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26059 27271 16500 17775 17195 24179 19408 21109 21394 9302.91 21595 15924 11336 19902 11285 14677 17214 22934 13572 14660 21018 12024 15953 21468 19533 13559 12240 12154 11274 24780 19965 11258 14573 24598 18989 13131 12274 23842 12124 13237 20704 19103 34195 12208 13114 20681 23810 25902 8857.92 35170 25101 12122 25229 34885 14546 26021 32194 27250 15784 27481 15676 15802 27284 14432 11576 24161 35803 10000 21587 24218 22787 14076 15520 15704 32227 30543 13438 14036 15592 39880 33279 22088 15825 10000 26624 30620 21652 12882 14616 29121 13454 47382 25953 13282 36133 10000 22087 25186 40079 14311 36376 25702 28558 11807 15969 42938 38375 9425 25803 14625 36157 10000 29882 11817 10000 11573 10780 23264 13758 25989 15773 33886 11627 14222 28233 37007 45569 25178 28569 13277 0000711080 false N-1A TOUCHSTONE STRATEGIC TRUST N-CSR 2026-03-31 Touchstone Dynamic Large Cap Growth Fund CLASS A TGVFX This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund (“Fund”) (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Expenses</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 45%;"></td> <td style="vertical-align: bottom; width: 10%;"></td> <td></td> <td style="vertical-align: bottom; width: 23%;"></td> <td></td> <td style="vertical-align: bottom; width: 14%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">Class</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs paid as a percentage<br/>of a $10,000 investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class A</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">$114</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">1.03%</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom;"></td> </tr> </table> 114 0.0103 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund’s portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s Class A shares performance was 20.44% (excluding sales loads) for the reporting period.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the 9‑month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The factors that contributed most to the Fund’s performance during the period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 18%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 16%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 64%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">FACTOR</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">PERFORMANCE <br/>IMPACT </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle; white-space: nowrap;"><span style="font-weight: bold;">OBSERVATIONS</span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Peer Momentum</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities in similar industries rallied in concert during the quarter.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Long Term Growth</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s overweight to companies with robust long term growth prospects added to performance, as growth was rewarded.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Book to Price</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Additionally, the Fund’s tilt towards companies with favorable Book to Price valuations contributed to performance.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Analyst Insight</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities with positive revisions by the sell-side analyst community rallied during the year.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication</div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Services</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle; white-space: nowrap; text-align: center;">Negative </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Stock selection within the sector was the largest detractor to relative performance.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 9pt; font-family: arial; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-top: 0pt; margin-bottom: 0pt;"><img alt="LOGO" src="tm269275d1_ncsrimg002.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 94%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">1 Year</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">    5 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">    10 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class A</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.43%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.36%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.89%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class A - excluding sales load</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">20.44%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.49%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.58%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 3000 Index<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.30%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.78%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.71%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 1000 Growth Index<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.04%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.26%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.69%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.87%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.72%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.81%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">12.76%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.83%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.75%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.05%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.38%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;">1</span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;">2</span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. </span></div> </td> </tr> </table> Class A 0.1443 0.1036 0.1489 Class A - excluding sales load 0.2044 0.1149 0.1558 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US 1000 Growth Index 0.1804 0.1126 0.1569 Russell 3000® Index 0.1809 0.1087 0.1372 Russell 1000® Growth Index 0.1881 0.1276 0.1683 Russell 3000® Growth Index 0.1875 0.1205 0.1638 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">Visit t<span style="text-decoration: underline;">ouchstoneinvestments.com/mutual-funds</span> for the most recent performance information.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 97%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">140,445,165</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">92</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total advisory fees paid</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$820,556</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Portfolio turnover rate</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">176%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 140445165 92 820556 1.76 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Graphical Representation of Holdings</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="4" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Information Technology</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Health Care</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Discretionary</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Financials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Industrials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Energy</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Staples</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Utilities</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Materials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Short-Term Investment Fund</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Other Assets/Liabilities (Net)</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.1)%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">100.0%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 0.518 0.101 0.101 0.088 0.075 0.065 0.020 0.014 0.009 0.005 0.005 -0.001 1.000 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Material Fund Changes</div><div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class A expense limitation was reduced to 0.99% of average daily net assets.</div> The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class A expense limitation was reduced to 0.99% of average daily net assets. Touchstone Dynamic Large Cap Growth Fund CLASS C TGVCX This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund (“Fund”) (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Expenses</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 45%;"></td> <td style="vertical-align: bottom; width: 10%;"></td> <td></td> <td style="vertical-align: bottom; width: 23%;"></td> <td></td> <td style="vertical-align: bottom; width: 14%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">Class</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs paid as a percentage<br/>of a $10,000 investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class C</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">$193</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">1.76%</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom;"></td> </tr> </table> 193 0.0176 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund’s portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s Class C shares performance was 19.58% (excluding sales loads) for the reporting period.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the 9‑month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The factors that contributed most to the Fund’s performance during the period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 16%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 68%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">FACTOR</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">PERFORMANCE <br/>IMPACT </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle; white-space: nowrap;"><span style="font-weight: bold;">OBSERVATIONS</span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Peer Momentum</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities in similar industries rallied in concert during the quarter.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Long Term Growth</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s overweight to companies with robust long term growth prospects added to performance, as growth was rewarded.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Book to Price</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Additionally, the Fund’s tilt towards companies with favorable Book to Price valuations contributed to performance.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Analyst Insight</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities with positive revisions by the sell-side analyst community rallied during the year.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle; white-space: nowrap; text-align: center;">Negative </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Stock selection within the sector was the largest detractor to relative performance.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; font-weight: bold; text-align: justify;">GROWTH OF $10,000</div> <div style="margin-top: 0pt; margin-bottom: 0pt;"><img alt="LOGO" src="tm269275d1_ncsrimg004.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 94%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">1 Year</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   5 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   10 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class C</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.58%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.67%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.88%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class C - excluding sales load</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">19.58%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.67%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.88%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 3000 Index<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.30%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.78%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.71%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 1000 Growth Index<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.04%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.26%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.69%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.87%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.72%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.81%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">12.76%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.83%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.75%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.05%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.38%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. </span></div> </td> </tr> </table> Class C 0.1858 0.1067 0.1488 Class C - excluding sales load 0.1958 0.1067 0.1488 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US 1000 Growth Index 0.1804 0.1126 0.1569 Russell 3000® Index 0.1809 0.1087 0.1372 Russell 1000® Growth Index 0.1881 0.1276 0.1683 Russell 3000® Growth Index 0.1875 0.1205 0.1638 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">Visit <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 97%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">140,445,165</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">92</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total advisory fees paid</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$820,556</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Portfolio turnover rate</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">176%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 140445165 92 820556 1.76 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Graphical Representation of Holdings</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="4" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Information Technology</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Health Care</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Discretionary</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Financials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Industrials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Energy</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Staples</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Utilities</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Materials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Short-Term Investment Fund</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Other Assets/Liabilities (Net)</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.1)%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">100.0%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 0.518 0.101 0.101 0.088 0.075 0.065 0.020 0.014 0.009 0.005 0.005 -0.001 1.000 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Material Fund Changes</div><div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class C expense limitation was reduced to 1.71% of average daily net assets.</div> The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at touchstoneinvestments.com/mutual-funds or upon request at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub-adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class C expense limitation was reduced to 1.71% of average daily net assets. Touchstone Dynamic Large Cap Growth Fund CLASS Y TGVYX This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund (“Fund”) (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Expenses</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 46%;"></td> <td style="vertical-align: bottom; width: 10%;"></td> <td></td> <td style="vertical-align: bottom; width: 23%;"></td> <td></td> <td style="vertical-align: bottom; width: 14%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">Class</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs paid as a percentage<br/>of a $10,000 investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class Y</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">$78</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">0.71%</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom;"></td> </tr> </table> 78 0.0071 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund’s portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s Class Y shares performance was 20.84% for the reporting period.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the 9‑month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The factors that contributed most to the Fund’s performance during the period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 16%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 68%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">FACTOR</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold; text-align: center;">PERFORMANCE </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: arial; font-weight: bold; text-align: center;">IMPACT </div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle; white-space: nowrap;"><span style="font-weight: bold;">OBSERVATIONS</span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Peer Momentum</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities in similar industries rallied in concert during the quarter.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Long Term Growth</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s overweight to companies with robust long term growth prospects added to performance, as growth was rewarded.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Book to Price</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Additionally, the Fund’s tilt towards companies with favorable Book to Price valuations contributed to performance.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Analyst Insight</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities with positive revisions by the sell-side analyst community rallied during the year.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle; white-space: nowrap; text-align: center;">Negative </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Stock selection within the sector was the largest detractor to relative performance.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 9pt; font-family: arial; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-top: 0pt; margin-bottom: 0pt;"><img alt="LOGO" src="tm269275d1_ncsrimg006.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 94%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">1 Year</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   5 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   10 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class Y</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">20.84%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.79%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.87%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 3000 Index<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.30%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.78%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.71%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 1000 Growth Index<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.04%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.26%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.69%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.87%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.72%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.81%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">12.76%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.83%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.75%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.05%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.38%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;">1</span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;">2</span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. </span></div> </td> </tr> </table> Class Y 0.2084 0.1179 0.1587 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US 1000 Growth Index 0.1804 0.1126 0.1569 Russell 3000® Index 0.1809 0.1087 0.1372 Russell 1000® Growth Index 0.1881 0.1276 0.1683 Russell 3000® Growth Index 0.1875 0.1205 0.1638 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">Visit <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$140,445,165</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">92</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total advisory fees paid</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$820,556</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Portfolio turnover rate</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">176%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 140445165 92 820556 1.76 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Graphical Representation of Holdings</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="4" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Information Technology</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Health Care</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Discretionary</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Financials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Industrials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Energy</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Staples</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Utilities</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Materials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Short-Term Investment Fund</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Other Assets/Liabilities (Net)</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.1)%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">100.0%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 0.518 0.101 0.101 0.088 0.075 0.065 0.020 0.014 0.009 0.005 0.005 -0.001 1.000 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Material Fund Changes</div><div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class Y expense limitation was reduced to 0.66% of average daily net assets.</div> The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 he Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Class Y expense limitation was reduced to 0.66% of average daily net assets. Touchstone Dynamic Large Cap Growth Fund INSTITUTIONAL CLASS TGVVX This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund (“Fund”) (formerly Touchstone Growth Opportunities Fund) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Expenses</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 46%;"></td> <td style="vertical-align: bottom; width: 10%;"></td> <td></td> <td style="vertical-align: bottom; width: 23%;"></td> <td></td> <td style="vertical-align: bottom; width: 14%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">Class</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs paid as a percentage<br/>of a $10,000 investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Institutional Class</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">$72</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">0.65%</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom;"></td> </tr> </table> 72 0.0065 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund’s portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s Institutional Class shares performance was 20.91% for the reporting period.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the 9‑month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The factors that contributed most to the Fund’s performance during the period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 16%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 68%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">FACTOR</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">PERFORMANCE <br/>IMPACT </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle; white-space: nowrap;"><span style="font-weight: bold;">OBSERVATIONS</span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Peer Momentum</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities in similar industries rallied in concert during the quarter.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Long Term Growth</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s overweight to companies with robust long term growth prospects added to performance, as growth was rewarded.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Book to Price</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Additionally, the Fund’s tilt towards companies with favorable Book to Price valuations contributed to performance.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Analyst Insight</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities with positive revisions by the sell-side analyst community rallied during the year.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle; white-space: nowrap; text-align: center;">Negative </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Stock selection within the sector was the largest detractor to relative performance.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10.0pt; font-size: 9pt; font-family: arial; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-top: 0pt; margin-bottom: 0pt;"><img alt="LOGO" src="tm269275d1_ncsrimg008.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 94%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">1 Year</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   5 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   10 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Institutional Class</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">20.91%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.89%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.99%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 3000 Index<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.30%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.78%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.71%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 1000 Growth Index<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.04%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.26%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.69%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.87%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.72%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.81%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">12.76%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.83%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.75%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.05%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.38%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. </span></div> </td> </tr> </table> Institutional Class 0.2091 0.1189 0.1599 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US 1000 Growth Index 0.1804 0.1126 0.1569 Russell 3000® Index 0.1809 0.1087 0.1372 Russell 1000® Growth Index 0.1881 0.1276 0.1683 Russell 3000® Growth Index 0.1875 0.1205 0.1638 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">Visit <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 97%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">140,445,165</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">92</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total advisory fees paid</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$820,556</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Portfolio turnover rate</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">176%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 140445165 92 820556 1.76 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Graphical Representation of Holdings</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="4" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Information Technology</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Health Care</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Discretionary</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Financials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Industrials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Energy</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Staples</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Utilities</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Materials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Short-Term Investment Fund</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Other Assets/Liabilities (Net)</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.1)%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">100.0%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 0.518 0.101 0.101 0.088 0.075 0.065 0.020 0.014 0.009 0.005 0.005 -0.001 1.000 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Material Fund Changes</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Institutional Class expense limitation was reduced to 0.60% of average daily net assets.</div> The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Additionally, the Fund will pay its investment adviser, Touchstone Advisors, Inc., an advisory fee at an annualized rate of 0.60% on the first $200 million and 0.40% on assets over $200 million and the Institutional Class expense limitation was reduced to 0.60% of average daily net assets. Touchstone Dynamic Large Cap Growth Fund CLASS R6 TGVLX This annual shareholder report contains important information about the Touchstone Dynamic Large Cap Growth Fund (“Fund”) (formerly Touchstone Growth Opportunities Fund) for the period May 9, 2025 (commencement of operations) to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Expenses</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 45%;"></td> <td style="vertical-align: bottom; width: 10%;"></td> <td></td> <td style="vertical-align: bottom; width: 23%;"></td> <td></td> <td style="vertical-align: bottom; width: 14%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">Class</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs of a $10,000<br/>investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Costs paid as a percentage<br/>of a $10,000 investment</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> <td colspan="2" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class R6</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">$621</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">0.57%</td> <td style="vertical-align: bottom;">    </td> <td style="vertical-align: bottom;"></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">Based on operations for the period May 9, 2025 (commencement of operations) to March 31, 2026. Expenses for a full reporting period would be higher.</span></div> </td> </tr> </table> 621 0.0057 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund seeks long-term growth of capital by primarily investing in stocks of U.S. companies with any market capitalization. The Fund’s portfolio managers place focus on companies they believe to have demonstrated records of achievement with excellent prospects for earnings growth over a 1 to 3 year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s Class R6 shares performance was 21.01% for the reporting period.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the 9‑month period from April 1, 2025 to December 31, 2025, Technology was a dominant force within the U.S. Exceptional earnings growth in U.S. technology and accelerating innovation, particularly in artificial intelligence, reshaped investor expectations and fueled global momentum. Additionally, gold, silver, and platinum soared to record highs in the period, propelling mining shares significantly higher. Lastly, during the first quarter of 2026, the Energy sector rallied due to the U.S.-Israeli military campaign against Iran and the disruption of the Strait of Hormuz, which handles roughly 20% of global oil supply.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The factors that contributed most to the Fund’s performance during the period were:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 14%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 16%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 68%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">FACTOR</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold; text-align: center;">PERFORMANCE </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: arial; font-weight: bold; text-align: center;">IMPACT </div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: middle; white-space: nowrap;"><span style="font-weight: bold;">OBSERVATIONS</span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Peer Momentum</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities in similar industries rallied in concert during the quarter.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Long Term Growth</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">The Fund’s overweight to companies with robust long term growth prospects added to performance, as growth was rewarded.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Book to Price</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Additionally, the Fund’s tilt towards companies with favorable Book to Price valuations contributed to performance.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Analyst Insight</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;">Positive </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Securities with positive revisions by the sell-side analyst community rallied during the year.</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle; white-space: nowrap; text-align: center;">Negative </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; vertical-align: middle;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.33em; line-height: 10.0pt; font-size: 9pt; font-family: arial; text-align: justify;">Stock selection within the sector was the largest detractor to relative performance.</div> </td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">During the period, the Fund notably increased its weight towards the Information Technology sector due to its strong growth prospects and favorable valuations.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Fund Performance</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; font-weight: bold; text-align: justify;">GROWTH OF $10,000</div> <div style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt; text-align: justify;"><img alt="LOGO" src="tm269275d1_ncsrimg010.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 94%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS</div> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">  </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">1 Year</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   5 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;">    </td> <td colspan="2" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: right;"><span style="font-weight: bold;">   10 Years</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Class R6<sup style="font-size: 75%; vertical-align: top;">1</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">21.01%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.60%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.63%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 3000 Index<sup style="font-size: 75%; vertical-align: top;">2</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.30%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.78%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.71%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Bloomberg US 1000 Growth Index<sup style="font-size: 75%; vertical-align: top;">3</sup></div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.04%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.26%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.69%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.09%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.87%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.72%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.81%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">12.76%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.83%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.75%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">12.05%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.38%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">1</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The inception date was May 9, 2025. Performance information was calculated using the historical performance of Class A shares for the periods prior to May 9, 2025. </span></div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">2</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 2%; vertical-align: top; text-align: left;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">3</sup> </span></td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. </span></div> </td> </tr> </table> Class R6 0.2101 0.1160 0.1563 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US 1000 Growth Index 0.1804 0.1126 0.1569 Russell 3000® Index 0.1809 0.1087 0.1372 Russell 1000® Growth Index 0.1881 0.1276 0.1683 Russell 3000® Growth Index 0.1875 0.1205 0.1638 2025-05-09 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 8pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">Visit <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Key Fund Statistics</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Fund net assets</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$140,445,165</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total number of portfolio holdings</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">92</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total advisory fees paid</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">$820,556</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Portfolio turnover rate</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">176%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 140445165 92 820556 1.76 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Graphical Representation of Holdings</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 98%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td colspan="4" style="padding-bottom: 2pt; border-bottom: 1.50pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style="border-bottom: 1.50pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="4" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Information Technology</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"></td> <td colspan="4" style="height: 6pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Health Care</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Communication Services</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Discretionary</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Financials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Industrials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Energy</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Consumer Staples</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Utilities</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Materials</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Short-Term Investment Fund</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Other Assets/Liabilities (Net)</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.1)%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 3pt;"></td> <td colspan="4" style="height: 3pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Total</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom; text-align: right;">100.0%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> 0.518 0.101 0.101 0.088 0.075 0.065 0.020 0.014 0.009 0.005 0.005 -0.001 1.000 <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Material Fund Changes</div> <div style="margin-top: 2pt; margin-bottom: 0pt; line-height: 10pt; font-size: 9pt; font-family: arial; text-align: justify;">The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund.</div> The following is a summary of certain changes made to the Fund effective May 9, 2025. For more complete information, you may review the Fund’s current prospectus, at <span style="text-decoration: underline;">touchstoneinvestments.com/mutual-funds</span> or upon request at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 The Fund’s name was changed from the Touchstone Growth Opportunities Fund to the Touchstone Dynamic Large Cap Growth Fund. In connection with the name change, Los Angeles Capital Management LLC (“Los Angeles Capital”) was appointed as the Fund’s sub‑adviser, the Fund adopted an 80% investment policy and other changes were made to the Fund’s principal investment strategies to reflect Los Angeles Capital’s investment strategy. In connection with the changes in principal investment strategies, Quantitative Strategy Risk was added as a principal risk of the Fund. Touchstone Flexible Income Fund CLASS A FFSAX This annual shareholder report contains important information about the Touchstone Flexible Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$106</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.04%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 106 0.0104 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund’s sub‑adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub‑adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class A shares performance was 4.14% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10‑year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2‑year to 10‑year spread widened by 20 basis points from 32 to 52 basis points, and the 5‑year to </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">30‑year spread steepened by 35 basis points from 62 to 97 basis points. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:22%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:60%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Quality and Current Income</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Spreads</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period also benefitted from credit spread tightening across the Fund’s sectors.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Long Duration U.S. Treasury</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund’s longer-than-benchmark duration.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:12pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg012.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">    5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">    10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.72%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.74%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.83%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.14%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.40%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.45%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Class A 0.0072 0.0174 0.0283 Class A - excluding sales load 0.0414 0.0240 0.0345 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,677,665,583</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">382</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$9,102,873</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">64%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1677665583 382 9102873 0.64 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Exchange-Traded Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Preferred Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Purchased Options</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Not Rated</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.329 0.208 0.128 0.105 0.062 0.046 0.044 0.033 0.000 0.001 0.046 -0.002 1.000 0.320 0.099 0.097 0.219 0.024 0.024 0.002 0.001 0.214 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Flexible Income Fund CLASS C FRACX This annual shareholder report contains important information about the Touchstone Flexible Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$182</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.79%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 182 0.0179 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund’s sub‑adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub‑adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class C shares performance was 3.45% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10‑year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2‑year to 10‑year spread widened by 20 basis points from 32 to 52 basis points, and the 5‑year to 30‑year spread steepened by 35 basis points from 62 to 97 basis points. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE<br/> IMPACT</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Quality and Current Income</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Spreads</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period also benefitted from credit spread tightening across the Fund’s sectors.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Long Duration U.S. Treasury</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund’s longer-than-benchmark duration.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:4pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:10pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg014.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.46%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.65%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.83%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.45%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.65%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.83%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Class C 0.0246 0.0165 0.0283 Class C - excluding sales load 0.0345 0.0165 0.0283 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:4pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,677,665,583</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">382</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$9,102,873</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">64%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1677665583 382 9102873 0.64 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Exchange-Traded Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Preferred Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Purchased Options</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Not Rated</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.329 0.208 0.128 0.105 0.062 0.046 0.044 0.033 0.000 0.001 0.046 -0.002 1.000 0.320 0.099 0.097 0.219 0.024 0.024 0.002 0.001 0.214 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Flexible Income Fund CLASS Y MXIIX This annual shareholder report contains important information about the Touchstone Flexible Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$81</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.79%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 81 0.0079 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund’s sub‑adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub‑adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class Y shares performance was 4.48% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10‑year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2‑year to 10‑year spread widened by 20 basis points from 32 to 52 basis points, and the 5‑year to </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">30‑year spread steepened by 35 basis points from 62 to 97 basis points. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:28%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:54%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Quality and Current Income</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Spreads</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period also benefitted from credit spread tightening across the Fund’s sectors.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Long Duration U.S. Treasury</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund’s longer-than-benchmark duration.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg016.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.48%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.67%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Class Y 0.0448 0.0267 0.0371 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,677,665,583</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">382</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$9,102,873</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">64%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1677665583 382 9102873 0.64 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Exchange-Traded Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Preferred Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Purchased Options</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Not Rated</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.329 0.208 0.128 0.105 0.062 0.046 0.044 0.033 0.000 0.001 0.046 -0.002 1.000 0.320 0.099 0.097 0.219 0.024 0.024 0.002 0.001 0.214 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Flexible Income Fund INSTITUTIONAL CLASS TFSLX This annual shareholder report contains important information about the Touchstone Flexible Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$71</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.69%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 71 0.0069 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks total return through a combination of income and capital appreciation by investing primarily in income producing securities. The Fund’s sub‑adviser, Bramshill Investments, LLC, implements a tactical fixed-income strategy, actively managing the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments. The sub‑adviser seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets. The Fund focuses on liquid securities with transparent pricing and actively-traded capital structures. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Institutional Class shares performance was 4.50% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, interest rates moved higher, with the 10‑year U.S. Treasury yield rising 11 basis points from 4.21% to 4.32%. The yield curve steepened meaningfully, as the 2‑year to 10‑year spread widened by 20 basis points from 32 to 52 basis points, and the 5‑year to 30‑year spread steepened by 35 basis points from 62 to 97 basis points. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Quality and Current Income</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period benefitted from high current income on strong credits with low probabilities of defaults.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Credit Spreads</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s relative performance during the reporting period also benefitted from credit spread tightening across the Fund’s sectors.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Long Duration U.S. Treasury</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Long-term rates did not fall in line with short-term rates, creating a headwind for the Fund’s longer-than-benchmark duration.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">During the reporting period, the Fund made several notable allocation changes. Portfolio duration was extended from 5.8 years to 6.5 years. Exposure to investment-grade corporates increased from 20.6% to 28.3%, while investment grade structured product securities were modestly reduced from 30.9% to 27.7%. High yield corporate securities increased slightly from 2.5% to 3.2%, whereas high yield structured products declined from 15.0% to 12.5%. The Fund reduced its allocation to preferred securities from 12.3% to 7.3% and introduced a new allocation to municipal bonds, increasing from 0.0% to 1.1%. Additionally, the Fund added exposure to emerging markets sovereign debt, with local currency positions rising to 4.9% and U.S. dollar-denominated positions to 0.7%. U.S. Treasury exposure decreased from 12.3% to 10.6%, and the cash allocation was reduced from 6.5% to 3.8%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:8pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg018.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.50%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.76%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.81%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Institutional Class 0.0450 0.0276 0.0381 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,677,665,583</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">382</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$9,102,873</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">64%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1677665583 382 9102873 0.64 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Exchange-Traded Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Preferred Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Purchased Options</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">32.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Not Rated</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.329 0.208 0.128 0.105 0.062 0.046 0.044 0.033 0.000 0.001 0.046 -0.002 1.000 0.320 0.099 0.097 0.219 0.024 0.024 0.002 0.001 0.214 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Focused Fund CLASS A TFOAX This annual shareholder report contains important information about the Touchstone Focused Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$123</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.16%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 123 0.0116 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class A shares performance was 12.03% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:28%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:54%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">International</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection for international holdings was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector overweight, allocation to Communication Services was the largest contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Capital Markets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was the largest detractor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector underweight, allocation to Industrials was a large detractor to performance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The decrease in weight period‑to‑period in the Health Care sector relative to the Russell 3000<sup style="font-size:75%;line-height:7.0pt;vertical-align:top">®</sup> Index was the largest sector related change in the Fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg020.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.44%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.05%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.03%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.49%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic">1</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Class A 0.0644 0.0738 0.1105 Class A - excluding sales load 0.1203 0.0849 0.1171 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Russell 3000® Index 0.1809 0.1087 0.1372 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,305,490,358</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$8,446,141</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1305490358 48 8446141 0.06 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(1.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.302 0.161 0.132 0.100 0.092 0.081 0.059 0.033 0.016 0.008 0.028 -0.012 1.000 Touchstone Focused Fund CLASS C TFFCX This annual shareholder report contains important information about the Touchstone Focused Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$201</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.90%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 201 0.0190 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class C shares performance was 11.21% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">International</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection for international holdings was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector overweight, allocation to Communication Services was the largest contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Capital Markets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was the largest detractor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector underweight, allocation to Industrials was a large detractor to performance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The decrease in weight period‑to‑period in the Health Care sector relative to the Russell 3000<sup style="font-size:75%;line-height:7.0pt;vertical-align:top">®</sup> Index was the largest sector related change in the Fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg022.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.21%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.66%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.03%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.21%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.66%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.03%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Class C 0.1021 0.0766 0.1103 Class C - excluding sales load 0.1121 0.0766 0.1103 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Russell 3000® Index 0.1809 0.1087 0.1372 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,305,490,358</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$8,446,141</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1305490358 48 8446141 0.06 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(1.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.302 0.161 0.132 0.100 0.092 0.081 0.059 0.033 0.016 0.008 0.028 -0.012 1.000 Touchstone Focused Fund CLASS Y TFFYX This annual shareholder report contains important information about the Touchstone Focused Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$91</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.86%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 91 0.0086 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class Y shares performance was 12.36% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:28%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:54%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">International</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection for international holdings was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector overweight, allocation to Communication Services was the largest contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Capital Markets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was the largest detractor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector underweight, allocation to Industrials was a large detractor to performance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The decrease in weight period‑to‑period in the Health Care sector relative to the Russell 3000<sup style="font-size:75%;line-height:7.0pt;vertical-align:top">®</sup> Index was the largest sector related change in the Fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg024.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.36%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.80%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.04%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic">1</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Class Y 0.1236 0.0880 0.1204 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Russell 3000® Index 0.1809 0.1087 0.1372 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,305,490,358</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$8,446,141</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1305490358 48 8446141 0.06 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(1.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.302 0.161 0.132 0.100 0.092 0.081 0.059 0.033 0.016 0.008 0.028 -0.012 1.000 Touchstone Focused Fund INSTITUTIONAL CLASS TFFIX This annual shareholder report contains important information about the Touchstone Focused Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$89</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.84%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 89 0.0084 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to provide investors with capital appreciation by investing in companies of all capitalizations that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Institutional Class shares performance was 12.39% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The U.S. equity market experienced significant volatility at the forefront of the period as trade tensions and tariff policies became central market themes but remained resilient and maintained gains past the end of 2025. The Federal Reserve shifted towards monetary easing as the period progressed with the first of three rate cuts in September, helping push markets to new highs through January. Markets endured a pullback in the first quarter of 2026, triggered in part due to rising geopolitical tensions in the Middle East. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:17%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:65%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">International</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection for international holdings was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector overweight, allocation to Communication Services was the largest contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Capital Markets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was a large contributor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection in the sector was the largest detractor to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The largest sector underweight, allocation to Industrials was a large detractor to performance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The decrease in weight period‑to‑period in the Health Care sector relative to the Russell 3000<sup style="font-size:75%;line-height:7.0pt;vertical-align:top">®</sup> Index was the largest sector related change in the Fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg026.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.39%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.84%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.</span> </div></td> </tr></table> Institutional Class 0.1239 0.0884 0.1210 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Russell 3000® Index 0.1809 0.1087 0.1372 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,305,490,358</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$8,446,141</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">6%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1305490358 48 8446141 0.06 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(1.2)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.302 0.161 0.132 0.100 0.092 0.081 0.059 0.033 0.016 0.008 0.028 -0.012 1.000 Touchstone Mid Cap Growth Fund CLASS A TEGAX This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$132</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.21%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 132 0.0121 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid‑cap U.S. companies. The Fund’s portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1‑to‑3‑year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class A shares performance was 17.89% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid‑2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:20%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:62%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection was a leading contributor to the Fund’s relative outperformance during the 12‑month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Tapestry, Inc. was a top contributor driven by brand elevation and pricing power.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.).</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:0.33em;font-size:9pt;font-family:arial;">(IT) Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg028.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.00%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.73%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.99%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.89%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.81%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.64%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Mid Cap Growth Index<sup style="font-size:75%;vertical-align:top">2</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.64%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.55%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">9.56%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">5.37%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">11.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic">1</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic">2</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class A 0.1200 0.0473 0.1099 Class A - excluding sales load 0.1789 0.0581 0.1164 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US Mid Cap Growth Index 0.1410 0.0564 0.1155 Russell 3000® Index 0.1809 0.1087 0.1372 Russell Midcap® Growth Index 0.0956 0.0537 0.1169 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,800,343,184</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">55</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$10,313,147</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">85%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1800343184 55 10313147 0.85 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Utilities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.300 0.171 0.158 0.132 0.127 0.047 0.027 0.018 0.006 0.013 0.001 1.000 Touchstone Mid Cap Growth Fund CLASS C TOECX This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$218</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">2.01%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 218 0.0201 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid‑cap U.S. companies. The Fund’s portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1‑to‑3‑year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class C shares performance was 16.94% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid‑2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection was a leading contributor to the Fund’s relative outperformance during the 12‑month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Tapestry, Inc. was a top contributor driven by brand elevation and pricing power.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.).</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology (IT) Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg030.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.94%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.94%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.93%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.94%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.94%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.93%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Mid Cap Growth Index<sup style="font-size:75%;vertical-align:top">2</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.64%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.55%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">9.56%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">5.37%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">11.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class C 0.1594 0.0494 0.1093 Class C - excluding sales load 0.1694 0.0494 0.1093 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US Mid Cap Growth Index 0.1410 0.0564 0.1155 Russell 3000® Index 0.1809 0.1087 0.1372 Russell Midcap® Growth Index 0.0956 0.0537 0.1169 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,800,343,184</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">55</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$10,313,147</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">85%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1800343184 55 10313147 0.85 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Utilities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.300 0.171 0.158 0.132 0.127 0.047 0.027 0.018 0.006 0.013 0.001 1.000 Touchstone Mid Cap Growth Fund CLASS Y TEGYX This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$107</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.98%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 107 0.0098 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid‑cap U.S. companies. The Fund’s portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1‑to‑3‑year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class Y shares performance was 18.17% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid‑2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:28%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:54%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection was a leading contributor to the Fund’s relative outperformance during the 12‑month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Tapestry, Inc. was a top contributor driven by brand elevation and pricing power.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.).</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology (IT) Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg032.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.17%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.05%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.91%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Mid Cap Growth Index<sup style="font-size:75%;vertical-align:top">2</sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.64%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.55%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">9.56%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">5.37%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">11.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic">1</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic">2</span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class Y 0.1817 0.0605 0.1191 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US Mid Cap Growth Index 0.1410 0.0564 0.1155 Russell 3000® Index 0.1809 0.1087 0.1372 Russell Midcap® Growth Index 0.0956 0.0537 0.1169 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,800,343,184</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">55</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$10,313,147</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">85%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1800343184 55 10313147 0.85 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Utilities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.300 0.171 0.158 0.132 0.127 0.047 0.027 0.018 0.006 0.013 0.001 1.000 Touchstone Mid Cap Growth Fund INSTITUTIONAL CLASS TEGIX This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">Costs of a $10,000</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">investment</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">Costs paid as a percentage</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">of a $10,000 investment</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$96</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.88%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 96 0.0088 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid‑cap U.S. companies. The Fund’s portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1-to-3-year period. The Fund’s sub-adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Institutional Class shares performance was 18.29% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid‑2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:19%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:19%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:60%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;text-align:center;">Positive </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection was a leading contributor to the Fund’s relative outperformance during the 12-month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Tapestry, Inc. was a top contributor driven by brand elevation and pricing power.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.).</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology (IT) Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg034.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.29%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.18%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.01%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Mid Cap Growth Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.64%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.55%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup><sup style="font-size:75%;vertical-align:top"> </sup>Index</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup><sup style="font-size:75%;vertical-align:top"> </sup>Growth Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">9.56%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">5.37%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">11.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.</span> </div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund.</span> </div></td> </tr></table> Institutional Class 0.1829 0.0618 0.1201 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US Mid Cap Growth Index 0.1410 0.0564 0.1155 Russell 3000® Index 0.1809 0.1087 0.1372 Russell Midcap® Growth Index 0.0956 0.0537 0.1169 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,800,343,184</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">55</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$10,313,147</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">85%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1800343184 55 10313147 0.85 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.0</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.1</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.8</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Utilities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.8</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.3</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> 0.300 0.171 0.158 0.132 0.127 0.047 0.027 0.018 0.006 0.013 0.001 1.000 Touchstone Mid Cap Growth Fund CLASS R6 TFGRX This annual shareholder report contains important information about the Touchstone Mid Cap Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class R6</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$86</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.79%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 86 0.0079 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks to increase the value of Fund shares by primarily investing in stocks of mid‑cap U.S. companies. The Fund’s portfolio managers place focus on companies that they believe to have a demonstrated record of achievement with excellent prospects for earnings growth over a 1‑to‑3‑year period. The Fund’s sub‑adviser, Westfield Capital Management Company, L.P., looks for companies that it believes are reasonably priced with high forecasted earnings potential. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class R6 shares performance was 18.39% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The environment over the 12 month period ended March 31, 2026 was marked by strong equity market performance, as a powerful rebound in mid‑2025, driven by artificial intelligence (AI) momentum, resilient earnings, and easing tariff pressures, pushed major indices to record highs and supported a soft-landing narrative. While improving breadth and sector rotation signaled a healthier backdrop, market behavior grew increasingly speculative through the third quarter before leadership broadened later in the year toward cyclicals and small caps amid easing financial conditions. More recently, markets reversed as geopolitical shocks and energy supply disruptions contributed to a first calendar quarter decline, highlighting a shift toward greater volatility and dispersion. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:18%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:64%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE<br/> IMPACT</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Stock selection was a leading contributor to the Fund’s relative outperformance during the 12‑month period. Industrial stock holding Vertiv Holdings Co. was a top contributor, driven by strong organic order growth and tailwinds from AI infrastructure buildout.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Tapestry, Inc. was a top contributor driven by brand elevation and pricing power.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Financials stocks contributed positively, driven by exposure to banks, (Fifth Third Bancorp) and trading platforms (Robinhood Markets, Inc.).</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology (IT) Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Software exposure (Atlassian Corp.) was the biggest detractor as AI displacement fears weighed heavily on the group.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the past year, the Fund increased its exposure to Consumer Discretionary and Industrials while reducing its allocation to Information Technology. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:4pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg036.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class R6<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.39%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.29%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.94%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US 3000 Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Mid Cap Growth Index<sup style="font-size:75%;vertical-align:top">3 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.64%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.55%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup><sup style="font-size:75%;vertical-align:top"> </sup>Index</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.09%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.87%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.72%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Russell Midcap<sup style="font-size:75%;vertical-align:top">®</sup><sup style="font-size:75%;vertical-align:top"> </sup>Growth Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">9.56%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">5.37%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">11.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The inception date was February 10, 2020. Performance information was calculated using the historical performance of Class A shares for the periods prior to February 10, 2020.</span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">3</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class R6 0.1839 0.0629 0.1194 Bloomberg US 3000 Index 0.1830 0.1078 0.1371 Bloomberg US Mid Cap Growth Index 0.1410 0.0564 0.1155 Russell 3000® Index 0.1809 0.1087 0.1372 Russell Midcap® Growth Index 0.0956 0.0537 0.1169 2020-02-10 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:4pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,800,343,184</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">55</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$10,313,147</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">85%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1800343184 55 10313147 0.85 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.0</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.1</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.8</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.2</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">12.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Utilities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.8</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.3</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.1</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> 0.300 0.171 0.158 0.132 0.127 0.047 0.027 0.018 0.006 0.013 0.001 1.000 Touchstone Non‑US Equity Fund CLASS A TEQAX This annual shareholder report contains important information about the Touchstone Non‑US Equity Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$124</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.13%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 124 0.0113 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non‑U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company’s sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company’s willingness and ability to take a leadership position in implementing best practices. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class A shares performance was 19.86% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega‑cap Technology and AI‑linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:15%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:67%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Information Technology was the top contributing sector during the reporting period as many of the Fund’s holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to Consumer Staples stocks contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Metals and Mining Industry Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg038.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.84%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.81%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.83%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">19.86%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.93%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.49%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI All Country World Ex USA Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24.91%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.02%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">8.38%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Class A 0.1384 0.0781 0.0983 Class A - excluding sales load 0.1986 0.0893 0.1049 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 MSCI All Country World Ex USA Index 0.2491 0.0702 0.0838 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,325,550,464</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">51</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$7,064,577</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1325550464 51 7064577 0.24 <div style="margin-top:0pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Japan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Sweden</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United Kingdom</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">France</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Netherlands</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United States</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Ireland</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Italy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.227 0.203 0.155 0.100 0.076 0.074 0.071 0.064 0.074 -0.044 1.000 0.173 0.092 0.087 0.079 0.072 0.056 0.056 0.053 0.053 0.050 0.038 0.035 0.031 0.095 0.074 -0.044 1.000 Touchstone Non‑US Equity Fund CLASS C TEQCX This annual shareholder report contains important information about the Touchstone Non‑US Equity Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at<span style="text-decoration:underline"> touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$210</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.92%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 210 0.0192 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non‑U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company’s sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company’s willingness and ability to take a leadership position in implementing best practices. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class C shares performance was 18.86% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega‑cap Technology and AI‑linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:20%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:62%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Technology Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Information Technology was the top contributing sector during the reporting period as many of the Fund’s holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to Consumer Staples stocks contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Metals and Mining</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industry Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg040.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.86%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.05%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.77%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.86%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.05%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.77%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI All Country World Ex USA Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24.91%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.02%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">8.38%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Class C 0.1786 0.0805 0.0977 Class C - excluding sales load 0.1886 0.0805 0.0977 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 MSCI All Country World Ex USA Index 0.2491 0.0702 0.0838 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit t<span style="text-decoration:underline">ouchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,325,550,464</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">51</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$7,064,577</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1325550464 51 7064577 0.24 <div style="margin-top:0pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Japan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Sweden</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United Kingdom</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">France</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Netherlands</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United States</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Ireland</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Italy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.227 0.203 0.155 0.100 0.076 0.074 0.071 0.064 0.074 -0.044 1.000 0.173 0.092 0.087 0.079 0.072 0.056 0.056 0.053 0.053 0.050 0.038 0.035 0.031 0.095 0.074 -0.044 1.000 Touchstone Non‑US Equity Fund CLASS Y TIQIX This annual shareholder report contains important information about the Touchstone Non‑US Equity Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$99</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.90%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 99 0.0090 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non‑U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company’s sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company’s willingness and ability to take a leadership position in implementing best practices. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class Y shares performance was 20.11% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega‑cap Technology and AI‑linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Information Technology was the top contributing sector during the reporting period as many of the Fund’s holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to Consumer Staples stocks contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Metals and Mining Industry Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg042.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.11%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.19%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.76%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI All Country World Ex USA Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24.91%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.02%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">8.38%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Class Y 0.2011 0.0919 0.1076 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 MSCI All Country World Ex USA Index 0.2491 0.0702 0.0838 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,325,550,464</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">51</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$7,064,577</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1325550464 51 7064577 0.24 <div style="margin-top:0pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Japan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Sweden</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United Kingdom</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">France</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Netherlands</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United States</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Ireland</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Italy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.227 0.203 0.155 0.100 0.076 0.074 0.071 0.064 0.074 -0.044 1.000 0.173 0.092 0.087 0.079 0.072 0.056 0.056 0.053 0.053 0.050 0.038 0.035 0.031 0.095 0.074 -0.044 1.000 Touchstone Non‑US Equity Fund INSTITUTIONAL CLASS TROCX This annual shareholder report contains important information about the Touchstone Non‑US Equity Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$95</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.86%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 95 0.0086 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non‑U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company’s sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks, and ascertains the company’s willingness and ability to take a leadership position in implementing best practices. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Institutional Class shares performance was 20.15% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, global equities were driven by shifting macro headlines, from tariff changes to geopolitical tensions, resulting in uneven market leadership. Mega‑cap Technology and AI‑linked sectors outperformed on strong earnings and investment, while cyclicals like Industrials and some Financials benefited economically from resilient growth and easing inflation concerns. This trend began to reverse in March as geopolitical-driven energy price spikes weighed on European and Asian cyclical stocks. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:15%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:67%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Information Technology was the top contributing sector during the reporting period as many of the Fund’s holdings, including Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, and ASML Holding N.V., which are levered to semiconductor and semiconductor component production, contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to Consumer Staples stocks contributed positively to performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials Stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Despite a meaningful underweight to software, the Fund maintained selective exposure to data and information businesses. Rapid advances in large language models over the past year drove market concerns about AI disintermediation, weighing on Relx plc, a key detractor. The Fund retained the position, however, given accelerating growth in its LexisNexis legal segment driven by generative AI upselling.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Metals and Mining Industry Underweight</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s lack of exposure to the Metals and Mining Industry detracted from performance as a weaker dollar and strong demand for commodities lifted gold and related equities. The Fund has historically underweighted this area given its reliance on commodity cycles rather than company- specific drivers. Mining stocks benefited from higher prices, improved cash flows, and rotation into real assets and value.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period, we repositioned the Fund to enhance defensiveness and align with evolving macro and technological risks. We added companies with less elastic demand, Ferrari N.V., Keyence Corp., Haleon plc, and KDDI Corp., while increasing exposure to German industrials and materials (Heidelberg Materials AG, Siemens Healthineers AG) and defense via Rolls-Royce Holdings plc amid rising fiscal and military spending. At the same time, we reassessed AI disintermediation risks, exiting select holdings where risks appeared underappreciated or less offset by AI benefits (Trip.com, Shopify Inc., London Stock Exchange Group plc). We also replaced BNP Paribas SA with Erste Group Bank AG following legal concerns, maintaining a constructive view of banks, and exited Novo Nordisk A/S due to concerns about the competitiveness of its weight loss data. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg044.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">      5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.15%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.19%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.78%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI All Country World Ex USA Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24.91%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.02%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">8.38%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table> Institutional Class 0.2015 0.0919 0.1078 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 MSCI All Country World Ex USA Index 0.2491 0.0702 0.0838 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;text-indent:-2%;font-size:10pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,325,550,464</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">51</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$7,064,577</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">24%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1325550464 51 7064577 0.24 <div style="margin-top:0pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings  </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS) </span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Materials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Energy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Japan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Sweden</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United Kingdom</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">France</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Netherlands</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">United States</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Ireland</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Italy</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(4.4)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.227 0.203 0.155 0.100 0.076 0.074 0.071 0.064 0.074 -0.044 1.000 0.173 0.092 0.087 0.079 0.072 0.056 0.056 0.053 0.053 0.050 0.038 0.035 0.031 0.095 0.074 -0.044 1.000 Touchstone Sands Capital Emerging Markets Growth Fund CLASS A TSMGX This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">Costs paid as a percentage</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">of a $10,000 investment</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$154</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.43%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 154 0.0143 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund’s sub‑adviser, Sands Capital Management, LLC (“Sands Capital”), uses a “bottom‑up” approach to investment selection, as opposed to sector or regional allocations that focuses on a company’s long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class A shares performance was 15.07% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The trailing 12‑month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index’s rise. Taiwan, South Korea, and China contributed most to the index’s return, while India, Indonesia, and Saudi Arabia were the top country detractors. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Semiconductor Exposure</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Ecommerce</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Several of the Fund’s high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">China stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund’s underweight relative to the MSCI EM.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">South Korean stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s average underweight during the period, alongside underperformance within the country, pressured relative results.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund’s portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg046.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-5.51%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.44%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.07%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-4.54%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.99%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg Emerging Markets Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">3 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.11%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI Emerging Markets Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">29.55%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.80%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The inception date was November 16, 2018. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to November 16, 2018. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">3</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg Emerging Markets Large &amp; Mid Cap Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class A 0.0930 -0.0551 0.0544 Class A - excluding sales load 0.1507 -0.0454 0.0599 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 Bloomberg Emerging Markets Large & Mid Cap Index 0.2630 0.0338 0.0811 MSCI Emerging Markets Index 0.2955 0.0369 0.0780 2018-11-16 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,999,941,629</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">45</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$17,285,790</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">51%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1999941629 45 17285790 0.51 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">19.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">India</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Brazil</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Hong Kong</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.374 0.213 0.174 0.073 0.073 0.036 0.016 0.011 0.028 0.002 1.000 0.225 0.193 0.157 0.148 0.102 0.033 0.031 0.081 0.028 0.002 1.000 Touchstone Sands Capital Emerging Markets Growth Fund CLASS C TEGCX This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$228</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">2.13%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 228 0.0213 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund’s sub‑adviser, Sands Capital Management, LLC (“Sands Capital”), uses a “bottom‑up” approach to investment selection, as opposed to sector or regional allocations that focuses on a company’s long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class C shares performance was 14.32% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The trailing 12‑month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index’s rise. Taiwan, South Korea, and China contributed most to the index’s return, while India, Indonesia, and Saudi Arabia were the top country detractors. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Semiconductor Exposure</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Ecommerce</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Several of the Fund’s high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">China stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund’s underweight relative to the MSCI EM.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">South Korean stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s average underweight during the period, alongside underperformance within the country, pressured relative results.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund’s portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;text-align:justify;"> <img alt="LOGO" src="tm269275d1_ncsrimg048.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">     10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.32%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-5.23%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.21%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.32%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-5.23%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.21%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg Emerging Markets Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">3 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.11%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI Emerging Markets Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">29.55%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.80%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The inception date was November 16, 2018. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to November 16, 2018.</span> </div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.</span> </div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">3</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg Emerging Markets Large &amp; Mid Cap Index which has similar investment objectives to the Fund.</span> </div></td> </tr></table> Class C 0.1332 -0.0523 0.0521 Class C - excluding sales load 0.1432 -0.0523 0.0521 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 Bloomberg Emerging Markets Large & Mid Cap Index 0.2630 0.0338 0.0811 MSCI Emerging Markets Index 0.2955 0.0369 0.0780 2018-11-16 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,999,941,629</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">45</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$17,285,790</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">51%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1999941629 45 17285790 0.51 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">22.5%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">19.3%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">15.7%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">India</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">14.8%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">Brazil</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">10.2%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">Hong Kong</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">3.3%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">3.1%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.11em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">8.1%</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.374 0.213 0.174 0.073 0.073 0.036 0.016 0.011 0.028 0.002 1.000 0.225 0.193 0.157 0.148 0.102 0.033 0.031 0.081 0.028 0.002 1.000 Touchstone Sands Capital Emerging Markets Growth Fund CLASS Y TSEMX This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;text-indent:-2%;font-size:10pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$124</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.15%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 124 0.0115 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund’s sub‑adviser, Sands Capital Management, LLC (“Sands Capital”), uses a “bottom‑up” approach to investment selection, as opposed to sector or regional allocations that focuses on a company’s long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class Y shares performance was 15.41% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The trailing 12‑month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index’s rise. Taiwan, South Korea, and China contributed most to the index’s return, while India, Indonesia, and Saudi Arabia were the top country detractors. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Semiconductor Exposure</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Ecommerce</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Several of the Fund’s high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">China stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund’s underweight relative to the MSCI EM.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">South Korean stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s average underweight during the period, alongside underperformance within the country, pressured relative results.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund’s portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg050.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.41%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-4.23%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg Emerging Markets Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.11%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI Emerging Markets Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">29.55%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.80%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg Emerging Markets Large &amp; Mid Cap Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class Y 0.1541 -0.0423 0.0630 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 Bloomberg Emerging Markets Large & Mid Cap Index 0.2630 0.0338 0.0811 MSCI Emerging Markets Index 0.2955 0.0369 0.0780 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,999,941,629</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">45</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$17,285,790</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">51%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1999941629 45 17285790 0.51 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">19.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">India</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Brazil</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Hong Kong</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.374 0.213 0.174 0.073 0.073 0.036 0.016 0.011 0.028 0.002 1.000 0.225 0.193 0.157 0.148 0.102 0.033 0.031 0.081 0.028 0.002 1.000 Touchstone Sands Capital Emerging Markets Growth Fund INSTITUTIONAL CLASS TSEGX This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$112</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.04%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 112 0.0104 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund’s sub‑adviser, Sands Capital Management, LLC (“Sands Capital”), uses a “bottom‑up” approach to investment selection, as opposed to sector or regional allocations that focuses on a company’s long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Institutional Class shares performance was 15.50% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The trailing 12‑month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index’s rise. Taiwan, South Korea, and China contributed most to the index’s return, while India, Indonesia, and Saudi Arabia were the top country detractors. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE<br/> IMPACT</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Semiconductor Exposure</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Ecommerce</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Several of the Fund’s high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">China stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund’s underweight relative to the MSCI EM.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">South Korean stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s average underweight during the period, alongside underperformance within the country, pressured relative results.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund’s portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:4pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg052.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">    5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">    10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.50%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-4.16%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg Emerging Markets Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.11%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI Emerging Markets Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">29.55%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.80%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg Emerging Markets Large &amp; Mid Cap Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Institutional Class 0.1550 -0.0416 0.0638 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 Bloomberg Emerging Markets Large & Mid Cap Index 0.2630 0.0338 0.0811 MSCI Emerging Markets Index 0.2955 0.0369 0.0780 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,999,941,629</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">45</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$17,285,790</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">51%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1999941629 45 17285790 0.51 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">19.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">India</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Brazil</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Hong Kong</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.374 0.213 0.174 0.073 0.073 0.036 0.016 0.011 0.028 0.002 1.000 0.225 0.193 0.157 0.148 0.102 0.033 0.031 0.081 0.028 0.002 1.000 Touchstone Sands Capital Emerging Markets Growth Fund CLASS R6 TSRMX This annual shareholder report contains important information about the Touchstone Sands Capital Emerging Markets Growth Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class R6</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$108</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.00%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 108 0.0100 <div style="margin-top:18pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks long-term capital appreciation. The Fund invests in equity and equity-related securities issued by companies located in emerging or frontier markets countries. The Fund’s sub‑adviser, Sands Capital Management, LLC (“Sands Capital”), uses a “bottom‑up” approach to investment selection, as opposed to sector or regional allocations that focuses on a company’s long-term business fundamentals. Sands Capital seeks companies that have: sustainable above-average earnings growth; a leadership position in a promising business space; significant competitive advantages such as profitability, superior quality or distribution relative to competitors or strong brand and consumer loyalty; a clear mission in an understandable business model; financial strength; and a rational valuation in relation to competitors, the market and business prospects. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class R6 shares performance was 15.60% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The trailing 12‑month period ended March 31, 2026, was a strong but narrowly driven market for emerging market equities, as reflected by the MSCI Emerging Markets Index (MSCI EM). Just three companies—Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co. Ltd., and SK hynix Inc., accounted for over 70% of the index’s rise. Taiwan, South Korea, and China contributed most to the index’s return, while India, Indonesia, and Saudi Arabia were the top country detractors. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Semiconductor Exposure</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s overweight to semiconductors, alongside security selection within the industry, positively contributed to relative results.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Ecommerce</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Several of the Fund’s high-conviction ecommerce businesses were meaningful detractors for the period, driven by concerns about competition and investment, and overall negative sentiment for internet businesses in the latter portion of the period.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">China stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within China was a notable relative detractor during the period, overwhelming the benefit from the Fund’s underweight relative to the MSCI EM.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">South Korean stocks</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s average underweight during the period, alongside underperformance within the country, pressured relative results.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s portfolio increased its exposure to AI infrastructure during the period, broadening its positioning across growth drivers. As a result, the Fund’s portfolio underweight to South Korea and Taiwan narrowed meaningfully, moving from a combined 14% underweight to 4%, while absolute exposure rose from 12% to 34%. This shift was primarily funded by a reduction in India exposure. India moved from a 7% overweight to a 2% overweight, with absolute exposure declining from 26% to 15%. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and any additional indexes and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:justify;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg054.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class R6<sup style="font-size:75%;vertical-align:top">1 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.60%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">-4.12%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.41%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg World ex US Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">2 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.79%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.71%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg Emerging Markets Large &amp; Mid Cap Index<sup style="font-size:75%;vertical-align:top">3 </sup></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.30%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.38%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.11%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">MSCI Emerging Markets Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">29.55%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">3.69%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">7.80%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The inception date was April 26, 2021. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to April 26, 2021. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">2</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its broad-based securities market index to the Bloomberg World ex US Large &amp; Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. </span></div></td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">3</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The Fund changed its additional index to the Bloomberg Emerging Markets Large &amp; Mid Cap Index which has similar investment objectives to the Fund. </span></div></td> </tr></table> Class R6 0.1560 -0.0412 0.0641 Bloomberg World ex US Large & Mid Cap Index 0.2379 0.0671 0.0837 Bloomberg Emerging Markets Large & Mid Cap Index 0.2630 0.0338 0.0811 MSCI Emerging Markets Index 0.2955 0.0369 0.0780 2021-04-26 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,999,941,629</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">45</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$17,285,790</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">51%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 1999941629 45 17285790 0.51 <div style="margin-top:18pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Information Technology</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Discretionary</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Financials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Industrials</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Communication Services</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Consumer Staples</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Real Estate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Health Care</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">GEOGRAPHICAL ALLOCATION (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">China</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">22.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Taiwan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">19.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">South Korea</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">15.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">India</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">14.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Brazil</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">10.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Hong Kong</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">3.3%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Singapore</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">3.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;font-size:9pt;font-family:arial;">Other Countries</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;text-align:right;">8.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:middle;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Fund</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.2%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 0.374 0.213 0.174 0.073 0.073 0.036 0.016 0.011 0.028 0.002 1.000 0.225 0.193 0.157 0.148 0.102 0.033 0.031 0.081 0.028 0.002 1.000 Touchstone Strategic Income Fund CLASS A TQPAX This annual shareholder report contains important information about the Touchstone Strategic Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$102</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.99%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 102 0.0099 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class A shares performance was 6.70% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12‑month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements (“Liberation Day”) in April 2025 and, more modestly, in March 2026 amid the conflict with Iran. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Interest Rate Management</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sector Allocation</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non‑credit sectors which all contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection – Emerging Market Debt</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg056.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.15%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.05%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.44%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class A - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.70%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.03%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.93%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Class A 0.0315 0.0205 0.0344 Class A - excluding sales load 0.0670 0.0303 0.0393 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$302,545,068</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">209</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,607,481</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">193%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 302545068 209 1607481 1.93 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Government Mortgage-Backed Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Rights</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.9)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">34.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.480 0.214 0.100 0.085 0.067 0.019 0.008 0.007 0.000 0.029 -0.009 1.000 0.304 0.060 0.131 0.345 0.090 0.064 0.006 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Strategic Income Fund CLASS C TQPCX This annual shareholder report contains important information about the Touchstone Strategic Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:45%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$175</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.70%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 175 0.0170 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class C shares performance was 5.89% (excluding sales loads) for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12‑month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements (“Liberation Day”) in April 2025 and, more modestly, in March 2026 amid the conflict with Iran. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:20%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:62%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Interest Rate Management</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sector Allocation</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non‑credit sectors which all contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection – Emerging Market Debt</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg058.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.89%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.31%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.22%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class C - excluding sales load</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.89%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.31%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.22%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Class C 0.0489 0.0231 0.0322 Class C - excluding sales load 0.0589 0.0231 0.0322 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">302,545,068</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">209</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,607,481</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">193%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 302545068 209 1607481 1.93 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Government Mortgage-Backed Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Rights</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.9)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">34.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.480 0.214 0.100 0.085 0.067 0.019 0.008 0.007 0.000 0.029 -0.009 1.000 0.304 0.060 0.131 0.345 0.090 0.064 0.006 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Strategic Income Fund CLASS Y TQPYX This annual shareholder report contains important information about the Touchstone Strategic Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;text-indent:-2%;font-size:10pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$76</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.73%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 76 0.0073 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Class Y shares performance was 7.00% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12‑month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements (“Liberation Day”) in April 2025 and, more modestly, in March 2026 amid the conflict with Iran. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">PERFORMANCE <br/> IMPACT </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Interest Rate Management</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sector Allocation</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non‑credit sectors which all contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection – Emerging Market Debt</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg060.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:94%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   5 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">   10 Years</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Class Y</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.00%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.31%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.18%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">0.31%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">1.70%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Class Y 0.0700 0.0331 0.0418 Bloomberg US Aggregate Bond Index 0.0435 0.0031 0.0170 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:97%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">302,545,068</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">209</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,607,481</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">193%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 302545068 209 1607481 1.93 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Government Mortgage-Backed Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Rights</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.9)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">34.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.480 0.214 0.100 0.085 0.067 0.019 0.008 0.007 0.000 0.029 -0.009 1.000 0.304 0.060 0.131 0.345 0.090 0.064 0.006 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Touchstone Strategic Income Fund INSTITUTIONAL CLASS TQPIX This annual shareholder report contains important information about the Touchstone Strategic Income Fund (“Fund”) for the period April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span>. You can also request this information by contacting us at 800.543.0407. touchstoneinvestments.com/mutual-funds 800.543.0407 <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Expenses </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:46%;"></td> <td style="vertical-align:bottom;width:10%;"></td> <td></td> <td style="vertical-align:bottom;width:23%;"></td> <td></td> <td style="vertical-align:bottom;width:14%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">Class</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs of a $10,000<br/> investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Costs paid as a percentage<br/> of a $10,000 investment</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$66</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.64%</td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> </tr> </table> 66 0.0064 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Management’s Discussion of Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities. The Fund’s sub‑adviser, Fort Washington Investment Advisors, Inc., employs a high conviction, yield-oriented investment approach with a relatively focused number of issuers, coupled with sector diversification and diligent risk management that is intended to result in attractive risk-adjusted returns via high levels of income. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund’s Institutional Class shares performance was 7.10% for the reporting period. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Over the 12 month period ended March 31, 2026, financial market volatility was elevated in the face of uncertainty related to changing monetary policy, mixed economic indicators, increased geopolitical risks, and shifting U.S. trade policy. The curve steepened meaningfully as the Federal Reserve cut rates in the final three meetings of 2025 and investors adjusted their expectations for inflation. Credit spreads were largely range-bound over the 12‑month period, spending most of the period at levels tight relative to history. However, valuations cheapened briefly following tariff announcements (“Liberation Day”) in April 2025 and, more modestly, in March 2026 amid the conflict with Iran. </div><div style="margin-top:6pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The factors that contributed most to the Fund’s performance during the period were: </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:14%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:16%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:68%;"></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">FACTOR</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">PERFORMANCE </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">IMPACT </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:middle;white-space:nowrap;"><span style="font-weight:bold">OBSERVATIONS</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Interest Rate Management</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Interest rates were volatile and as a result the Fund tactically adjusted duration positioning over the reporting period. The aggregate impact from interest rate management contributed to relative performance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sector Allocation</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Over the reporting period, the Fund maintained an overweight allocation to high yield corporates, emerging market debt, and non‑credit sectors which all contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center;">Positive </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">Security selection within investment grade corporates, high yield, and securitized contributed to relative outperformance.</div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:1pt ;vertical-align:middle;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Security Selection – Emerging Market Debt</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:middle;white-space:nowrap;text-align:center;">Negative </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-right:0.33em;line-height:10.0pt;font-size:9pt;font-family:arial;text-align:justify;">While security selection overall was positive for the Fund, selection within emerging market debt was negative and offset some of that outperformance.</div></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The Fund increased its allocation to high yield corporates amid tariff-driven volatility. As volatility eased in the second half of the year, the Fund reduced exposure to high yield and collateralized loan obligations due to rich valuations, while increasing allocations to investment grade corporates and non-agency securitized sectors. Positioning shifted up in quality given historically tight spreads and asymmetric downside risk, with only modest sector changes otherwise. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Fund Performance </div><div style="margin-top:2pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years or since inception of the Fund. The graph assumes a $10,000 initial investment in the Fund and an appropriate broad-based securities market index and assumes maximum sales charges, if any. </div><div style="margin-top:0pt;margin-bottom:0pt;line-height:10.0pt;font-size:9pt;font-family:arial;font-weight:bold;">GROWTH OF $10,000 </div><div style="margin-top:0pt;margin-bottom:0pt;"> <img alt="LOGO" src="tm269275d1_ncsrimg062.jpg"/> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:95%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:24%;"></td> <td></td> <td style="vertical-align:bottom;width:24%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</div></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">1 Year</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;">  </td> <td colspan="2" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:right;"><span style="font-weight:bold">Since Inception<sup style="font-size:75%;vertical-align:top">1</sup></span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="2" style="height:3pt;"></td> <td colspan="2" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Institutional Class</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.18%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> <td colspan="2" style="height:3pt;"></td> <td colspan="2" style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Bloomberg US Aggregate Bond Index</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">4.35%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">    </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">-0.30%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">1</sup> </span></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">The inception date was July 19, 2021. The returns of the index listed above is based on the inception date of the Class. </span></div></td> </tr></table> Institutional Class 0.0710 0.0318 Bloomberg US Aggregate Bond Index 0.0435 -0.0030 2021-07-19 Past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top:8pt;margin-bottom:0pt;line-height:10pt;font-size:9pt;font-family:arial;text-align:justify;">Visit <span style="text-decoration:underline">touchstoneinvestments.com/mutual-funds</span> for the most recent performance information. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$302,545,068</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total number of portfolio holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">209</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total advisory fees paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">$1,607,481</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Portfolio turnover rate</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">193%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> 302545068 209 1607481 1.93 <div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Graphical Representation of Holdings </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">ASSET CATEGORY (% OF NET ASSETS)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Corporate Bonds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">48.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Treasury Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Asset-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Commercial Mortgage-Backed Securities</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Non‑Agency Collateralized Mortgage Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Common Stocks</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Government Mortgage-Backed Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.8%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Sovereign Government Obligations</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.7%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Rights</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Short-Term Investment Funds</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.9%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Other Assets/Liabilities (Net)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">(0.9)%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:98%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</span></td> <td style=" BORDER-BOTTOM:1.50pt solid #000000;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="4" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AAA/Aaa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">30.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">AA/Aa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">A/A</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.1%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BBB/Baa</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">34.5%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">BB/Ba</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">9.0%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">B/B</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.4%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">CCC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.6%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt;"></td> <td colspan="4" style="height:3pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Total</div></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;text-align:right;">100.0%</td> <td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;"><span style="font-style:italic">* Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. </span></div> 0.480 0.214 0.100 0.085 0.067 0.019 0.008 0.007 0.000 0.029 -0.009 1.000 0.304 0.060 0.131 0.345 0.090 0.064 0.006 1.000 Credit quality ratings are from S&amp;P Global Ratings (“S&amp;P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. The inception date was May 9, 2025. Performance information was calculated using the historical performance of Class A shares for the periods prior to May 9, 2025. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The inception date was February 10, 2020. Performance information was calculated using the historical performance of Class A shares for the periods prior to February 10, 2020. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg US Mid Cap Growth Index which has similar investment objectives to the Fund. The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The inception date was November 16, 2018. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to November 16, 2018. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund. The inception date was November 16, 2018. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to November 16, 2018. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund. The inception date was April 26, 2021. Performance information was calculated using the historical performance of Institutional Class shares for the periods prior to April 26, 2021. The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund. The Fund changed its additional index to the Bloomberg Emerging Markets Large & Mid Cap Index which has similar investment objectives to the Fund. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. The inception date was July 19, 2021. The returns of the index listed above is based on the inception date of the Class. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. The Fund changed its broad-based securities market index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund. Credit quality ratings are from S&P Global Ratings (“S&P”) and Moody’s Investor Service (“Moody’s”). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer. The Fund changed its additional index to the Bloomberg US 1000 Growth Index which has similar investment objectives to the Fund.