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;&nbsp;B/B | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;CC | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;&nbsp;Cash Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;Total | 100.0% |

---

#### Touchstone Common Stock Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;28.8% |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;18.7 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

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

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

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

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

#### Touchstone Small Company Fund

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector Allocation\*(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;21.2% |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;17.8 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;16.2 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;15.7 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;Other Assets/Liabilities (Net) | &nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.0% |

---

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

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Portfolio of Investments

Touchstone Balanced Fund – December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 65.1%** |  |
|  | &nbsp;&nbsp;**Information Technology — 18.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;17617 | &nbsp;&nbsp;Apple, Inc. | $2288977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 615266 |
| &nbsp;&nbsp;&nbsp;&nbsp;12059 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 2891989 |
| &nbsp;&nbsp;&nbsp;&nbsp;10755 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 879114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;PayPal Holdings, Inc.\* | &nbsp;&nbsp; 311231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910 | &nbsp;&nbsp;Salesforce, Inc.\* | &nbsp;&nbsp; 651017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8036 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 418354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 846257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 928272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 467855 |
|  |  | &nbsp;&nbsp;10298332 |
|  | &nbsp;&nbsp;**Health Care — 12.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp; 859206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 833612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9899 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 712233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 854738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 1345013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 597123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 1497758 |
|  |  | &nbsp;&nbsp; 6699683 |
|  | &nbsp;&nbsp;**Financials — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;28524 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 944715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 1732002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 1114611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;Markel Corp.\* | &nbsp;&nbsp; 657428 |
|  |  | &nbsp;&nbsp; 4448756 |
|  | &nbsp;&nbsp;**Communication Services — 7.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;19179 | &nbsp;&nbsp;Alphabet, Inc. - Class C\* | &nbsp;&nbsp; 1701753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870 | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 181707 |
| &nbsp;&nbsp;&nbsp;&nbsp;15413 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 538992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 | &nbsp;&nbsp;Fox Corp. - Class A | &nbsp;&nbsp; 112187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A\* | &nbsp;&nbsp; 749718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 406050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;Walt Disney Co. (The)\* | &nbsp;&nbsp; 273759 |
|  |  | &nbsp;&nbsp; 3964166 |
|  | &nbsp;&nbsp;**Industrials — 5.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 565755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 303562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 193638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 755904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476 | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp; 956318 |
| &nbsp;&nbsp;&nbsp;&nbsp;12061 | &nbsp;&nbsp;Southwest Airlines Co.\* | &nbsp;&nbsp; 406094 |
|  |  | &nbsp;&nbsp; 3181271 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 262656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;Alibaba Group Holding Ltd. (China) ADR\* | &nbsp;&nbsp; 246035 |
| &nbsp;&nbsp;&nbsp;&nbsp;14620 | &nbsp;&nbsp;Amazon.com, Inc.\* | &nbsp;&nbsp; 1228080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 486486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 474871 |
|  |  | &nbsp;&nbsp; 2698128 |
|  | &nbsp;&nbsp;**Energy — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10485 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 1156496 |
| &nbsp;&nbsp;&nbsp;&nbsp;11589 | &nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp; 619548 |
|  |  | &nbsp;&nbsp; 1776044 |
|  | &nbsp;&nbsp;**Consumer Staples — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 851329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8556 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 865953 |
|  |  | &nbsp;&nbsp; 1717282 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Materials — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;DuPont de Nemours, Inc. | $638053 |
|  | &nbsp;&nbsp;**Real Estate — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 382169 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $35803884 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.0%** |  |
|  | &nbsp;&nbsp;**Financials — 5.6%** |  |
| $150000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | &nbsp;&nbsp; 131321 |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | &nbsp;&nbsp; 83660 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;American Express Co., 2.250%, 3/4/25 | &nbsp;&nbsp; 69881 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Ares Capital Corp., 3.250%, 7/15/25 | &nbsp;&nbsp; 103142 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 65043 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 75992 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 82904 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 83209 |
| &nbsp;&nbsp; 70000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 62833 |
| &nbsp;&nbsp; 142000 | &nbsp;&nbsp;Charles Schwab Corp. (The), 1.150%, 5/13/26 | &nbsp;&nbsp; 126327 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;Charles Schwab Corp. (The), 5.000%<sup>(A)</sup> | &nbsp;&nbsp; 56606 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;Citigroup, Inc., 0.981%, 5/1/25 | &nbsp;&nbsp; 119808 |
| &nbsp;&nbsp; 77000 | &nbsp;&nbsp;Citigroup, Inc., 3.200%, 10/21/26 | &nbsp;&nbsp; 71314 |
| &nbsp;&nbsp; 149000 | &nbsp;&nbsp;Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.176%, 2/15/27<sup>(B)</sup> | &nbsp;&nbsp; 138780 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 97362 |
| &nbsp;&nbsp; 105000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | &nbsp;&nbsp; 97715 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 51096 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Huntington Bancshares, Inc., 2.550%, 2/4/30 | &nbsp;&nbsp; 103938 |
| &nbsp;&nbsp; 128000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 105773 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 90906 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.717%, 9/14/33 | &nbsp;&nbsp; 64901 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | &nbsp;&nbsp; 180401 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 90224 |
| &nbsp;&nbsp; 109000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 103112 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Morgan Stanley, 5.297%, 4/20/37 | &nbsp;&nbsp; 60544 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;Northern Trust Corp., 6.125%, 11/2/32 | &nbsp;&nbsp; 80402 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 86827 |
| &nbsp;&nbsp; 121000 | &nbsp;&nbsp;PNC Capital Trust, (3M LIBOR +0.570%), 5.331%, 6/1/28<sup>(B)</sup> | &nbsp;&nbsp; 111548 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Prudential Financial, Inc., 5.125%, 3/1/52 | &nbsp;&nbsp; 83720 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;Toronto-Dominion Bank (The) (Canada), MTN, 1.150%, 6/12/25 | &nbsp;&nbsp; 109465 |
| &nbsp;&nbsp; 185000 | &nbsp;&nbsp;Truist Bank, Ser A, (3M LIBOR +0.670%), 5.320%, 5/15/27<sup>(B)</sup> | &nbsp;&nbsp; 171445 |
| &nbsp;&nbsp; 22000 | &nbsp;&nbsp;Truist Financial Corp., MTN, 2.850%, 10/26/24 | &nbsp;&nbsp; 21223 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 81872 |
|  |  | &nbsp;&nbsp; 3063294 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 1.9%** |  |
| &nbsp;&nbsp; 101000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 77206 |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | &nbsp;&nbsp; 123328 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Brunswick Corp., 4.400%, 9/15/32 | &nbsp;&nbsp; 69458 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Ford Motor Co., 3.250%, 2/12/32 | &nbsp;&nbsp; 45003 |
| &nbsp;&nbsp; 105000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 82565 |
| &nbsp;&nbsp; 56000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 5.650%, 1/17/29 | &nbsp;&nbsp; 55065 |
| &nbsp;&nbsp; 59000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 64401 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 2.650%, 2/10/25 | &nbsp;&nbsp; 88452 |
| &nbsp;&nbsp; 33000 | &nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | &nbsp;&nbsp; 23260 |
| &nbsp;&nbsp; 113000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | &nbsp;&nbsp; 108584 |
| &nbsp;&nbsp; 41000 | &nbsp;&nbsp;Procter & Gamble Co. (The), 1.200%, 10/29/30 | &nbsp;&nbsp; 32272 |

---

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Corporate Bonds — 17.0% (Continued)** |  |
|  | &nbsp;&nbsp;**Consumer Discretionary — (Continued)** |  |
| $110000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | $94028 |
| &nbsp;&nbsp; 95000 | &nbsp;&nbsp;Walmart, Inc., 2.850%, 7/8/24 | &nbsp;&nbsp; 92375 |
| &nbsp;&nbsp; 58000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | &nbsp;&nbsp; 47842 |
| &nbsp;&nbsp; 58000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | &nbsp;&nbsp; 42370 |
|  |  | &nbsp;&nbsp; 1046209 |
|  | &nbsp;&nbsp;**Industrials — 1.8%** |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 81521 |
| &nbsp;&nbsp; 53000 | &nbsp;&nbsp;Boeing Co. (The), 5.805%, 5/1/50 | &nbsp;&nbsp; 49345 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 85220 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Carrier Global Corp., 3.577%, 4/5/50 | &nbsp;&nbsp; 38774 |
| &nbsp;&nbsp; 118000 | &nbsp;&nbsp;CNH Industrial Capital LLC, 1.450%, 7/15/26 | &nbsp;&nbsp; 104253 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;FedEx Corp., 5.100%, 1/15/44 | &nbsp;&nbsp; 83822 |
| &nbsp;&nbsp; 99000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 2.450%, 1/9/30 | &nbsp;&nbsp; 85533 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;Mohawk Industries, Inc., 3.625%, 5/15/30 | &nbsp;&nbsp; 76031 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 74818 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;Parker-Hannifin Corp., 4.250%, 9/15/27 | &nbsp;&nbsp; 93248 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;Roper Technologies, Inc., 2.950%, 9/15/29 | &nbsp;&nbsp; 61662 |
| &nbsp;&nbsp; 52000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 58780 |
| &nbsp;&nbsp; 117000 | &nbsp;&nbsp;Xylem, Inc., 1.950%, 1/30/28 | &nbsp;&nbsp; 100633 |
|  |  | &nbsp;&nbsp; 993640 |
|  | &nbsp;&nbsp;**Energy — 1.3%** |  |
| &nbsp;&nbsp; 78000 | &nbsp;&nbsp;Boardwalk Pipelines LP, 4.800%, 5/3/29 | &nbsp;&nbsp; 73585 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | &nbsp;&nbsp; 64630 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | &nbsp;&nbsp; 67714 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Cheniere Energy, Inc., 4.625%, 10/15/28 | &nbsp;&nbsp; 101240 |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;Continental Resources, Inc., 144a, 5.750%, 1/15/31 | &nbsp;&nbsp; 55871 |
| &nbsp;&nbsp; 115000 | &nbsp;&nbsp;Energy Transfer LP, 4.150%, 9/15/29 | &nbsp;&nbsp; 104150 |
| &nbsp;&nbsp; 66000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | &nbsp;&nbsp; 63925 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;MPLX LP, 4.950%, 3/14/52 | &nbsp;&nbsp; 55109 |
| &nbsp;&nbsp; 81000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 84625 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Sabine Pass Liquefaction LLC, 5.000%, 3/15/27 | &nbsp;&nbsp; 19634 |
|  |  | &nbsp;&nbsp; 690483 |
|  | &nbsp;&nbsp;**Utilities — 1.3%** |  |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 76982 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 62012 |
| &nbsp;&nbsp; 72000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 66909 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | &nbsp;&nbsp; 76729 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 68286 |
| &nbsp;&nbsp; 126000 | &nbsp;&nbsp;Pacific Gas and Electric Co., 3.500%, 8/1/50 | &nbsp;&nbsp; 79622 |
| &nbsp;&nbsp; 89000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 90869 |
| &nbsp;&nbsp; 199000 | &nbsp;&nbsp;WEC Energy Group, Inc., (3M LIBOR +2.112%), 6.719%, 5/15/67<sup>(B)</sup> | &nbsp;&nbsp; 166472 |
|  |  | &nbsp;&nbsp; 687881 |
|  | &nbsp;&nbsp;**Information Technology — 1.2%** |  |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 63514 |
| &nbsp;&nbsp; 116000 | &nbsp;&nbsp;Broadcom, Inc., 4.150%, 11/15/30 | &nbsp;&nbsp; 104087 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;Microchip Technology, Inc., 0.983%, 9/1/24 | &nbsp;&nbsp; 103754 |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 40706 |
| &nbsp;&nbsp; 20000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 20385 |
| &nbsp;&nbsp; 49000 | &nbsp;&nbsp;Microsoft Corp., 3.500%, 2/12/35 | &nbsp;&nbsp; 44510 |
| &nbsp;&nbsp; 90000 | &nbsp;&nbsp;NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | &nbsp;&nbsp; 89578 |
| &nbsp;&nbsp; 46000 | &nbsp;&nbsp;Oracle Corp., 2.650%, 7/15/26 | &nbsp;&nbsp; 42331 |
| &nbsp;&nbsp; 32000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 23786 |
| &nbsp;&nbsp; 24000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 21119 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Visa, Inc., 4.150%, 12/14/35 | &nbsp;&nbsp; 61601 |
| &nbsp;&nbsp; 71000 | &nbsp;&nbsp;VMware, Inc., 1.400%, 8/15/26 | &nbsp;&nbsp; 61972 |
|  |  | &nbsp;&nbsp; 677343 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Health Care — 1.2%** |  |
| $84000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | $72650 |
| &nbsp;&nbsp; 67000 | &nbsp;&nbsp;Becton Dickinson and Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 60121 |
| &nbsp;&nbsp; 86000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 67452 |
| &nbsp;&nbsp; 73000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 66239 |
| &nbsp;&nbsp; 104000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 83617 |
| &nbsp;&nbsp; 88000 | &nbsp;&nbsp;HCA, Inc., 5.375%, 9/1/26 | &nbsp;&nbsp; 87100 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;Johnson & Johnson, 2.900%, 1/15/28 | &nbsp;&nbsp; 42002 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Mylan, Inc., 4.550%, 4/15/28 | &nbsp;&nbsp; 86298 |
| &nbsp;&nbsp; 107000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 87909 |
|  |  | &nbsp;&nbsp; 653388 |
|  | &nbsp;&nbsp;**Real Estate — 1.1%** |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Crown Castle International Corp. REIT, 3.650%, 9/1/27 | &nbsp;&nbsp; 93032 |
| &nbsp;&nbsp; 84000 | &nbsp;&nbsp;Equinix, Inc. REIT, 2.900%, 11/18/26 | &nbsp;&nbsp; 76833 |
| &nbsp;&nbsp; 122000 | &nbsp;&nbsp;Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | &nbsp;&nbsp; 117045 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 82518 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 70529 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | &nbsp;&nbsp; 96305 |
| &nbsp;&nbsp; 37000 | &nbsp;&nbsp;STORE Capital Corp. REIT, 4.500%, 3/15/28 | &nbsp;&nbsp; 33426 |
| &nbsp;&nbsp; 63000 | &nbsp;&nbsp;STORE Capital Corp. REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 56610 |
|  |  | &nbsp;&nbsp; 626298 |
|  | &nbsp;&nbsp;**Communication Services — 0.8%** |  |
| &nbsp;&nbsp; 54000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 49173 |
| &nbsp;&nbsp; 79000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 71545 |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 59150 |
| &nbsp;&nbsp; 76000 | &nbsp;&nbsp;Netflix, Inc., 6.375%, 5/15/29 | &nbsp;&nbsp; 78226 |
| &nbsp;&nbsp; 51000 | &nbsp;&nbsp;Paramount Global, 4.950%, 5/19/50 | &nbsp;&nbsp; 37340 |
| &nbsp;&nbsp; 118000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 107169 |
| &nbsp;&nbsp; 98000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 60189 |
|  |  | &nbsp;&nbsp; 462792 |
|  | &nbsp;&nbsp;**Consumer Staples — 0.5%** |  |
| &nbsp;&nbsp; 74000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 67824 |
| &nbsp;&nbsp; 64000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 58390 |
| &nbsp;&nbsp; 96000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.875%, 4/1/39 | &nbsp;&nbsp; 81902 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;PepsiCo, Inc., 1.625%, 5/1/30 | &nbsp;&nbsp; 44972 |
| &nbsp;&nbsp; 65000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 46265 |
|  |  | &nbsp;&nbsp; 299353 |
|  | &nbsp;&nbsp;**Materials — 0.3%** |  |
| &nbsp;&nbsp; 90000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.165%, 7/15/27 | &nbsp;&nbsp; 88898 |
| &nbsp;&nbsp; 83000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 70180 |
|  |  | &nbsp;&nbsp; 159078 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp; $9359759 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 6.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 6.2%** |
| &nbsp;&nbsp; 240872 | &nbsp;&nbsp;U.S. Treasury Bond, 0.125%, 2/15/52 | &nbsp;&nbsp; 155974 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.750%, 8/15/41 | &nbsp;&nbsp; 172353 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 404375 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.000%, 11/15/42 | &nbsp;&nbsp; 344914 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.000%, 11/15/52 | &nbsp;&nbsp; 176805 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;U.S. Treasury Note, 4.125%, 11/15/32 | &nbsp;&nbsp; 46090 |
| &nbsp;&nbsp;2120000 | &nbsp;&nbsp;U.S. Treasury Note, 4.375%, 10/31/24 | &nbsp;&nbsp; 2114948 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | &nbsp;&nbsp; $3415459 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 3.8%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 3.8%** |
| &nbsp;&nbsp; 103752 | &nbsp;&nbsp;FHLMC, Pool #G05624, 4.500%, 9/1/39 | &nbsp;&nbsp; 103034 |
| &nbsp;&nbsp; 73239 | &nbsp;&nbsp;FHLMC, Pool #Q29260, 4.000%, 10/1/44 | &nbsp;&nbsp; 70318 |
| &nbsp;&nbsp; 304091 | &nbsp;&nbsp;FHLMC REMIC, Pool #QE9228, 4.500%, 9/1/52 | &nbsp;&nbsp; 293154 |
| &nbsp;&nbsp; 311501 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1436, 4.500%, 8/1/52 | &nbsp;&nbsp; 300370 |
| &nbsp;&nbsp; 305627 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1515, 4.500%, 8/1/52 | &nbsp;&nbsp; 294686 |

---

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Touchstone Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 3.8%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 3.8%<br> (Continued)** |
| $294744 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1620, 5.000%, 9/1/52 | $290850 |
| &nbsp;&nbsp; 313130 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD1638, 5.000%, 9/1/52 | &nbsp;&nbsp; 308993 |
| &nbsp;&nbsp; 45175 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 46606 |
| &nbsp;&nbsp; 40647 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 41969 |
| &nbsp;&nbsp; 8601 | &nbsp;&nbsp;FNMA, Pool #890310, 4.500%, 12/1/40 | &nbsp;&nbsp; 8535 |
| &nbsp;&nbsp; 30358 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 30768 |
| &nbsp;&nbsp; 301421 | &nbsp;&nbsp;FNMA, Pool #FS2906, 5.000%, 9/1/52 | &nbsp;&nbsp; 297489 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | &nbsp;&nbsp; $2086772 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 3.7%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 3.7%** |
| &nbsp;&nbsp; 60000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 50255 |
| &nbsp;&nbsp; 145000 | &nbsp;&nbsp;BANK, Ser 2021-BN36, Class A5, 2.470%, 9/15/64 | &nbsp;&nbsp; 118575 |
| &nbsp;&nbsp; 280000 | &nbsp;&nbsp;BANK, Ser 2021-BN37, Class A5, 2.618%, 11/15/64<sup>(B)(C)</sup> | &nbsp;&nbsp; 231262 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | &nbsp;&nbsp; 63494 |
| &nbsp;&nbsp; 55000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | &nbsp;&nbsp; 44461 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | &nbsp;&nbsp; 137025 |
| &nbsp;&nbsp; 45000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55<sup>(B)(C)</sup> | &nbsp;&nbsp; 38092 |
| &nbsp;&nbsp; 140000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2022-C16, Class A5, 4.600%, 6/15/55<sup>(B)(C)</sup> | &nbsp;&nbsp; 135126 |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2018-B8, Class A5, 4.232%, 1/15/52 | &nbsp;&nbsp; 152891 |
| &nbsp;&nbsp; 255000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 215762 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-DC1, Class A5, 3.350%, 2/10/48 | &nbsp;&nbsp; 76195 |
| &nbsp;&nbsp; 80000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 66210 |
| &nbsp;&nbsp; 235000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2016-JP2, Class A4, 2.822%, 8/15/49 | &nbsp;&nbsp; 214664 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 156844 |
| &nbsp;&nbsp; 75000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | &nbsp;&nbsp; 70786 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C51, Class A4, 3.311%, 6/15/52 | &nbsp;&nbsp; 151441 |
| &nbsp;&nbsp; 145000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 126673 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp; $2049756 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14788 | &nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 1250917.0 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 0.3%** | &nbsp;&nbsp;**Sovereign Government Obligations — 0.3%** |
| $146000 | &nbsp;&nbsp;Peruvian Government International Bond, 2.780%, 12/1/60 | &nbsp;&nbsp; 84640 |
| &nbsp;&nbsp; 62000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.750%, 11/16/32 | &nbsp;&nbsp; 65975 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; $150615 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Preferred Stocks — 0.0%** |  |
|  | &nbsp;&nbsp;**Financials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;US Bancorp, Ser L, 3.750%<sup>(A)</sup> | &nbsp;&nbsp; 4386 |
|  | &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4386 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;832815 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | $832815 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.9%<br> (Cost $54,670,213)** | $54954363 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.1%** | &nbsp;&nbsp; 36295 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $54990658 |

---

---

| | |
|:---|:---|
| *(A)* | *Perpetual Bond - A bond or preferred stock with no definite maturity date.* |
| *(B)* | *Variable rate security - Rate reflected is the rate in effect as of December 31, 2022.* |
| *(C)* | *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.* |
| *\** | *Non-income producing security.* |
| *∞* | *Open-End Fund.* |
| *Ω* | *Represents the 7-Day SEC yield as of December 31, 2022.* |

---

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *ADR – American Depositary Receipt* |
| *DAC – Designated Activity Company* |
| *ETF – Exchange-Traded Fund* |
| *FHLMC – Federal Home Loan Mortgage Corporation* |
| *FNMA – Federal National Mortgage Association* |
| *LIBOR – London Interbank Offered Rate* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *USD – United States Dollar* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $964,094 or 1.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$35803884* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | *$—* | *$35803884* |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*9359759* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*9359759* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3415459* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3415459* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2086772* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2086772* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2049756* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*2049756* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*1250917* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1250917* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*150615* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*150615* |
| *Preferred Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4386* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4386* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*832815* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*832815* |
| *Total* | *$37892002* | *$17062361* | *$—* | *$54954363* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Portfolio of Investments

Touchstone Bond Fund – December 31, 2022

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 38.6%** |  |
|  | &nbsp;&nbsp;**Financials — 12.7%** |  |
| $400000 | &nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 2.450%, 10/29/26 | $350189 |
| &nbsp;&nbsp; 319000 | &nbsp;&nbsp;Allstate Corp. (The), Ser B, 5.750%, 8/15/53 | &nbsp;&nbsp; 299860 |
| &nbsp;&nbsp; 280000 | &nbsp;&nbsp;American Express Co., 2.250%, 3/4/25 | &nbsp;&nbsp; 264415 |
| &nbsp;&nbsp; 283000 | &nbsp;&nbsp;Ares Capital Corp., 3.250%, 7/15/25 | &nbsp;&nbsp; 260617 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Bank of America Corp., 2.687%, 4/22/32 | &nbsp;&nbsp; 160600 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Bank of America Corp., 3.705%, 4/24/28 | &nbsp;&nbsp; 231684 |
| &nbsp;&nbsp; 335000 | &nbsp;&nbsp;Bank of Montreal (Canada), 3.803%, 12/15/32 | &nbsp;&nbsp; 295456 |
| &nbsp;&nbsp; 306000 | &nbsp;&nbsp;Bank of New York Mellon Corp. (The), 5.834%, 10/25/33 | &nbsp;&nbsp; 318274 |
| &nbsp;&nbsp; 530000 | &nbsp;&nbsp;Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81 | &nbsp;&nbsp; 386635 |
| &nbsp;&nbsp; 377000 | &nbsp;&nbsp;Barclays PLC (United Kingdom), 2.894%, 11/24/32 | &nbsp;&nbsp; 288239 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;Berkshire Hathaway Finance Corp., 4.250%, 1/15/49 | &nbsp;&nbsp; 157979 |
| &nbsp;&nbsp; 464000 | &nbsp;&nbsp;Charles Schwab Corp. (The), 1.150%, 5/13/26 | &nbsp;&nbsp; 412787 |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;Charles Schwab Corp. (The), 5.000%<sup>(A)</sup> | &nbsp;&nbsp; 209990 |
| &nbsp;&nbsp; 323000 | &nbsp;&nbsp;Citigroup, Inc., 0.981%, 5/1/25 | &nbsp;&nbsp; 302329 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;Citigroup, Inc., 3.200%, 10/21/26 | &nbsp;&nbsp; 208385 |
| &nbsp;&nbsp; 314000 | &nbsp;&nbsp;Citizens Bank NA, 4.575%, 8/9/28 | &nbsp;&nbsp; 303612 |
| &nbsp;&nbsp; 318000 | &nbsp;&nbsp;Cooperatieve Rabobank UA (Netherlands), 144a, 1.106%, 2/24/27 | &nbsp;&nbsp; 278108 |
| &nbsp;&nbsp; 393000 | &nbsp;&nbsp;Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.176%, 2/15/27<sup>(B)</sup> | &nbsp;&nbsp; 366043 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Credit Suisse AG (Switzerland), 3.700%, 2/21/25 | &nbsp;&nbsp; 230680 |
| &nbsp;&nbsp; 352000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32 | &nbsp;&nbsp; 280914 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.615%, 3/15/28 | &nbsp;&nbsp; 474618 |
| &nbsp;&nbsp; 182000 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28 | &nbsp;&nbsp; 169081 |
| &nbsp;&nbsp; 205000 | &nbsp;&nbsp;HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26 | &nbsp;&nbsp; 195473 |
| &nbsp;&nbsp; 349000 | &nbsp;&nbsp;Huntington Bancshares, Inc., 2.550%, 2/4/30 | &nbsp;&nbsp; 287892 |
| &nbsp;&nbsp; 256000 | &nbsp;&nbsp;JPMorgan Chase & Co., 2.956%, 5/13/31 | &nbsp;&nbsp; 211546 |
| &nbsp;&nbsp; 336000 | &nbsp;&nbsp;JPMorgan Chase & Co., 3.509%, 1/23/29 | &nbsp;&nbsp; 305445 |
| &nbsp;&nbsp; 246000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.717%, 9/14/33 | &nbsp;&nbsp; 241902 |
| &nbsp;&nbsp; 343000 | &nbsp;&nbsp;Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28 | &nbsp;&nbsp; 309388 |
| &nbsp;&nbsp; 374000 | &nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | &nbsp;&nbsp; 301284 |
| &nbsp;&nbsp; 311000 | &nbsp;&nbsp;Morgan Stanley, 3.950%, 4/23/27 | &nbsp;&nbsp; 294201 |
| &nbsp;&nbsp; 252000 | &nbsp;&nbsp;Morgan Stanley, 5.297%, 4/20/37 | &nbsp;&nbsp; 231166 |
| &nbsp;&nbsp; 296000 | &nbsp;&nbsp;Northern Trust Corp., 6.125%, 11/2/32 | &nbsp;&nbsp; 313144 |
| &nbsp;&nbsp; 395000 | &nbsp;&nbsp;Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47 | &nbsp;&nbsp; 303510 |
| &nbsp;&nbsp; 326000 | &nbsp;&nbsp;PNC Capital Trust, (3M LIBOR +0.570%), 5.331%, 6/1/28<sup>(B)</sup> | &nbsp;&nbsp; 300534 |
| &nbsp;&nbsp; 345000 | &nbsp;&nbsp;Prudential Financial, Inc., 5.125%, 3/1/52 | &nbsp;&nbsp; 313950 |
| &nbsp;&nbsp; 304000 | &nbsp;&nbsp;Toronto-Dominion Bank (The) (Canada), MTN, 1.150%, 6/12/25 | &nbsp;&nbsp; 277311 |
| &nbsp;&nbsp; 518000 | &nbsp;&nbsp;Truist Bank, Ser A, (3M LIBOR +0.670%), 5.320%, 5/15/27<sup>(B)</sup> | &nbsp;&nbsp; 480047 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;Truist Financial Corp., MTN, 2.850%, 10/26/24 | &nbsp;&nbsp; 202583 |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;US Bancorp, 4.967%, 7/22/33 | &nbsp;&nbsp; 314159 |
|  |  | &nbsp;&nbsp;11134030 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 4.4%** |  |
| &nbsp;&nbsp; 373000 | &nbsp;&nbsp;7-Eleven, Inc., 144a, 1.800%, 2/10/31 | &nbsp;&nbsp; 285126 |
| &nbsp;&nbsp; 464000 | &nbsp;&nbsp;BAT Capital Corp. (United Kingdom), 3.557%, 8/15/27 | &nbsp;&nbsp; 423882 |
| &nbsp;&nbsp; 316000 | &nbsp;&nbsp;Brunswick Corp., 4.400%, 9/15/32 | &nbsp;&nbsp; 267668 |
| &nbsp;&nbsp; 202000 | &nbsp;&nbsp;Ford Motor Co., 3.250%, 2/12/32 | &nbsp;&nbsp; 151510 |
| &nbsp;&nbsp; 505000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 3.100%, 1/12/32 | &nbsp;&nbsp; 397098 |
| &nbsp;&nbsp; 169000 | &nbsp;&nbsp;General Motors Financial Co., Inc., 5.650%, 1/17/29 | &nbsp;&nbsp; 166179 |
| &nbsp;&nbsp; 227000 | &nbsp;&nbsp;Home Depot, Inc. (The), 5.950%, 4/1/41 | &nbsp;&nbsp; 247782 |
| &nbsp;&nbsp; 316000 | &nbsp;&nbsp;Hyundai Capital America, 144a, 2.650%, 2/10/25 | &nbsp;&nbsp; 297348 |
| &nbsp;&nbsp; 227000 | &nbsp;&nbsp;Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27 | &nbsp;&nbsp; 226233 |
| &nbsp;&nbsp; 374000 | &nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 2.500%, 1/15/27 | &nbsp;&nbsp; 327145 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 4.375%, 2/2/52 | &nbsp;&nbsp; 84581 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Consumer Discretionary — (Continued)** |  |
| $308000 | &nbsp;&nbsp;Lowe's Cos., Inc., 4.500%, 4/15/30 | $295963 |
| &nbsp;&nbsp; 92000 | &nbsp;&nbsp;Procter & Gamble Co. (The), 1.200%, 10/29/30 | &nbsp;&nbsp; 72416 |
| &nbsp;&nbsp; 358000 | &nbsp;&nbsp;Toll Brothers Finance Corp., 3.800%, 11/1/29 | &nbsp;&nbsp; 306017 |
| &nbsp;&nbsp; 218000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 144a, 4.279%, 3/15/32 | &nbsp;&nbsp; 179822 |
| &nbsp;&nbsp; 218000 | &nbsp;&nbsp;Warnermedia Holdings, Inc., 144a, 5.141%, 3/15/52 | &nbsp;&nbsp; 159253 |
|  |  | &nbsp;&nbsp; 3888023 |
|  | &nbsp;&nbsp;**Industrials — 3.7%** |  |
| &nbsp;&nbsp; 272000 | &nbsp;&nbsp;Amcor Flexibles North America, Inc., 2.630%, 6/19/30 | &nbsp;&nbsp; 221739 |
| &nbsp;&nbsp; 153000 | &nbsp;&nbsp;Boeing Co. (The), 5.805%, 5/1/50 | &nbsp;&nbsp; 142448 |
| &nbsp;&nbsp; 272000 | &nbsp;&nbsp;Burlington Northern Santa Fe LLC, 5.750%, 5/1/40 | &nbsp;&nbsp; 286170 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Carrier Global Corp., 3.577%, 4/5/50 | &nbsp;&nbsp; 143608 |
| &nbsp;&nbsp; 384000 | &nbsp;&nbsp;CNH Industrial Capital LLC, 1.450%, 7/15/26 | &nbsp;&nbsp; 339264 |
| &nbsp;&nbsp; 340000 | &nbsp;&nbsp;FedEx Corp., 5.100%, 1/15/44 | &nbsp;&nbsp; 303185 |
| &nbsp;&nbsp; 298000 | &nbsp;&nbsp;John Deere Capital Corp., MTN, 2.450%, 1/9/30 | &nbsp;&nbsp; 257463 |
| &nbsp;&nbsp; 272000 | &nbsp;&nbsp;Mohawk Industries, Inc., 3.625%, 5/15/30 | &nbsp;&nbsp; 235006 |
| &nbsp;&nbsp; 243000 | &nbsp;&nbsp;Norfolk Southern Corp., 4.837%, 10/1/41 | &nbsp;&nbsp; 224456 |
| &nbsp;&nbsp; 334000 | &nbsp;&nbsp;Parker-Hannifin Corp., 4.250%, 9/15/27 | &nbsp;&nbsp; 324424 |
| &nbsp;&nbsp; 197000 | &nbsp;&nbsp;Roper Technologies, Inc., 2.950%, 9/15/29 | &nbsp;&nbsp; 171090 |
| &nbsp;&nbsp; 423000 | &nbsp;&nbsp;Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26 | &nbsp;&nbsp; 375577 |
| &nbsp;&nbsp; 202000 | &nbsp;&nbsp;WestRock MWV LLC, 8.200%, 1/15/30 | &nbsp;&nbsp; 228336 |
|  |  | &nbsp;&nbsp; 3252766 |
|  | &nbsp;&nbsp;**Energy — 3.1%** |  |
| &nbsp;&nbsp; 333000 | &nbsp;&nbsp;Boardwalk Pipelines LP, 4.800%, 5/3/29 | &nbsp;&nbsp; 314151 |
| &nbsp;&nbsp; 227000 | &nbsp;&nbsp;Canadian Natural Resources Ltd. (Canada), 6.250%, 3/15/38 | &nbsp;&nbsp; 225709 |
| &nbsp;&nbsp; 207000 | &nbsp;&nbsp;Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37 | &nbsp;&nbsp; 189415 |
| &nbsp;&nbsp; 394000 | &nbsp;&nbsp;Cheniere Energy, Inc., 4.625%, 10/15/28 | &nbsp;&nbsp; 356147 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Continental Resources, Inc., 144a, 5.750%, 1/15/31 | &nbsp;&nbsp; 186235 |
| &nbsp;&nbsp; 395000 | &nbsp;&nbsp;Energy Transfer LP, 4.150%, 9/15/29 | &nbsp;&nbsp; 357733 |
| &nbsp;&nbsp; 193000 | &nbsp;&nbsp;MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31 | &nbsp;&nbsp; 159193 |
| &nbsp;&nbsp; 248000 | &nbsp;&nbsp;Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24 | &nbsp;&nbsp; 240203 |
| &nbsp;&nbsp; 251000 | &nbsp;&nbsp;MPLX LP, 4.950%, 3/14/52 | &nbsp;&nbsp; 206454 |
| &nbsp;&nbsp; 295000 | &nbsp;&nbsp;NGPL PipeCo LLC, 144a, 7.768%, 12/15/37 | &nbsp;&nbsp; 308203 |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;Petroleos Mexicanos (Mexico), 6.625%, 6/15/35 | &nbsp;&nbsp; 149536 |
|  |  | &nbsp;&nbsp; 2692979 |
|  | &nbsp;&nbsp;**Information Technology — 2.9%** |  |
| &nbsp;&nbsp; 344000 | &nbsp;&nbsp;Apple, Inc., 2.750%, 1/13/25 | &nbsp;&nbsp; 331460 |
| &nbsp;&nbsp; 234000 | &nbsp;&nbsp;Apple, Inc., 4.650%, 2/23/46 | &nbsp;&nbsp; 221825 |
| &nbsp;&nbsp; 432000 | &nbsp;&nbsp;Broadcom, Inc., 4.150%, 11/15/30 | &nbsp;&nbsp; 387635 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;Microchip Technology, Inc., 0.983%, 9/1/24 | &nbsp;&nbsp; 342760 |
| &nbsp;&nbsp; 202000 | &nbsp;&nbsp;Micron Technology, Inc., 2.703%, 4/15/32 | &nbsp;&nbsp; 152272 |
| &nbsp;&nbsp; 82000 | &nbsp;&nbsp;Micron Technology, Inc., 6.750%, 11/1/29 | &nbsp;&nbsp; 83579 |
| &nbsp;&nbsp; 148000 | &nbsp;&nbsp;Microsoft Corp., 3.500%, 2/12/35 | &nbsp;&nbsp; 134437 |
| &nbsp;&nbsp; 328000 | &nbsp;&nbsp;NXP BV / NXP Funding LLC (China), 5.350%, 3/1/26 | &nbsp;&nbsp; 326461 |
| &nbsp;&nbsp; 174000 | &nbsp;&nbsp;Oracle Corp., 2.650%, 7/15/26 | &nbsp;&nbsp; 160124 |
| &nbsp;&nbsp; 120000 | &nbsp;&nbsp;Oracle Corp., 3.600%, 4/1/40 | &nbsp;&nbsp; 89196 |
| &nbsp;&nbsp; 94000 | &nbsp;&nbsp;Oracle Corp., 4.300%, 7/8/34 | &nbsp;&nbsp; 82714 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;Visa, Inc., 4.150%, 12/14/35 | &nbsp;&nbsp; 208497 |
|  |  | &nbsp;&nbsp; 2520960 |
|  | &nbsp;&nbsp;**Real Estate — 2.6%** |  |
| &nbsp;&nbsp; 361000 | &nbsp;&nbsp;Crown Castle International Corp. REIT, 3.650%, 9/1/27 | &nbsp;&nbsp; 335845 |
| &nbsp;&nbsp; 236000 | &nbsp;&nbsp;Equinix, Inc. REIT, 2.900%, 11/18/26 | &nbsp;&nbsp; 215865 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;Host Hotels & Resorts LP REIT, Ser F, 4.500%, 2/1/26 | &nbsp;&nbsp; 324273 |
| &nbsp;&nbsp; 362000 | &nbsp;&nbsp;Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32 | &nbsp;&nbsp; 317783 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Realty Income Corp. REIT, 4.600%, 2/6/24 | &nbsp;&nbsp; 248398 |
| &nbsp;&nbsp; 290000 | &nbsp;&nbsp;Sabra Health Care LP REIT, 5.125%, 8/15/26 | &nbsp;&nbsp; 276395 |
| &nbsp;&nbsp; 336000 | &nbsp;&nbsp;SBA Tower Trust REIT, 144a, 6.599%, 1/15/28 | &nbsp;&nbsp; 337066 |

---

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Touchstone Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Corporate Bonds — 38.6% (Continued)** |  |
|  | &nbsp;&nbsp;**Real Estate — (Continued)** |  |
| $96000 | &nbsp;&nbsp;STORE Capital Corp. REIT, 4.500%, 3/15/28 | $86728 |
| &nbsp;&nbsp; 188000 | &nbsp;&nbsp;STORE Capital Corp. REIT, 4.625%, 3/15/29 | &nbsp;&nbsp; 168930 |
|  |  | &nbsp;&nbsp; 2311283 |
|  | &nbsp;&nbsp;**Utilities — 2.5%** |  |
| &nbsp;&nbsp; 342000 | &nbsp;&nbsp;CMS Energy Corp., 4.750%, 6/1/50 | &nbsp;&nbsp; 295816 |
| &nbsp;&nbsp; 93000 | &nbsp;&nbsp;Duke Energy Progress LLC, 4.150%, 12/1/44 | &nbsp;&nbsp; 77934 |
| &nbsp;&nbsp; 207000 | &nbsp;&nbsp;Edison International, 4.125%, 3/15/28 | &nbsp;&nbsp; 192362 |
| &nbsp;&nbsp; 224000 | &nbsp;&nbsp;Electricite de France SA (France), 144a, 4.875%, 9/21/38 | &nbsp;&nbsp; 182968 |
| &nbsp;&nbsp; 278000 | &nbsp;&nbsp;FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44 | &nbsp;&nbsp; 260131 |
| &nbsp;&nbsp; 85000 | &nbsp;&nbsp;Fortis, Inc. (Canada), 3.055%, 10/4/26 | &nbsp;&nbsp; 78943 |
| &nbsp;&nbsp; 338000 | &nbsp;&nbsp;Ohio Power Co., Ser R, 2.900%, 10/1/51 | &nbsp;&nbsp; 221930 |
| &nbsp;&nbsp; 372000 | &nbsp;&nbsp;Pacific Gas and Electric Co., 3.500%, 8/1/50 | &nbsp;&nbsp; 235074 |
| &nbsp;&nbsp; 127000 | &nbsp;&nbsp;PacifiCorp., 5.750%, 4/1/37 | &nbsp;&nbsp; 129667 |
| &nbsp;&nbsp; 562000 | &nbsp;&nbsp;WEC Energy Group, Inc., (3M LIBOR +2.112%), 6.719%, 5/15/67<sup>(B)</sup> | &nbsp;&nbsp; 470136 |
|  |  | &nbsp;&nbsp; 2144961 |
|  | &nbsp;&nbsp;**Health Care — 2.3%** |  |
| &nbsp;&nbsp; 283000 | &nbsp;&nbsp;AbbVie, Inc., 4.450%, 5/14/46 | &nbsp;&nbsp; 244760 |
| &nbsp;&nbsp; 232000 | &nbsp;&nbsp;Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49 | &nbsp;&nbsp; 177425 |
| &nbsp;&nbsp; 194000 | &nbsp;&nbsp;Becton Dickinson and Co., 4.685%, 12/15/44 | &nbsp;&nbsp; 174082 |
| &nbsp;&nbsp; 263000 | &nbsp;&nbsp;CommonSpirit Health, 4.187%, 10/1/49 | &nbsp;&nbsp; 206278 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;CVS Health Corp., 5.125%, 7/20/45 | &nbsp;&nbsp; 217771 |
| &nbsp;&nbsp; 293000 | &nbsp;&nbsp;DH Europe Finance II Sarl, 3.250%, 11/15/39 | &nbsp;&nbsp; 235577 |
| &nbsp;&nbsp; 322000 | &nbsp;&nbsp;HCA, Inc., 5.375%, 9/1/26 | &nbsp;&nbsp; 318706 |
| &nbsp;&nbsp; 234000 | &nbsp;&nbsp;Mylan, Inc., 4.550%, 4/15/28 | &nbsp;&nbsp; 217137 |
| &nbsp;&nbsp; 312000 | &nbsp;&nbsp;UnitedHealth Group, Inc., 3.500%, 8/15/39 | &nbsp;&nbsp; 256333 |
|  |  | &nbsp;&nbsp; 2048069 |
|  | &nbsp;&nbsp;**Communication Services — 2.1%** |  |
| &nbsp;&nbsp; 238000 | &nbsp;&nbsp;AT&T, Inc., 4.500%, 5/15/35 | &nbsp;&nbsp; 216725 |
| &nbsp;&nbsp; 355000 | &nbsp;&nbsp;British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29 | &nbsp;&nbsp; 303261 |
| &nbsp;&nbsp; 293000 | &nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45 | &nbsp;&nbsp; 265350 |
| &nbsp;&nbsp; 243000 | &nbsp;&nbsp;Comcast Corp., 4.000%, 3/1/48 | &nbsp;&nbsp; 194237 |
| &nbsp;&nbsp; 265000 | &nbsp;&nbsp;Netflix, Inc., 6.375%, 5/15/29 | &nbsp;&nbsp; 272761 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;Paramount Global, 4.950%, 5/19/50 | &nbsp;&nbsp; 73217 |
| &nbsp;&nbsp; 335000 | &nbsp;&nbsp;T-Mobile USA, Inc., 3.875%, 4/15/30 | &nbsp;&nbsp; 304250 |
| &nbsp;&nbsp; 339000 | &nbsp;&nbsp;Verizon Communications, Inc., 2.987%, 10/30/56 | &nbsp;&nbsp; 208204 |
|  |  | &nbsp;&nbsp; 1838005 |
|  | &nbsp;&nbsp;**Consumer Staples — 1.3%** |  |
| &nbsp;&nbsp; 272000 | &nbsp;&nbsp;Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46 | &nbsp;&nbsp; 249298 |
| &nbsp;&nbsp; 306000 | &nbsp;&nbsp;Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28 | &nbsp;&nbsp; 279811 |
| &nbsp;&nbsp; 213000 | &nbsp;&nbsp;Kroger Co. (The), 5.000%, 4/15/42 | &nbsp;&nbsp; 194329 |
| &nbsp;&nbsp; 336000 | &nbsp;&nbsp;Mars, Inc., 144a, 3.875%, 4/1/39 | &nbsp;&nbsp; 286657 |
| &nbsp;&nbsp; 164000 | &nbsp;&nbsp;Starbucks Corp., 3.350%, 3/12/50 | &nbsp;&nbsp; 116729 |
|  |  | &nbsp;&nbsp; 1126824 |
|  | &nbsp;&nbsp;**Materials — 1.0%** |  |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;Braskem Netherlands Finance BV (Brazil), 144a, 4.500%, 1/31/30 | &nbsp;&nbsp; 175375 |
| &nbsp;&nbsp; 176000 | &nbsp;&nbsp;Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50 | &nbsp;&nbsp; 136332 |
| &nbsp;&nbsp; 328000 | &nbsp;&nbsp;Celanese US Holdings LLC, 6.165%, 7/15/27 | &nbsp;&nbsp; 323985 |
| &nbsp;&nbsp; 301000 | &nbsp;&nbsp;Sherwin-Williams Co. (The), 4.500%, 6/1/47 | &nbsp;&nbsp; 254508 |
|  |  | &nbsp;&nbsp; 890200 |
|  | &nbsp;&nbsp;**Total Corporate Bonds** | $33848100 |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 26.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations — 26.4%** |
| &nbsp;&nbsp;2274898 | &nbsp;&nbsp;U.S. Treasury Bond, 0.125%, 2/15/52 | &nbsp;&nbsp; 1473085 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Treasury Obligations — 26.4% (Continued)** | &nbsp;&nbsp;**U.S. Treasury Obligations — 26.4% (Continued)** |
| $1535000 | &nbsp;&nbsp;U.S. Treasury Bond, 1.750%, 8/15/41 | $1058250 |
| &nbsp;&nbsp;1995000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.375%, 2/15/42 | &nbsp;&nbsp; 1534124 |
| &nbsp;&nbsp; 139000 | &nbsp;&nbsp;U.S. Treasury Bond, 2.875%, 5/15/52 | &nbsp;&nbsp; 112416 |
| &nbsp;&nbsp;1640000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.000%, 11/15/42 | &nbsp;&nbsp; 1616169 |
| &nbsp;&nbsp;1295000 | &nbsp;&nbsp;U.S. Treasury Bond, 4.000%, 11/15/52 | &nbsp;&nbsp; 1308355 |
| &nbsp;&nbsp;3685000 | &nbsp;&nbsp;U.S. Treasury Note, 0.750%, 5/31/26 | &nbsp;&nbsp; 3290446 |
| &nbsp;&nbsp;3670000 | &nbsp;&nbsp;U.S. Treasury Note, 1.625%, 1/31/27 | &nbsp;&nbsp; 3318053 |
| &nbsp;&nbsp;4545000 | &nbsp;&nbsp;U.S. Treasury Note, 1.875%, 2/15/32 | &nbsp;&nbsp; 3869286 |
| &nbsp;&nbsp;3647000 | &nbsp;&nbsp;U.S. Treasury Note, 2.750%, 8/15/32 | &nbsp;&nbsp; 3333016 |
| &nbsp;&nbsp; 132000 | &nbsp;&nbsp;U.S. Treasury Note, 4.125%, 11/15/32 | &nbsp;&nbsp; 135197 |
| &nbsp;&nbsp;2055000 | &nbsp;&nbsp;U.S. Treasury Note, 4.375%, 10/31/24 | &nbsp;&nbsp; 2050103 |
|  | &nbsp;&nbsp;**Total U.S. Treasury Obligations** | $23098500 |
|  | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 9.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities — 9.1%** |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60 | &nbsp;&nbsp; 633723 |
| &nbsp;&nbsp; 285000 | &nbsp;&nbsp;BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63 | &nbsp;&nbsp; 238713 |
| &nbsp;&nbsp; 365000 | &nbsp;&nbsp;BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55 | &nbsp;&nbsp; 309005 |
| &nbsp;&nbsp; 275000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2021-C11, Class A5, 2.322%, 9/15/54 | &nbsp;&nbsp; 222306 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2021-C12, Class A5, 2.689%, 11/15/54 | &nbsp;&nbsp; 672666 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;BBCMS Mortgage Trust, Ser 2022-C14, Class A5, 2.946%, 2/15/55<sup>(B)(C)</sup> | &nbsp;&nbsp; 177760 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;BPR Trust, Ser 2021-KEN, Class B, 144a, (1M LIBOR +1.950%), 6.268%, 2/15/29<sup>(B)</sup> | &nbsp;&nbsp; 485409 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 211531 |
| &nbsp;&nbsp; 333876 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2014-CR14, Class A2, 3.147%, 2/10/47 | &nbsp;&nbsp; 330471 |
| &nbsp;&nbsp; 390000 | &nbsp;&nbsp;COMM Mortgage Trust, Ser 2015-DC1, Class A5, 3.350%, 2/10/48 | &nbsp;&nbsp; 371452 |
| &nbsp;&nbsp; 360000 | &nbsp;&nbsp;DBUBS Mortgage Trust, Ser 2017-BRBK, Class B, 144a, 3.530%, 10/10/34<sup>(B)(C)</sup> | &nbsp;&nbsp; 328807 |
| &nbsp;&nbsp; 375000 | &nbsp;&nbsp;GS Mortgage Securities Corp. II, Ser 2017-SLP, Class B, 144a, 3.772%, 10/10/32 | &nbsp;&nbsp; 365026 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 210899 |
| &nbsp;&nbsp; 390000 | &nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53 | &nbsp;&nbsp; 322772 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (1M LIBOR +1.450%), 5.768%, 10/15/36<sup>(B)</sup> | &nbsp;&nbsp; 196858 |
| &nbsp;&nbsp; 805000 | &nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50 | &nbsp;&nbsp; 742704 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (1M LIBOR +1.27%), 5.588%, 11/15/35<sup>(B)</sup> | &nbsp;&nbsp; 334137 |
| &nbsp;&nbsp; 355000 | &nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2018-H3, Class AS, 4.177%, 7/15/51 | &nbsp;&nbsp; 335054 |
| &nbsp;&nbsp; 320000 | &nbsp;&nbsp;New York City Housing Development Corp., Ser 2014-8SPR, Class B, 3.864%, 2/15/48 | &nbsp;&nbsp; 306574 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41 | &nbsp;&nbsp; 586698 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52 | &nbsp;&nbsp; 611524 |
|  | &nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities** | &nbsp;&nbsp; $7994089 |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%** |
| &nbsp;&nbsp; 41788 | &nbsp;&nbsp;FHLMC, Pool #A95946, 4.000%, 1/1/41 | &nbsp;&nbsp; 40225 |
| &nbsp;&nbsp; 28820 | &nbsp;&nbsp;FHLMC, Pool #A96485, 4.500%, 1/1/41 | &nbsp;&nbsp; 28549 |
| &nbsp;&nbsp; 10320 | &nbsp;&nbsp;FHLMC, Pool #G03217, 5.500%, 9/1/37 | &nbsp;&nbsp; 10458 |
| &nbsp;&nbsp; 4863 | &nbsp;&nbsp;FHLMC, Pool #G03781, 6.000%, 1/1/38 | &nbsp;&nbsp; 5038 |
| &nbsp;&nbsp; 194535 | &nbsp;&nbsp;FHLMC, Pool #G05624, 4.500%, 9/1/39 | &nbsp;&nbsp; 193188 |
| &nbsp;&nbsp; 266589 | &nbsp;&nbsp;FHLMC, Pool #Q29056, 4.000%, 10/1/44 | &nbsp;&nbsp; 255954 |
| &nbsp;&nbsp; 120030 | &nbsp;&nbsp;FHLMC, Pool #Q29260, 4.000%, 10/1/44 | &nbsp;&nbsp; 115243 |

---

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Touchstone Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%<br> (Continued)** | &nbsp;&nbsp;**U.S. Government Mortgage-Backed Obligations — 7.2%<br> (Continued)** |
| $568610 | &nbsp;&nbsp;FHLMC REMIC, Pool #QD2143, 2.000%, 12/1/51 | $464296 |
| &nbsp;&nbsp; 622067 | &nbsp;&nbsp;FHLMC REMIC, Pool #SD0881, 2.500%, 2/1/52 | &nbsp;&nbsp; 528639 |
| &nbsp;&nbsp; 2741 | &nbsp;&nbsp;FNMA, Pool #561741, 7.500%, 1/1/31 | &nbsp;&nbsp; 2824 |
| &nbsp;&nbsp; 170000 | &nbsp;&nbsp;FNMA, Pool #725423, 5.500%, 5/1/34 | &nbsp;&nbsp; 175385 |
| &nbsp;&nbsp; 150544 | &nbsp;&nbsp;FNMA, Pool #725610, 5.500%, 7/1/34 | &nbsp;&nbsp; 155441 |
| &nbsp;&nbsp; 3670 | &nbsp;&nbsp;FNMA, Pool #889734, 5.500%, 6/1/37 | &nbsp;&nbsp; 3808 |
| &nbsp;&nbsp; 23875 | &nbsp;&nbsp;FNMA, Pool #AB1149, 5.000%, 6/1/40 | &nbsp;&nbsp; 24198 |
| &nbsp;&nbsp; 23474 | &nbsp;&nbsp;FNMA, Pool #AB1800, 4.000%, 11/1/40 | &nbsp;&nbsp; 22575 |
| &nbsp;&nbsp; 39830 | &nbsp;&nbsp;FNMA, Pool #AD3795, 4.500%, 4/1/40 | &nbsp;&nbsp; 39411 |
| &nbsp;&nbsp; 50368 | &nbsp;&nbsp;FNMA, Pool #AD9150, 5.000%, 8/1/40 | &nbsp;&nbsp; 51049 |
| &nbsp;&nbsp; 101194 | &nbsp;&nbsp;FNMA, Pool #AD9193, 5.000%, 9/1/40 | &nbsp;&nbsp; 102560 |
| &nbsp;&nbsp; 66962 | &nbsp;&nbsp;FNMA, Pool #AE0548, 4.500%, 11/1/40 | &nbsp;&nbsp; 66449 |
| &nbsp;&nbsp; 60523 | &nbsp;&nbsp;FNMA, Pool #AE4429, 4.000%, 10/1/40 | &nbsp;&nbsp; 58196 |
| &nbsp;&nbsp; 2003 | &nbsp;&nbsp;FNMA, Pool #AH2666, 4.000%, 1/1/26 | &nbsp;&nbsp; 1956 |
| &nbsp;&nbsp; 3943 | &nbsp;&nbsp;FNMA, Pool #AH3493, 4.000%, 2/1/26 | &nbsp;&nbsp; 3851 |
| &nbsp;&nbsp; 88122 | &nbsp;&nbsp;FNMA, Pool #AL0054, 4.500%, 2/1/41 | &nbsp;&nbsp; 87447 |
| &nbsp;&nbsp; 243524 | &nbsp;&nbsp;FNMA, Pool #AR9195, 3.000%, 3/1/43 | &nbsp;&nbsp; 221921 |
| &nbsp;&nbsp; 200660 | &nbsp;&nbsp;FNMA, Pool #AT2016, 3.000%, 4/1/43 | &nbsp;&nbsp; 182858 |
| &nbsp;&nbsp; 157326 | &nbsp;&nbsp;FNMA, Pool #BC1158, 3.500%, 2/1/46 | &nbsp;&nbsp; 146405 |
| &nbsp;&nbsp; 595619 | &nbsp;&nbsp;FNMA, Pool #BV4148, 3.000%, 3/1/52 | &nbsp;&nbsp; 525977 |
| &nbsp;&nbsp; 324991 | &nbsp;&nbsp;FNMA, Pool #FM4996, 2.000%, 12/1/50 | &nbsp;&nbsp; 267517 |
| &nbsp;&nbsp; 301639 | &nbsp;&nbsp;FNMA, Pool #FM5166, 3.000%, 12/1/50 | &nbsp;&nbsp; 266194 |
| &nbsp;&nbsp; 252342 | &nbsp;&nbsp;FNMA, Pool #FM5279, 3.500%, 11/1/50 | &nbsp;&nbsp; 231537 |
| &nbsp;&nbsp; 208072 | &nbsp;&nbsp;FNMA, Pool #FM5468, 2.500%, 1/1/36 | &nbsp;&nbsp; 191149 |
| &nbsp;&nbsp; 290812 | &nbsp;&nbsp;FNMA, Pool #FM5682, 2.500%, 1/1/51 | &nbsp;&nbsp; 247759 |
| &nbsp;&nbsp; 91716 | &nbsp;&nbsp;FNMA, Pool #MA1175, 3.000%, 9/1/42 | &nbsp;&nbsp; 83582 |
| &nbsp;&nbsp; 57866 | &nbsp;&nbsp;FNMA, Pool #MA2177, 4.000%, 2/1/35 | &nbsp;&nbsp; 55789 |
| &nbsp;&nbsp; 352708 | &nbsp;&nbsp;FNMA, Pool #MA4166, 3.000%, 10/1/40 | &nbsp;&nbsp; 319801 |
| &nbsp;&nbsp; 649057 | &nbsp;&nbsp;FNMA, Pool #MA4571, 2.500%, 3/1/42 | &nbsp;&nbsp; 565360 |
| &nbsp;&nbsp; 73523 | &nbsp;&nbsp;GNMA, Pool #4853, 4.000%, 11/20/40 | &nbsp;&nbsp; 71127 |
| &nbsp;&nbsp; 55552 | &nbsp;&nbsp;GNMA, Pool #4883, 4.500%, 12/20/40 | &nbsp;&nbsp; 55500 |
| &nbsp;&nbsp; 222874 | &nbsp;&nbsp;GNMA, Pool #5175, 4.500%, 9/20/41 | &nbsp;&nbsp; 222663 |
| &nbsp;&nbsp; 17451 | &nbsp;&nbsp;GNMA, Pool #736696, 4.500%, 5/15/40 | &nbsp;&nbsp; 17308 |
| &nbsp;&nbsp; 137184 | &nbsp;&nbsp;GNMA, Pool #AD1745, 3.000%, 2/20/43 | &nbsp;&nbsp; 122993 |
| &nbsp;&nbsp; 82460 | &nbsp;&nbsp;GNMA, Pool #MA1157, 3.500%, 7/20/43 | &nbsp;&nbsp; 77801 |
|  | &nbsp;&nbsp;**Total U.S. Government Mortgage-Backed Obligations** | &nbsp;&nbsp; $6309981 |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 4.6%** | &nbsp;&nbsp;**Asset-Backed Securities — 4.6%** |
| &nbsp;&nbsp; 227075 | &nbsp;&nbsp;CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60 | &nbsp;&nbsp; 202840 |
| &nbsp;&nbsp; 697813 | &nbsp;&nbsp;Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49 | &nbsp;&nbsp; 637230 |
| &nbsp;&nbsp; 346500 | &nbsp;&nbsp;Driven Brands Funding LLC, Ser 2021-1A, Class A2, 144a, 2.791%, 10/20/51 | &nbsp;&nbsp; 274619 |
| &nbsp;&nbsp; 268671 | &nbsp;&nbsp;Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34 | &nbsp;&nbsp; 246607 |
| &nbsp;&nbsp; 295500 | &nbsp;&nbsp;Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52 | &nbsp;&nbsp; 256082 |
| &nbsp;&nbsp; 265990 | &nbsp;&nbsp;Jersey Mike's Funding, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50 | &nbsp;&nbsp; 238768 |
| &nbsp;&nbsp; 151875 | &nbsp;&nbsp;Jimmy Johns Funding LLC, Ser 2017-1A, Class A2II, 144a, 4.846%, 7/30/47 | &nbsp;&nbsp; 139345 |
| &nbsp;&nbsp; 298500 | &nbsp;&nbsp;Jimmy Johns Funding LLC, Ser 2022-1A, Class A2I, 144a, 4.077%, 4/30/52 | &nbsp;&nbsp; 273058 |
| &nbsp;&nbsp; 375000 | &nbsp;&nbsp;Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (3M LIBOR +1.700%), 5.927%, 10/19/34<sup>(B)</sup> | &nbsp;&nbsp; 359097 |
| &nbsp;&nbsp; 289383 | &nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58<sup>(B)(C)</sup> | &nbsp;&nbsp; 240212 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Asset-Backed Securities — 4.6% (Continued)** | &nbsp;&nbsp;**Asset-Backed Securities — 4.6% (Continued)** |
| $350000 | &nbsp;&nbsp;New Mountain CLO 1 Ltd. (Cayman Islands), Ser CLO-1A, Class AR, 144a, (3M LIBOR +1.200%), 5.279%, 10/15/34<sup>(B)</sup> | $338451 |
| &nbsp;&nbsp; 411725 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2018-1A, Class A2II, 144a, 4.666%, 9/5/48 | &nbsp;&nbsp; 385484 |
| &nbsp;&nbsp; 297750 | &nbsp;&nbsp;Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51 | &nbsp;&nbsp; 258782 |
| &nbsp;&nbsp; 252038 | &nbsp;&nbsp;TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45 | &nbsp;&nbsp; 221292 |
|  | &nbsp;&nbsp;**Total Asset-Backed Securities** | &nbsp;&nbsp; $4071867 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Exchange-Traded Fund — 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;45431 | &nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF | 3843008.0 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  |  |
|  | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 4.2%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 4.2%** |
| $58195 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.559%, 7/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 54401 |
| &nbsp;&nbsp; 291931 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.523%, 6/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 270598 |
| &nbsp;&nbsp; 295905 | &nbsp;&nbsp;Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.650%, 10/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 267887 |
| &nbsp;&nbsp; 167739 | &nbsp;&nbsp;CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.402%, 5/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 160443 |
| &nbsp;&nbsp; 215625 | &nbsp;&nbsp;CSMC Trust, Ser 2015-1, Class B3, 144a, 3.907%, 1/25/45<sup>(B)(C)</sup> | &nbsp;&nbsp; 197891 |
| &nbsp;&nbsp; 136601 | &nbsp;&nbsp;CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.783%, 12/25/44<sup>(B)(C)</sup> | &nbsp;&nbsp; 125608 |
| &nbsp;&nbsp; 364313 | &nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67<sup>(B)(C)</sup> | &nbsp;&nbsp; 342762 |
| &nbsp;&nbsp; 202 | &nbsp;&nbsp;Deutsche ALT-A Securities, Inc. ALT, Ser 2003-2XS, Class A6, 5.470%, 9/25/33<sup>(B)(C)</sup> | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp; 36403 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2013-1, Class B1, 144a, 3.476%, 3/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 35490 |
| &nbsp;&nbsp; 412759 | &nbsp;&nbsp;EverBank Mortgage Loan Trust, Ser 2018-1, Class B2, 144a, 3.577%, 2/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 346937 |
| &nbsp;&nbsp; 284335 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2021-PJ6, Class A2, 144a, 2.500%, 11/25/51<sup>(B)(C)</sup> | &nbsp;&nbsp; 228645 |
| &nbsp;&nbsp; 479208 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.449%, 1/25/47<sup>(B)(C)</sup> | &nbsp;&nbsp; 397871 |
| &nbsp;&nbsp; 423910 | &nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2022-2, Class A25A, 144a, 2.500%, 8/25/52<sup>(B)(C)</sup> | &nbsp;&nbsp; 324457 |
| &nbsp;&nbsp; 76629 | &nbsp;&nbsp;Residential Asset Securitization Trust, Ser 2006-A1, Class 1A3, 6.000%, 4/25/36 | &nbsp;&nbsp; 36829 |
| &nbsp;&nbsp; 54991 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-10, Class B2, 144a, 3.534%, 8/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 51673 |
| &nbsp;&nbsp; 77695 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2013-5, Class B1, 144a, 3.495%, 5/25/43<sup>(B)(C)</sup> | &nbsp;&nbsp; 71980 |
| &nbsp;&nbsp; 444875 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.756%, 8/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 401586 |
| &nbsp;&nbsp; 403168 | &nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.756%, 8/25/48<sup>(B)(C)</sup> | &nbsp;&nbsp; 363937 |
| &nbsp;&nbsp; 22449 | &nbsp;&nbsp;Washington Mutual Mortgage Pass-Through Certificates, Ser 2005-9, Class 2A4, 5.500%, 11/25/35 | &nbsp;&nbsp; 20037 |
|  | &nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp; $3699227 |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 2.1%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 2.1%** |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50 | &nbsp;&nbsp; 165926 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40 | &nbsp;&nbsp; 538640 |
| &nbsp;&nbsp; 12060 | &nbsp;&nbsp;FNMA REMIC, Ser 2015-51, Class KC, 3.000%, 6/25/45 | &nbsp;&nbsp; 11246 |
| &nbsp;&nbsp; 225171 | &nbsp;&nbsp;FNMA REMIC, Ser 2017-90, Class KA, 3.000%, 11/25/47 | &nbsp;&nbsp; 209147 |

---

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Touchstone Bond Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **MarketValue** |
|  | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 2.1%<br> (Continued)** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 2.1%<br> (Continued)** |
| $450000 | &nbsp;&nbsp;FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49 | $364564 |
| &nbsp;&nbsp; 675000 | &nbsp;&nbsp;FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49 | &nbsp;&nbsp; 505679 |
|  | &nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations** | &nbsp;&nbsp; $1795202 |
|  | &nbsp;&nbsp;**Sovereign Government Obligations — 1.8%** | &nbsp;&nbsp;**Sovereign Government Obligations — 1.8%** |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;Bahamas Government International Bond, 144a, 6.000%, 11/21/28 | &nbsp;&nbsp; 160148 |
| &nbsp;&nbsp; 202000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 5/7/41 | &nbsp;&nbsp; 144829 |
| &nbsp;&nbsp; 306000 | &nbsp;&nbsp;Chile Government International Bond, 3.100%, 1/22/61 | &nbsp;&nbsp; 190022 |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;Colombia Government International Bond, 3.250%, 4/22/32 | &nbsp;&nbsp; 149765 |
| &nbsp;&nbsp; 226000 | &nbsp;&nbsp;Ecuador Government International Bond, 144a, 5.500%, 7/31/30 | &nbsp;&nbsp; 145221 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;Egypt Government International Bond, 144a, 7.625%, 5/29/32 | &nbsp;&nbsp; 155085 |
| &nbsp;&nbsp; 210000 | &nbsp;&nbsp;Ghana Government International Bond, 144a, 7.625%, 5/16/29 | &nbsp;&nbsp; 77280 |
| &nbsp;&nbsp; 205000 | &nbsp;&nbsp;Nigeria Government International Bond, 144a, 7.625%, 11/28/47 | &nbsp;&nbsp; 131532 |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;Republic of Poland Government International Bond, 5.750%, 11/16/32 | &nbsp;&nbsp; 234103 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30 | &nbsp;&nbsp; 167106 |
|  | &nbsp;&nbsp;**Total Sovereign Government Obligations** | &nbsp;&nbsp; $1555091 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;**Preferred Stocks — 0.0%** |  |
|  | &nbsp;&nbsp;**Financials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;US Bancorp, Ser L, 3.750%<sup>(A)</sup> | &nbsp;&nbsp; 16353 |
|  | &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp; $16353 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;912163 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 912163 |
|  | &nbsp;&nbsp;**Total Investment Securities—99.5%<br> (Cost $97,552,701)** | $87143581 |
|  | &nbsp;&nbsp;**Other Assets in Excess of Liabilities — 0.5%** | &nbsp;&nbsp; 456101 |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $87599682 |

---

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

*(B)* *Variable rate security - Rate reflected is the rate in effect as of December 31, 2022.* 

*(C)* *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.* 

*∞* *Open-End Fund.* 

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

---

| |
|:---|
| ***Portfolio Abbreviations:*** |
| *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* |
| *LIBOR – London Interbank Offered Rate* |
| *LLC – Limited Liability Company* |
| *LP – Limited Partnership* |
| *MTN – Medium Term Note* |
| *PLC – Public Limited Company* |
| *REIT – Real Estate Investment Trust* |
| *REMIC – Real Estate Mortgage Investment Conduit* |
| *USD – United States Dollar* |
| *144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities were valued at $16,973,845 or 19.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.* |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Corporate Bonds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | *$33848100* | *$—* | *$33848100* |
| *U.S. Treasury Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*23098500* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*23098500* |
| *Commercial Mortgage-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7994089* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*7994089* |
| *U.S. Government Mortgage-Backed Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6309981* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*6309981* |
| *Asset-Backed Securities* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4071867* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*4071867* |
| *Exchange-Traded Fund* | &nbsp;&nbsp;&nbsp;*3843008* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3843008* |
| *Non-Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3699227* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*3699227* |
| *Agency Collateralized Mortgage Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1795202* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1795202* |
| *Sovereign Government Obligations* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1555091* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;*1555091* |
| *Preferred Stocks* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*16353* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*16353* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;*912163* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*912163* |
| *Total* | *$4771524* | *$82372057* | *$—* | *$87143581* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Portfolio of Investments

Touchstone Common Stock Fund – December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 100.0%** |  |
|  | &nbsp;&nbsp;**Information Technology — 28.8%** |  |
| 91701 | &nbsp;&nbsp;Apple, Inc. | $11914711 |
| 22843 | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 3218350 |
| 64348 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 15431937 |
| 58641 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 4793315 |
| 23434 | &nbsp;&nbsp;PayPal Holdings, Inc.\* | &nbsp;&nbsp; 1668970 |
| 27302 | &nbsp;&nbsp;Salesforce, Inc.\* | &nbsp;&nbsp; 3619972 |
| 41743 | &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 2173141 |
| 25987 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 4293572 |
| 22768 | &nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp; 4730280 |
| 14663 | &nbsp;&nbsp;Workday, Inc. - Class A\* | &nbsp;&nbsp; 2453560 |
|  |  | &nbsp;&nbsp; 54297808 |
|  | &nbsp;&nbsp;**Health Care — 18.7%** |  |
| 28055 | &nbsp;&nbsp;AmerisourceBergen Corp. | &nbsp;&nbsp; 4648994 |
| 41078 | &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp; 4251162 |
| 50317 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 3620308 |
| 19074 | &nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp; 4576997 |
| 41371 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 7308187 |
| 40111 | &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp; 3117427 |
| 14688 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp; 7787284 |
|  |  | &nbsp;&nbsp; 35310359 |
|  | &nbsp;&nbsp;**Financials — 12.3%** |  |
| 150470 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp; 4983566 |
| 30505 | &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B\* | &nbsp;&nbsp; 9422995 |
| 15908 | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 5462489 |
| &nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;Markel Corp.\* | &nbsp;&nbsp; 3412299 |
|  |  | &nbsp;&nbsp; 23281349 |
|  | &nbsp;&nbsp;**Communication Services — 11.3%** |  |
| 98687 | &nbsp;&nbsp;Alphabet, Inc. - Class C\* | &nbsp;&nbsp; 8756498 |
| 88597 | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp; 1631071 |
| 85993 | &nbsp;&nbsp;Comcast Corp. - Class A | &nbsp;&nbsp; 3007175 |
| 24139 | &nbsp;&nbsp;Fox Corp. - Class A | &nbsp;&nbsp; 733101 |
| 31769 | &nbsp;&nbsp;Meta Platforms, Inc. - Class A\* | &nbsp;&nbsp; 3823081 |
| &nbsp;&nbsp;&nbsp;&nbsp;7521 | &nbsp;&nbsp;Netflix, Inc.\* | &nbsp;&nbsp; 2217793 |
| 13272 | &nbsp;&nbsp;Walt Disney Co. (The)\* | &nbsp;&nbsp; 1153071 |
|  |  | &nbsp;&nbsp; 21321790 |
|  | &nbsp;&nbsp;**Industrials — 8.7%** |  |
| 15193 | &nbsp;&nbsp;Boeing Co. (The)\* | &nbsp;&nbsp; 2894115 |
| &nbsp;&nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 1597988 |
| &nbsp;&nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 1296575 |
| 15351 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp; 3602573 |
| 47426 | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp; 4786232 |
| 63607 | &nbsp;&nbsp;Southwest Airlines Co.\* | &nbsp;&nbsp; 2141648 |
|  |  | &nbsp;&nbsp; 16319131 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 7.4%** |  |
| 16346 | &nbsp;&nbsp;Airbnb, Inc. - Class A\* | &nbsp;&nbsp; 1397583 |
| 15202 | &nbsp;&nbsp;Alibaba Group Holding Ltd. (China) ADR\* | &nbsp;&nbsp; 1339144 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Consumer Discretionary — (Continued)** |  |
| 75433 | &nbsp;&nbsp;Amazon.com, Inc.\* | $6336372 |
| 18191 | &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 2298615 |
| 25379 | &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp; 2517597 |
|  |  | &nbsp;&nbsp; 13889311 |
|  | &nbsp;&nbsp;**Energy — 4.9%** |  |
| 50133 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 5529670 |
| 67838 | &nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp; 3626619 |
|  |  | &nbsp;&nbsp; 9156289 |
|  | &nbsp;&nbsp;**Consumer Staples — 4.8%** |  |
| 41995 | &nbsp;&nbsp;Monster Beverage Corp.\* | &nbsp;&nbsp; 4263752 |
| 46964 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp; 4753227 |
|  |  | &nbsp;&nbsp; 9016979 |
|  | &nbsp;&nbsp;**Materials — 1.8%** |  |
| 50117 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp; 3439530 |
|  | &nbsp;&nbsp;**Real Estate — 1.3%** |  |
| 15822 | &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | &nbsp;&nbsp; 2521552 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $188554098 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.1%** |  |
| 291631 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 291631 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $115,626,159)** | $188845729 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (240243) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $188605486 |

---

---

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

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$188554098* | *$—* | *$—* | *$188554098* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*291631* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*291631* |
| *Total* | *$188845729* | *$—* | *$—* | *$188845729* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Portfolio of Investments

Touchstone Small Company Fund – December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Common Stocks — 99.3%** |  |
|  | &nbsp;&nbsp;**Health Care — 21.2%** |  |
| 50070 | &nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.\* | $883235 |
| &nbsp;&nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;Amedisys, Inc.\* | &nbsp;&nbsp; 708419 |
| &nbsp;&nbsp;&nbsp;&nbsp;8164 | &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp; 676632 |
| 40240 | &nbsp;&nbsp;Certara, Inc.\* | &nbsp;&nbsp; 646657 |
| &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp; 683976 |
| 16423 | &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp; 982260 |
| 10550 | &nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp; 998136 |
| 11588 | &nbsp;&nbsp;Globus Medical, Inc. - Class A\* | &nbsp;&nbsp; 860641 |
| 12676 | &nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | &nbsp;&nbsp; 710743 |
| 13093 | &nbsp;&nbsp;Merit Medical Systems, Inc.\* | &nbsp;&nbsp; 924628 |
| 34948 | &nbsp;&nbsp;NextGen Healthcare, Inc.\* | &nbsp;&nbsp; 656323 |
| 17757 | &nbsp;&nbsp;NuVasive, Inc.\* | &nbsp;&nbsp; 732299 |
| 14980 | &nbsp;&nbsp;Omnicell, Inc.\* | &nbsp;&nbsp; 755292 |
| 46578 | &nbsp;&nbsp;Premier, Inc. - Class A | &nbsp;&nbsp; 1629298 |
| 22847 | &nbsp;&nbsp;Progyny, Inc.\* | &nbsp;&nbsp; 711684 |
|  |  | &nbsp;&nbsp;12560223 |
|  | &nbsp;&nbsp;**Industrials — 17.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7907 | &nbsp;&nbsp;ASGN, Inc.\* | &nbsp;&nbsp; 644262 |
| 12049 | &nbsp;&nbsp;Clean Harbors, Inc. \* | &nbsp;&nbsp; 1375032 |
| &nbsp;&nbsp;&nbsp;&nbsp;7008 | &nbsp;&nbsp;Crane Holdings Co. | &nbsp;&nbsp; 703954 |
| &nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp; 656271 |
| &nbsp;&nbsp;&nbsp;&nbsp;6070 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp; 899028 |
| &nbsp;&nbsp;&nbsp;&nbsp;8269 | &nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp; 723868 |
| 13630 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp; 633386 |
| &nbsp;&nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;Forward Air Corp. | &nbsp;&nbsp; 601020 |
| &nbsp;&nbsp;&nbsp;&nbsp;9388 | &nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp; 761367 |
| &nbsp;&nbsp;&nbsp;&nbsp;7856 | &nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp; 717488 |
| 27890 | &nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp; 1472592 |
| &nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp; 712927 |
| 31440 | &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 664956 |
|  |  | &nbsp;&nbsp;10566151 |
|  | &nbsp;&nbsp;**Consumer Discretionary — 16.2%** |  |
| 16742 | &nbsp;&nbsp;Aritzia, Inc. (Canada)\* | &nbsp;&nbsp; 585475 |
| &nbsp;&nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;Fox Factory Holding Corp.\* | &nbsp;&nbsp; 704295 |
| 30226 | &nbsp;&nbsp;Frontdoor, Inc.\* | &nbsp;&nbsp; 628701 |
| &nbsp;&nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;Grand Canyon Education, Inc.\* | &nbsp;&nbsp; 895997 |
| 51030 | &nbsp;&nbsp;Leslie's, Inc.\* | &nbsp;&nbsp; 623076 |
| 23141 | &nbsp;&nbsp;Malibu Boats, Inc. - Class A\* | &nbsp;&nbsp; 1233415 |
| &nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp; 847938 |
| 12760 | &nbsp;&nbsp;Skyline Champion Corp.\* | &nbsp;&nbsp; 657268 |
| 39982 | &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp; 1277825 |
| &nbsp;&nbsp;&nbsp;&nbsp;9278 | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 843834 |
| &nbsp;&nbsp;&nbsp;&nbsp;4220 | &nbsp;&nbsp;TopBuild Corp.\* | &nbsp;&nbsp; 660388 |
| 28258 | &nbsp;&nbsp;Zumiez, Inc.\* | &nbsp;&nbsp; 614329 |
|  |  | &nbsp;&nbsp; 9572541 |
|  | &nbsp;&nbsp;**Information Technology — 15.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7962 | &nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp; 682980 |
| 45460 | &nbsp;&nbsp;Box, Inc. - Class A\* | &nbsp;&nbsp; 1415170 |
| 74990 | &nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\* | &nbsp;&nbsp; 652413 |
| 11103 | &nbsp;&nbsp;CommVault Systems, Inc.\* | &nbsp;&nbsp; 697713 |
| 17565 | &nbsp;&nbsp;Digi International, Inc.\* | &nbsp;&nbsp; 642001 |
| &nbsp;&nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp;ExlService Holdings, Inc.\* | &nbsp;&nbsp; 621300 |
| 12776 | &nbsp;&nbsp;MAXIMUS, Inc. | &nbsp;&nbsp; 936864 |
| 16222 | &nbsp;&nbsp;Onto Innovation, Inc.\* | &nbsp;&nbsp; 1104556 |
| &nbsp;&nbsp;&nbsp;&nbsp;5374 | &nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp; 690183 |
| 19201 | &nbsp;&nbsp;Verint Systems, Inc.\* | &nbsp;&nbsp; 696612 |
| 14370 | &nbsp;&nbsp;WNS Holdings Ltd. (India) ADR\* | &nbsp;&nbsp; 1149456 |
|  |  | &nbsp;&nbsp; 9289248 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Market<br> Value** |
|  | &nbsp;&nbsp;**Financials — 11.0%** |  |
| 13780 | &nbsp;&nbsp;Banner Corp. | $870896 |
| &nbsp;&nbsp;&nbsp;&nbsp;5806 | &nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp; 633318 |
| 98050 | &nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp; 1279553 |
| 37500 | &nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp; 854625 |
| 24430 | &nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp; 771011 |
| 10623 | &nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 779728 |
| 27613 | &nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp; 1307199 |
|  |  | &nbsp;&nbsp; 6496330 |
|  | &nbsp;&nbsp;**Real Estate — 8.7%** |  |
| 13270 | &nbsp;&nbsp;Agree Realty Corp. REIT | &nbsp;&nbsp; 941241 |
| 61015 | &nbsp;&nbsp;Corporate Office Properties Trust REIT | &nbsp;&nbsp; 1582729 |
| 40400 | &nbsp;&nbsp;Healthcare Realty Trust, Inc. REIT | &nbsp;&nbsp; 778508 |
| 41180 | &nbsp;&nbsp;Kite Realty Group Trust REIT | &nbsp;&nbsp; 866839 |
| 29930 | &nbsp;&nbsp;STAG Industrial, Inc. REIT | &nbsp;&nbsp; 967039 |
|  |  | &nbsp;&nbsp; 5136356 |
|  | &nbsp;&nbsp;**Materials — 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7249 | &nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp; 779485 |
| &nbsp;&nbsp;&nbsp;&nbsp;5191 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp; 689624 |
| 23601 | &nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp; 1223476 |
|  |  | &nbsp;&nbsp; 2692585 |
|  | &nbsp;&nbsp;**Communication Services — 2.7%** |  |
| 52744 | &nbsp;&nbsp;Cargurus, Inc.\* | &nbsp;&nbsp; 738943 |
| 11179 | &nbsp;&nbsp;Ziff Davis, Inc.\* | &nbsp;&nbsp; 884259 |
|  |  | &nbsp;&nbsp; 1623202 |
|  | &nbsp;&nbsp;**Energy — 1.5%** |  |
| 30720 | &nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp; 890573 |
|  | &nbsp;&nbsp;**Total Common Stocks** | $58827209 |
|  | &nbsp;&nbsp;**Short-Term Investment Fund — 0.8%** |  |
| 472402 | &nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares, 4.19%<sup>∞Ω</sup> | &nbsp;&nbsp; 472402 |
|  | &nbsp;&nbsp;**Total Investment Securities—100.1%<br> (Cost $46,774,313)** | $59299611 |
|  | &nbsp;&nbsp;**Liabilities in Excess of Other Assets — (0.1%)** | &nbsp;&nbsp;&nbsp; (78998) |
|  | &nbsp;&nbsp;**Net Assets — 100.0%** | $59220613 |

---

---

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

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** | ***Valuation Inputs at Reporting Date:*** |
| ***Description*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| *Common Stocks* | *$58827209* | *$—* | *$—* | *$58827209* |
| *Short-Term Investment Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*472402* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;*—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*472402* |
| *Total* | *$59299611* | *$—* | *$—* | *$59299611* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Statements of Assets and Liabilities

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company<br> Fund** |
| **Assets** |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp;&nbsp;&nbsp;$54670213 | &nbsp;&nbsp;&nbsp;&nbsp;$97552701 | &nbsp;&nbsp;&nbsp;$115626159 | &nbsp;&nbsp;&nbsp;&nbsp;$46774313 |
| Investments, at market value | &nbsp;&nbsp;&nbsp;&nbsp;$54954363 | &nbsp;&nbsp;&nbsp;&nbsp;$87143581 | &nbsp;&nbsp;&nbsp;$188845729 | &nbsp;&nbsp;&nbsp;&nbsp;$59299611 |
| Foreign currency † |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32506 |
| Receivable for capital shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55118693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87795568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188957846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59332914 |
| **Liabilities** |  |  |  |  |
| Bank overdrafts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26288 |
| Payable to Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31581 |
| Payable to other affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 |
| Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419 |
| Payable for professional services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22151 |
| Payable for reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732 |
| Payable for transfer agent services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831 |
| Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112301 |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$54990658 | &nbsp;&nbsp;&nbsp;&nbsp;$87599682 | &nbsp;&nbsp;&nbsp;$188605486 | &nbsp;&nbsp;&nbsp;&nbsp;$59220613 |
| **Net assets consist of:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54790061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101165515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101711414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47557838 |
| Distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13565833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86894072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11662775 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;$54990658 | &nbsp;&nbsp;&nbsp;&nbsp;$87599682 | &nbsp;&nbsp;&nbsp;$188605486 | &nbsp;&nbsp;&nbsp;&nbsp;$59220613 |
| **Pricing of Class SC Shares** |  |  |  |  |
| Net assets applicable to Class SC Shares | &nbsp;&nbsp;&nbsp;&nbsp;$39940400 | &nbsp;&nbsp;&nbsp;&nbsp;$54929629 | &nbsp;&nbsp;&nbsp;&nbsp;$68199371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168541 |  |
| Net asset value, offering price and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Pricing of Class I Shares** |  |  |  |  |
| Net assets applicable to Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;$15050258 | &nbsp;&nbsp;&nbsp;&nbsp;$32670053 | &nbsp;&nbsp;&nbsp;$120406115 | &nbsp;&nbsp;&nbsp;&nbsp;$59220613 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073863 |
| Net asset value, offering price and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.67 |
| *†Cost of foreign currency:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$1084* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$16* |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Statements of Operations For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** | &nbsp;&nbsp;**Touchstone<br> Small Company<br> Fund** |
| **Investment Income** |  |  |  |  |
| Dividends\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$580906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$256346 | &nbsp;&nbsp;&nbsp;&nbsp;$2667667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$623143 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837647 | &nbsp;&nbsp;&nbsp;&nbsp;&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;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623720 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315090 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85449 |
| Compliance fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9774 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25622 |
| Transfer Agent fees, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfer Agent fees, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23040 |
| Reports to Shareholders, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Reports to Shareholders, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383 |
| Shareholder servicing fees, Class SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27327 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13634 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504691 |
| Fees waived and/or reimbursed by the Adviser and/or Affiliates<sup>(A)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25756) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478935 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144785 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4499766) | &nbsp;&nbsp;&nbsp;&nbsp;12734514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38655 |
| Net realized gains on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains on swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized losses on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1546) |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(11321169) | &nbsp;&nbsp;&nbsp;&nbsp;(12824531) | &nbsp;&nbsp;&nbsp;&nbsp;(57658366) | &nbsp;&nbsp;&nbsp;&nbsp;(10926087) |
| Net change in unrealized appreciation (depreciation) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &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;(12014042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17227436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44923926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10888978) |
| **Change in Net Assets Resulting from Operations** | $(11383323) | $(14830015) | $(43938270) | $(10744193) |
| *\*Net of foreign tax withholding of:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$44* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* |

---

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

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Touchstone<br> Balanced<br> Fund** | **Touchstone<br> Balanced<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Bond<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** | &nbsp;&nbsp;&nbsp;**Touchstone<br> Common Stock<br> Fund** |
|  | **For the<br> Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2021** |
| **From Operations** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$630719 | &nbsp;&nbsp;&nbsp;$268822 | &nbsp;&nbsp;&nbsp;$2397421 | &nbsp;&nbsp;&nbsp;$1613157 | &nbsp;&nbsp;&nbsp;&nbsp;$985656 | &nbsp;&nbsp;&nbsp;&nbsp;$704518 |
| Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(692873) | &nbsp;&nbsp;&nbsp;&nbsp;13666244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4402905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528240 | &nbsp;&nbsp;&nbsp;&nbsp;12734514 | &nbsp;&nbsp;&nbsp;&nbsp;27739693 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | &nbsp;&nbsp;(11321169) | &nbsp;&nbsp;&nbsp;&nbsp;(7038457) | &nbsp;&nbsp;&nbsp;&nbsp;(12824531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4403771) | &nbsp;&nbsp;&nbsp;&nbsp;(57658440) | &nbsp;&nbsp;&nbsp;&nbsp;32946560 |
| **Change in Net Assets from Operations** | &nbsp;&nbsp;(11383323) | &nbsp;&nbsp;&nbsp;&nbsp;6896609 | &nbsp;&nbsp;&nbsp;&nbsp;(14830015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1262374) | &nbsp;&nbsp;&nbsp;&nbsp;(43938270) | &nbsp;&nbsp;&nbsp;&nbsp;61390771 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| Distributed earnings, Class SC | &nbsp;&nbsp;(10101111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1511719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1908114) | &nbsp;&nbsp;&nbsp;&nbsp;(10047501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3301446) |
| Distributed earnings, Class I | &nbsp;&nbsp;&nbsp;(3802026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1234262) | &nbsp;&nbsp;&nbsp;&nbsp;(17925930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6027690) |
| **Total Distributions** | &nbsp;&nbsp;(13903137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(960802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2495257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3142376) | &nbsp;&nbsp;&nbsp;&nbsp;(27973431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329136) |
| **Share Transactions Class SC** |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;1276232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823274 |
| Proceeds from Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53069713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;10101111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908114 | &nbsp;&nbsp;&nbsp;&nbsp;10047501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301445 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(5517199) | &nbsp;&nbsp;&nbsp;&nbsp;(5064608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2855299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2603926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9423608) | &nbsp;&nbsp;&nbsp;&nbsp;(15003523) |
| **Change in Net Assets from Class SC Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;5860144 | &nbsp;&nbsp;&nbsp;&nbsp;49308011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158032 | &nbsp;&nbsp;&nbsp;&nbsp;(10878804) |
| **Share Transactions Class I** |  |  |  |  |  |  |
| Proceeds from Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338780 | &nbsp;&nbsp;&nbsp;&nbsp;1944429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557603 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3802026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234262 | &nbsp;&nbsp;&nbsp;&nbsp;17925930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027690 |
| Cost of Shares redeemed | &nbsp;&nbsp;&nbsp;(1965684) | &nbsp;&nbsp;&nbsp;&nbsp;(3816913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4267957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3373984) | &nbsp;&nbsp;&nbsp;&nbsp;(17507020) | &nbsp;&nbsp;&nbsp;&nbsp;(26020897) |
| **Change in Net Assets from Class I Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;2175122 | &nbsp;&nbsp;&nbsp;&nbsp;(1610473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1894701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043151 | &nbsp;&nbsp;&nbsp;&nbsp;(18435604) |
| **Change in Net Assets from Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;8035266 | &nbsp;&nbsp;&nbsp;&nbsp;47697538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1825421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201183 | &nbsp;&nbsp;&nbsp;&nbsp;(29314408) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;(17251194) | &nbsp;&nbsp;&nbsp;&nbsp;53633345 | &nbsp;&nbsp;&nbsp;&nbsp;(19150693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392184 | &nbsp;&nbsp;&nbsp;&nbsp;(68710518) | &nbsp;&nbsp;&nbsp;&nbsp;22747227 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;72241852 | &nbsp;&nbsp;&nbsp;&nbsp;18608507 | &nbsp;&nbsp;&nbsp;&nbsp;106750375 | &nbsp;&nbsp;&nbsp;&nbsp;105358191 | &nbsp;&nbsp;&nbsp;&nbsp;257316004 | &nbsp;&nbsp;&nbsp;&nbsp;234568777 |
| End of period | $54990658 | &nbsp;&nbsp;&nbsp;$72241852 | &nbsp;&nbsp;&nbsp;$87599682 | &nbsp;&nbsp;&nbsp;$106750375 | &nbsp;&nbsp;&nbsp;$188605486 | &nbsp;&nbsp;&nbsp;$257316004 |
| **Share Transactions Class SC** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63243 |
| Shares issued in connection with reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3588149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246152 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(408674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182940) |
| **Change in Class SC Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676723 | &nbsp;&nbsp;&nbsp;&nbsp;3342773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873545) |
| **Share Transactions Class I** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121454 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447227 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(143864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1488038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2025128) |
| **Change in Class I Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1456447) |
| **Change in Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931437 | &nbsp;&nbsp;&nbsp;&nbsp;3233232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2329992) |

---

*See accompanying Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Statements of Changes in Net Assets (Continued)

---

| | |
|:---|:---|
| **Touchstone<br> Small Company<br> Fund** | **Touchstone<br> Small Company<br> Fund** |
| **For the<br> Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> December 31,<br> 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;$144785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37109 | &nbsp;&nbsp;&nbsp;&nbsp;17798395 |
| (10926087) | &nbsp;&nbsp;&nbsp;&nbsp;(1490854) |
| (10744193) | &nbsp;&nbsp;&nbsp;&nbsp;16312957 |
| (17332749) | &nbsp;&nbsp;&nbsp;&nbsp;(1442590) |
| (17332749) | &nbsp;&nbsp;&nbsp;&nbsp;(1442590) |
| &nbsp;&nbsp;&nbsp;1062667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080895 |
| &nbsp;&nbsp;17332749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442590 |
| &nbsp;&nbsp;&nbsp;(6339137) | &nbsp;&nbsp;&nbsp;&nbsp;(15784972) |
| &nbsp;&nbsp;12056279 | &nbsp;&nbsp;&nbsp;&nbsp;(11261487) |
| &nbsp;&nbsp;12056279 | &nbsp;&nbsp;&nbsp;&nbsp;(11261487) |
| (16020663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608880 |
| &nbsp;&nbsp;75241276 | &nbsp;&nbsp;&nbsp;&nbsp;71632396 |
| $59220613 | &nbsp;&nbsp;&nbsp;$75241276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172548 |
| &nbsp;&nbsp;&nbsp;1465206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76638 |
| &nbsp;&nbsp;&nbsp;&nbsp;(389661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874170) |
| &nbsp;&nbsp;&nbsp;1139788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624984) |
| &nbsp;&nbsp;&nbsp;1139788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624984) |

---

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

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** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **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 SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** |
| 12/31/21<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;$14.67<sup>(3)</sup>&nbsp;&nbsp;&nbsp;$0.05<sup>(4)</sup> | $1.18 | $1.23 | $(0.03) | $(0.17) | $(0.20) | $15.70 | &nbsp;&nbsp;&nbsp;8.45%<sup>(5)</sup> | $52471 | 0.79%<sup>(6)</sup> | 1.13%<sup>(6)</sup> | 0.46%<sup>(6)</sup> | 132%<sup>(7)</sup> |
| 12/31/22 | &nbsp;&nbsp;15.70&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(4)</sup> | &nbsp;&nbsp;(2.60) | &nbsp;&nbsp;(2.46) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.25) | &nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;9.94 | (15.95) | &nbsp;&nbsp;39940 | 0.79 | 1.23 | 1.03 | &nbsp;&nbsp;61 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/18 | $14.85&nbsp;&nbsp;&nbsp;$0.18<sup>(4)</sup> | $(0.92) | $(0.74) | $(0.12) | $(4.13) | $(4.25) | $9.86 | &nbsp;&nbsp;(6.07)% | $15971 | 0.85% | 1.15% | 1.22% | 140% |
| 12/31/19 | &nbsp;&nbsp;&nbsp;9.86&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(8)</sup> | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;22.80 | &nbsp;&nbsp;17628 | 0.85 | 1.48 | 1.22 | 129 |
| 12/31/20 | &nbsp;&nbsp;11.95&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;13.59 | &nbsp;&nbsp;19.16 | &nbsp;&nbsp;18609 | 0.85 | 1.38 | 0.85 | &nbsp;&nbsp;71 |
| 12/31/21 | &nbsp;&nbsp;13.59&nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;15.70 | &nbsp;&nbsp;17.07 | &nbsp;&nbsp;19771 | 0.81 | 1.05 | 0.48 | &nbsp;&nbsp;&nbsp;132<sup>(7)</sup> |
| 12/31/22 | &nbsp;&nbsp;15.70&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>(4)</sup> | &nbsp;&nbsp;(2.60) | &nbsp;&nbsp;(2.46) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(3.25) | &nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;9.94 | (15.97) | &nbsp;&nbsp;15050 | 0.79 | 0.96 | 1.03 | &nbsp;&nbsp;61 |

---

*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *Represents the period from commencement of operations (April 13, 2021) through December 31, 2021.* 

*<sup>(3)</sup>* *Net asset value at the beginning of period is based on the net asset value of Class I shares on April 13, 2021.* 

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

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

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

*<sup>(7)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the Aggressive ETF Fund, the Conservative ETF Fund and the Moderate ETF Fund acquired on April 16, 2021. If these transactions were included, portfolio turnover would have been higher.* 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone Bond Fund** | **Touchstone 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 SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** |
| 12/31/19<sup>(2)</sup> | $9.90 | $0.11 | $0.13 | $0.24 | $(0.13) | &nbsp;&nbsp;$— | $(0.13) | $10.01 | &nbsp;&nbsp;&nbsp;2.43%<sup>(3)</sup> | $59462 | 0.78%<sup>(4)</sup> | 0.84%<sup>(4)</sup> | 2.29%<sup>(4)</sup> | 335%<sup>(5)</sup> |
| 12/31/20 | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;66042 | 0.77 | 0.77 | 2.39 | 168 |
| 12/31/21 | &nbsp;&nbsp;10.79 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;65530 | 0.79 | 0.79 | 1.47 | 142 |
| 12/31/22 | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;8.66 | (13.90) | &nbsp;&nbsp;54930 | 0.78 | 0.78 | 2.49 | 163 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/18 | $9.60 | $0.28 | $(0.46) | $(0.18) | $(0.23) | &nbsp;&nbsp;$— | $(0.23) | $9.19 | &nbsp;&nbsp;(1.88)% | $41808 | 0.67% | 0.87% | 2.62% | 431% |
| 12/31/19 | &nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;10.02 | &nbsp;&nbsp;10.46 | &nbsp;&nbsp;37819 | 0.67 | 0.94 | 2.58 | &nbsp;&nbsp;&nbsp;335<sup>(5)</sup> |
| 12/31/20 | &nbsp;&nbsp;10.02 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;39316 | 0.67 | 0.82 | 2.49 | 168 |
| 12/31/21 | &nbsp;&nbsp;10.81 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;41221 | 0.67 | 0.77 | 1.60 | 142 |
| 12/31/22 | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(1.72) | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;8.66 | (13.85) | &nbsp;&nbsp;32670 | 0.67 | 0.76 | 2.60 | 163 |

---

*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *Represents the period from commencement of operations (July 12, 2019) through December 31, 2019.* 

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

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

*<sup>(5)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the Touchstone Active Bond Fund acquired on July 12, 2019. If these transactions were included, portfolio turnover would have been higher.* 

*See accompanying Notes to Financial Statements.*

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Financial Highlights (Continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock Fund** | **Touchstone Common Stock 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 SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** | **Class SC** |
| 12/31/19<sup>(2)</sup> | $8.61 | $0.02 | $0.72 | $0.74 | $(0.05) | $(0.10) | $(0.15) | $9.20 | &nbsp;&nbsp;&nbsp;8.60%<sup>(3)</sup> | $82546 | 0.94%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 0.46%<sup>(4)</sup> | 18%<sup>(5)</sup> |
| 12/31/20 | &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;23.48 | &nbsp;&nbsp;&nbsp;85232 | 0.90 | 0.90 | 0.47 | 15 |
| 12/31/21 | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;13.51 | &nbsp;&nbsp;27.57 | &nbsp;&nbsp;&nbsp;93121 | 0.91 | 0.91 | 0.16 | &nbsp;&nbsp;6 |
| 12/31/22 | &nbsp;&nbsp;13.51 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.38) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;9.51 | (17.79) | &nbsp;&nbsp;&nbsp;68199 | 0.91 | 0.91 | 0.35 | &nbsp;&nbsp;7 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/18 | $18.74 | &nbsp;&nbsp;&nbsp;$0.14<sup>(6)</sup> | $(1.00) | $(0.86) | $(0.11) | $(10.49) | $(10.60) | $7.28 | &nbsp;&nbsp;(8.05)% | $124796 | 0.73% | 0.83% | 0.77% | 10% |
| 12/31/19 | &nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;28.58 | &nbsp;&nbsp;139536 | 0.73 | 0.82 | 0.82 | &nbsp;&nbsp;&nbsp;18<sup>(5)</sup> |
| 12/31/20 | &nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;11.01 | &nbsp;&nbsp;23.68 | &nbsp;&nbsp;149336 | 0.73 | 0.80 | 0.64 | 15 |
| 12/31/21 | &nbsp;&nbsp;11.01 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;13.56 | &nbsp;&nbsp;27.85 | &nbsp;&nbsp;164195 | 0.73 | 0.76 | 0.34 | &nbsp;&nbsp;6 |
| 12/31/22 | &nbsp;&nbsp;13.56 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.37) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;9.55 | (17.66) | &nbsp;&nbsp;120406 | 0.73 | 0.77 | 0.53 | &nbsp;&nbsp;7 |

---

*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *Represents the period from commencement of operations (July 12, 2019) through December 31, 2019.* 

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

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

*<sup>(5)</sup>* *Portfolio turnover excludes the purchases and sales of securities of the Touchstone Focused Fund and the Touchstone Large Cap Core Equity Fund acquired on July 12, 2019. If these transactions were included, portfolio turnover would have been higher.* 

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** |
| **Period ended** | **Net<br> asset<br> value at<br> beginning<br> of period** | **Net<br> investment<br> income** | **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 I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 12/31/18 | $15.73 | $0.01 | $(1.11) | $(1.10) | &nbsp;&nbsp;$— | $(1.94) | $(1.94) | $12.69 | &nbsp;&nbsp;(7.98)% | $57884 | 0.76% | 0.84% | 0.05% | 68% |
| 12/31/19 | &nbsp;&nbsp;12.69 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(2)</sup> | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;13.69 | &nbsp;&nbsp;21.40 | &nbsp;&nbsp;64630 | 0.76 | 0.85 | 0.13 | 85 |
| 12/31/20 | &nbsp;&nbsp;13.69 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;15.71 | &nbsp;&nbsp;18.70 | &nbsp;&nbsp;71632 | 0.76 | 0.87 | 0.06 | 95 |
| 12/31/21 | &nbsp;&nbsp;15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;19.13 | &nbsp;&nbsp;24.18 | &nbsp;&nbsp;75241 | 0.76 | 0.79 | 0.01 | 67 |
| 12/31/22 | &nbsp;&nbsp;19.13 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;(2.73) | &nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(2)</sup> | &nbsp;&nbsp;(4.76) | &nbsp;&nbsp;(4.76) | &nbsp;&nbsp;11.67 | (14.44) | &nbsp;&nbsp;59221 | 0.76 | 0.80 | 0.23 | 75 |

---

*<sup>(1)</sup>* *Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.* 

*<sup>(2)</sup>* *Less than $0.005 per share.* 

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

*See accompanying Notes to Financial Statements.*

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Notes to Financial Statements

December 31, 2022

1. Organization

The Touchstone Variable Series 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 February 7, 1994. The Trust consists of the following four funds (individually, a "Fund", and collectively, the "Funds"):

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| |
|:---|
| Touchstone Balanced Fund ("Balanced Fund") |
| Touchstone Bond Fund ("Bond Fund") |
| Touchstone Common Stock Fund ("Common Stock Fund") |
| Touchstone Small Company Fund ("Small Company Fund") |

---

Each Fund is diversified with the exception of the Common Stock Fund which is non-diversified.

The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. Shares of beneficial interest of each Fund are available as a funding vehicle for the separate accounts of life insurance companies issuing variable annuity and variable life insurance policies. As of December 31, 2022, the following affiliates of Touchstone Advisors, Inc. (the "Adviser") were invested in the Funds: separate accounts of Western-Southern Life Assurance Company, The Western & Southern Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company, and Columbus Life Insurance Company, which are all part of Western & Southern Financial Group, Inc. ("Western & Southern"), and certain supplemental executive retirement plans sponsored by Western & Southern and its affiliates.

The Balanced Fund, Bond Fund and Common Stock Fund offer Class SC shares and Class I shares. The Small Company Fund offers Class I shares. 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") define fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term "market value", as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:**

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

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) • Level 3 - significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

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

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

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

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

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Notes to Financial Statements (Continued)

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 the Adviser and adopted by the Funds' Board of Trustees (the "Board") and are generally categorized in Level 3.

**Investment companies — The Funds may invest in securities of other investment companies, including exchange-traded funds ("ETFs"), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter ("OTC"). An ETF is an investment company that typically seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. ETF shares are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which the other investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. When a Fund invests in another investment company, shareholders of the Fund indirectly bear their proportionate share of the other investment company's fees and expenses, including operating, registration, trustee, licensing, and marketing, as well as their share of the Fund's fees and expenses.**

**Collateralized Loan Obligations — The Bond 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.**

**Futures Contracts — The Balanced Fund and the Bond Fund may buy and sell futures contracts and related options to manage their exposure to changing interest rates and securities prices. Some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that**

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Notes to Financial Statements (Continued)

could negatively impact a Fund's return. When a Fund purchases or sells a futures contract, or sells an option thereon, a Fund must deposit initial margin and, in some instances, daily variation margin, to meet its obligations under a contract with a futures commission merchant.

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

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

**Swap Contracts — The Funds may enter into swap transactions to help enhance the value of their portfolio or manage their exposure to different types of investments. Swaps are financial instruments that typically involve the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indexes, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates.**

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, bilateral swap agreements and OTC swaps have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, 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").

As of December 31, 2022, the Funds did not hold any swap contracts.

Effective August 19, 2022 (the "Compliance Date"), the Derivatives Rule replaced the asset segregation regime of Investment Company Act Release No. 10666 ("Release 10666") with a new framework for the use of derivatives by registered funds. As of the

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Notes to Financial Statements (Continued)

Compliance Date, the SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund's use of derivatives and began requiring funds to satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the Funds will no longer engage in "segregation" or "coverage" techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule. Centrally-cleared swap contracts are subject to clearinghouse rules, including initial and variation margin requirements, daily settlement of obligations and the clearinghouse guarantee of payments to the broker.

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

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

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

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

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

------

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Notes to Financial Statements (Continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives not accounted for as hedging<br> instruments under ASC 815** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized Gains<br> (Losses)<br> on Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> on Derivatives** |
| Bond Fund | Futures - Interest Rate Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  | Swap Agreements - Credit Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Swap Agreements - Interest Rate Contracts\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

For the year ended December 31, 2022, the average quarterly notional value of outstanding derivative financial instruments for the Bond Fund was as follows:

---

| | |
|:---|:---|
|  | **Bond Fund** |
| **Credit Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swaps - Notional value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—\* |
| **Interest Rate Contracts:** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts - Notional Value | &nbsp;&nbsp;&nbsp;6066238 |
| &nbsp;&nbsp;&nbsp;Interest Rate Swaps - Notional Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— \* |

---

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

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

As of December 31, 2022, the Funds did not have any securities on loan.

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

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

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

**When-issued or delayed delivery transactions — Each Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. When-issued or delayed delivery transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or delayed delivery transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the Derivatives Rule.**

**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_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Notes to Financial Statements (Continued)

**Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal 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 gain 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 declares and distributes net investment income, if any, annually, as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds' net investment income from investments in underlying funds is affected by the timing of dividend declarations by the underlying funds.**

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

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

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

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

3. Investment Transactions

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced<br> Fund** | &nbsp;&nbsp;**Bond<br> Fund** | &nbsp;&nbsp;**Common Stock<br> Fund** | &nbsp;&nbsp;**Small<br> Company<br> Fund** |
| Purchases of investment securities | $8965679 | &nbsp;&nbsp;$22634022 | &nbsp;&nbsp;$15036073 | &nbsp;&nbsp;$46852247 |
| Proceeds from sales and maturities | $9943486 | &nbsp;&nbsp;$15178750 | &nbsp;&nbsp;$35076172 | &nbsp;&nbsp;$51920480 |

---

For the year ended December 31, 2022, purchases and proceeds from sales and maturities in U.S. Government Securities were $27,346,843 and $30,146,188, respectively, for the Balanced Fund, and $127,528,361 and $134,591,519, respectively, for the Bond Fund.

------

[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Notes to Financial Statements (Continued)

4. Transactions with Affiliates and Other Related Parties

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

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 $109,308 for the Funds' Board for the year ended December 31, 2022.

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

---

| | |
|:---|:---|
| Balanced Fund | &nbsp;&nbsp;0.55% on all assets |
| Bond Fund | &nbsp;&nbsp;0.40% on the first $300 million<br> 0.35% on such assets over $300 million |
| Common Stock Fund<br> Small Company Fund | &nbsp;&nbsp;0.50% on the first $200 million<br> 0.45% on the next $300 million<br> 0.40% on such assets over $500 million |

---

The Adviser has entered into investment sub-advisory agreements with Fort Washington Investment Advisors, Inc. (the "Sub-Adviser"), an affiliate of the Adviser and wholly-owned subsidiary of Western & Southern. The Adviser pays sub-advisory fees to the Sub-Adviser from its advisory fee.

The Adviser entered into an expense limitation agreement (the "Expense Limitation Agreement") to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds' liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Adviser has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class SC** | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;**Termination Date** |
| Balanced Fund | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;April 29, 2023 |
| Bond Fund | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;April 29, 2023 |
| Common Stock Fund | &nbsp;&nbsp;1.06% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;April 29, 2023 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;April 29, 2023 |

---

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 Fund's shareholders.

During the year ended December 31, 2022, the Adviser or its affiliates waived investment advisory fees, administration fees or shareholder servicing fees and other operating expenses of the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Investment<br> Advisory<br> Fees Waived** | &nbsp;&nbsp;**Administration<br> Fees Waived** | &nbsp;&nbsp;**Shareholder Servicing<br> Fees and Operating<br> Expenses<br> Reimbursed/<br> Waived** | &nbsp;&nbsp;**Total** |
| Balanced Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$68118 | &nbsp;&nbsp;$156391 | &nbsp;&nbsp;$224509 |
| Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;29533 | &nbsp;&nbsp;&nbsp;&nbsp;30703 |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;58693 | &nbsp;&nbsp;&nbsp;&nbsp;58693 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;24423 | &nbsp;&nbsp;&nbsp;&nbsp;25756 |

---

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Notes to Financial Statements (Continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires on<br> or before<br> December 31, 2023** | **Expires on<br> or before<br> December 31, 2024** | **Expires on<br> or before<br> December 31, 2025** | **Total** |
| Balanced Fund | $90621 | $175490 | $224509 | $490620 |
| Bond Fund | &nbsp;&nbsp;&nbsp;56535 | &nbsp;&nbsp;&nbsp;&nbsp;38593 | &nbsp;&nbsp;&nbsp;&nbsp;30703 | &nbsp;&nbsp;&nbsp;125831 |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;90446 | &nbsp;&nbsp;&nbsp;&nbsp;44492 | &nbsp;&nbsp;&nbsp;&nbsp;58693 | &nbsp;&nbsp;&nbsp;193631 |
| Small Company Fund | &nbsp;&nbsp;&nbsp;64631 | &nbsp;&nbsp;&nbsp;&nbsp;21468 | &nbsp;&nbsp;&nbsp;&nbsp;25756 | &nbsp;&nbsp;&nbsp;111855 |

---

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

#### ADMINISTRATION AGREEMENT
The Adviser entered into an Administration Agreement with the Trust, whereby the Adviser is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to 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
The Trust has adopted a Shareholder Services Plan under which Class SC shares of each Fund may directly or indirectly bear expenses for shareholder services provided. Each Fund offering Class SC shares will incur or reimburse expenses for shareholder services at an annual rate not to exceed 0.25% of the average daily net assets.

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Notes to Financial Statements (Continued)

#### UNDERWRITING AGREEMENT
The Underwriter acts as exclusive agent for the distribution of the Funds' shares. The Underwriter receives no compensation under this agreement.

#### 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 December 31, 2022, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

**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 December 31, 2022, the program was not utilized.

6. Federal Tax Information

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

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

The tax character of distributions paid for the years ended December 31, 2022 and December 31, 2021 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** | &nbsp;&nbsp;&nbsp;**Bond Fund** | &nbsp;&nbsp;&nbsp;**Bond Fund** |
|  | **Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| From ordinary income | &nbsp;&nbsp;$2671177 | &nbsp;&nbsp;&nbsp;$311042 | &nbsp;&nbsp;&nbsp;$2080174 | &nbsp;&nbsp;&nbsp;$3142376 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;11231960 | &nbsp;&nbsp;&nbsp;&nbsp;649760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | $13903137 | &nbsp;&nbsp;&nbsp;$960802 | &nbsp;&nbsp;&nbsp;$2495257 | &nbsp;&nbsp;&nbsp;$3142376 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Fund** | **Common Stock Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** | &nbsp;&nbsp;&nbsp;**Small Company Fund** |
|  | **Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,<br> 2021** |
| From ordinary income | &nbsp;&nbsp;$1076692 | &nbsp;&nbsp;&nbsp;$1512930 | &nbsp;&nbsp;&nbsp;$5945899 | &nbsp;&nbsp;&nbsp;&nbsp;$52041 |
| From long-term capital gains | &nbsp;&nbsp;&nbsp;26896739 | &nbsp;&nbsp;&nbsp;&nbsp;7816206 | &nbsp;&nbsp;&nbsp;&nbsp;11386850 | &nbsp;&nbsp;&nbsp;&nbsp;1390549 |
| Total distributions | $27973431 | &nbsp;&nbsp;&nbsp;$9329136 | &nbsp;&nbsp;&nbsp;$17332749 | &nbsp;&nbsp;&nbsp;$1442590 |

---

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[**Table of Contents**](#JOB_TS_-__309438f1-3760-4527-a8d6-20dbea1825d3_TOCtm237590d1_anulrpt)

Notes to Financial Statements (Continued)

The following information is computed on a tax basis for each item as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balanced<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Bond<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Common Stock<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small<br> Company Fund** |
| Tax cost of portfolio investments | &nbsp;&nbsp;$54735939 | &nbsp;&nbsp;&nbsp;&nbsp;$97838327 | &nbsp;&nbsp;&nbsp;&nbsp;$115671434 | &nbsp;&nbsp;&nbsp;&nbsp;$48049034 |
| Gross unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;6316115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80394579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14305128 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(6097691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10937628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7220315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3054551) |
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10694746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73174264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250577 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5227145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;638891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144341 |
| Undistributed capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12709817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267857 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;$200597 | &nbsp;&nbsp;&nbsp;&nbsp;$(13565833) | &nbsp;&nbsp;&nbsp;&nbsp;$86894072 | &nbsp;&nbsp;&nbsp;&nbsp;$11662775 |

---

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals.

As of December 31, 2022, the Funds had the following capital loss carryforwards for federal income tax purposes:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**No Expiration<br> Short Term** | &nbsp;&nbsp;&nbsp;**No Expiration<br> Long Term** | &nbsp;&nbsp;&nbsp;**Total** |
| Balanced Fund | &nbsp;&nbsp;$341932 | &nbsp;&nbsp;&nbsp;$314786 | &nbsp;&nbsp;&nbsp;$656718 |
| Bond Fund\* | &nbsp;&nbsp;&nbsp;1623673 | &nbsp;&nbsp;&nbsp;&nbsp;3603472 | &nbsp;&nbsp;&nbsp;&nbsp;5227145 |

---

*\** *Future utilization is limited under current tax law.* 

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.

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 December 31, 2022, 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. For the year ended December 31, 2022, there were no reclassifications between paid in capital and distributable earnings for the Funds.

7. Commitments and Contingencies

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

8. Principal Risks

**Risks Associated with Foreign Investments – Some of the Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange**

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Notes to Financial Statements (Continued)

control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Political and military events, including in China, North Korea, Venezuela, Russia, Ukraine, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, may cause market disruptions. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.

**Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility in the Funds' NAVs and magnified effect on the total return.**

**Risks Associated with Credit – An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer's securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.**

**Risks Associated with Cyber Security - With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to cyber security risks that could result in losses to a Fund and its shareholders. Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. Cyber security incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.**

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

**Risks Associated with Health Crises – A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect Fund performance. For example, the COVID-19 pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect a Fund's performance, resulting in losses to your investment.**

Please see the Funds' prospectus and statement of additional information for a complete discussion of these and other risks.

9. Subsequent Events

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Touchstone Variable Series Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Touchstone Variable Series Trust (the "Trust") (comprising the Touchstone Balanced Fund, Touchstone Bond Fund, Touchstone Common Stock Fund and Touchstone Small Company Fund (collectively referred to as the "Funds")), including the portfolios of investments, as of December 31, 2022, 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 Variable Series Trust at December 31, 2022, 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 December 31, 2022, by correspondence with the custodian. 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.

![](tm237590d1anulrpti007.jpg)

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

Cincinnati, Ohio

February 17, 2023

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Other Items (Unaudited)

#### Dividend Received Deduction
For corporate shareholders, the following ordinary distributions paid during the fiscal year ended December 31, 2022 qualify for the corporate dividends received deduction. The Funds intend to pass through the maximum allowable percentage.

---

| | |
|:---|:---|
| Balanced Fund | 20.52% |
| Common Stock Fund | 100.00% |
| Small Company Fund | 5.59% |

---

For the fiscal year ended December 31, 2022, the Funds designated long-term capital gains as follows:

---

| | |
|:---|:---|
| Balanced Fund | $11231960 |
| Bond Fund | $415083 |
| Common Stock Fund | $26896739 |
| Small Company Fund | $11386850 |

---

#### Proxy Voting Guidelines and Proxy Voting Records
The Sub-Advisers are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisers use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission's (the "Commission") website sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission's website at sec.gov.

#### Quarterly Portfolio Disclosure
Each Fund's holdings as of the end of the third month of every fiscal quarter will be disclosed on Form N-PORT within 60 days of the end of the fiscal quarter. The complete listing of each Fund's portfolio holdings is available on the Commission's website and will be made available to shareholders upon request by calling 1.800.543.0407.

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

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

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

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

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Other Items (Unaudited) (Continued)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net Expense<br> Ratio<br> Annualized<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Beginning<br> Account<br> Value<br> July 1,<br> 2022** | &nbsp;&nbsp;&nbsp;**Ending<br> Account<br> Value<br> December 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Expenses<br> Paid During<br> the Six Months<br> Ended<br> December 31,<br> 2022\*** |
| **Balanced Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SC | Actual | 0.79% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1013.60 | &nbsp;&nbsp;&nbsp;$4.01 |
| &nbsp;&nbsp;&nbsp;Class SC | Hypothetical | 0.79% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.22 | &nbsp;&nbsp;&nbsp;$4.02 |
| &nbsp;&nbsp;&nbsp;Class I | Actual | 0.79% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1013.30 | &nbsp;&nbsp;&nbsp;$4.01 |
| &nbsp;&nbsp;&nbsp;Class I | Hypothetical | 0.79% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.22 | &nbsp;&nbsp;&nbsp;$4.02 |
| **Bond Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SC | Actual | 0.77% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$972.30 | &nbsp;&nbsp;&nbsp;$3.83 |
| &nbsp;&nbsp;&nbsp;Class SC | Hypothetical | 0.77% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.32 | &nbsp;&nbsp;&nbsp;$3.92 |
| &nbsp;&nbsp;&nbsp;Class I | Actual | 0.67% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$971.90 | &nbsp;&nbsp;&nbsp;$3.33 |
| &nbsp;&nbsp;&nbsp;Class I | Hypothetical | 0.67% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.83 | &nbsp;&nbsp;&nbsp;$3.41 |
| **Common Stock Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class SC | Actual | 0.91% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1027.50 | &nbsp;&nbsp;&nbsp;$4.65 |
| &nbsp;&nbsp;&nbsp;Class SC | Hypothetical | 0.91% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1020.62 | &nbsp;&nbsp;&nbsp;$4.63 |
| &nbsp;&nbsp;&nbsp;Class I | Actual | 0.73% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1028.10 | &nbsp;&nbsp;&nbsp;$3.73 |
| &nbsp;&nbsp;&nbsp;Class I | Hypothetical | 0.73% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.53 | &nbsp;&nbsp;&nbsp;$3.72 |
| **Small Company Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | Actual | 0.76% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1089.70 | &nbsp;&nbsp;&nbsp;$4.00 |
| &nbsp;&nbsp;&nbsp;Class I | Hypothetical | 0.76% | &nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;$1021.37 | &nbsp;&nbsp;&nbsp;$3.87 |

---

*\** *Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).* 

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

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

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

#### Advisory and Sub-Advisory Agreement Approval Disclosure
At a meeting held on November 17, 2022, the Board of Trustees (the "Board" or "Trustees") of the Touchstone Variable Series Trust (the "Trust"), and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement between the Trust and the Advisor with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Advisor and the Sub-Advisor.

In determining whether to approve the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreements, the Advisor furnished information necessary for a majority of the Independent Trustees to make the determination that the

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Other Items (Unaudited) (Continued)

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

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

*Nature, Extent and Quality of Advisor Services. The Board considered the level and depth of knowledge of the Advisor, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Advisor, the Board took into account its familiarity with the Advisor's senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Advisor's compliance policies and procedures. The quality of administrative and other services, including the Advisor's role in coordinating the activities of the Funds' other service providers, was also considered. The Board also considered the Advisor's relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.*

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

The Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Advisor under the Investment Advisory Agreement.

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

The Board recognized that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the entrepreneurial risk that it assumes as Advisor. Based upon their review, the Trustees concluded that the Advisor's and its affiliates' level of profitability, if any, from their relationship with each Fund was reasonable and not excessive.

*Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund's respective peer group. The Board also considered, among other data, the Funds' respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2022 and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds' performance.*

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Other Items (Unaudited) (Continued)

The Board also considered the effect of each Fund's growth and size on its performance and expenses. The Board noted that the Advisor had waived a portion of the fees and/or reimbursed expenses of the Funds in order to reduce those Funds' respective operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund were paid by the Advisor out of the advisory fees it receives from the Fund and considered the impact of such sub-advisory fees on the profitability of the Advisor. In reviewing the respective total expense ratios and performance of each of the Funds, the Board also took into account the nature, extent and quality of the services provided to the Funds by the Advisor and its affiliates.

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

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

<u>Touchstone Bond Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and twelve-month periods ended September 30, 2022 was in the 4th quintile of its peer group, while the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 3rd quintile of its peer group. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

<u>Touchstone Common Stock Fund</u>. The Fund's advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund's fees and/or expenses. The Fund's performance for each of the six- and twelve-month periods ended September 30, 2022 was in the 5th quintile of its peer group, while the Fund's performance for the thirty-six-month period ended September 30, 2022 was in the 1st quintile of its peer group. The Board noted management's discussion of the Fund's recent performance. Based upon their review, the Trustees concluded that the Fund's overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

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

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

*Conclusion. In considering the renewal of the Funds' Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made*

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Other Items (Unaudited) (Continued)

separately with respect to each Fund. The Board reached the following conclusions regarding the Funds' Investment Advisory Agreement with the Advisor, among others: (a) the Advisor demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Fund's advisory fee is reasonable in light of the services received by the Fund from the Advisor and the other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.

In approving the applicable Funds' respective Sub-Advisory Agreements, the Board considered various factors with respect to each Fund and the applicable Sub-Advisory Agreement, among them: (1) the nature, extent and quality of services provided to the Fund, including the personnel providing such services; (2) the Sub-Advisor's compensation; (3) a comparison of the sub-advisory fee and performance with comparable funds; and (4) the terms of the Sub-Advisory Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

*Nature, Extent and Quality of Services Provided; Investment Personnel. The Board considered information provided by the Advisor regarding the services provided by the Sub-Advisor, including information presented periodically throughout the previous year. The Board noted the affiliation of the Sub-Advisor to with the Advisor, noting any potential conflicts of interest. The Board also noted that, on a periodic basis, the Board meets with portfolio managers of the Sub-Advisor to discuss its respective performance and investment processes and strategies. The Board considered the Sub-Advisor's level of knowledge and investment style. The Board reviewed the experience and credentials of the applicable investment personnel who are responsible for managing the investment of portfolio securities with respect to the Funds. The Board also noted the Sub-Advisor's brokerage practices.*

*Sub-Advisor's Compensation, Profitability and Economies of Scale. The Board also took into consideration the financial condition of the Sub-Advisor and any indirect benefits derived by the Sub-Advisor and its affiliates from the Sub-Advisor's relationship with the Funds. In considering the profitability to the Sub-Advisor of its relationship with the Funds, the Board noted the undertaking of the Advisor to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Advisor out of the advisory fees that it receives under the Investment Advisory Agreement. As a consequence, the profitability to the Sub-Advisor of its relationship with a Fund was not a substantial factor in the Board's deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Sub-Advisor's management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for all but two of the Funds contained breakpoints that would reduce the sub-advisory fee rate on assets above specified levels as the applicable Fund's assets increased.*

*Sub-Advisory Fees and Fund Performance. The Board considered that each Fund pays an advisory fee to the Advisor and that the Advisor pays the sub-advisory fee to the Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board also compared the sub-advisory fees paid by the Advisor to fees charged by the Sub-Advisor to manage comparable institutional separate accounts, as applicable. The Board considered the amount retained by the Advisor and the sub-advisory fee paid to the Sub-Advisor with respect to the various services provided by the Advisor and the Sub-Advisor. The Board reviewed the sub-advisory fee for each Fund in relation to various comparative data, including the median and average sub-advisory fees of each Fund's peer group, and considered the following information:*

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

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

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

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

As noted above, the Board considered each Fund's performance during the six-month, twelve-month and thirty-six-month periods ended September 30, 2022 as compared to each Fund's peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund's performance results, portfolio composition and investment strategies. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Sub-

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Other Items (Unaudited) (Continued)

Advisor. The Board was mindful of the Advisor's ongoing monitoring of the Sub-Advisor's performance and the measures undertaken by the Advisor to address any underperformance.

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

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Management of the Trust (Unaudited)

Listed below is required information regarding the Trustees and principal officers of the Trust. The Trust's Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request by calling 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interested Trustees<sup>1</sup>:** | **Interested Trustees<sup>1</sup>:** | **Interested Trustees<sup>1</sup>:** | **Interested Trustees<sup>1</sup>:** | **Interested Trustees<sup>1</sup>:** | **Interested Trustees<sup>1</sup>:** |
| **Name<br> Address<br> Year of Birth** | **Position<br> Held with<br> Trust** | **Term of<br> Office And<br> Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number<br> of Funds<br> Overseen<br> in the<br> Touchstone<br> Fund<br> Complex<sup>2</sup>** | &nbsp;&nbsp;**Other<br> Directorships<br> Held During Past 5 Years<sup>3</sup>** |
| Jill T. McGruder<br> Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1955 | Trustee | Until retirement at age 75 or until she resigns or is removed<br> Trustee since 1999 | President of Touchstone Funds from 1999 to 2020; Director and CEO of IFS Financial Services, Inc. (a holding company) since 1999; and Senior Vice President and Chief Marketing Officer of Western & Southern Financial Group, Inc. (a financial services company) since 2016. | 40 | &nbsp;&nbsp;Director, Integrity Life Insurance Co. and National Integrity Life Insurance Co. since 2005; Director, Touchstone Securities (the Distributor) since 1999; Director, Touchstone Advisors (the Advisor) since 1999; Director, W&S Brokerage Services, Inc. since 1999; Director, W&S Financial Group Distributors, Inc. since 1999; Director, Insurance Profillment Solutions LLC since 2014; Director, Columbus Life Insurance Co. since 2016; Director, The Lafayette Life Insurance Co. since 2016; Director, Gerber Life Insurance Company since 2019; Director, Western & Southern Agency, Inc. since 2018; and Director, LL Global, Inc. (not-for-profit trade organization with operating divisions LIMRA and LOMA) since 2016. |
| E. Blake Moore, Jr.<br> Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1958 | President and Trustee | Until retirement at age 75 or until he resigns or is removed<br> Trustee since 2021 | President, Touchstone Funds since 2021; Chief Executive Officer of Touchstone Advisors, Inc. and Touchstone Securities, Inc. since 2020; President, Foresters Investment Management Company, Inc. from 2018 to 2020; President, North American Asset Management at Foresters Financial from 2018 to 2020; Managing Director, Head of Americas at UBS Asset Management from 2015 to 2017; and Executive Vice President, Head of Distribution at Mackenzie Investments from 2011 to 2014. | 40 | &nbsp;&nbsp;Trustee, College of Wooster since 2008; and Director, UBS Funds from 2015 to 2017. |
| **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** | **Independent Trustees:** |
| Karen Carnahan<br> c/o Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1954 | Trustee | Until retirement at age 75 or until she resigns or is removed<br> Trustee since 2019 | Retired; formerly Chief Operating Officer of Shred-it (a business services company) from 2014 to 2015; formerly President & Chief Operating Officer of the document management division of Cintas Corporation (a business services company) from 2008 to 2014. | 40 | &nbsp;&nbsp;Director, Cintas Corporation since 2019; Director, Boys & Girls Club of West Chester/Liberty from 2016 to 2022; and Board of Advisors, Best Upon Request from 2020 to 2021. |
| William C. Gale<br> c/o Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1952 | Trustee | Until retirement at age 75 or until he resigns or is removed<br> Trustee since 2013 | Retired; formerly Senior Vice President and Chief Financial Officer of Cintas Corporation (a business services company) from 1995 to 2015. | 40 | &nbsp;&nbsp;None. |

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Management of the Trust (Unaudited) (Continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent Trustees (Continued):** | **Independent Trustees (Continued):** | **Independent Trustees (Continued):** | **Independent Trustees (Continued):** | **Independent Trustees (Continued):** | **Independent Trustees (Continued):** |
| **Name<br> Address<br> Year of Birth** | **Position<br> Held with<br> Trust** | **Term of<br> Office And<br> Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number<br> of Funds<br> Overseen<br> in the<br> Touchstone<br> Fund<br> Complex<sup>2</sup>** | &nbsp;&nbsp;**Other<br> Directorships<br> Held During Past 5 Years<sup>3</sup>** |
| Susan M. King<br> c/o Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1963 | Trustee | Until retirement at age 75 or until she resigns or is removed<br> Trustee since 2021 | Formerly, Partner of ID Fund LLC (2020 to 2021); formerly, Senior Vice President, Head of Product and Marketing Strategy of Foresters Financial (2018 to 2020); formerly, Managing Director, Head of Sales Strategy and Marketing, Americas of UBS Asset Management (2015 to 2017); formerly, Director, Allianz Funds, Allianz Funds Multi-Strategy Trust and AllianzGI Institutional Multi-Series Trust (2014 to 2015); and formerly, Director, Alliance Capital Cash Management Offshore Funds (2003 to 2005). | 40 | &nbsp;&nbsp;Trustee, Claremont McKenna College since 2017; Trustee, Israel Cancer Research Fund since 2019; and Board Member of WHAM! (Women's Health Access Matters) since 2021. |
| Kevin A. Robie<br> c/o Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1956 | Trustee | Until retirement at age 75 or until he resigns or is removed<br> Trustee since 2013 | Retired; formerly Vice President of Portfolio Management at Soin LLC (private multinational holding company and family office) from 2004 to 2020. | 40 | &nbsp;&nbsp;Director, SaverSystems, Inc. since 2015; Director, Buckeye EcoCare, Inc. from 2013 to 2018; Director, Turner Property Services Group, Inc. since 2017; Trustee, Dayton Region New Market Fund, LLC (private fund) since 2010; and Trustee, Entrepreneurs Center, Inc. (business incubator) since 2006. |
| Sally J. Staley<sup>4</sup> c/o Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1956 | Trustee | Until retirement at age 75 or until she resigns or is removed<br> Trustee since 2023 | Independent Consultant to Institutional Asset Owners since 2017; formerly Chief Investment Officer and Corporate Officer for Case Western Reserve University from 2006 to 2017; formerly Advisor to Fairport Asset Management LLC/Luma Wealth Advisors from 2011 to 2019. | 40 | &nbsp;&nbsp;Trustee, College of Wooster since 2006 (Chair since 2021); Trustee, Great Lakes Theater Festival since 2005; and Member of Advisory Committee, Certified Investment Fund Director Institute from 2015 to 2020. |
| William H. Zimmer III<br> c/o Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1953 | Trustee | Until retirement at age 75 or until he resigns or is removed<br> Trustee since 2019 | Independent Treasury Consultant since 2014. | 40 | &nbsp;&nbsp;Director, Deaconess Associations, Inc. (healthcare) since 2001; Trustee, Huntington Funds (mutual funds) from 2006 to 2015; and Director, National Association of Corporate Treasurers from 2011 to 2015. |

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*<sup>1</sup> Ms. McGruder, as a director of the Adviser and the Distributor, and an officer of affiliates of the Adviser and the Distributor, is an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act. Mr. Moore, as an officer of the Adviser and the Distributor, is an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.*

*<sup>2</sup> As of December 31, 2022, the Touchstone Fund Complex consisted of 4 series of the Trust, 19 series of the Touchstone Strategic Trust, 13 series of the Touchstone Funds Group Trust and 4 series of the Touchstone ETF Trust.*

*<sup>3</sup> Each Trustee is also a Trustee of Touchstone ETF Trust, Touchstone Strategic Trust and Touchstone Funds Group Trust.*

*<sup>4</sup>Ms. Staley was elected as a Trustee, effective as of January 1, 2023.* 

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Management of the Trust (Unaudited) (Continued)

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| | | | |
|:---|:---|:---|:---|
| **Principal Officers:** | **Principal Officers:** | **Principal Officers:** | **Principal Officers:** |
| **Name<br> Address<br> Year of Birth** | **Position(s)<br> Held with<br> Trust<sup>1</sup>** | **Term of<br> Office And<br> Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** |
| E. Blake Moore, Jr.<br> Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1958 | President and Trustee | Until resignation, removal or disqualification<br> President since January 2021 | See biography above. |
| Timothy D. Paulin<br> Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1963 | Vice President | Until resignation, removal or disqualification<br> Vice President since 2010 | Senior Vice President of Investment Research and Product Management of Touchstone Advisors, Inc. |
| Timothy S. Stearns<br> Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1963 | Chief Compliance Officer | Until resignation, removal or disqualification<br> Chief Compliance Officer since 2013 | Chief Compliance Officer of Touchstone Advisors, Inc. and Touchstone Securities, Inc. |
| Terrie A. Wiedenheft<br> Touchstone Advisors, Inc.<br> 303 Broadway<br> Suite 1100<br> Cincinnati, Ohio 45202<br> Year of Birth: 1962 | Controller and Treasurer | Until resignation, removal or disqualification<br> Controller and Treasurer since 2006 | Senior Vice President and Chief Administration Officer within the Office of the Chief Marketing Officer of Western & Southern Financial Group (since 2021); and Senior Vice President, Chief Financial Officer, and Chief Operations Officer of IFS Financial Services, Inc. (a holding company). |
| Meredyth A. Whitford-Schultz<br> Western & Southern<br> Financial Group<br> 400 Broadway<br> Cincinnati, Ohio 45202<br> Year of Birth: 1981 | Secretary | Until resignation, removal or disqualification<br> Secretary since 2018 | Senior Counsel - Securities/Mutual Funds of Western & Southern Financial Group (2015 to present); Associate at Morgan Lewis & Bockius LLP (law firm) (2014 to 2015); Associate at Bingham McCutchen LLP (law firm) (2008 to 2014). |

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*<sup>1</sup> Each officer also holds the same office with Touchstone ETF Trust, Touchstone Strategic Trust and Touchstone Funds Group Trust.*

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### PRIVACY PROTECTION POLICY

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

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

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

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

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

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

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

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

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

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

• We will not sell your personal information to anyone.

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

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

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

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TSF-1006-TVST-AR-2212

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&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 attached hereto as Exhibit 13(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) Audit fees for Touchstone Variable Series Trust totaled $78,900
and $77,400 for the fiscal years ending December 31, 2022 and December 31, 2021, respectively, including fees associated with the annual
audits and filings of Form N-1A and Form N-CEN.

<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 $4,000 and $6,000 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
The fees are associated with merger related audit procedures.

<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 $14,520 and $26,410 for the fiscal years ended December 31,
2022 and December 31, 2021, respectively. The fees relate to the preparation of federal income and excise tax returns and review of capital
gains distribution calculations.

<u>All Other Fees</u>

&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 $1,226 and $2,550 for the fiscal
years ended December 31, 2022 and December 31, 2021, respectively. The fees relate to the PFIC analyzer and Global Withholding Tax Reporter
subscriptions.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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 for Touchstone Variable Series
Trust and certain entities\*, totaled approximately $699,959 and $528,481 for the fiscal years ended December 31, 2022 and December 31,
2021, respectively.

\* These include the advisers (excluding non-affiliated sub-advisers) and any entity controlling, controlled by or under common control with the advisers that provides ongoing services to the registrant (Funds).

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 11. Controls and Procedures.**

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

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

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

Not applicable.

**Item 13. Exhibits.**

[(a)(1)](tm237590d1_ex99-codeeth.htm) [Code of ethics, and any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](tm237590d1_ex99-codeeth.htm)

[(a)(2)](tm237590d1_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.](tm237590d1_ex99-cert.htm)

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

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

[(b)](tm237590d1_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.](tm237590d1_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 Variable Serires Trust

---

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

---

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

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

---

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

---

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

---

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

---

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

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

## Ex-99.Code

**EX-99.CODE ETH**

**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 APRARENT 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;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Handle any actual or apparent conflict of interest
ethically;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Any outside business activity;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt of any gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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

**Exhibit A**

Persons Covered by this Code of Ethics

E. Blake Moore, Jr. — President Touchstone Strategic Trust Touchstone Variable Series Trust Touchstone Funds Group Trust Touchstone ETF Trust <br>Terrie A. Wiedenheft — Controller and Treasurer Touchstone Strategic Trust Touchstone Variable Series Trust Touchstone Funds Group Trust Touchstone ETF Trust

**CODE OF ETHICS**

**FOR**

**SENIOR FINANCIAL OFFICERS**

**ANNUAL CERTIFICATION**

---

| | |
|:---|:---|
| **TO:** | Trusts' Chief Compliance Officer |

---

---

| | |
|:---|:---|
| **RE:** | Code of Ethics for Senior Financial Officers |

---

**FROM:**

I hereby acknowledge, agree and certify that I have received, read, understand and will abide by the Code of Ethics for Senior Financial Officers.

    <br> Signature Date

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and** **Section 302 of the Sarbanes-Oxley Act**

I, E. Blake Moore, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Variable Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 1, 2023</u> | /s/ E. Blake Moore, Jr. |
|  | E. Blake Moore, Jr., President |
|  | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and** **Section 302 of the Sarbanes-Oxley Act**

I, Terrie A. Wiedenheft, certify that:

1. I have reviewed this report on Form N-CSR of Touchstone Variable Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

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

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, E. Blake Moore, Jr., President of Touchstone Variable Series Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>March 1, 2023</u> | /s/ E. Blake Moore, Jr. |
|  | E. Blake Moore, Jr., President |
|  | (principal executive officer) |

---

I, Terrie A. Wiedenheft, Controller and Treasurer of Touchstone Variable Series Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

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

---