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Touchstone Funds Group Trust
2026-03-31
Touchstone Active Bond Fund
CLASS A
TOBAX
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$42</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.83%</td> </tr> </table>
42
0.0083
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">276,368,085</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">539</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">118%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
276368085
539
1.18
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">52.4%</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;">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;">25.3%</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;">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;">7.0%</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;">4.1%</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;">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;">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: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;">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;">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;">2.5%</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;">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;">0.5%</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 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">35.3%</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;">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;">14.1%</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;">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;">19.8%</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;">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;">24.2%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">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 ;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&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. </span></div>
0.524
0.253
0.070
0.041
0.035
0.033
0.025
0.005
0.012
0.002
1.000
0.353
0.141
0.198
0.242
0.019
0.014
0.033
1.000
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.
Touchstone Active Bond Fund
CLASS C
TODCX
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$75</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.50%</td> </tr> </table>
75
0.0150
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">276,368,085</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">539</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">118%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
276368085
539
1.18
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">52.4%</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;">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;">25.3%</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;">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;">7.0%</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;">4.1%</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;">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;">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: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;">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;">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;">2.5%</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;">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;">0.5%</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 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">35.3%</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;">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;">14.1%</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;">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;">19.8%</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;">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;">24.2%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">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 ;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&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. </span></div>
0.524
0.253
0.070
0.041
0.035
0.033
0.025
0.005
0.012
0.002
1.000
0.353
0.141
0.198
0.242
0.019
0.014
0.033
1.000
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.
Touchstone Active Bond Fund
CLASS Y
TOBYX
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$29</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.58%</td> </tr> </table>
29
0.0058
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">276,368,085</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">539</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">118%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
276368085
539
1.18
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">52.4%</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;">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;">25.3%</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;">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;">7.0%</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;">4.1%</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;">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;">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: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;">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;">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;">2.5%</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;">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;">0.5%</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 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">35.3%</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;">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;">14.1%</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;">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;">19.8%</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;">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;">24.2%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">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 ;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&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. </span></div>
0.524
0.253
0.070
0.041
0.035
0.033
0.025
0.005
0.012
0.002
1.000
0.353
0.141
0.198
0.242
0.019
0.014
0.033
1.000
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.
Touchstone Active Bond Fund
INSTITUTIONAL CLASS
TOBIX
This semi-annual shareholder report contains important information about the Touchstone Active Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$25</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.50%</td> </tr> </table>
25
0.0050
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">276,368,085</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">539</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">118%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
276368085
539
1.18
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">52.4%</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;">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;">25.3%</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;">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;">7.0%</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;">4.1%</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;">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;">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: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;">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;">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;">2.5%</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;">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;">0.5%</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 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">35.3%</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;">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;">14.1%</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;">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;">19.8%</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;">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;">24.2%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">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 ;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&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. </span></div>
0.524
0.253
0.070
0.041
0.035
0.033
0.025
0.005
0.012
0.002
1.000
0.353
0.141
0.198
0.242
0.019
0.014
0.033
1.000
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.
Touchstone Ares Credit Opportunities Fund
CLASS A
TMARX
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$49</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.99%</td> </tr> </table>
49
0.0099
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">904,014,750</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">458</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
904014750
458
0.24
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">81.9%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">2.3%</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;">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;">0.4%</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;">Warrants</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.3%</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;">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;">0.0%</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;">7.8%</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;">(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:0.33em;font-size:9pt;font-family:arial;">Written 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;">0.0%</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 ;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">40.2%</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;">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;">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;">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;">9.8%</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;">C or Lower</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">8.9%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.819
0.085
0.038
0.023
0.004
0.003
0.000
0.078
-0.050
0.000
1.000
0.076
0.402
0.329
0.098
0.006
0.089
1.000
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.
Touchstone Ares Credit Opportunities Fund
CLASS C
TMACX
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$85</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.71%</td> </tr> </table>
85
0.0171
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">904,014,750</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">458</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
904014750
458
0.24
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">81.9%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">2.3%</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;">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;">0.4%</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;">Warrants</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.3%</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;">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;">0.0%</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;">7.8%</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;">(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:0.33em;font-size:9pt;font-family:arial;">Written 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;">0.0%</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 ;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">40.2%</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;">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;">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;">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;">9.8%</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;">C or Lower</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">8.9%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.819
0.085
0.038
0.023
0.004
0.003
0.000
0.078
-0.050
0.000
1.000
0.076
0.402
0.329
0.098
0.006
0.089
1.000
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.
Touchstone Ares Credit Opportunities Fund
CLASS Y
TMAYX
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$38</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.76%</td> </tr> </table>
38
0.0076
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">904,014,750</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">458</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
904014750
458
0.24
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">81.9%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">2.3%</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;">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;">0.4%</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;">Warrants</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.3%</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;">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;">0.0%</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;">7.8%</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;">(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:0.33em;font-size:9pt;font-family:arial;">Written 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;">0.0%</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 ;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">40.2%</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;">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;">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;">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;">9.8%</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;">C or Lower</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">8.9%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.819
0.085
0.038
0.023
0.004
0.003
0.000
0.078
-0.050
0.000
1.000
0.076
0.402
0.329
0.098
0.006
0.089
1.000
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.
Touchstone Ares Credit Opportunities Fund
INSTITUTIONAL CLASS
TARBX
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$32</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.65%</td> </tr> </table>
32
0.0065
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">904,014,750</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">458</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
904014750
458
0.24
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">81.9%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">2.3%</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;">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;">0.4%</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;">Warrants</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.3%</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;">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;">0.0%</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;">7.8%</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;">(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:0.33em;font-size:9pt;font-family:arial;">Written 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;">0.0%</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 ;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">40.2%</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;">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;">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;">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;">9.8%</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;">C or Lower</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">8.9%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.819
0.085
0.038
0.023
0.004
0.003
0.000
0.078
-0.050
0.000
1.000
0.076
0.402
0.329
0.098
0.006
0.089
1.000
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.
Touchstone Ares Credit Opportunities Fund
CLASS R6
TARSX
This semi-annual shareholder report contains important information about the Touchstone Ares Credit Opportunities Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$29</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.58%</td> </tr> </table>
29
0.0058
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">904,014,750</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">458</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
904014750
458
0.24
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">81.9%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">2.3%</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;">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;">0.4%</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;">Warrants</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.3%</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;">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;">0.0%</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;">7.8%</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;">(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:0.33em;font-size:9pt;font-family:arial;">Written 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;">0.0%</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 ;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">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;">40.2%</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;">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;">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;">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;">9.8%</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;">C or Lower</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">8.9%</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 ;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&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. </span></div>
0.819
0.085
0.038
0.023
0.004
0.003
0.000
0.078
-0.050
0.000
1.000
0.076
0.402
0.329
0.098
0.006
0.089
1.000
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.
Touchstone Dividend Equity Fund
CLASS A
TQCAX
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:28%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:35%;"></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> </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> </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;">$50</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.99%</td> </tr> </table>
50
0.0099
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,109,109</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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 ;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;">2%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
2292109109
92
0.02
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">20.4%</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;">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;">14.9%</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;">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;">12.5%</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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">7.4%</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;">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;">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 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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">4.9%</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;">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: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;">3.4%</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;">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;">0.7%</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;">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;">(0.0)%</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 ;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>
0.204
0.149
0.125
0.097
0.088
0.074
0.073
0.062
0.049
0.038
0.034
0.007
-0.000
1.000
Touchstone Dividend Equity Fund
CLASS C
TQCCX
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:28%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:35%;"></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> </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> </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;">$85</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.69%</td> </tr> </table>
85
0.0169
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,109,109</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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 ;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;">2%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
2292109109
92
0.02
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">20.4%</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;">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;">14.9%</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;">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;">12.5%</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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">7.4%</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;">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;">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 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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">4.9%</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;">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: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;">3.4%</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;">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;">0.7%</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;">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;">(0.0)%</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 ;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>
0.204
0.149
0.125
0.097
0.088
0.074
0.073
0.062
0.049
0.038
0.034
0.007
-0.000
1.000
Touchstone Dividend Equity Fund
CLASS Y
TQCYX
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$38</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.75%</td> </tr> </table>
38
0.0075
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,109,109</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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 ;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;">2%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
2292109109
92
0.02
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">20.4%</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;">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;">14.9%</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;">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;">12.5%</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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">7.4%</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;">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;">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 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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">4.9%</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;">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: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;">3.4%</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;">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;">0.7%</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;">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;">(0.0)%</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 ;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>
0.204
0.149
0.125
0.097
0.088
0.074
0.073
0.062
0.049
0.038
0.034
0.007
-0.000
1.000
Touchstone Dividend Equity Fund
INSTITUTIONAL CLASS
TQCIX
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:12pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$33</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.65%</td> </tr> </table>
33
0.0065
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,109,109</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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 ;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;">2%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
2292109109
92
0.02
<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="font-size:1pt">
<td colspan="5" style="height:6pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="BORDER-BOTTOM:1.50pt solid #000000;vertical-align:top;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span>
<div style="font-size:4pt;margin-top:0pt;margin-bottom:1pt;text-align:left;"> </div></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;">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;">20.4%</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;">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;">14.9%</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;">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;">12.5%</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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">7.4%</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;">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;">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 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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">4.9%</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;">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: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;">3.4%</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;">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;">0.7%</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;">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;">(0.0)%</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 ;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>
0.204
0.149
0.125
0.097
0.088
0.074
0.073
0.062
0.049
0.038
0.034
0.007
-0.000
1.000
Touchstone Dividend Equity Fund
CLASS R6
TQCRX
This semi-annual shareholder report contains important information about the Touchstone Dividend Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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;white-space:nowrap;">
<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> </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> </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;">$33</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.65%</td> </tr> </table>
33
0.0065
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2,292,109,109</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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 ;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;">2%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
2292109109
92
0.02
<div style="margin-top:10pt;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="font-size:1pt">
<td colspan="5" style="height:6pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td colspan="4" style="padding-bottom:6pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center;"><span style="font-weight:bold">SECTOR ALLOCATION (% OF NET ASSETS)</span></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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">20.4%</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;">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;">14.9%</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;">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;">12.5%</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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">7.4%</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;">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;">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 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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">4.9%</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;">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: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;">3.4%</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;">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;">0.7%</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;">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;">(0.0)%</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 ;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>
0.204
0.149
0.125
0.097
0.088
0.074
0.073
0.062
0.049
0.038
0.034
0.007
-0.000
1.000
Touchstone High Yield Fund
CLASS A
THYAX
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$51</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.02%</td> </tr> </table>
51
0.0102
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">110,000,898</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">157</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">32%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
110000898
157
0.32
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">94.7%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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 ;BORDER-BOTTOM:0.75pt 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;">9.4%</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;">(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">
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">16.9%</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;">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;">50.1%</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;">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;">27.8%</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;">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;">4.5%</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;">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;">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">
<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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.947
0.018
0.001
0.094
-0.060
1.000
0.169
0.501
0.278
0.045
0.007
1.000
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.
Touchstone High Yield Fund
CLASS C
THYCX
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:12pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$87</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.73%</td> </tr> </table>
87
0.0173
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">110,000,898</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">157</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">32%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
110000898
157
0.32
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">94.7%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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 ;BORDER-BOTTOM:0.75pt 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;">9.4%</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;">(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">
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">16.9%</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;">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;">50.1%</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;">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;">27.8%</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;">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;">4.5%</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;">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;">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">
<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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.947
0.018
0.001
0.094
-0.060
1.000
0.169
0.501
0.278
0.045
0.007
1.000
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.
Touchstone High Yield Fund
CLASS Y
THYYX
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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;white-space:nowrap;">
<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> </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> </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;">$40</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.80%</td> </tr> </table>
40
0.0080
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">110,000,898</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">157</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">32%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
110000898
157
0.32
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">94.7%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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 ;BORDER-BOTTOM:0.75pt 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;">9.4%</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;">(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">
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">16.9%</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;">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;">50.1%</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;">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;">27.8%</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;">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;">4.5%</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;">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;">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">
<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&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. </span></div>
0.947
0.018
0.001
0.094
-0.060
1.000
0.169
0.501
0.278
0.045
0.007
1.000
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.
Touchstone High Yield Fund
INSTITUTIONAL CLASS
THIYX
This semi-annual shareholder report contains important information about the Touchstone High Yield Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$36</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.72%</td> </tr> </table>
36
0.0072
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">110,000,898</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">157</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;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=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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%</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
110000898
157
0.32
<div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;text-indent:-2%;font-size:10pt;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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">94.7%</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;">Bank Loans</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;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;">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;">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 ;BORDER-BOTTOM:0.75pt 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;">9.4%</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;">(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">
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">16.9%</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;">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;">50.1%</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;">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;">27.8%</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;">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;">4.5%</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;">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;">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">
<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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.947
0.018
0.001
0.094
-0.060
1.000
0.169
0.501
0.278
0.045
0.007
1.000
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.
Touchstone Mid Cap Fund
CLASS A
TMAPX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$59</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.19%</td> </tr> </table>
59
0.0119
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4,375,178,065</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
4375178065
33
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:top;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">26.3%</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;">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;">14.6%</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;">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;">12.3%</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;">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;">11.6%</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;">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;">11.1%</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;">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;">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 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;">8.9%</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;">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;">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;">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;">2.5%</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>
0.263
0.146
0.123
0.116
0.111
0.100
0.089
0.028
0.025
-0.001
1.000
Touchstone Mid Cap Fund
CLASS C
TMCJX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$96</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.95%</td> </tr> </table>
96
0.0195
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4,375,178,065</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
4375178065
33
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:top;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">26.3%</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;">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;">14.6%</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;">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;">12.3%</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;">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;">11.6%</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;">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;">11.1%</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;">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;">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 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;">8.9%</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;">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;">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;">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;">2.5%</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>
0.263
0.146
0.123
0.116
0.111
0.100
0.089
0.028
0.025
-0.001
1.000
Touchstone Mid Cap Fund
CLASS Y
TMCPX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$46</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.94%</td> </tr> </table>
46
0.0094
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4,375,178,065</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
4375178065
33
0.06
<div style="margin-top:14pt;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:top;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">26.3%</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;">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;">14.6%</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;">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;">12.3%</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;">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;">11.6%</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;">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;">11.1%</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;">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;">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 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;">8.9%</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;">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;">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;">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;">2.5%</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>
0.263
0.146
0.123
0.116
0.111
0.100
0.089
0.028
0.025
-0.001
1.000
Touchstone Mid Cap Fund
CLASS Z
TMCTX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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 Z</div></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$61</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.24%</td> </tr> </table>
61
0.0124
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4,375,178,065</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
4375178065
33
0.06
<div style="margin-top:14pt;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:top;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">26.3%</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;">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;">14.6%</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;">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;">12.3%</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;">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;">11.6%</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;">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;">11.1%</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;">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;">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 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;">8.9%</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;">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;">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;">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;">2.5%</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>
0.263
0.146
0.123
0.116
0.111
0.100
0.089
0.028
0.025
-0.001
1.000
Touchstone Mid Cap Fund
INSTITUTIONAL CLASS
TMPIX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$44</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.89%</td> </tr> </table>
44
0.0089
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4,375,178,065</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
4375178065
33
0.06
<div style="margin-top:14pt;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:top;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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">26.3%</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;">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;">14.6%</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;">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;">12.3%</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;">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;">11.6%</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;">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;">11.1%</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;">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;">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 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;">8.9%</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;">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;">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;">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;">2.5%</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>
0.263
0.146
0.123
0.116
0.111
0.100
0.089
0.028
0.025
-0.001
1.000
Touchstone Mid Cap Fund
CLASS R6
TMPRX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$40</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.82%</td> </tr> </table>
40
0.0082
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4,375,178,065</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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>
4375178065
33
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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">26.3%</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;">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;">14.6%</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;">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;">12.3%</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;">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;">11.6%</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;">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;">11.1%</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;">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;">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 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;">8.9%</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;">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;">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;">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;">2.5%</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>
0.263
0.146
0.123
0.116
0.111
0.100
0.089
0.028
0.025
-0.001
1.000
Touchstone Mid Cap Value Fund
CLASS A
TCVAX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$62</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.17%</td> </tr> </table>
62
0.0117
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">563,661,967</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">73</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">14%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
563661967
73
0.14
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">19.8%</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;">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;">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: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;">14.0%</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;">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;">9.1%</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;">8.6%</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;">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;">8.3%</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;">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;">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;">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;">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;">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;">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;">4.5%</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;">Exchange-Traded 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;">0.0%</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;">2.4%</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;">(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">
<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>
0.198
0.157
0.140
0.091
0.086
0.083
0.071
0.065
0.059
0.045
0.000
0.024
-0.019
1.000
Touchstone Mid Cap Value Fund
CLASS C
TMFCX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$101</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.92%</td> </tr> </table>
101
0.0192
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">563,661,967</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">73</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">14%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
563661967
73
0.14
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">19.8%</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;">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;">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: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;">14.0%</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;">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;">9.1%</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;">8.6%</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;">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;">8.3%</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;">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;">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;">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;">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;">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;">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;">4.5%</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;">Exchange-Traded 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;">0.0%</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;">2.4%</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;">(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">
<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>
0.198
0.157
0.140
0.091
0.086
0.083
0.071
0.065
0.059
0.045
0.000
0.024
-0.019
1.000
Touchstone Mid Cap Value Fund
CLASS Y
TCVYX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$49</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.94%</td> </tr> </table>
49
0.0094
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">563,661,967</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">73</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">14%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
563661967
73
0.14
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">19.8%</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;">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;">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: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;">14.0%</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;">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;">9.1%</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;">8.6%</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;">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;">8.3%</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;">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;">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;">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;">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;">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;">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;">4.5%</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;">Exchange-Traded 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;">0.0%</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;">2.4%</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;">(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">
<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>
0.198
0.157
0.140
0.091
0.086
0.083
0.071
0.065
0.059
0.045
0.000
0.024
-0.019
1.000
Touchstone Mid Cap Value Fund
INSTITUTIONAL CLASS
TCVIX
This semi-annual shareholder report contains important information about the Touchstone Mid Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$44</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.84%</td> </tr> </table>
44
0.0084
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">563,661,967</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">73</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">14%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
563661967
73
0.14
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">19.8%</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;">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;">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: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;">14.0%</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;">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;">9.1%</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;">8.6%</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;">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;">8.3%</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;">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;">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;">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;">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;">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;">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;">4.5%</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;">Exchange-Traded 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;">0.0%</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;">2.4%</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;">(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">
<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>
0.198
0.157
0.140
0.091
0.086
0.083
0.071
0.065
0.059
0.045
0.000
0.024
-0.019
1.000
Touchstone Sands Capital International Growth Equity Fund
CLASS A
TPYAX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$53</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.17%</td> </tr> </table>
53
0.0117
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85,074,950</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">32</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">13%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
85074950
32
0.13
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29.0%</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;">18.1%</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;">12.2%</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;">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;">11.5%</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;">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;">11.1%</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;">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;">10.5%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">1.2%</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;">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;">0.0%</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 ;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:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.33em;font-size:9pt;font-family:arial;">Switzerland</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.2%</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:1.33em;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;">11.1%</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:1.33em;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;">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:1.33em;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;">8.6%</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:1.33em;font-size:9pt;font-family:arial;">Canada</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.8%</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:1.33em;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;">7.7%</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:1.33em;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;">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:1.33em;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;">7.0%</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:1.33em;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;">6.6%</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:1.33em;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;">4.0%</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:1.33em;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;">3.8%</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:1.33em;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;">3.3%</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:1.33em;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;">3.2%</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:1.33em;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;">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;">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;">1.2%</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>
0.290
0.181
0.122
0.115
0.111
0.105
0.064
0.012
0.000
1.000
0.112
0.111
0.099
0.086
0.078
0.077
0.073
0.070
0.066
0.040
0.038
0.033
0.032
0.073
0.012
1.000
Touchstone Sands Capital International Growth Equity Fund
CLASS C
TPYCX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$87</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.92%</td> </tr> </table>
87
0.0192
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85,074,950</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">32</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">13%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
85074950
32
0.13
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29.0%</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;">18.1%</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;">12.2%</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;">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;">11.5%</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;">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;">11.1%</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;">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;">10.5%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">1.2%</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;">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;">0.0%</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 ;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:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.33em;font-size:9pt;font-family:arial;">Switzerland</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.2%</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:1.33em;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;">11.1%</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:1.33em;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;">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:1.33em;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;">8.6%</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:1.33em;font-size:9pt;font-family:arial;">Canada</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.8%</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:1.33em;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;">7.7%</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:1.33em;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;">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:1.33em;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;">7.0%</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:1.33em;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;">6.6%</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:1.33em;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;">4.0%</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:1.33em;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;">3.8%</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:1.33em;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;">3.3%</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:1.33em;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;">3.2%</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:1.33em;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;">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;">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;">1.2%</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>
0.290
0.181
0.122
0.115
0.111
0.105
0.064
0.012
0.000
1.000
0.112
0.111
0.099
0.086
0.078
0.077
0.073
0.070
0.066
0.040
0.038
0.033
0.032
0.073
0.012
1.000
Touchstone Sands Capital International Growth Equity Fund
CLASS Y
TPYYX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$41</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.90%</td> </tr> </table>
41
0.0090
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85,074,950</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">32</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">13%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
85074950
32
0.13
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29.0%</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;">18.1%</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;">12.2%</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;">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;">11.5%</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;">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;">11.1%</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;">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;">10.5%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">1.2%</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;">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;">0.0%</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 ;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:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.33em;font-size:9pt;font-family:arial;">Switzerland</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.2%</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:1.33em;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;">11.1%</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:1.33em;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;">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:1.33em;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;">8.6%</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:1.33em;font-size:9pt;font-family:arial;">Canada</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.8%</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:1.33em;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;">7.7%</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:1.33em;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;">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:1.33em;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;">7.0%</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:1.33em;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;">6.6%</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:1.33em;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;">4.0%</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:1.33em;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;">3.8%</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:1.33em;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;">3.3%</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:1.33em;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;">3.2%</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:1.33em;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;">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;">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;">1.2%</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>
0.290
0.181
0.122
0.115
0.111
0.105
0.064
0.012
0.000
1.000
0.112
0.111
0.099
0.086
0.078
0.077
0.073
0.070
0.066
0.040
0.038
0.033
0.032
0.073
0.012
1.000
Touchstone Sands Capital International Growth Equity Fund
INSTITUTIONAL CLASS
TPYIX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$39</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.85%</td> </tr> </table>
39
0.0085
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85,074,950</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">32</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">13%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
85074950
32
0.13
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29.0%</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;">18.1%</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;">12.2%</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;">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;">11.5%</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;">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;">11.1%</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;">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;">10.5%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">1.2%</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;">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;">0.0%</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 ;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:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.33em;font-size:9pt;font-family:arial;">Switzerland</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.2%</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:1.33em;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;">11.1%</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:1.33em;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;">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:1.33em;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;">8.6%</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:1.33em;font-size:9pt;font-family:arial;">Canada</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.8%</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:1.33em;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;">7.7%</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:1.33em;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;">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:1.33em;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;">7.0%</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:1.33em;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;">6.6%</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:1.33em;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;">4.0%</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:1.33em;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;">3.8%</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:1.33em;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;">3.3%</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:1.33em;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;">3.2%</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:1.33em;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;">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;">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;">1.2%</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>
0.290
0.181
0.122
0.115
0.111
0.105
0.064
0.012
0.000
1.000
0.112
0.111
0.099
0.086
0.078
0.077
0.073
0.070
0.066
0.040
0.038
0.033
0.032
0.073
0.012
1.000
Touchstone Sands Capital International Growth Equity Fund
CLASS R6
TPYRX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital International Growth Equity Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
touchstoneinvestments.com/mutual-funds
800.543.0407
<div style="margin-top:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$36</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.78%</td> </tr> </table>
36
0.0078
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85,074,950</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">32</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">13%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
85074950
32
0.13
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29.0%</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;">18.1%</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;">12.2%</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;">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;">11.5%</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;">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;">11.1%</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;">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;">10.5%</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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">1.2%</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;">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;">0.0%</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 ;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:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.33em;font-size:9pt;font-family:arial;">Switzerland</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.2%</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:1.33em;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;">11.1%</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:1.33em;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;">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:1.33em;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;">8.6%</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:1.33em;font-size:9pt;font-family:arial;">Canada</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.8%</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:1.33em;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;">7.7%</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:1.33em;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;">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:1.33em;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;">7.0%</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:1.33em;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;">6.6%</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:1.33em;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;">4.0%</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:1.33em;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;">3.8%</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:1.33em;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;">3.3%</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:1.33em;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;">3.2%</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:1.33em;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;">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;">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;">1.2%</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>
0.290
0.181
0.122
0.115
0.111
0.105
0.064
0.012
0.000
1.000
0.112
0.111
0.099
0.086
0.078
0.077
0.073
0.070
0.066
0.040
0.038
0.033
0.032
0.073
0.012
1.000
Touchstone Sands Capital Select Growth Fund
CLASS A
TSNAX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$52</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.15%</td> </tr> </table>
52
0.0115
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,903,912,454</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">16%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1903912454
29
0.16
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">41.9%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">13.9%</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;">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;">10.8%</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;">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;">6.6%</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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">(0.4)%</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>
0.419
0.193
0.139
0.108
0.066
0.007
0.072
-0.004
1.000
Touchstone Sands Capital Select Growth Fund
CLASS C
TSNCX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$79</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.75%</td> </tr> </table>
79
0.0175
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,903,912,454</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">16%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1903912454
29
0.16
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">41.9%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">13.9%</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;">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;">10.8%</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;">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;">6.6%</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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">(0.4)%</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>
0.419
0.193
0.139
0.108
0.066
0.007
0.072
-0.004
1.000
Touchstone Sands Capital Select Growth Fund
CLASS Y
CFSIX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$39</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.86%</td> </tr> </table>
39
0.0086
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,903,912,454</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">16%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1903912454
29
0.16
<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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">41.9%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">13.9%</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;">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;">10.8%</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;">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;">6.6%</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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">(0.4)%</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>
0.419
0.193
0.139
0.108
0.066
0.007
0.072
-0.004
1.000
Touchstone Sands Capital Select Growth Fund
CLASS Z
PTSGX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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 Z</div></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$52</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.15%</td> </tr> </table>
52
0.0115
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,903,912,454</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">16%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1903912454
29
0.16
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">41.9%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">13.9%</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;">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;">10.8%</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;">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;">6.6%</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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">(0.4)%</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>
0.419
0.193
0.139
0.108
0.066
0.007
0.072
-0.004
1.000
Touchstone Sands Capital Select Growth Fund
INSTITUTIONAL CLASS
CISGX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$35</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.78%</td> </tr> </table>
35
0.0078
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,903,912,454</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">16%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1903912454
29
0.16
<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 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>
<td colspan="2" 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:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">41.9%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">13.9%</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;">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;">10.8%</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;">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;">6.6%</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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">(0.4)%</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>
0.419
0.193
0.139
0.108
0.066
0.007
0.072
-0.004
1.000
Touchstone Sands Capital Select Growth Fund
CLASS R6
TSNRX
This semi-annual shareholder report contains important information about the Touchstone Sands Capital Select Growth Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$30</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.67%</td> </tr> </table>
30
0.0067
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,903,912,454</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">29</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">16%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1903912454
29
0.16
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">41.9%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">13.9%</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;">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;">10.8%</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;">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;">6.6%</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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">(0.4)%</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>
0.419
0.193
0.139
0.108
0.066
0.007
0.072
-0.004
1.000
Touchstone Small Cap Fund
CLASS A
TSFAX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$63</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.26%</td> </tr> </table>
63
0.0126
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">246,120,039</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
246120039
33
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">24.8%</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;">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;">17.0%</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;">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;">16.9%</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;">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;">13.5%</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;">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;">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;">7.0%</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;">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;">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: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;">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;">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;">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;">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>
0.248
0.170
0.169
0.135
0.076
0.070
0.053
0.036
0.044
-0.001
1.000
Touchstone Small Cap Fund
CLASS C
TSFCX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$98</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.96%</td> </tr> </table>
98
0.0196
<div style="margin-top:10pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">246,120,039</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
246120039
33
0.08
<div style="margin-top:10pt;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">24.8%</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;">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;">17.0%</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;">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;">16.9%</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;">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;">13.5%</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;">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;">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;">7.0%</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;">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;">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: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;">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;">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;">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;">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>
0.248
0.170
0.169
0.135
0.076
0.070
0.053
0.036
0.044
-0.001
1.000
Touchstone Small Cap Fund
CLASS Y
TSFYX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$50</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.01%</td> </tr> </table>
50
0.0101
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">246,120,039</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
246120039
33
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">24.8%</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;">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;">17.0%</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;">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;">16.9%</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="BORDER-BOTTOM:0.75pt 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="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.5%</td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">7.0%</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;">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;">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: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;">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;">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;">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;">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>
0.248
0.170
0.169
0.135
0.076
0.070
0.053
0.036
0.044
-0.001
1.000
Touchstone Small Cap Fund
INSTITUTIONAL CLASS
TSFIX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$46</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.93%</td> </tr> </table>
46
0.0093
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">246,120,039</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">33</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
246120039
33
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">24.8%</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;">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;">17.0%</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;">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;">16.9%</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;">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;">13.5%</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;">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;">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;">7.0%</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;">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;">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: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;">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;">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;">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;">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>
0.248
0.170
0.169
0.135
0.076
0.070
0.053
0.036
0.044
-0.001
1.000
Touchstone Small Cap Value Fund
CLASS A
TVOAX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$71</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.35%</td> </tr> </table>
71
0.0135
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">198,316,949</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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> </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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
198316949
87
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">25.0%</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;">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;">21.2%</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;">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;">10.3%</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 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;">9.1%</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;">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;">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;">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;">7.0%</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;">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;">5.5%</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;">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;">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;">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;">4.3%</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;">2.5%</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;">Exchange-Traded 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;">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;">3.9%</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;">(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">
<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>
0.250
0.212
0.103
0.091
0.074
0.070
0.055
0.046
0.043
0.025
0.005
0.039
-0.013
1.000
Touchstone Small Cap Value Fund
CLASS C
TVOCX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$105</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">2.00%</td> </tr> </table>
105
0.0200
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">198,316,949</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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> </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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
198316949
87
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">25.0%</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;">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;">21.2%</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;">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;">10.3%</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 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;">9.1%</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;">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;">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;">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;">7.0%</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;">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;">5.5%</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;">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;">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;">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;">4.3%</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;">2.5%</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;">Exchange-Traded 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;">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;">3.9%</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;">(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">
<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>
0.250
0.212
0.103
0.091
0.074
0.070
0.055
0.046
0.043
0.025
0.005
0.039
-0.013
1.000
Touchstone Small Cap Value Fund
CLASS Y
TVOYX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$58</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.10%</td> </tr> </table>
58
0.0110
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">198,316,949</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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> </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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
198316949
87
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">25.0%</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;">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;">21.2%</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;">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;">10.3%</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 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;">9.1%</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;">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;">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;">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;">7.0%</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;">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;">5.5%</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;">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;">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;">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;">4.3%</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;">2.5%</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;">Exchange-Traded 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;">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;">3.9%</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;">(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">
<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>
0.250
0.212
0.103
0.091
0.074
0.070
0.055
0.046
0.043
0.025
0.005
0.039
-0.013
1.000
Touchstone Small Cap Value Fund
INSTITUTIONAL CLASS
TVOIX
This semi-annual shareholder report contains important information about the Touchstone Small Cap Value Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$49</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.94%</td> </tr> </table>
49
0.0094
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">198,316,949</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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> </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;">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;">8%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
198316949
87
0.08
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">SECTOR ALLOCATION (% OF NET ASSETS)</div></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;">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;">25.0%</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;">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;">21.2%</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;">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;">10.3%</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 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;">9.1%</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;">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;">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;">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;">7.0%</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;">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;">5.5%</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;">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;">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;">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;">4.3%</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;">2.5%</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;">Exchange-Traded 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;">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;">3.9%</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;">(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">
<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>
0.250
0.212
0.103
0.091
0.074
0.070
0.055
0.046
0.043
0.025
0.005
0.039
-0.013
1.000
Touchstone Ultra Short Duration Fixed Income Fund
CLASS A
TSDAX
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:95%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td style="vertical-align:bottom;width:1%;"></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> </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> </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;">$33</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.65%</td> </tr> </table>
33
0.0065
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,021,641,670</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">288</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">45%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1021641670
288
0.45
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">33.5%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">Commercial Paper</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Municipal 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;">0.4%</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;">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;">0.3%</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;">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;">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 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;">0.0%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">42.6%</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;">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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">28.5%</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;">1.0%</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;">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;">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 ;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:4pt;margin-bottom:0pt;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.335
0.320
0.203
0.074
0.037
0.016
0.004
0.003
0.000
0.000
0.008
1.000
0.426
0.101
0.171
0.285
0.010
0.007
1.000
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.
Touchstone Ultra Short Duration Fixed Income Fund
CLASS C
TSDCX
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$57</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.14%</td> </tr> </table>
57
0.0114
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,021,641,670</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">288</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">45%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1021641670
288
0.45
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">33.5%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">Commercial Paper</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Municipal 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;">0.4%</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;">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;">0.3%</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;">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;">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 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;">0.0%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">42.6%</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;">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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">28.5%</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;">1.0%</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;">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;">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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.335
0.320
0.203
0.074
0.037
0.016
0.004
0.003
0.000
0.000
0.008
1.000
0.426
0.101
0.171
0.285
0.010
0.007
1.000
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.
Touchstone Ultra Short Duration Fixed Income Fund
CLASS S
SSSGX
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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 S</div></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$45</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.90%</td> </tr> </table>
45
0.0090
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,021,641,670</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">288</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">45%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1021641670
288
0.45
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">33.5%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">Commercial Paper</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Municipal 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;">0.4%</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;">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;">0.3%</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;">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;">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 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;">0.0%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">42.6%</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;">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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">28.5%</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;">1.0%</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;">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;">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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.335
0.320
0.203
0.074
0.037
0.016
0.004
0.003
0.000
0.000
0.008
1.000
0.426
0.101
0.171
0.285
0.010
0.007
1.000
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.
Touchstone Ultra Short Duration Fixed Income Fund
CLASS Y
TSYYX
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$20</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.40%</td> </tr> </table>
20
0.0040
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,021,641,670</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">288</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">45%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1021641670
288
0.45
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">33.5%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">Commercial Paper</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Municipal 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;">0.4%</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;">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;">0.3%</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;">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;">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 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;">0.0%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">42.6%</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;">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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">28.5%</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;">1.0%</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;">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;">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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.335
0.320
0.203
0.074
0.037
0.016
0.004
0.003
0.000
0.000
0.008
1.000
0.426
0.101
0.171
0.285
0.010
0.007
1.000
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.
Touchstone Ultra Short Duration Fixed Income Fund
CLASS Z
TSDOX
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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 Z</div></td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$33</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.65%</td> </tr> </table>
33
0.0065
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,021,641,670</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">288</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">45%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1021641670
288
0.45
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">33.5%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">Commercial Paper</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Municipal 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;">0.4%</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;">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;">0.3%</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;">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;">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 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;">0.0%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">42.6%</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;">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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">28.5%</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;">1.0%</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;">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;">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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.335
0.320
0.203
0.074
0.037
0.016
0.004
0.003
0.000
0.000
0.008
1.000
0.426
0.101
0.171
0.285
0.010
0.007
1.000
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.
Touchstone Ultra Short Duration Fixed Income Fund
INSTITUTIONAL CLASS
TSDIX
This semi-annual shareholder report contains important information about the Touchstone Ultra Short Duration Fixed Income Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$18</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.35%</td> </tr> </table>
18
0.0035
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1,021,641,670</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">288</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">45%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
1021641670
288
0.45
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">33.5%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">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;">Commercial Paper</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</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;">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;">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;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Municipal 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;">0.4%</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;">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;">0.3%</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;">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;">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 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;">0.0%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">42.6%</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;">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;">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;">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;">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">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">28.5%</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;">1.0%</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;">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;">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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.335
0.320
0.203
0.074
0.037
0.016
0.004
0.003
0.000
0.000
0.008
1.000
0.426
0.101
0.171
0.285
0.010
0.007
1.000
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.
Touchstone US Quality Bond Fund
CLASS A
TCPAX
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$38</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.76%</td> </tr> </table>
38
0.0076
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">575,381,889</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">247</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">10%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
575381889
247
0.10
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">23.5%</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;">U.S. Government Agency 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;">22.4%</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;">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;">12.5%</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;">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;">12.0%</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;">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;">11.3%</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;">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;">7.8%</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;">Municipal 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;">5.1%</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;">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;">4.5%</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;">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 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;">0.1%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">20.4%</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;">64.3%</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;">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;">8.2%</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;">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;">6.8%</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;">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;">0.3%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.235
0.224
0.125
0.120
0.113
0.078
0.051
0.045
0.000
0.001
0.008
1.000
0.204
0.643
0.082
0.068
0.003
1.000
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.
Touchstone US Quality Bond Fund
CLASS C
TCPCX
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$73</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.45%</td> </tr> </table>
73
0.0145
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">575,381,889</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">247</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">10%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
575381889
247
0.10
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">23.5%</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;">U.S. Government Agency 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;">22.4%</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;">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;">12.5%</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;">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;">12.0%</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;">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;">11.3%</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;">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;">7.8%</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;">Municipal 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;">5.1%</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;">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;">4.5%</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;">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 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;">0.1%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">20.4%</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;">64.3%</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;">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;">8.2%</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;">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;">6.8%</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;">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;">0.3%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.235
0.224
0.125
0.120
0.113
0.078
0.051
0.045
0.000
0.001
0.008
1.000
0.204
0.643
0.082
0.068
0.003
1.000
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.
Touchstone US Quality Bond Fund
CLASS Y
TCPYX
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$25</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.50%</td> </tr> </table>
25
0.0050
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">575,381,889</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">247</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">10%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
575381889
247
0.10
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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="BORDER-BOTTOM:0.75pt 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="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.5%</td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height: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:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">U.S. Government Agency Obligations</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:bottom;"> </td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">22.4%</td>
<td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">12.5%</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;">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;">12.0%</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;">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;">11.3%</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;">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;">7.8%</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;">Municipal 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;">5.1%</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;">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;">4.5%</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;">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 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;">0.1%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">20.4%</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;">64.3%</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;">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;">8.2%</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;">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;">6.8%</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;">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;">0.3%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.235
0.224
0.125
0.120
0.113
0.078
0.051
0.045
0.000
0.001
0.008
1.000
0.204
0.643
0.082
0.068
0.003
1.000
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.
Touchstone US Quality Bond Fund
INSTITUTIONAL CLASS
TCPNX
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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:6pt;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:35%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:32%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td style="width:31%;"></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> </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> </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;">$21</td>
<td style="vertical-align:bottom;"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.41%</td> </tr> </table>
21
0.0041
<div style="margin-top:12pt;margin-bottom:0pt;font-size:11.5pt;font-family:arial;font-weight:bold;">Key Fund Statistics </div><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:100%;border-spacing:0px;margin:0 auto">
<tr>
<td style="width:97%;"></td>
<td style="vertical-align:bottom;width:1%;"></td>
<td></td>
<td></td>
<td></td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">
<div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.33em;font-size:9pt;font-family:arial;">Fund net assets</div></td>
<td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;">$</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">575,381,889</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="height:3pt;"></td> </tr>
<tr style="page-break-inside:avoid;font-family:arial;font-size:9pt">
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt 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;">247</td>
<td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> </tr>
<tr style="font-size:1pt">
<td style="height:3pt;"></td>
<td colspan="4" style="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;">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;">10%</td>
<td style="padding-bottom:2pt ;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table>
575381889
247
0.10
<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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">ASSET CATEGORY (% OF NET ASSETS)</div></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;">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;">23.5%</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;">U.S. Government Agency 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;">22.4%</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;">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;">12.5%</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;">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;">12.0%</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;">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;">11.3%</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;">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;">7.8%</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;">Municipal 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;">5.1%</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;">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;">4.5%</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;">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 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;">0.1%</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;">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;">0.8%</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 ;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;">
<div style="margin-top:0pt;margin-bottom:0pt;text-indent:0.33em;font-size:9pt;font-family:arial;font-weight:bold;text-align:center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div></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;">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;">20.4%</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;">64.3%</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;">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;">8.2%</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;">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;">6.8%</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;">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;">0.3%</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 ;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;line-height:10pt;font-size:8pt;font-family:arial;text-align:justify;"><span style="font-style:italic">* 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. </span></div>
0.235
0.224
0.125
0.120
0.113
0.078
0.051
0.045
0.000
0.001
0.008
1.000
0.204
0.643
0.082
0.068
0.003
1.000
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.
Touchstone US Quality Bond Fund
CLASS R6
TIMPX
This semi-annual shareholder report contains important information about the Touchstone US Quality Bond Fund (“Fund”) for the period October 1, 2025 to March 31, 2026.
semi-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: 6pt; 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: 35%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 32%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 31%;"></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>
</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>
</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;">$19</td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom; white-space: nowrap; text-align: center;">0.37%</td>
</tr>
</table>
19
0.0037
<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 11.5pt; font-family: arial; font-weight: bold;">Key Fund Statistics</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 97%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
</tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt; background-color: #cceeff;">
<td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; vertical-align: top;">
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.33em; font-size: 9pt; font-family: arial;">Fund net assets</div>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">$</td>
<td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">575,381,889</td>
<td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
</tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td>
</tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="padding-bottom: 2pt; border-bottom: 0.75pt 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;">247</td>
<td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td>
</tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="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;">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;">10%</td>
<td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td>
</tr>
</table>
575381889
247
0.10
<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;">
<div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold; text-align: center;">ASSET CATEGORY (% OF NET ASSETS)</div>
</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;">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;">23.5%</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;">U.S. Government Agency 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;">22.4%</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;">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;">12.5%</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;">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;">12.0%</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;">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;">11.3%</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;">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;">7.8%</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;">Municipal 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;">5.1%</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;">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;">4.5%</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;">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 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;">0.1%</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;">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;">0.8%</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; 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;">
<div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.33em; font-size: 9pt; font-family: arial; font-weight: bold; text-align: center;">CREDIT QUALITY* (% OF FIXED INCOME SECURITIES)</div>
</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;">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;">20.4%</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;">64.3%</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;">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;">8.2%</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;">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;">6.8%</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;">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;">0.3%</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; 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; line-height: 10pt; font-size: 8pt; font-family: arial; text-align: justify;"><span style="font-style: italic;">* 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. </span></div>
0.235
0.224
0.125
0.120
0.113
0.078
0.051
0.045
0.000
0.001
0.008
1.000
0.204
0.643
0.082
0.068
0.003
1.000
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.
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.
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.
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.
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.
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.
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.
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.
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.