UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-03651
Touchstone Strategic Trust - June Funds
(Exact name of registrant as specified in charter)
303 Broadway, Suite 1100
Cincinnati, Ohio 45202-4203
Registrant's telephone number, including area code:
800-638-8194
Date of fiscal year end:
June 30
Date of reporting period:
December 31, 2024

 

Item 1. Reports to Stockholders.

 

 (a)The Report to Shareholders is attached herewith.

 

 

 

 

 

TABLE OF CONTENTS

 

Touchstone Balanced Fund
CLASS A - SEBLX

   

Touchstone Balanced Fund
CLASS C - SBACX

   

Touchstone Balanced Fund
CLASS Y - SIBLX

   

Touchstone Balanced Fund
CLASS R6 - TBARX

   

Touchstone Core Municipal Bond Fund
CLASS A - TOHAX

   

Touchstone Core Municipal Bond Fund
CLASS C - TOHCX

   

Touchstone Core Municipal Bond Fund
CLASS Y - TOHYX

   

Touchstone Core Municipal Bond Fund
INSTITUTIONAL CLASS - TOHIX

   

Touchstone International Value Fund
CLASS A - SWRLX

   

Touchstone International Value Fund
CLASS C - SWFCX

   

Touchstone International Value Fund
CLASS Y - SIIEX

   

Touchstone International Value Fund
INSTITUTIONAL CLASS - TOIIX

   

Touchstone Large Cap Focused Fund
CLASS A - SENCX

   

Touchstone Large Cap Focused Fund
CLASS C - SCSCX

   

Touchstone Large Cap Focused Fund
CLASS Y - SICWX

   

Touchstone Large Cap Focused Fund
INSTITUTIONAL CLASS - SCRLX

   

Touchstone Large Cap Focused Fund
CLASS R6 - TSRLX

   

Touchstone Large Cap Fund
CLASS A - TACLX

   

Touchstone Large Cap Fund
CLASS C - TFCCX

   

Touchstone Large Cap Fund
CLASS Y - TLCYX

   

Touchstone Large Cap Fund
INSTITUTIONAL CLASS - TLCIX

   

Touchstone Large Company Growth Fund
CLASS A - TSAGX

   

Touchstone Large Company Growth Fund
CLASS C - TCGLX

   

Touchstone Large Company Growth Fund
CLASS Y - TLGYX

   

Touchstone Large Company Growth Fund
INSTITUTIONAL CLASS - DSMLX

   

Touchstone Small Company Fund
CLASS A - SAGWX

   

Touchstone Small Company Fund
CLASS C - SSCOX

   

Touchstone Small Company Fund
CLASS Y - SIGWX

   

Touchstone Small Company Fund
INSTITUTIONAL CLASS - TICSX

   

Touchstone Small Company Fund
CLASS R6 - SSRRX

   

Touchstone Value Fund
CLASS A - TVLAX

   

Touchstone Value Fund
CLASS C - TVLCX

   

Touchstone Value Fund
CLASS Y - TVLYX

   

Touchstone Value Fund
INSTITUTIONAL CLASS - TVLIX

   

Touchstone Value Fund
CLASS R6 - TVLRX

   

 

 

 

 
 
TSR - Logo
Touchstone Balanced Fund
CLASS A | SEBLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Balanced Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $51 0.99%
Key Fund Statistics
Fund net assets $945,656,347
Total number of portfolio holdings 301
Portfolio turnover rate 43%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Common Stocks 61.5%
U.S. Treasury Obligations 15.3%
Corporate Bonds 12.9%
U.S. Government Mortgage-Backed Obligations 3.2%
Commercial Mortgage-Backed Securities 2.0%
Non-Agency Collateralized Mortgage Obligations 1.8%
Asset-Backed Securities 1.6%
Agency Collateralized Mortgage Obligations 0.5%
Sovereign Government Obligations 0.3%
Short-Term Investment Funds 0.7%
Other Assets/Liabilities (Net) 0.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 59.8%
AA/Aa 6.6%
A/A 11.7%
BBB/Baa 20.2%
BB/Ba 0.1%
B/B 0.3%
Not Rated 1.3%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Balanced Fund
CLASS C | SBACX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Balanced Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $92 1.77%
Key Fund Statistics
Fund net assets $945,656,347
Total number of portfolio holdings 301
Portfolio turnover rate 43%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Common Stocks 61.5%
U.S. Treasury Obligations 15.3%
Corporate Bonds 12.9%
U.S. Government Mortgage-Backed Obligations 3.2%
Commercial Mortgage-Backed Securities 2.0%
Non-Agency Collateralized Mortgage Obligations 1.8%
Asset-Backed Securities 1.6%
Agency Collateralized Mortgage Obligations 0.5%
Sovereign Government Obligations 0.3%
Short-Term Investment Funds 0.7%
Other Assets/Liabilities (Net) 0.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 59.8%
AA/Aa 6.6%
A/A 11.7%
BBB/Baa 20.2%
BB/Ba 0.1%
B/B 0.3%
Not Rated 1.3%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Balanced Fund
CLASS Y | SIBLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Balanced Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $40 0.77%
Key Fund Statistics
Fund net assets $945,656,347
Total number of portfolio holdings 301
Portfolio turnover rate 43%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Common Stocks 61.5%
U.S. Treasury Obligations 15.3%
Corporate Bonds 12.9%
U.S. Government Mortgage-Backed Obligations 3.2%
Commercial Mortgage-Backed Securities 2.0%
Non-Agency Collateralized Mortgage Obligations 1.8%
Asset-Backed Securities 1.6%
Agency Collateralized Mortgage Obligations 0.5%
Sovereign Government Obligations 0.3%
Short-Term Investment Funds 0.7%
Other Assets/Liabilities (Net) 0.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 59.8%
AA/Aa 6.6%
A/A 11.7%
BBB/Baa 20.2%
BB/Ba 0.1%
B/B 0.3%
Not Rated 1.3%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Balanced Fund
CLASS R6 | TBARX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Balanced Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class R6 $33 0.64%
Key Fund Statistics
Fund net assets $945,656,347
Total number of portfolio holdings 301
Portfolio turnover rate 43%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Common Stocks 61.5%
U.S. Treasury Obligations 15.3%
Corporate Bonds 12.9%
U.S. Government Mortgage-Backed Obligations 3.2%
Commercial Mortgage-Backed Securities 2.0%
Non-Agency Collateralized Mortgage Obligations 1.8%
Asset-Backed Securities 1.6%
Agency Collateralized Mortgage Obligations 0.5%
Sovereign Government Obligations 0.3%
Short-Term Investment Funds 0.7%
Other Assets/Liabilities (Net) 0.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 59.8%
AA/Aa 6.6%
A/A 11.7%
BBB/Baa 20.2%
BB/Ba 0.1%
B/B 0.3%
Not Rated 1.3%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Core Municipal Bond Fund
CLASS A | TOHAX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $41 0.80%
Key Fund Statistics
Fund net assets $48,609,442
Total number of portfolio holdings 91
Portfolio turnover rate 7%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Fixed Rate Revenue Bonds 73.6%
General Obligation Bonds 22.4%
Short-Term Investment Fund 2.8%
Other Assets/Liabilities (Net) 1.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 3.7%
AA/Aa 52.1%
A/A 33.6%
BBB/Baa 8.6%
BB/Ba 0.9%
Not Rated 1.1%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Core Municipal Bond Fund
CLASS C | TOHCX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $78 1.53%
Key Fund Statistics
Fund net assets $48,609,442
Total number of portfolio holdings 91
Portfolio turnover rate 7%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Fixed Rate Revenue Bonds 73.6%
General Obligation Bonds 22.4%
Short-Term Investment Fund 2.8%
Other Assets/Liabilities (Net) 1.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 3.7%
AA/Aa 52.1%
A/A 33.6%
BBB/Baa 8.6%
BB/Ba 0.9%
Not Rated 1.1%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Core Municipal Bond Fund
CLASS Y | TOHYX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $28 0.55%
Key Fund Statistics
Fund net assets $48,609,442
Total number of portfolio holdings 91
Portfolio turnover rate 7%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Fixed Rate Revenue Bonds 73.6%
General Obligation Bonds 22.4%
Short-Term Investment Fund 2.8%
Other Assets/Liabilities (Net) 1.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 3.7%
AA/Aa 52.1%
A/A 33.6%
BBB/Baa 8.6%
BB/Ba 0.9%
Not Rated 1.1%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Core Municipal Bond Fund
INSTITUTIONAL CLASS | TOHIX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Core Municipal Bond Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $24 0.48%
Key Fund Statistics
Fund net assets $48,609,442
Total number of portfolio holdings 91
Portfolio turnover rate 7%
Graphical Representation of Holdings
Asset Category (% of Net Assets)
Fixed Rate Revenue Bonds 73.6%
General Obligation Bonds 22.4%
Short-Term Investment Fund 2.8%
Other Assets/Liabilities (Net) 1.2%
Total 100.0%
Credit Quality* (% of Fixed Income Securities)
AAA/Aaa 3.7%
AA/Aa 52.1%
A/A 33.6%
BBB/Baa 8.6%
BB/Ba 0.9%
Not Rated 1.1%
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investor Service ("Moody's"). If agency ratings differ, the higher ratings will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone International Value Fund
CLASS A | SWRLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone International Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $63 1.26%
Key Fund Statistics
Fund net assets $95,726,008
Total number of portfolio holdings 80
Portfolio turnover rate 8%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 26.6%
Consumer Discretionary 14.3%
Information Technology 11.5%
Industrials 10.9%
Health Care 9.3%
Materials 9.1%
Energy 7.2%
Consumer Staples 2.7%
Communication Services 2.7%
Real Estate 2.3%
Utilities 2.2%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Geographical Allocation (% of Net Assets)
Common Stocks  
Japan 16.4%
China 8.9%
United Kingdom 7.4%
France 6.8%
Canada 5.7%
Taiwan 5.4%
Italy 4.6%
South Korea 4.6%
Switzerland 4.3%
Netherlands 4.2%
Germany 3.9%
India 3.9%
Other Countries 22.7%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone International Value Fund
CLASS C | SWFCX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone International Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $94 1.88%
Key Fund Statistics
Fund net assets $95,726,008
Total number of portfolio holdings 80
Portfolio turnover rate 8%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 26.6%
Consumer Discretionary 14.3%
Information Technology 11.5%
Industrials 10.9%
Health Care 9.3%
Materials 9.1%
Energy 7.2%
Consumer Staples 2.7%
Communication Services 2.7%
Real Estate 2.3%
Utilities 2.2%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Geographical Allocation (% of Net Assets)
Common Stocks  
Japan 16.4%
China 8.9%
United Kingdom 7.4%
France 6.8%
Canada 5.7%
Taiwan 5.4%
Italy 4.6%
South Korea 4.6%
Switzerland 4.3%
Netherlands 4.2%
Germany 3.9%
India 3.9%
Other Countries 22.7%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone International Value Fund
CLASS Y | SIIEX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone International Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $45 0.89%
Key Fund Statistics
Fund net assets $95,726,008
Total number of portfolio holdings 80
Portfolio turnover rate 8%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 26.6%
Consumer Discretionary 14.3%
Information Technology 11.5%
Industrials 10.9%
Health Care 9.3%
Materials 9.1%
Energy 7.2%
Consumer Staples 2.7%
Communication Services 2.7%
Real Estate 2.3%
Utilities 2.2%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Geographical Allocation (% of Net Assets)
Common Stocks  
Japan 16.4%
China 8.9%
United Kingdom 7.4%
France 6.8%
Canada 5.7%
Taiwan 5.4%
Italy 4.6%
South Korea 4.6%
Switzerland 4.3%
Netherlands 4.2%
Germany 3.9%
India 3.9%
Other Countries 22.7%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone International Value Fund
INSTITUTIONAL CLASS | TOIIX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone International Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $39 0.78%
Key Fund Statistics
Fund net assets $95,726,008
Total number of portfolio holdings 80
Portfolio turnover rate 8%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 26.6%
Consumer Discretionary 14.3%
Information Technology 11.5%
Industrials 10.9%
Health Care 9.3%
Materials 9.1%
Energy 7.2%
Consumer Staples 2.7%
Communication Services 2.7%
Real Estate 2.3%
Utilities 2.2%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Geographical Allocation (% of Net Assets)
Common Stocks  
Japan 16.4%
China 8.9%
United Kingdom 7.4%
France 6.8%
Canada 5.7%
Taiwan 5.4%
Italy 4.6%
South Korea 4.6%
Switzerland 4.3%
Netherlands 4.2%
Germany 3.9%
India 3.9%
Other Countries 22.7%
Short-Term Investment Fund 0.8%
Other Assets/Liabilities (Net) 0.4%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Focused Fund
CLASS A | SENCX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Focused Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $51 0.98%
Key Fund Statistics
Fund net assets $3,445,622,692
Total number of portfolio holdings 48
Portfolio turnover rate 2%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 32.0%
Communication Services 15.8%
Financials 13.8%
Health Care 12.4%
Consumer Discretionary 8.7%
Industrials 7.2%
Consumer Staples 4.1%
Energy 2.3%
Materials 2.1%
Real Estate 1.4%
Short-Term Investment Funds 0.3%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Focused Fund
CLASS C | SCSCX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Focused Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $94 1.80%
Key Fund Statistics
Fund net assets $3,445,622,692
Total number of portfolio holdings 48
Portfolio turnover rate 2%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 32.0%
Communication Services 15.8%
Financials 13.8%
Health Care 12.4%
Consumer Discretionary 8.7%
Industrials 7.2%
Consumer Staples 4.1%
Energy 2.3%
Materials 2.1%
Real Estate 1.4%
Short-Term Investment Funds 0.3%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Focused Fund
CLASS Y | SICWX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Focused Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $38 0.73%
Key Fund Statistics
Fund net assets $3,445,622,692
Total number of portfolio holdings 48
Portfolio turnover rate 2%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 32.0%
Communication Services 15.8%
Financials 13.8%
Health Care 12.4%
Consumer Discretionary 8.7%
Industrials 7.2%
Consumer Staples 4.1%
Energy 2.3%
Materials 2.1%
Real Estate 1.4%
Short-Term Investment Funds 0.3%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Focused Fund
INSTITUTIONAL CLASS | SCRLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Focused Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $37 0.70%
Key Fund Statistics
Fund net assets $3,445,622,692
Total number of portfolio holdings 48
Portfolio turnover rate 2%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 32.0%
Communication Services 15.8%
Financials 13.8%
Health Care 12.4%
Consumer Discretionary 8.7%
Industrials 7.2%
Consumer Staples 4.1%
Energy 2.3%
Materials 2.1%
Real Estate 1.4%
Short-Term Investment Funds 0.3%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Focused Fund
CLASS R6 | TSRLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Focused Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class R6 $35 0.66%
Key Fund Statistics
Fund net assets $3,445,622,692
Total number of portfolio holdings 48
Portfolio turnover rate 2%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 32.0%
Communication Services 15.8%
Financials 13.8%
Health Care 12.4%
Consumer Discretionary 8.7%
Industrials 7.2%
Consumer Staples 4.1%
Energy 2.3%
Materials 2.1%
Real Estate 1.4%
Short-Term Investment Funds 0.3%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Fund
CLASS A | TACLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $55 1.04%
Key Fund Statistics
Fund net assets $294,279,012
Total number of portfolio holdings 29
Portfolio turnover rate 7%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 32.1%
Information Technology 12.6%
Industrials 12.2%
Materials 10.5%
Consumer Discretionary 10.2%
Consumer Staples 7.3%
Communication Services 7.1%
Health Care 4.6%
Energy 2.3%
Short-Term Investment Fund 1.1%
Other Assets/Liabilities (Net) (0.0)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Fund
CLASS C | TFCCX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $94 1.79%
Key Fund Statistics
Fund net assets $294,279,012
Total number of portfolio holdings 29
Portfolio turnover rate 7%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 32.1%
Information Technology 12.6%
Industrials 12.2%
Materials 10.5%
Consumer Discretionary 10.2%
Consumer Staples 7.3%
Communication Services 7.1%
Health Care 4.6%
Energy 2.3%
Short-Term Investment Fund 1.1%
Other Assets/Liabilities (Net) (0.0)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Fund
CLASS Y | TLCYX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $42 0.79%
Key Fund Statistics
Fund net assets $294,279,012
Total number of portfolio holdings 29
Portfolio turnover rate 7%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 32.1%
Information Technology 12.6%
Industrials 12.2%
Materials 10.5%
Consumer Discretionary 10.2%
Consumer Staples 7.3%
Communication Services 7.1%
Health Care 4.6%
Energy 2.3%
Short-Term Investment Fund 1.1%
Other Assets/Liabilities (Net) (0.0)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Cap Fund
INSTITUTIONAL CLASS | TLCIX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Cap Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $36 0.69%
Key Fund Statistics
Fund net assets $294,279,012
Total number of portfolio holdings 29
Portfolio turnover rate 7%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 32.1%
Information Technology 12.6%
Industrials 12.2%
Materials 10.5%
Consumer Discretionary 10.2%
Consumer Staples 7.3%
Communication Services 7.1%
Health Care 4.6%
Energy 2.3%
Short-Term Investment Fund 1.1%
Other Assets/Liabilities (Net) (0.0)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Company Growth Fund
CLASS A | TSAGX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Company Growth Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $54 1.05%
Key Fund Statistics
Fund net assets $153,809,401
Total number of portfolio holdings 26
Portfolio turnover rate 14%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 53.5%
Communication Services 11.8%
Consumer Discretionary 9.4%
Industrials 8.6%
Financials 8.5%
Health Care 7.9%
Short-Term Investment Fund 0.4%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Company Growth Fund
CLASS C | TCGLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Company Growth Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $92 1.80%
Key Fund Statistics
Fund net assets $153,809,401
Total number of portfolio holdings 26
Portfolio turnover rate 14%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 53.5%
Communication Services 11.8%
Consumer Discretionary 9.4%
Industrials 8.6%
Financials 8.5%
Health Care 7.9%
Short-Term Investment Fund 0.4%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Company Growth Fund
CLASS Y | TLGYX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Company Growth Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $41 0.80%
Key Fund Statistics
Fund net assets $153,809,401
Total number of portfolio holdings 26
Portfolio turnover rate 14%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 53.5%
Communication Services 11.8%
Consumer Discretionary 9.4%
Industrials 8.6%
Financials 8.5%
Health Care 7.9%
Short-Term Investment Fund 0.4%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Large Company Growth Fund
INSTITUTIONAL CLASS | DSMLX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Large Company Growth Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $36 0.70%
Key Fund Statistics
Fund net assets $153,809,401
Total number of portfolio holdings 26
Portfolio turnover rate 14%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Information Technology 53.5%
Communication Services 11.8%
Consumer Discretionary 9.4%
Industrials 8.6%
Financials 8.5%
Health Care 7.9%
Short-Term Investment Fund 0.4%
Other Assets/Liabilities (Net) (0.1)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Small Company Fund
CLASS A | SAGWX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Small Company Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $61 1.15%
Key Fund Statistics
Fund net assets $1,171,331,975
Total number of portfolio holdings 73
Portfolio turnover rate 28%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Industrials 24.0%
Information Technology 18.8%
Health Care 16.8%
Consumer Discretionary 14.7%
Financials 8.1%
Real Estate 7.5%
Communication Services 3.8%
Energy 3.1%
Materials 2.9%
Short-Term Investment Funds 2.0%
Other Assets/Liabilities (Net) (1.7)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Small Company Fund
CLASS C | SSCOX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Small Company Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $103 1.96%
Key Fund Statistics
Fund net assets $1,171,331,975
Total number of portfolio holdings 73
Portfolio turnover rate 28%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Industrials 24.0%
Information Technology 18.8%
Health Care 16.8%
Consumer Discretionary 14.7%
Financials 8.1%
Real Estate 7.5%
Communication Services 3.8%
Energy 3.1%
Materials 2.9%
Short-Term Investment Funds 2.0%
Other Assets/Liabilities (Net) (1.7)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Small Company Fund
CLASS Y | SIGWX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Small Company Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $48 0.90%
Key Fund Statistics
Fund net assets $1,171,331,975
Total number of portfolio holdings 73
Portfolio turnover rate 28%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Industrials 24.0%
Information Technology 18.8%
Health Care 16.8%
Consumer Discretionary 14.7%
Financials 8.1%
Real Estate 7.5%
Communication Services 3.8%
Energy 3.1%
Materials 2.9%
Short-Term Investment Funds 2.0%
Other Assets/Liabilities (Net) (1.7)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Small Company Fund
INSTITUTIONAL CLASS | TICSX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Small Company Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $42 0.80%
Key Fund Statistics
Fund net assets $1,171,331,975
Total number of portfolio holdings 73
Portfolio turnover rate 28%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Industrials 24.0%
Information Technology 18.8%
Health Care 16.8%
Consumer Discretionary 14.7%
Financials 8.1%
Real Estate 7.5%
Communication Services 3.8%
Energy 3.1%
Materials 2.9%
Short-Term Investment Funds 2.0%
Other Assets/Liabilities (Net) (1.7)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Small Company Fund
CLASS R6 | SSRRX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Small Company Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class R6 $42 0.80%
Key Fund Statistics
Fund net assets $1,171,331,975
Total number of portfolio holdings 73
Portfolio turnover rate 28%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Industrials 24.0%
Information Technology 18.8%
Health Care 16.8%
Consumer Discretionary 14.7%
Financials 8.1%
Real Estate 7.5%
Communication Services 3.8%
Energy 3.1%
Materials 2.9%
Short-Term Investment Funds 2.0%
Other Assets/Liabilities (Net) (1.7)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Value Fund
CLASS A | TVLAX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class A $57 1.08%
Key Fund Statistics
Fund net assets $574,229,323
Total number of portfolio holdings 51
Portfolio turnover rate 18%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 16.7%
Consumer Discretionary 12.2%
Health Care 11.0%
Energy 11.0%
Utilities 7.9%
Materials 7.5%
Industrials 7.2%
Information Technology 7.1%
Consumer Staples 6.1%
Communication Services 5.3%
Real Estate 4.8%
Short-Term Investment Fund 3.5%
Other Assets/Liabilities (Net) (0.3)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Value Fund
CLASS C | TVLCX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class C $95 1.81%
Key Fund Statistics
Fund net assets $574,229,323
Total number of portfolio holdings 51
Portfolio turnover rate 18%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 16.7%
Consumer Discretionary 12.2%
Health Care 11.0%
Energy 11.0%
Utilities 7.9%
Materials 7.5%
Industrials 7.2%
Information Technology 7.1%
Consumer Staples 6.1%
Communication Services 5.3%
Real Estate 4.8%
Short-Term Investment Fund 3.5%
Other Assets/Liabilities (Net) (0.3)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Value Fund
CLASS Y | TVLYX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class Y $44 0.83%
Key Fund Statistics
Fund net assets $574,229,323
Total number of portfolio holdings 51
Portfolio turnover rate 18%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 16.7%
Consumer Discretionary 12.2%
Health Care 11.0%
Energy 11.0%
Utilities 7.9%
Materials 7.5%
Industrials 7.2%
Information Technology 7.1%
Consumer Staples 6.1%
Communication Services 5.3%
Real Estate 4.8%
Short-Term Investment Fund 3.5%
Other Assets/Liabilities (Net) (0.3)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Value Fund
INSTITUTIONAL CLASS | TVLIX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Institutional Class $36 0.68%
Key Fund Statistics
Fund net assets $574,229,323
Total number of portfolio holdings 51
Portfolio turnover rate 18%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 16.7%
Consumer Discretionary 12.2%
Health Care 11.0%
Energy 11.0%
Utilities 7.9%
Materials 7.5%
Industrials 7.2%
Information Technology 7.1%
Consumer Staples 6.1%
Communication Services 5.3%
Real Estate 4.8%
Short-Term Investment Fund 3.5%
Other Assets/Liabilities (Net) (0.3)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.
TSR - Logo
Touchstone Value Fund
CLASS R6 | TVLRX
SEMI-ANNUAL SHAREHOLDER REPORT | December 31, 2024
This semi-annual shareholder report contains important information about the Touchstone Value Fund (“Fund”) for the period July 1, 2024 to December 31, 2024. You can find additional information about the Fund at touchstoneinvestments.com/mutual-funds. You can also request this information by contacting us at 800.543.0407.
Fund Expenses
Class Costs of a $10,000
investment		 Costs paid as a percentage
of a $10,000 investment
Class R6 $33 0.63%
Key Fund Statistics
Fund net assets $574,229,323
Total number of portfolio holdings 51
Portfolio turnover rate 18%
Graphical Representation of Holdings
Sector Allocation (% of Net Assets)
Financials 16.7%
Consumer Discretionary 12.2%
Health Care 11.0%
Energy 11.0%
Utilities 7.9%
Materials 7.5%
Industrials 7.2%
Information Technology 7.1%
Consumer Staples 6.1%
Communication Services 5.3%
Real Estate 4.8%
Short-Term Investment Fund 3.5%
Other Assets/Liabilities (Net) (0.3)%
Total 100.0%
Availability of Additional Information
TSR - QR Code - Mutual Fund
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at touchstoneinvestments.com/mutual-funds or scan the QR code. Information about the fund’s proxy voting information and privacy policy is located in the Regulatory section of our website at touchstoneinvestments.com/Resources. You can also request this information by contacting us at 800.543.0407.

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.

 

(b)Not applicable.

 

 

 

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

The financial statements including the financial highlights are attached herewith.

 

 

 

December 31, 2024 (Unaudited)
Semi-Annual
Financial Statements
Touchstone Strategic Trust
Touchstone Balanced Fund
Touchstone Core Municipal Bond Fund
Touchstone International Value Fund
Touchstone Large Cap Focused Fund
Touchstone Large Cap Fund
Touchstone Large Company Growth Fund
Touchstone Small Company Fund
Touchstone Value Fund

 

Table of Contents
  Page
Portfolios of Investments:  
Touchstone Balanced Fund 3-7
Touchstone Core Municipal Bond Fund 8-9
Touchstone International Value Fund 10-12
Touchstone Large Cap Focused Fund 13
Touchstone Large Cap Fund 14
Touchstone Large Company Growth Fund 15
Touchstone Small Company Fund 16-17
Touchstone Value Fund 18
Statements of Assets and Liabilities 20-23
Statements of Operations 24-25
Statements of Changes in Net Assets 26-28
Statements of Changes in Net Assets - Capital Stock Activity 30-33
Financial Highlights 34-41
Notes to Financial Statements 42-56
Other Items 57-61
Privacy Protection Policy 63
This report identifies the Funds' investments on December 31, 2024. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.
2

 

Table of Contents
Portfolio of Investments
Touchstone Balanced Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 61.5%  
  Information Technology — 19.8%  
    197,424 Apple, Inc. $ 49,438,918
     33,835 Applied Materials, Inc.   5,502,586
    125,789 Microsoft Corp.  53,020,063
    158,202 NVIDIA Corp.  21,244,947
     88,680 Oracle Corp.  14,777,635
     47,914 Salesforce, Inc.  16,019,088
     45,081 Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR   8,903,047
     56,093 Texas Instruments, Inc.  10,517,998
     30,704 Workday, Inc. - Class A*   7,922,553
        187,346,835
  Communication Services — 9.9%  
    192,275 Alphabet, Inc. - Class C  36,616,851
    185,727 Comcast Corp. - Class A   6,970,335
     67,678 Meta Platforms, Inc. - Class A  39,626,146
      6,282 Netflix, Inc.*   5,599,272
     40,675 Walt Disney Co. (The)   4,529,161
         93,341,765
  Financials — 8.1%  
    223,067 Bank of America Corp.   9,803,795
     37,691 Berkshire Hathaway, Inc. - Class B*  17,084,576
    134,356 Charles Schwab Corp. (The)   9,943,688
     23,066 Goldman Sachs Group, Inc. (The)  13,208,053
      6,155 Markel Group, Inc.*  10,624,946
     50,702 Visa, Inc. - Class A  16,023,860
         76,688,918
  Health Care — 7.7%  
     45,065 Becton Dickinson & Co.  10,223,897
     58,478 BioMarin Pharmaceutical, Inc.*   3,843,759
    140,997 Bristol-Myers Squibb Co.   7,974,790
     41,070 HCA Healthcare, Inc.  12,327,160
     88,625 Johnson & Johnson  12,816,947
    133,703 Medtronic PLC  10,680,196
     30,544 UnitedHealth Group, Inc.  15,450,988
         73,317,737
  Consumer Discretionary — 5.4%  
     59,993 Airbnb, Inc. - Class A*   7,883,680
     30,181 Alibaba Group Holding Ltd. (China) ADR   2,559,047
    158,995 Amazon.com, Inc.*  34,881,913
     61,382 Starbucks Corp.   5,601,108
         50,925,748
  Industrials — 4.6%  
     57,581 Boeing Co. (The)*  10,191,837
     16,192 FedEx Corp.   4,555,295
     14,559 Hubbell, Inc.   6,098,620
     68,821 RTX Corp.   7,963,966
     64,632 Southwest Airlines Co.   2,172,928
     99,553 SS&C Technologies Holdings, Inc.   7,544,126
     56,962 Stanley Black & Decker, Inc.   4,573,479
         43,100,251
  Consumer Staples — 2.5%  
     29,897 Diageo PLC (United Kingdom) ADR†   3,800,806
    149,194 Monster Beverage Corp.*   7,841,637
    101,858 Philip Morris International, Inc.  12,258,610
         23,901,053
Shares       Market
Value
  Common Stocks — 61.5% (Continued)  
  Energy — 1.5%  
    104,592 Exxon Mobil Corp. $ 11,250,961
     66,720 Schlumberger NV   2,558,045
         13,809,006
  Materials — 1.2%  
     87,747 DuPont de Nemours, Inc.   6,690,709
     61,501 International Flavors & Fragrances, Inc.   5,199,909
         11,890,618
  Real Estate — 0.8%  
     30,037 Jones Lang LaSalle, Inc.*   7,603,566
  Total Common Stocks $581,925,497
Principal
Amount 		       
  U.S. Treasury Obligations — 15.3%
$ 26,790,000 U.S. Treasury Bond, 4.125%, 8/15/44      24,270,066
   6,665,000 U.S. Treasury Bond, 4.250%, 8/15/54       6,097,434
  53,990,000 U.S. Treasury Note, 3.500%, 9/30/29      51,942,176
     270,000 U.S. Treasury Note, 3.750%, 8/31/26         267,848
  14,129,000 U.S. Treasury Note, 3.875%, 8/15/34      13,362,943
  10,770,000 U.S. Treasury Note, 4.125%, 10/31/26      10,744,758
   8,275,000 U.S. Treasury Note, 4.125%, 10/31/31       8,099,156
  29,290,000 U.S. Treasury Note, 4.250%, 11/15/34      28,534,867
  1,150,000 U.S. Treasury Note, 4.625%, 4/30/29       1,160,871
  Total U.S. Treasury Obligations $144,480,119
  Corporate Bonds — 12.9%  
  Financials — 3.5%  
     924,000 AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland), 3.000%, 10/29/28     855,379
   1,300,000 American Express Co., 5.282%, 7/27/29   1,314,505
   1,219,000 American Tower Corp. REIT, 5.900%, 11/15/33   1,256,249
   1,110,000 Ares Capital Corp., 3.250%, 7/15/25   1,099,248
     802,000 Bank of America Corp., 2.687%, 4/22/32     689,687
     815,000 Bank of America Corp., 3.705%, 4/24/28     793,753
     932,000 Bank of Montreal (Canada), 3.803%, 12/15/32     891,852
   1,020,000 Bank of New York Mellon Corp. (The), 5.834%, 10/25/33   1,056,500
   1,009,000 Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81     933,827
   1,225,000 Barclays PLC (United Kingdom), 2.894%, 11/24/32   1,034,667
     690,000 Berkshire Hathaway Finance Corp., 4.250%, 1/15/49     577,007
   1,750,000 Citigroup, Inc., 4.542%, 9/19/30   1,700,776
     645,000 Citigroup, Inc., 6.174%, 5/25/34     657,615
   1,044,000 Citizens Bank NA, 4.575%, 8/9/28   1,034,377
   1,255,000 Corestates Capital III, 144a, (TSFR3M + 0.832%), 5.355%, 2/15/27(A)   1,238,093
   1,213,000 Goldman Sachs Group, Inc. (The), 2.615%, 4/22/32   1,034,182
     674,000 Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28     654,735
   1,276,000 JPMorgan Chase & Co., 2.956%, 5/13/31   1,141,450
   1,000,000 JPMorgan Chase & Co., 3.509%, 1/23/29     959,498
     816,000 JPMorgan Chase & Co., 4.946%, 10/22/35     786,070
   1,211,000 Macquarie Airfinance Holdings Ltd. (United Kingdom), 144a, 6.400%, 3/26/29   1,248,034
     878,000 Marsh & McLennan Cos., Inc., 5.350%, 11/15/44     852,823
   1,250,000 Mastercard, Inc., 2.000%, 11/18/31   1,038,535
   1,086,000 Morgan Stanley, 3.950%, 4/23/27   1,064,055
     839,000 Morgan Stanley, 5.297%, 4/20/37     815,622
     948,000 New York Life Global Funding, 144a, 4.550%, 1/28/33     906,269
   1,220,708 Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47     915,868
  1,400,000 PNC Capital Trust, (TSFR3M + 0.832%), 5.331%, 6/1/28(A)   1,377,656
 
3

 

Table of Contents
Touchstone Balanced Fund (Unaudited) (Continued)
Principal
Amount 		      MarketValue
  Corporate Bonds — 12.9% (Continued)  
  Financials — 3.5% (Continued)  
$  1,105,000 Royal Bank of Canada (Canada), MTN, 4.969%, 8/2/30 $  1,096,415
   1,576,000 State Street Corp., (TSFR3M + 1.262%), 5.620%, 6/15/47(A)   1,454,138
   1,844,000 Truist Financial Corp., Ser A, (TSFR3M + 0.932%), 5.455%, 5/15/27(A)   1,816,675
    807,000 US Bancorp, 4.967%, 7/22/33     773,219
         33,068,779
  Industrials — 1.6%  
   1,251,000 Amcor Flexibles North America, Inc., 2.630%, 6/19/30   1,096,461
     983,000 Burlington Northern Santa Fe LLC, 5.750%, 5/1/40   1,009,963
     934,000 FedEx Corp., 5.100%, 1/15/44     852,663
   1,247,000 Ingersoll Rand, Inc., 5.176%, 6/15/29   1,259,785
   1,420,000 John Deere Capital Corp., MTN, 5.100%, 4/11/34   1,417,533
     897,000 Keysight Technologies, Inc., 4.950%, 10/15/34     863,434
     808,000 Norfolk Southern Corp., 4.837%, 10/1/41     737,771
     685,000 Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.350%, 1/12/27     689,574
     864,000 RTX Corp., 6.400%, 3/15/54     941,227
   1,717,000 Textron Financial Corp., 144a, (TSFR3M + 1.997%), 6.520%, 2/15/42(A)   1,534,057
   1,358,000 Timken Co. (The), 4.500%, 12/15/28   1,331,945
   1,303,000 Waste Management, Inc., 4.875%, 2/15/34   1,278,105
   1,846,000 Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26   1,775,202
    676,000 WestRock MWV LLC, 8.200%, 1/15/30     766,853
         15,554,573
  Consumer Discretionary — 1.5%  
   1,795,000 7-Eleven, Inc., 144a, 1.800%, 2/10/31   1,447,909
      68,910 Air Canada Pass-Through Trust (Canada), Ser 2015-1, Class A, 144a, 3.600%, 3/15/27      67,044
   1,178,000 Delta Air Lines, Inc. / SkyMiles IP Ltd., 144a, 4.750%, 10/20/28   1,162,078
     908,000 Ford Motor Credit Co. LLC, 5.303%, 9/6/29     889,657
   2,018,000 General Motors Financial Co., Inc., 3.100%, 1/12/32   1,728,625
     605,000 Home Depot, Inc. (The), 5.950%, 4/1/41     635,547
     999,000 Hyundai Capital America, 144a, 5.350%, 3/19/29   1,004,034
   1,178,000 Imperial Brands Finance PLC (United Kingdom), 144a, 6.125%, 7/27/27   1,209,726
   1,130,000 Lowe's Cos., Inc., 4.500%, 4/15/30   1,108,497
     867,000 Mattel, Inc., 5.450%, 11/1/41     775,922
   1,456,000 Meritage Homes Corp., 144a, 3.875%, 4/15/29   1,360,492
   1,174,000 Toll Brothers Finance Corp., 3.800%, 11/1/29   1,104,964
     680,000 Toyota Motor Credit Corp., MTN, 4.650%, 1/5/29     675,364
    985,000 Warnermedia Holdings, Inc., 5.141%, 3/15/52     735,340
         13,905,199
  Consumer Staples — 1.3%  
     672,000 Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.900%, 2/1/46     611,613
     995,000 Ashtead Capital, Inc. (United Kingdom), 144a, 4.000%, 5/1/28     956,315
   1,101,000 BAT Capital Corp. (United Kingdom), 2.259%, 3/25/28   1,011,532
   1,074,000 Cargill, Inc., 144a, 4.760%, 11/23/45     950,961
   1,876,000 Coca-Cola Co. (The), 2.500%, 3/15/51   1,101,760
   1,091,000 ERAC USA Finance LLC, 144a, 4.200%, 11/1/46     886,533
     635,000 Kroger Co. (The), 5.000%, 4/15/42     573,916
     960,000 Mars, Inc., 144a, 3.875%, 4/1/39     804,216
     697,000 Mars, Inc., 144a, 3.600%, 4/1/34     611,051
   1,974,000 Pernod Ricard International Finance LLC, 144a, 1.625%, 4/1/31   1,589,555
  1,349,000 Philip Morris International, Inc., 5.375%, 2/15/33   1,351,932
Principal
Amount 		      MarketValue
  Corporate Bonds — 12.9% (Continued)  
  Consumer Staples — 1.3% (Continued)  
$    650,000 Starbucks Corp., 3.350%, 3/12/50 $    434,787
     815,000 Tyson Foods, Inc., 5.400%, 3/15/29     824,003
    808,000 Walmart, Inc., 4.500%, 9/9/52     706,224
         12,414,398
  Energy — 1.1%  
   1,236,000 Aker BP ASA (Norway), 144a, 5.125%, 10/1/34   1,160,926
     978,000 Apache Corp., 5.100%, 9/1/40     852,144
   1,126,000 Cheniere Energy Partners LP, 3.250%, 1/31/32     976,343
     355,000 Cheniere Energy Partners LP, 4.000%, 3/1/31     328,485
   1,063,000 DCP Midstream Operating LP, 144a, 6.750%, 9/15/37   1,142,025
   1,174,000 HF Sinclair Corp., 5.000%, 2/1/28   1,159,671
     571,721 MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31     474,805
   1,161,000 Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29   1,138,661
   1,244,000 NGPL PipeCo LLC, 144a, 7.768%, 12/15/37   1,393,705
   1,046,000 Occidental Petroleum Corp., 7.950%, 6/15/39   1,193,054
    977,000 Western Midstream Operating LP, 5.250%, 2/1/50     836,499
         10,656,318
  Health Care — 0.9%  
     832,000 AbbVie, Inc., 4.450%, 5/14/46     708,149
     917,000 Alcon Finance Corp. (Switzerland), 144a, 3.800%, 9/23/49     673,570
   1,068,000 Amgen, Inc., 5.150%, 3/2/28   1,075,686
     700,000 Becton Dickinson & Co., 4.685%, 12/15/44     605,600
     857,000 CommonSpirit Health, 4.187%, 10/1/49     671,662
     782,000 CVS Health Corp., 5.125%, 7/20/45     658,367
   1,036,000 DH Europe Finance II Sarl, 3.250%, 11/15/39     808,193
     942,000 Elevance Health, Inc., 4.750%, 2/15/33     903,275
     832,000 Thermo Fisher Scientific, Inc., 5.404%, 8/10/43     818,873
   1,062,000 UnitedHealth Group, Inc., 3.500%, 8/15/39     840,257
  1,081,000 Viatris, Inc., 2.700%, 6/22/30     938,079
          8,701,711
  Communication Services — 0.9%  
   1,327,000 AT&T, Inc., 3.800%, 12/1/57     917,410
     535,000 AT&T, Inc., 4.500%, 5/15/35     494,873
     510,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 6.384%, 10/23/35     509,275
     711,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45     672,430
     796,000 Comcast Corp., 4.000%, 3/1/48     605,414
   1,357,000 Rogers Communications, Inc. (Canada), 5.300%, 2/15/34   1,323,589
   1,178,000 T-Mobile USA, Inc., 3.875%, 4/15/30   1,108,330
     566,000 T-Mobile USA, Inc., 5.750%, 1/15/54     554,205
   1,103,000 Verizon Communications, Inc., 2.987%, 10/30/56     655,522
  1,634,000 Videotron Ltd. (Canada), 144a, 3.625%, 6/15/29   1,517,691
          8,358,739
  Information Technology — 0.8%  
   1,424,000 Apple, Inc., 4.650%, 2/23/46   1,305,149
   1,481,000 Broadcom, Inc., 144a, 3.419%, 4/15/33   1,296,697
   1,708,000 Cisco Systems, Inc., 4.850%, 2/26/29   1,718,751
   1,289,000 Marvell Technology, Inc., 2.950%, 4/15/31   1,131,034
     671,000 Micron Technology, Inc., 2.703%, 4/15/32     562,550
     277,000 Micron Technology, Inc., 6.750%, 11/1/29     294,999
  1,742,000 Microsoft Corp., 2.525%, 6/1/50   1,075,258
 
4

 

Table of Contents
Touchstone Balanced Fund (Unaudited) (Continued)
Principal
Amount 		      MarketValue
  Corporate Bonds — 12.9% (Continued)  
  Information Technology — 0.8% (Continued)  
$    393,000 Oracle Corp., 3.600%, 4/1/40 $    307,716
    313,000 Oracle Corp., 4.300%, 7/8/34     287,948
          7,980,102
  Utilities — 0.7%  
   1,863,000 CMS Energy Corp., 4.750%, 6/1/50   1,765,089
     738,000 Duke Energy Progress LLC, 4.150%, 12/1/44     601,067
     719,000 Edison International, 4.125%, 3/15/28     697,370
     876,000 Electricite de France SA (France), 144a, 4.875%, 9/21/38     782,008
     700,000 Georgia Power Co., 5.950%, 2/1/39     707,148
   1,135,000 Ohio Power Co., Ser R, 2.900%, 10/1/51     682,906
    887,000 PacifiCorp., 5.750%, 4/1/37     892,359
          6,127,947
  Real Estate — 0.4%  
     992,000 Crown Castle, Inc. REIT, 4.800%, 9/1/28     980,671
   1,206,000 Invitation Homes Operating Partnership LP REIT, 4.150%, 4/15/32   1,112,064
     735,000 Sabra Health Care LP REIT, 5.125%, 8/15/26     734,375
     446,000 Store Capital LLC REIT, 2.700%, 12/1/31     367,071
     274,000 Store Capital LLC REIT, 2.750%, 11/18/30     236,433
    623,000 Store Capital LLC REIT, 4.625%, 3/15/29     600,093
          4,030,707
  Materials — 0.2%  
     531,000 Braskem America Finance Co. (Brazil), 144a, 7.125%, 7/22/41     447,937
     406,000 Celanese US Holdings LLC, 6.379%, 7/15/32     412,510
    846,000 Sherwin-Williams Co. (The), 4.500%, 6/1/47     712,336
          1,572,783
  Total Corporate Bonds $122,371,256
  U.S. Government Mortgage-Backed Obligations — 3.2%
         972 FHLMC, Pool #G08062, 5.000%, 6/1/35             965
     102,905 FHLMC, Pool #G08637, 4.000%, 4/1/45          95,717
     637,205 FHLMC, Pool #Q02664, 4.500%, 8/1/41         618,376
   1,138,470 FHLMC, Pool #Q29056, 4.000%, 10/1/44       1,057,721
     488,838 FHLMC, Pool #Q29260, 4.000%, 10/1/44         456,501
   1,929,702 FHLMC REMIC, Pool #RA7784, 4.500%, 8/1/52       1,817,558
   1,367,115 FHLMC REMIC, Pool #SB0855, 3.000%, 7/1/37       1,275,598
   2,123,112 FHLMC REMIC, Pool #SD4499, 3.500%, 5/1/52       1,881,534
   1,267,904 FHLMC REMIC, Pool #SD8148, 3.000%, 5/1/51       1,085,379
     200,967 FNMA, Pool #725423, 5.500%, 5/1/34         202,729
     180,410 FNMA, Pool #725610, 5.500%, 7/1/34         181,602
      39,027 FNMA, Pool #748895, 6.000%, 12/1/33          39,085
      79,865 FNMA, Pool #AD9193, 5.000%, 9/1/40          79,557
     218,306 FNMA, Pool #AH8925, 4.500%, 3/1/41         211,578
     243,407 FNMA, Pool #AR9195, 3.000%, 3/1/43         214,478
     398,362 FNMA, Pool #BC1809, 3.500%, 5/1/46         357,399
   1,567,646 FNMA, Pool #BT7156, 2.000%, 8/1/51       1,235,600
   1,687,244 FNMA, Pool #CB1336, 2.000%, 8/1/41       1,406,871
   2,247,669 FNMA, Pool #CB2643, 2.500%, 1/1/52       1,839,452
   1,572,961 FNMA, Pool #FM5085, 2.000%, 12/1/50       1,234,895
     502,445 FNMA, Pool #FM5166, 3.000%, 12/1/50         431,599
     427,000 FNMA, Pool #FM5279, 3.500%, 11/1/50         382,622
     313,470 FNMA, Pool #FM5468, 2.500%, 1/1/36         286,880
     499,848 FNMA, Pool #FM5682, 2.500%, 1/1/51         411,861
   1,215,892 FNMA, Pool #FM7913, 2.000%, 4/1/36       1,082,202
   1,626,474 FNMA, Pool #FM8360, 2.500%, 8/1/51       1,349,875
   1,538,499 FNMA, Pool #FM8361, 2.500%, 8/1/51       1,271,076
   1,215,813 FNMA, Pool #FM9448, 2.000%, 10/1/51         949,309
  1,000,206 FNMA, Pool #FS0816, 2.500%, 2/1/37          909,294
Principal
Amount 		      MarketValue
  U.S. Government Mortgage-Backed Obligations — 3.2%
(Continued)
$  2,062,655 FNMA, Pool #FS6793, 4.000%, 6/1/53     $  1,886,452
   2,172,270 FNMA, Pool #FS6899, 3.000%, 11/1/51       1,851,614
     528,689 FNMA, Pool #MA4166, 3.000%, 10/1/40         470,159
     363,047 GNMA, Pool #5175, 4.500%, 9/20/41         352,421
   1,583,924 GNMA, Pool #786741, 3.500%, 4/20/52       1,420,257
  2,030,810 GNMA, Pool #MA8945, 4.000%, 6/20/53       1,871,021
  Total U.S. Government Mortgage-Backed Obligations  $30,219,237
  Commercial Mortgage-Backed Securities — 2.0%
     825,000 BANK, Ser 2018-BN14, Class A3, 3.966%, 9/15/60         796,078
  25,672,067 BANK, Ser 2019-BN21, Class XA, 0.827%, 10/17/52(A)(B)(C)         804,201
     905,000 BANK, Ser 2020-BN26, Class A4, 2.403%, 3/15/63         788,584
   1,150,000 BANK, Ser 2022-BNK39, Class A4, 2.928%, 2/15/55(A)(C)         991,806
     670,000 BBCMS Mortgage Trust, Ser 2024-5C27, Class AS, 6.410%, 7/15/57(A)(C)         693,660
   1,500,000 BX Commercial Mortgage Trust, Ser 2020-VIV3, Class B, 144a, 3.544%, 3/9/44(A)(C)       1,358,173
   1,500,000 BX Commercial Mortgage Trust, Ser 2020-VIV4, Class A, 144a, 2.843%, 3/9/44       1,320,837
     390,000 Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class AS, 3.789%, 9/15/50(A)(C)         361,835
     755,000 Citigroup Commercial Mortgage Trust, Ser 2020-GC46, Class A5, 2.717%, 2/15/53         662,347
   1,220,000 COMM Mortgage Trust, Ser 2018-HOME, Class A, 144a, 3.815%, 4/10/33(A)(C)       1,150,232
     700,000 GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43(A)(C)         606,489
   1,205,000 GS Mortgage Securities Trust, Ser 2020-GC47, Class A5, 2.377%, 5/12/53       1,044,164
   1,000,000 HONO Mortgage Trust, Ser 2021-LULU, Class B, 144a, (TSFR1M + 1.564%), 5.962%, 10/15/36(A)         979,622
562,000,000 Independence Plaza Trust, Ser 2018-INDP, Class XCP, 144a, 7/10/35(A)(B)(C)               0
     885,000 JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2017-JP7, Class A5, 3.454%, 9/15/50         845,851
     665,000 JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Class AS, 4.065%, 11/15/47         631,743
     500,000 JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-MINN, Class A, 144a, (TSFR1M + 1.317%), 5.714%, 11/15/35(A)         465,179
   1,100,000 Morgan Stanley Capital I Trust, Ser 2018-H3, Class A5, 4.177%, 7/15/51       1,067,742
     825,000 SG Commercial Mortgage Securities Trust, Ser 2019-787E, Class A, 144a, 4.163%, 2/15/41         747,526
     435,000 UBS Commercial Mortgage Trust, Ser 2017-C1, Class AS, 3.724%, 6/15/50         415,772
     495,000 Wells Fargo Commercial Mortgage Trust, Ser 2015-P2, Class AS, 4.013%, 12/15/48         488,561
     770,000 Wells Fargo Commercial Mortgage Trust, Ser 2018-AUS, Class B, 144a, 4.058%, 8/17/36(A)(C)         727,312
  2,220,000 Wells Fargo Commercial Mortgage Trust, Ser 2019-C53, Class A4, 3.040%, 10/15/52       2,024,521
  Total Commercial Mortgage-Backed Securities  $18,972,235
  Non-Agency Collateralized Mortgage Obligations — 1.8%
      61,706 Agate Bay Mortgage Trust, Ser 2013-1, Class B3, 144a, 3.557%, 7/25/43(A)(C)          58,997
     155,660 Agate Bay Mortgage Trust, Ser 2015-4, Class B2, 144a, 3.498%, 6/25/45(A)(C)          151,523
 
5

 

Table of Contents
Touchstone Balanced Fund (Unaudited) (Continued)
Principal
Amount 		      MarketValue
  Non-Agency Collateralized Mortgage Obligations — 1.8%
(Continued)
$    333,028 Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.644%, 10/25/45(A)(C)     $    311,092
   1,278,229 Angel Oak Mortgage Trust, Ser 2024-1, Class A1, 144a, 5.210%, 8/25/68(A)(C)       1,263,483
     790,982 AOMT, Ser 2024-6, Class A1, 144a, 4.650%, 11/25/67(A)(C)         764,442
     865,785 BRAVO Residential Funding Trust, Ser 2024-NQM8, Class A1A, 144a, 4.300%, 8/1/53(A)(C)         825,209
     630,787 CIM Trust, Ser 2020-J2, Class A19, 144a, 2.500%, 1/25/51(A)(C)         502,778
     456,090 COLT Mortgage Loan Trust, Ser 2022-6, Class A1, 144a, 4.650%, 6/27/67(A)(C)         448,777
     111,180 CSMC Trust, Ser 2013-IVR3, Class B2, 144a, 3.401%, 5/25/43(A)(C)         108,272
     246,029 CSMC Trust, Ser 2015-1, Class B3, 144a, 3.894%, 1/25/45(A)(C)         232,504
     255,086 CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.767%, 12/25/44(A)(C)         241,414
     818,134 Deephaven Residential Mortgage Trust, Ser 2022-2, Class A1, 144a, 4.300%, 3/25/67(A)(C)         778,091
   1,316,790 GCAT Trust, Ser 2022-NQM2, Class A1, 144a, 4.210%, 2/25/67(A)(C)       1,266,223
   1,076,358 GS Mortgage-Backed Securities Trust, Ser 2021-PJ8, Class A8, 144a, 2.500%, 1/25/52(A)(C)         939,450
   1,219,819 GS Mortgage-Backed Securities Trust, Ser 2022-PJ1, Class A8, 144a, 2.500%, 5/28/52(A)(C)       1,054,786
     590,207 JP Morgan Mortgage Trust, Ser 2017-1, Class B2, 144a, 3.447%, 1/25/47(A)(C)         519,627
   1,055,765 JP Morgan Mortgage Trust, Ser 2020-5, Class B1, 144a, 3.570%, 12/25/50(A)(C)         903,108
   1,324,349 JP Morgan Mortgage Trust, Ser 2024-3, Class A6, 144a, 3.000%, 5/25/54(A)(C)       1,211,875
     573,777 Mill City Mortgage Loan Trust, Ser 2018-3, Class M3, 144a, 3.250%, 8/25/58(A)(C)         501,204
   1,397,426 Mill City Mortgage Loan Trust, Ser 2019-1, Class M1, 144a, 3.500%, 10/25/69(A)(C)       1,303,384
     125,985 Sequoia Mortgage Trust, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45(A)(C)         112,842
     821,417 Sequoia Mortgage Trust, Ser 2018-CH3, Class B1B, 144a, 4.729%, 8/25/48(A)(C)         772,383
     745,265 Sequoia Mortgage Trust, Ser 2018-CH3, Class B2B, 144a, 4.729%, 8/25/48(A)(C)         700,776
   1,252,452 Verus Securitization Trust, Ser 2022-7, Class A1, 144a, 5.152%, 7/25/67(A)(C)       1,244,026
  1,084,090 Wells Fargo Mortgage Backed Securities Trust, Ser 2021-2, Class A3, 144a, 2.500%, 6/25/51(A)(C)         945,914
  Total Non-Agency Collateralized Mortgage Obligations  $17,162,180
  Asset-Backed Securities — 1.6%
   1,000,000 AB BSL CLO 2 Ltd. (Cayman Islands), Ser 2021-2A, Class B1, 144a, (TSFR3M + 1.912%), 6.568%, 4/15/34(A)       1,000,974
   1,500,000 AB BSL CLO 3, Ltd. (Cayman Islands), Ser 2021-3A, Class B, 144a, (TSFR3M + 1.962%), 6.579%, 10/20/34(A)       1,500,702
     337,295 CF Hippolyta Issuer LLC, Ser 2020-1, Class A1, 144a, 1.690%, 7/15/60         329,558
     904,500 CLI Funding VI LLC, Ser 2020-3A, Class A, 144a, 2.070%, 10/18/45         830,919
     804,785 Driven Brands Funding LLC, Ser 2019-1A, Class A2, 144a, 4.641%, 4/20/49          797,606
Principal
Amount 		      MarketValue
  Asset-Backed Securities — 1.6% (Continued)
$    157,561 Elara HGV Timeshare Issuer LLC, Ser 2019-A, Class B, 144a, 2.910%, 1/25/34     $    153,696
   1,001,000 Jack in the Box Funding LLC, Ser 2019-1A, Class A2II, 144a, 4.476%, 8/25/49         981,401
     945,000 Jack in the Box Funding LLC, Ser 2022-1A, Class A2I, 144a, 3.445%, 2/26/52         898,113
     375,165 Jersey Mike's Funding LLC, Ser 2019-1A, Class A2, 144a, 4.433%, 2/15/50         370,385
   1,150,000 Madison Park Funding XLIX Ltd. (Cayman Islands), Ser 2021-49A, Class B1, 144a, (TSFR3M + 1.962%), 6.579%, 10/19/34(A)       1,151,600
     820,250 Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51         755,660
   1,500,000 Palmer Square CLO, Ltd. (Cayman Islands), Ser 2021-4A, Class B, 144a, (TSFR3M + 1.912%), 6.568%, 10/15/34(A)       1,501,590
     972,500 Planet Fitness Master Issuer LLC, Ser 2022-1A, Class A2I, 144a, 3.251%, 12/5/51         934,459
     268,569 TAL Advantage VII LLC, Ser 2020-1A, Class A, 144a, 2.050%, 9/20/45         249,487
   1,100,000 Textainer Marine Containers, Ltd. (China), Ser 2021-3A, Class A, 144a, 1.940%, 8/20/46         960,674
   1,400,000 Towd Point Mortgage Trust, Ser 2015-6, Class B1, 144a, 3.798%, 4/25/55(A)(C)       1,332,452
  1,140,000 Towd Point Mortgage Trust, Ser 2019-4, Class M1B, 144a, 3.000%, 10/25/59(A)(C)         947,217
  Total Asset-Backed Securities  $14,696,493
  Agency Collateralized Mortgage Obligations — 0.5%
     515,000 FHLMC REMIC, Ser 4991, Class HB, 2.000%, 7/25/50         356,681
   1,650,000 FHLMC REMIC, Ser 5178, Class CV, 2.000%, 11/25/40       1,171,194
   1,500,000 FNMA REMIC, Ser 2019-35, Class KB, 3.000%, 7/25/49       1,155,713
   2,150,000 FNMA REMIC, Ser 2022-16, Class KB, 2.500%, 11/25/49       1,583,964
     132,283 GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40         131,102
  3,466,517 GNMA, Ser 2012-147, Class IO, 0.537%, 4/16/54(A)(B)(C)          35,628
  Total Agency Collateralized Mortgage Obligations   $4,434,282
  Sovereign Government Obligations — 0.3%
     674,000 Bahamas Government International Bond, 144a, 6.000%, 11/21/28         641,060
     834,000 Chile Government International Bond, 3.100%, 1/22/61         491,580
   1,034,000 Mexico Government International Bond, 3.771%, 5/24/61         585,188
    870,000 Republic of Poland Government International Bond, 5.500%, 3/18/54         801,899
  Total Sovereign Government Obligations   $2,519,727
 
6

 

Table of Contents
Touchstone Balanced Fund (Unaudited) (Continued)
Shares       MarketValue
  Short-Term Investment Funds — 0.7%  
  6,297,913 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω $  6,297,913
    659,175 Invesco Government & Agency Portfolio, Institutional Class, 4.42%∞Ω**     659,175
  Total Short-Term Investment Funds   $6,957,088
  Total Investment Securities—99.8%
(Cost $691,788,265) 		$943,738,114
  Other Assets in Excess of Liabilities — 0.2%   1,918,233
  Net Assets — 100.0% $945,656,347
(A) Variable rate security - Rate reflected is the rate in effect as of December 31, 2024.
(B) Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.
(C) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
* Non-income producing security.
** Represents collateral for securities loaned.
† All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2024 was $648,363.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
IO – Interest Only
LLC – Limited Liability Company
LP – Limited Partnership
MTN – Medium Term Note
PLC – Public Limited Company
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
TSFR1M – One Month Term Secured Overnight Financing Rate
TSFR3M – Three Month Term Secured Overnight Financing Rate
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2024, these securities were valued at $70,240,139 or 7.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Assets:        
Common Stocks $581,925,497 $— $— $581,925,497
U.S. Treasury Obligations — 144,480,119 — 144,480,119
Corporate Bonds — 122,371,256 — 122,371,256
U.S. Government Mortgage-Backed Obligations — 30,219,237 — 30,219,237
Commercial Mortgage-Backed Securities — 18,972,235 — 18,972,235
Non-Agency Collateralized Mortgage Obligations — 17,162,180 — 17,162,180
Asset-Backed Securities — 14,696,493 — 14,696,493
Agency Collateralized Mortgage Obligations — 4,434,282 — 4,434,282
Sovereign Government Obligations — 2,519,727 — 2,519,727
Short-Term Investment Funds 6,957,088 — — 6,957,088
Other Financial Instruments        
Futures        
Interest rate contracts 59,049 — — 59,049
Total Assets $588,941,634 $354,855,529 $— $943,797,163
Liabilities:        
Other Financial Instruments        
Futures        
Interest rate contracts $(327,346) $— $— $(327,346)
Total Liabilities $(327,346) $— $— $(327,346)
Total $588,614,288 $354,855,529 $— $943,469,817
 
Futures Contracts
At December 31, 2024, $332,775 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at December 31, 2024: 
Description Expiration Date Number of
Contracts 		Notional Value Unrealized
Appreciation/
Depreciation
Short Futures:        
30-Year U.S. Ultra Treasury Bond 3/20/2025 47 $5,588,594 $59,049
Long Futures:        
5-Year U.S. Treasury Note 3/31/2025 256 27,214,001 (300,722)
2-Year U.S. Treasury Note 3/31/2025 140 28,785,313 (26,624)
        $(268,297)
See accompanying Notes to Financial Statements.
7

 

Table of Contents
Portfolio of Investments
Touchstone Core Municipal Bond Fund – December 31, 2024 (Unaudited)
Principal
Amount 		      Market
Value
  Fixed Rate Revenue Bonds – 73.6%
$  500,000 Arizona Board of Regents, Revenue, 5.000%, 08/01/54 $   536,522
   550,000 Barry County, MO, COP, 5.000%, 10/01/37    571,581
   500,000 Beaumont , TX, Waterworks & Sewer System Revenue Ser A, 5.000%, 09/01/26    514,662
   500,000 Chicago O'Hare International Airport, Revenue Ser A, 5.000%, 01/01/31    514,694
   450,000 City of Erie Higher Education Building Authority, Revenue, 5.000%, 05/01/47    437,103
   500,000 Colorado Health Fac. Auth., Revenue, 5.000%, 11/01/28    531,655
   500,000 Colorado Health Fac. Auth., Revenue, 5.000%, 05/15/30    515,724
   500,000 Connecticut State Health & Educational Fac. Auth., Revenue, 5.000%, 07/01/48    524,333
   500,000 County of Miami-Dade FL Transit System, Revenue, 5.000%, 07/01/32    504,025
   500,000 County of Nez Perce, COP, 5.000%, 03/01/52    517,904
   685,000 DeKalb-Jackson Water Supply District Inc, Revenue Ser A, 5.000%, 07/01/32    737,206
   500,000 Duluth Economic Development Auth., Revenue EDR, 5.000%, 06/15/32    551,607
   500,000 Florida Development Finance Corp., Revenue Ser A, 5.000%, 06/15/30    511,380
   425,000 Georgetown, TX, Utility System Revenue, 5.000%, 08/15/35    463,989
   500,000 Greater Jasper School Building Corp., Revenue, 5.000%, 07/15/29    530,843
   510,000 Greater Texas Cultural Education Fac. Finance Corp., Revenue, 5.000%, 03/01/28    538,571
   350,000 Guam Power Auth., Revenue Ser A, 5.000%, 10/01/26    359,477
   500,000 Hamilton County, OH, 5.000%, 08/15/40    521,592
1,000,000 Hamilton County, OH EDR, 5.000%, 06/01/33  1,006,860
   465,000 Harris County Cultural Education Fac. Finance Corp., Revenue Ser A, 5.000%, 07/01/52    483,655
   500,000 Health Care Auth. for Baptist Health/The, Revenue Ser A, 5.000%, 11/15/32    537,851
   500,000 Hospitals & Higher Education Fac. Auth. of Philadelphia/The, Revenue, 5.000%, 07/01/37    534,702
   500,000 Illinois Finance Auth., Revenue Ser A, 5.000%, 08/15/47    523,481
   500,000 Indiana Finance Auth., Revenue Ser A, 5.750%, 03/01/54    532,936
   500,000 Iowa Higher Education Loan Auth., Revenue, 5.375%, 10/01/52    521,124
   500,000 Kentucky Asset Liability Commission, Revenue Ser A, 5.000%, 09/01/25    506,120
   595,000 Kentucky Public Energy Auth., Revenue Ser 1, 4.000%, 02/01/30    595,657
   500,000 Louisiana Local Government Environmental Fac. & Community Development Auth, Revenue, 5.000%, 08/15/30    517,197
   500,000 Main Street Natural Gas, Inc., Revenue Ser B, 5.000%, 12/01/54    532,033
   500,000 Metropolitan Government Nashville & Davidson County Sports Auth., Revenue Ser A, 5.250%, 07/01/53    538,442
   500,000 Michigan Finance Authority, Revenue Ser C, 5.000%, 06/01/32    533,174
   500,000 Michigan State Building Auth., Revenue Ser I, 5.000%, 04/15/34    505,188
   500,000 Millard School District Local Building Auth., Revenue, 5.000%, 05/15/59    532,243
   500,000 Missouri Joint Municipal Electric Utility Commission, Revenue, 5.000%, 12/01/36    543,364
   500,000 Monroeville Finance Auth., Revenue Ser B, 5.000%, 02/15/29    535,988
  575,000 Montrose Redevelopment Auth., 5.000%, 09/01/26     589,448
Principal
Amount 		      Market
Value
  Fixed Rate Revenue Bonds – 73.6% (Continued)
$  500,000 Municipal Electric Authority of Georgia Ser A, 5.000%, 07/01/52 $   519,762
   500,000 New Hampshire Business Finance Auth., Revenue Ser A, 5.250%, 06/01/51    534,039
   500,000 New Jersey Economic Development Auth., Revenue EDR, 5.000%, 03/01/28    528,353
   500,000 New Jersey Transportation Trust Fund Authority, Revenue Ser AA, 5.000%, 06/15/45    522,091
   500,000 New York City Transitional Finance Auth., Revenue Ser D, 5.000%, 05/01/50    537,304
   500,000 New York State Dormitory Auth., Revenue, 5.000%, 07/01/29    514,738
   500,000 Newark Higher Education Finance Corp., Revenue Ser A, 4.000%, 04/01/57    434,012
   500,000 Ohio Higher Educational Fac. Commission, 5.000%, 03/01/34    501,095
   500,000 Ozark Reorg School District No R-6, COP, 5.000%, 04/01/45    523,970
   500,000 Pasco County School Board, COP Ser B, 5.000%, 08/01/46    523,937
   500,000 Pennsylvania Higher Educational Fac. Auth., Revenue Ser A, 5.000%, 05/01/32    538,295
   500,000 Polaris Career Center COP, 5.000%, 11/01/35    506,039
   500,000 Public Utility District No. 1 of Benton County, Revenue, 5.000%, 11/01/28    517,505
   500,000 Pulaski County, AR, Revenue, 5.250%, 03/01/53    533,897
   500,000 Regional Transportation District, Revenue Ser A, 5.000%, 01/15/29    526,271
   500,000 Regional Transportation District, Revenue Ser A, 5.000%, 01/15/31    536,923
   500,000 Rhode Island Health and Educational Building Corp., Revenue Ser A, 5.000%, 05/15/48    536,134
   500,000 Rock Hill , SC, Combined Utility System Revenue Ser A, 5.000%, 01/01/54    524,320
   520,000 South Carolina Public Service Auth., Revenue Ser A, 4.000%, 12/01/52    473,851
   500,000 Southwest Higher Education Auth., Inc., Revenue, 5.000%, 10/01/29    515,858
   500,000 St Louis , MO, Airport Revenue Ser A, 5.250%, 07/01/54    545,220
   500,000 St Lucie County School Board, COP Ser A, 5.000%, 07/01/48    527,031
   510,000 State Board of Higher Education of the State of North Dakota, Revenue Ser A, 5.000%, 04/01/29    528,686
   500,000 State of Illinois Sales Tax Revenue Ser B, 5.000%, 06/15/33    521,276
   500,000 Tobacco Settlement Financing Corp, Revenue Ser A, 5.000%, 06/01/30    522,749
   500,000 Town of Gypsum CO Sewer Revenue, 5.000%, 12/01/54    530,430
   500,000 Town of Upland, Revenue EDR, 4.000%, 09/01/43    478,445
   500,000 Troy Capital Resource Corp., Revenue, 5.000%, 09/01/30    541,042
   500,000 Williamsburg LSD, COP, 5.250%, 12/15/53    525,701
   500,000 Wisconsin Health & Educational Fac. Auth., Revenue, 5.000%, 03/15/53    494,832
   500,000 Wisconsin Health & Educational Fac. Auth., Revenue Ser B, 5.250%, 12/01/48    530,702
  240,000 Yamhill County, OR, Revenue, 4.000%, 12/01/41    234,635
  Total Fixed Rate Revenue Bonds $35,781,474
  General Obligation Bonds – 22.4%
   500,000 Aubrey, TX, LTGO Ser A, 5.000%, 02/15/42    539,472
   500,000 Bartholomew Consolidated School Corp., LTGO, 6.000%, 01/15/26    514,572
   500,000 Bexar County Hospital District, LTGO, 5.000%, 02/15/48    529,239
   500,000 Chicago Board of Education, UTGO Ser A, 4.000%, 12/01/47    415,782
  500,000 Chicago, IL, UTGO Ser A, 5.000%, 01/01/34     524,823
 
8

 

Table of Contents
Touchstone Core Municipal Bond Fund (Unaudited) (Continued)
Principal
Amount 		      Market
Value
  General Obligation Bonds – 22.4% (Continued)
$  500,000 Decatur, TX, LTGO, 5.000%, 03/01/54 $   523,112
   150,000 Detroit, MI, UTGO Ser C, 6.000%, 05/01/43    167,918
   505,000 Ecorse Public School District, UTGO, 5.000%, 05/01/27    526,558
   150,000 Gold Hill Mesa Metropolitan District No 2, LTGO Ser A, 5.000%, 12/01/29    159,359
   500,000 Gregg County, TX, LTGO, 5.000%, 09/15/30    535,444
   500,000 Harris County, TX, LTGO Ser A, 5.000%, 09/15/54    532,349
   500,000 Homewood, AL, UTGO, 5.000%, 09/01/29    514,130
   500,000 Hudsonville Public Schools, UTGO, 5.000%, 05/01/53    521,585
   500,000 Jackson, MS, UTGO, 5.000%, 03/01/28    511,944
   610,000 Milwaukee, WI, UTGO Ser N3, 5.000%, 04/01/29    653,643
   500,000 North Pine Vistas Metropolitan District No 2, LTGO, 5.250%, 12/01/42    539,424
   450,000 School District of Philadelphia/The, LTGO Ser B, 5.000%, 09/01/30    485,568
   440,000 School District of Philadelphia/The, LTGO Ser D, 5.000%, 09/01/25    444,892
   500,000 St Louis, MO, UTGO Ser A, 5.000%, 02/15/43    533,648
   500,000 State of Illinois, UTGO Ser B, 5.500%, 05/01/47    538,631
   500,000 Whispering Pines Metropolitan District No 1, LTGO, 5.000%, 12/01/52    517,836
  650,000 Wichita Falls Independent School District, UTGO, 4.000%, 02/01/26    656,444
  Total General Obligation Bonds $10,886,373
Shares        
  Short-Term Investment Fund — 2.8%
1,365,834 Dreyfus Government Cash Management Institutional Shares, 4.36%∞Ω  1,365,834
  Total Investment Securities—98.8%
(Cost $48,757,480) 		$48,033,681
  Other Assets in Excess of Liabilities — 1.2%    $575,761
  Net Assets — 100.0% $48,609,442
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
COP–Certificates of Participation
EDR–Economic Development Revenue
LSD–Local School District
LTGO–Limited Tax General Obligation
UTGO–Unlimited Tax General Obligation
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Municipal Bonds $— $46,667,847 $— $46,667,847
Short-Term Investment Fund 1,365,834 — — 1,365,834
Total $1,365,834 $46,667,847 $— $48,033,681
See accompanying Notes to Financial Statements.
 
9

 

Table of Contents
Portfolio of Investments
Touchstone International Value Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 98.8%  
  Japan — 16.4%  
  Consumer Discretionary — 6.5%  
   115,500 Honda Motor Co. Ltd. $ 1,099,653
   163,500 Panasonic Holdings Corp.  1,671,070
    87,300 Sankyo Co. Ltd.  1,175,363
    88,300 Sumitomo Rubber Industries Ltd.    991,413
   144,500 Yamaha Motor Co. Ltd.  1,273,146
  Financials — 1.4%  
   138,500 Japan Post Holdings Co. Ltd.  1,304,358
  Health Care — 1.2%  
    43,700 Nippon Shinyaku Co. Ltd.  1,104,167
  Industrials — 5.0%  
    48,000 Komatsu Ltd.  1,307,634
    79,500 NGK Insulators Ltd.  1,003,798
    84,000 NIPPON EXPRESS HOLDINGS, Inc.  1,273,614
    60,300 Sojitz Corp.  1,228,905
  Information Technology — 2.3%  
    67,800 Brother Industries Ltd.  1,146,907
    33,800 Canon, Inc.  1,097,880
  Total Japan 15,677,908
  China — 8.9%  
  Consumer Discretionary — 4.7%  
   166,700 Alibaba Group Holding Ltd.  1,764,246
    86,100 JD.com, Inc. - Class A  1,494,972
     6,800 Prosus NV    270,129
    70,700 Vipshop Holdings Ltd. ADR    952,329
  Energy — 1.1%  
 1,352,000 PetroChina Co. Ltd. Class H  1,057,742
  Health Care — 0.9%  
 1,412,000 CSPC Pharmaceutical Group Ltd.    860,754
  Industrials — 1.0%  
   646,000 Weichai Power Co. Ltd. Class H    981,144
  Materials — 1.2%  
   720,000 Jiangxi Copper Co. Ltd. Class H  1,147,172
  Total China  8,528,488
  United Kingdom — 7.4%  
  Consumer Staples — 1.7%  
   360,400 Tesco PLC  1,657,607
  Financials — 4.7%  
   153,500 HSBC Holdings PLC  1,509,085
   207,700 Investec PLC  1,414,507
   308,600 NatWest Group PLC  1,546,473
  Real Estate — 1.0%  
 1,126,316 Supermarket Income PLC REIT    960,234
  Total United Kingdom  7,087,906
  France — 6.8%  
  Energy — 1.3%  
    21,800 TotalEnergies SE  1,214,584
  Financials — 1.3%  
    19,900 BNP Paribas SA  1,221,797
  Industrials — 1.0%  
    36,200 Rexel SA    921,996
  Materials — 0.9%  
    34,400 Verallia SA, 144a    863,947
Shares       Market
Value
  Common Stocks — 98.8% (Continued)  
  France — (Continued)  
  Real Estate — 1.3%  
    44,700 Klepierre SA REIT $ 1,287,338
  Utilities — 1.0%  
    41,100 Rubis SCA  1,016,654
  Total France  6,526,316
  Canada — 5.7%  
  Energy — 1.1%  
    17,500 Imperial Oil Ltd.  1,078,524
  Financials — 1.7%  
    53,900 Manulife Financial Corp.  1,655,866
  Industrials — 1.1%  
    38,100 Finning International, Inc.  1,009,586
  Materials — 1.8%  
   111,500 Dundee Precious Metals, Inc.  1,011,485
    32,200 Lundin Gold, Inc.    686,808
  Total Canada  5,442,269
  Taiwan — 5.4%  
  Information Technology — 5.4%  
 1,210,000 Compal Electronics, Inc.  1,385,344
   292,000 Hon Hai Precision Industry Co. Ltd.  1,632,470
   201,000 Sino-American Silicon Products, Inc.    823,673
 1,009,000 United Microelectronics Corp.  1,314,321
  Total Taiwan  5,155,808
  Italy — 4.6%  
  Consumer Discretionary — 1.0%  
   176,400 Pirelli & C SpA, 144a  1,000,231
  Financials — 1.4%  
    33,100 UniCredit SpA  1,325,601
  Industrials — 0.9%  
    32,500 Leonardo SpA    874,374
  Materials — 1.3%  
    33,700 Buzzi SpA  1,244,031
  Total Italy  4,444,237
  South Korea — 4.6%  
  Communication Services — 1.4%  
    35,800 SK Telecom Co. Ltd.  1,341,502
  Consumer Discretionary — 1.0%  
    14,900 Kia Corp.  1,008,276
  Financials — 1.1%  
    14,800 DB Insurance Co. Ltd.  1,028,309
  Information Technology — 1.1%  
    29,200 Samsung Electronics Co. Ltd.  1,042,055
  Total South Korea  4,420,142
  Switzerland — 4.3%  
  Health Care — 4.3%  
    25,500 Novartis AG  2,482,611
     5,700 Roche Holding AG  1,593,759
  Total Switzerland  4,076,370
  Netherlands — 4.2%  
  Energy — 1.6%  
    47,200 Shell PLC  1,471,271
 
10

 

Table of Contents
Touchstone International Value Fund (Unaudited) (Continued)
Shares       Market
Value
  Common Stocks — 98.8% (Continued)  
  Netherlands — (Continued)  
  Financials — 2.6%  
    81,300 ABN AMRO Bank NV, 144a $ 1,254,587
    28,500 NN Group NV  1,242,845
  Total Netherlands  3,968,703
  Germany — 3.9%  
  Consumer Discretionary — 1.1%  
    18,900 Mercedes-Benz Group AG  1,053,709
  Financials — 1.5%  
    82,300 Deutsche Bank AG  1,420,243
  Industrials — 1.3%  
    33,900 Daimler Truck Holding AG  1,298,441
  Total Germany  3,772,393
  India — 3.9%  
  Energy — 2.1%  
   195,500 Coal India Ltd.    875,021
   285,900 Petronet LNG Ltd.  1,153,863
  Financials — 1.0%  
   785,500 Canara Bank    915,098
  Materials — 0.8%  
   334,500 Gujarat State Fertilizers & Chemicals Ltd.    769,610
  Total India  3,713,592
  Australia — 2.6%  
  Financials — 1.4%  
    72,700 ANZ Group Holdings Ltd.  1,280,960
  Materials — 1.2%  
    16,200 Rio Tinto Ltd.  1,174,709
  Total Australia  2,455,669
  Spain — 2.5%  
  Financials — 1.5%  
   306,000 Banco Santander SA  1,415,633
  Information Technology — 1.0%  
    55,200 Indra Sistemas SA    975,185
  Total Spain  2,390,818
  Sweden — 1.7%  
  Information Technology — 1.7%  
   199,800 Telefonaktiebolaget LM Ericsson - Class B  1,618,071
  Hong Kong — 1.6%  
  Health Care — 1.6%  
   940,000 United Laboratories International Holdings Ltd. (The)  1,487,143
  Denmark — 1.5%  
  Financials — 1.5%  
    49,600 Danske Bank A/S  1,406,293
  Malaysia — 1.5%  
  Financials — 1.5%  
   765,300 CIMB Group Holdings Bhd  1,402,095
  Norway — 1.4%  
  Financials — 1.4%  
    68,300 DNB Bank ASA  1,363,571
  Austria — 1.4%  
  Financials — 1.4%  
    22,000 Erste Group Bank AG  1,361,715
Shares       Market
Value
  Common Stocks — 98.8% (Continued)  
  United States — 1.3%  
  Health Care — 1.3%  
    76,100 GSK PLC $ 1,283,600
  Greece — 1.3%  
  Communication Services — 1.3%  
    79,755 Hellenic Telecommunications Organization SA  1,229,300
  Belgium — 1.2%  
  Financials — 1.2%  
    23,900 Ageas SA  1,162,022
  Indonesia — 1.2%  
  Utilities — 1.2%  
11,771,900 Perusahaan Gas Negara Tbk PT  1,160,617
  Brazil — 1.0%  
  Materials — 1.0%  
   113,300 Vale SA  1,000,431
  Mexico — 1.0%  
  Consumer Staples — 1.0%  
   685,100 Kimberly-Clark de Mexico SAB de CV - Class A    964,680
  South Africa — 0.9%  
  Materials — 0.9%  
   111,800 Harmony Gold Mining Co. Ltd.    896,186
  Finland — 0.6%  
  Industrials — 0.6%  
    11,060 Cargotec Oyj - Class B    585,198
  Total Common Stocks $94,581,541
  Short-Term Investment Fund — 0.8%  
   734,780 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω    734,780
  Total Investment Securities — 99.6%
(Cost $97,858,298) 		$95,316,321
  Other Assets in Excess of Liabilities — 0.4%    409,687
  Net Assets — 100.0% $95,726,008
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2024, these securities were valued at $3,118,765 or 3.3% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
 
11

 

Table of Contents
Touchstone International Value Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks        
Japan $— $15,677,908 $— $15,677,908
China 1,222,458 7,306,030 — 8,528,488
United Kingdom 3,883,826 3,204,080 — 7,087,906
France 1,016,654 5,509,662 — 6,526,316
Canada 5,442,269 — — 5,442,269
Taiwan — 5,155,808 — 5,155,808
Italy 1,000,231 3,444,006 — 4,444,237
South Korea — 4,420,142 — 4,420,142
Switzerland — 4,076,370 — 4,076,370
Netherlands — 3,968,703 — 3,968,703
Germany — 3,772,393 — 3,772,393
India — 3,713,592 — 3,713,592
Australia — 2,455,669 — 2,455,669
Spain — 2,390,818 — 2,390,818
Sweden — 1,618,071 — 1,618,071
Hong Kong — 1,487,143 — 1,487,143
Denmark — 1,406,293 — 1,406,293
Malaysia — 1,402,095 — 1,402,095
Norway — 1,363,571 — 1,363,571
Austria — 1,361,715 — 1,361,715
United States — 1,283,600 — 1,283,600
Greece 1,229,300 — — 1,229,300
Belgium — 1,162,022 — 1,162,022
Indonesia — 1,160,617 — 1,160,617
Brazil 1,000,431 — — 1,000,431
Mexico 964,680 — — 964,680
South Africa — 896,186 — 896,186
Finland 585,198 — — 585,198
Short-Term Investment Fund 734,780 — — 734,780
Total $17,079,827 $78,236,494 $— $95,316,321
See accompanying Notes to Financial Statements.
12

 

Table of Contents
Portfolio of Investments
Touchstone Large Cap Focused Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.8%  
  Information Technology — 32.0%  
1,163,100 Apple, Inc. $  291,263,502
  201,754 Applied Materials, Inc.    32,811,253
  757,177 Microsoft Corp.   319,150,105
  945,527 NVIDIA Corp.   126,974,821
  507,553 Oracle Corp.    84,578,632
  273,284 Salesforce, Inc.    91,367,040
  262,256 Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR    51,792,937
  325,115 Texas Instruments, Inc.    60,962,314
  174,337 Workday, Inc. - Class A*    44,984,176
        1,103,884,780
  Communication Services — 15.8%  
1,167,554 Alphabet, Inc. - Class C   222,348,984
1,034,614 Comcast Corp. - Class A    38,829,063
  387,355 Meta Platforms, Inc. - Class A   226,800,226
   33,144 Netflix, Inc.*    29,541,910
  236,159 Walt Disney Co. (The)    26,296,305
          543,816,488
  Financials — 13.8%  
1,968,763 Bank of America Corp.    86,527,134
  211,133 Berkshire Hathaway, Inc. - Class B*    95,702,366
  812,560 Charles Schwab Corp. (The)    60,137,566
  134,417 Goldman Sachs Group, Inc. (The)    76,969,863
   36,350 Markel Group, Inc.*    62,748,460
  289,541 Visa, Inc. - Class A    91,506,538
          473,591,927
  Health Care — 12.4%  
  253,477 Becton Dickinson & Co.    57,506,327
  329,786 BioMarin Pharmaceutical, Inc.*    21,676,834
  825,047 Bristol-Myers Squibb Co.    46,664,658
  244,688 HCA Healthcare, Inc.    73,443,103
  517,873 Johnson & Johnson    74,894,793
  775,587 Medtronic PLC    61,953,890
  179,842 UnitedHealth Group, Inc.    90,974,874
          427,114,479
  Consumer Discretionary — 8.7%  
  352,112 Airbnb, Inc. - Class A*    46,271,038
  169,284 Alibaba Group Holding Ltd. (China) ADR    14,353,591
  948,364 Amazon.com, Inc.*   208,061,578
  327,273 Starbucks Corp.    29,863,661
          298,549,868
  Industrials — 7.2%  
  330,248 Boeing Co. (The)*    58,453,896
   94,428 FedEx Corp.    26,565,429
   86,375 Hubbell, Inc.    36,181,624
  361,794 RTX Corp.    41,866,802
  374,216 Southwest Airlines Co.    12,581,142
  597,739 SS&C Technologies Holdings, Inc.    45,296,661
  341,064 Stanley Black & Decker, Inc.    27,384,029
          248,329,583
Shares       Market
Value
  Common Stocks — 99.8% (Continued)  
  Consumer Staples — 4.1%  
  171,679 Diageo PLC (United Kingdom) ADR† $   21,825,551
  897,841 Monster Beverage Corp.*    47,190,523
  610,083 Philip Morris International, Inc.    73,423,489
          142,439,563
  Energy — 2.3%  
  614,529 Exxon Mobil Corp.    66,104,884
  365,452 Schlumberger NV    14,011,430
           80,116,314
  Materials — 2.1%  
  554,455 DuPont de Nemours, Inc.    42,277,194
  361,806 International Flavors & Fragrances, Inc.    30,590,697
           72,867,891
  Real Estate — 1.4%  
  188,994 Jones Lang LaSalle, Inc.*    47,841,941
  Total Common Stocks $3,438,552,834
  Short-Term Investment Funds — 0.3%  
9,534,570 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω     9,534,570
1,447,600 Invesco Government & Agency Portfolio, Institutional Class, 4.42%∞Ω**     1,447,600
  Total Short-Term Investment Funds    $10,982,170
  Total Investment Securities—100.1%
(Cost $1,697,375,988) 		$3,449,535,004
  Liabilities in Excess of Other Assets — (0.1%)    (3,912,312)
  Net Assets — 100.0% $3,445,622,692
* Non-income producing security.
** Represents collateral for securities loaned.
† All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2024 was $1,423,856.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $3,438,552,834 $— $— $3,438,552,834
Short-Term Investment Funds 10,982,170 — — 10,982,170
Total $3,449,535,004 $— $— $3,449,535,004
See accompanying Notes to Financial Statements.
 
13

 

Table of Contents
Portfolio of Investments
Touchstone Large Cap Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 98.9%  
  Financials — 32.1%  
   42,930 Berkshire Hathaway, Inc. - Class B* $ 19,459,310
   15,022 Blackrock, Inc.  15,399,202
  133,267 Charles Schwab Corp. (The)   9,863,091
   32,149 Chubb Ltd.   8,882,769
   65,837 Fiserv, Inc.*  13,524,237
   61,553 Progressive Corp. (The)  14,748,714
   40,208 Visa, Inc. - Class A  12,707,336
         94,584,659
  Information Technology — 12.6%  
   80,370 Apple, Inc.  20,126,255
   55,251 TE Connectivity PLC (Switzerland)   7,899,236
   48,830 Texas Instruments, Inc.   9,156,113
         37,181,604
  Industrials — 12.2%  
   32,192 FedEx Corp.   9,056,575
   48,971 Norfolk Southern Corp.  11,493,494
   31,920 Old Dominion Freight Line, Inc.   5,630,688
   47,745 Republic Services, Inc.   9,605,339
         35,786,096
  Materials — 10.5%  
   46,303 Air Products & Chemicals, Inc.  13,429,722
   16,899 Martin Marietta Materials, Inc.   8,728,334
   16,357 NewMarket Corp.   8,642,221
         30,800,277
  Consumer Discretionary — 10.2%  
   27,095 Home Depot, Inc. (The)  10,539,684
   23,223 Lowe's Cos., Inc.   5,731,436
    5,239 O'Reilly Automotive, Inc.*   6,212,406
   83,646 Starbucks Corp.   7,632,698
         30,116,224
  Consumer Staples — 7.3%  
  142,486 Altria Group, Inc.   7,450,593
   75,598 Church & Dwight Co., Inc.   7,915,866
   73,318 Nestle SA (Switzerland) ADR   5,990,081
         21,356,540
  Communication Services — 7.1%  
  109,927 Alphabet, Inc. - Class C  20,934,499
Shares       Market
Value
  Common Stocks — 98.9% (Continued)  
  Health Care — 4.6%  
  136,868 Bruker Corp. $  8,023,202
   37,518 Johnson & Johnson   5,425,853
         13,449,055
  Energy — 2.3%  
   47,322 Chevron Corp.   6,854,119
  Total Common Stocks $291,063,073
  Short-Term Investment Fund — 1.1%  
3,230,455 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω   3,230,455
  Total Investment Securities—100.0%
(Cost $162,069,122) 		$294,293,528
  Liabilities in Excess of Other Assets — (0.0%)     (14,516)
  Net Assets — 100.0% $294,279,012
* Non-income producing security.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $291,063,073 $— $— $291,063,073
Short-Term Investment Fund 3,230,455 — — 3,230,455
Total $294,293,528 $— $— $294,293,528
See accompanying Notes to Financial Statements.
 
14

 

Table of Contents
Portfolio of Investments
Touchstone Large Company Growth Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.7%  
  Information Technology — 53.5%  
  5,110 Adobe, Inc.* $  2,272,315
 32,124 Advanced Micro Devices, Inc.*   3,880,258
 28,856 Apple, Inc.   7,226,120
124,195 Arista Networks, Inc.*  13,727,273
 11,744 Autodesk, Inc.*   3,471,174
  7,162 Cadence Design Systems, Inc.*   2,151,895
 56,867 Dynatrace, Inc.*   3,090,722
 51,878 Fortinet, Inc.*   4,901,433
  6,004 Intuit, Inc.   3,773,514
 39,938 Microsoft Corp.  16,833,867
145,100 NVIDIA Corp.  19,485,479
  3,065 Synopsys, Inc.*   1,487,628
         82,301,678
  Communication Services — 11.8%  
 57,633 Alphabet, Inc. - Class A  10,909,927
 12,462 Meta Platforms, Inc. - Class A   7,296,626
         18,206,553
  Consumer Discretionary — 9.4%  
 65,987 Amazon.com, Inc.*  14,476,888
  Industrials — 8.6%  
  8,255 GE Vernova, Inc.   2,715,317
 14,739 General Electric Co.   2,458,318
 33,550 Howmet Aerospace, Inc.   3,669,364
 72,054 Uber Technologies, Inc.*   4,346,297
         13,189,296
  Financials — 8.5%  
 28,677 Fiserv, Inc.*   5,890,829
  5,579 Mastercard, Inc. - Class A   2,937,734
 13,472 Visa, Inc. - Class A   4,257,691
         13,086,254
  Health Care — 7.9%  
 32,145 Abbott Laboratories   3,635,921
Shares       Market
Value
  Common Stocks — 99.7% (Continued)  
  Health Care — 7.9% (Continued)  
 26,335 Neurocrine Biosciences, Inc.* $  3,594,727
 56,249 Novo Nordisk A/S (Denmark) ADR   4,838,539
         12,069,187
  Total Common Stocks $153,329,856
  Short-Term Investment Fund — 0.4%  
604,981 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω     604,981
  Total Investment Securities—100.1%
(Cost $83,919,908) 		$153,934,837
  Liabilities in Excess of Other Assets — (0.1%)    (125,436)
  Net Assets — 100.0% $153,809,401
* Non-income producing security.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $153,329,856 $— $— $153,329,856
Short-Term Investment Fund 604,981 — — 604,981
Total $153,934,837 $— $— $153,934,837
See accompanying Notes to Financial Statements.
 
15

 

Table of Contents
Portfolio of Investments
Touchstone Small Company Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.7%  
  Industrials — 24.0%  
   207,509 Albany International Corp. - Class A $   16,594,495
    43,555 CACI International, Inc. - Class A*    17,598,833
    77,265 Clean Harbors, Inc.*    17,781,767
    72,152 Crane Co.    10,949,066
   324,967 CSG Systems International, Inc.    16,609,063
    33,805 Curtiss-Wright Corp.    11,996,380
    24,550 EMCOR Group, Inc.    11,143,245
   122,386 ESCO Technologies, Inc.    16,303,039
   529,748 ExlService Holdings, Inc.*    23,510,216
   125,539 Federal Signal Corp.    11,598,548
   274,300 Hexcel Corp.    17,198,610
   112,628 ITT, Inc.    16,092,289
   456,358 KBR, Inc.    26,436,819
   241,256 MAXIMUS, Inc.    18,009,761
   230,320 NEXTracker, Inc. - Class A*     8,413,590
   621,780 WNS Holdings Ltd. (India) ADR*    29,466,154
   302,580 Zurn Elkay Water Solutions Corp.    11,286,234
          280,988,109
  Information Technology — 18.8%  
   114,237 Advanced Energy Industries, Inc.    13,209,224
   544,087 Box, Inc. - Class A*    17,193,149
 1,500,938 CCC Intelligent Solutions Holdings, Inc.*    17,606,003
   188,327 Ciena Corp.*    15,972,013
    96,053 CommVault Systems, Inc.*    14,495,358
   831,523 DoubleVerify Holdings, Inc.*    15,973,557
   645,480 LiveRamp Holdings, Inc.*    19,603,228
   114,073 Onto Innovation, Inc.*    19,012,547
   127,180 Qualys, Inc.*    17,833,180
   452,826 RingCentral, Inc. - Class A*    15,853,438
    90,081 SPS Commerce, Inc.*    16,574,003
   369,909 Tower Semiconductor Ltd. (Israel)*    19,054,013
   635,756 Verint Systems, Inc.*    17,451,502
          219,831,215
  Health Care — 16.8%  
   208,266 Bio-Techne Corp.    15,001,400
    33,625 Chemed Corp.    17,814,525
   203,800 Doximity, Inc. - Class A*    10,880,882
   247,281 Encompass Health Corp.    22,836,400
   107,027 Ensign Group, Inc. (The)    14,219,607
   337,353 Globus Medical, Inc. - Class A*    27,902,467
   221,951 Haemonetics Corp.*    17,329,934
   370,322 LivaNova PLC*    17,149,612
   160,544 Merit Medical Systems, Inc.*    15,527,816
   771,023 Option Care Health, Inc.*    17,887,733
 1,191,763 Progyny, Inc.*    20,557,912
          197,108,288
  Consumer Discretionary — 14.7%  
   158,037 Champion Homes, Inc.*    13,923,060
   151,890 Crocs, Inc.*    16,636,512
   213,694 Frontdoor, Inc.*    11,682,651
    98,405 Grand Canyon Education, Inc.*    16,118,739
   324,555 Malibu Boats, Inc. - Class A*    12,200,022
         4 Oxford Industries, Inc.           315
   157,190 PVH Corp.    16,622,843
   376,416 Steven Madden Ltd.    16,005,208
   243,145 Stride, Inc.*    25,270,060
    87,279 Texas Roadhouse, Inc.    15,747,750
    38,748 TopBuild Corp.*    12,063,802
   415,940 YETI Holdings, Inc.*    16,017,849
          172,288,811
Shares       Market
Value
  Common Stocks — 99.7% (Continued)  
  Financials — 8.1%  
   430,968 Atlantic Union Bankshares Corp. $   16,325,068
    59,332 Evercore, Inc. - Class A    16,446,237
   850,477 FNB Corp.    12,570,050
   596,872 Home BancShares, Inc.    16,891,477
   165,575 SouthState Corp.    16,471,401
   296,313 Webster Financial Corp.    16,362,404
           95,066,637
  Real Estate — 7.5%  
   206,647 Agree Realty Corp. REIT    14,558,281
   763,030 Apple Hospitality REIT, Inc.    11,712,510
    89,684 Colliers International Group, Inc. (Canada)†    12,194,333
   554,809 COPT Defense Properties REIT    17,171,339
   661,691 Kite Realty Group Trust REIT    16,701,081
   470,669 STAG Industrial, Inc. REIT    15,918,026
           88,255,570
  Communication Services — 3.8%  
   797,086 Cargurus, Inc.*    29,125,523
   288,471 Ziff Davis, Inc.*    15,675,514
           44,801,037
  Energy — 3.1%  
   299,147 Cactus, Inc. - Class A    17,458,219
   702,540 Oceaneering International, Inc.*    18,322,243
           35,780,462
  Materials — 2.9%  
    68,529 Eagle Materials, Inc.    16,910,216
   317,353 Silgan Holdings, Inc.    16,518,224
           33,428,440
  Total Common Stocks $1,167,548,569
  Short-Term Investment Funds — 2.0%  
11,693,786 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω    11,693,786
11,624,844 Invesco Government & Agency Portfolio, Institutional Class, 4.42%∞Ω**    11,624,844
  Total Short-Term Investment Funds    $23,318,630
  Total Investment Securities—101.7%
(Cost $883,198,034) 		$1,190,867,199
  Liabilities in Excess of Other Assets — (1.7%)   (19,535,224)
  Net Assets — 100.0% $1,171,331,975
* Non-income producing security.
** Represents collateral for securities loaned.
† All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2024 was $11,558,538.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
 
16

 

Table of Contents
Touchstone Small Company Fund (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $1,167,548,569 $— $— $1,167,548,569
Short-Term Investment Funds 23,318,630 — — 23,318,630
Total $1,190,867,199 $— $— $1,190,867,199
See accompanying Notes to Financial Statements.
17

 

Table of Contents
Portfolio of Investments
Touchstone Value Fund – December 31, 2024 (Unaudited)
Shares       Market
Value
  Common Stocks — 96.8%  
  Financials — 16.7%  
    37,919 American Express Co. $ 11,253,980
   146,621 American International Group, Inc.  10,674,009
   423,686 Bank of America Corp.  18,621,000
   171,426 Bank of Nova Scotia (The) (Canada)   9,209,005
   216,934 Fidelity National Information Services, Inc.  17,521,759
    30,140 M&T Bank Corp.   5,666,621
   118,927 US Bancorp   5,688,278
   120,715 Wells Fargo & Co.   8,479,022
    27,151 Willis Towers Watson PLC   8,504,779
         95,618,453
  Consumer Discretionary — 12.2%  
   156,392 Aptiv PLC (Jersey)*   9,458,588
   855,299 Carnival Corp.*  21,314,051
   328,789 Las Vegas Sands Corp.  16,886,603
    39,038 Lithia Motors, Inc.  13,953,352
    96,856 Wynn Resorts Ltd.   8,345,113
         69,957,707
  Health Care — 11.0%  
   645,005 Avantor, Inc.*  13,590,256
    23,328 Elevance Health, Inc.   8,605,699
   101,058 Medtronic PLC   8,072,513
   108,848 Merck & Co., Inc.  10,828,199
   238,209 Sanofi SA ADR  11,488,820
    21,393 UnitedHealth Group, Inc.  10,821,863
         63,407,350
  Energy — 11.0%  
   385,561 Enbridge, Inc. (Canada)  16,359,353
   124,474 Exxon Mobil Corp.  13,389,668
   360,763 Halliburton Co.   9,809,146
    70,395 Hess Corp.   9,363,239
   517,395 Permian Resources Corp.   7,440,140
    59,481 Phillips 66   6,776,671
         63,138,217
  Utilities — 7.9%  
   274,924 Entergy Corp.  20,844,738
   133,997 Pinnacle West Capital Corp.  11,358,926
   197,714 Xcel Energy, Inc.  13,349,649
         45,553,313
  Materials — 7.5%  
    66,022 Air Products & Chemicals, Inc.  19,149,021
   292,256 Axalta Coating Systems Ltd.*  10,001,000
   152,898 CRH PLC  14,146,123
         43,296,144
  Industrials — 7.2%  
    48,496 AECOM   5,180,343
    47,827 Fortive Corp.   3,587,025
    69,483 Jacobs Solutions, Inc.   9,284,318
    53,168 JB Hunt Transport Services, Inc.   9,073,651
   178,464 Johnson Controls International PLC  14,086,163
         41,211,500
Shares       Market
Value
  Common Stocks — 96.8% (Continued)  
  Information Technology — 7.1%  
    12,744 Broadcom, Inc. $  2,954,569
    91,623 Cognizant Technology Solutions Corp. - Class A   7,045,809
   101,908 Microchip Technology, Inc.   5,844,424
    61,005 Oracle Corp.  10,165,873
    93,928 QUALCOMM, Inc.  14,429,219
         40,439,894
  Consumer Staples — 6.1%  
   561,707 Keurig Dr Pepper, Inc.  18,042,029
   142,748 Philip Morris International, Inc.  17,179,722
         35,221,751
  Communication Services — 5.3%  
    52,672 Alphabet, Inc. - Class A   9,970,810
   352,418 Comcast Corp. - Class A  13,226,247
    50,972 Electronic Arts, Inc.   7,457,204
         30,654,261
  Real Estate — 4.8%  
    53,723 Prologis, Inc. REIT   5,678,521
    33,901 Public Storage REIT  10,151,316
   402,429 VICI Properties, Inc. REIT  11,754,951
         27,584,788
  Total Common Stocks $556,083,378
  Short-Term Investment Fund — 3.5%  
20,009,168 Dreyfus Government Cash Management, Institutional Shares, 4.36%∞Ω  20,009,168
  Total Investment Securities—100.3%
(Cost $450,018,783) 		$576,092,546
  Liabilities in Excess of Other Assets — (0.3%)  (1,863,223)
  Net Assets — 100.0% $574,229,323
* Non-income producing security.
∞ Open-End Fund.
Ω Represents the 7-Day SEC yield as of December 31, 2024.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $556,083,378 $— $— $556,083,378
Short-Term Investment Fund 20,009,168 — — 20,009,168
Total $576,092,546 $— $— $576,092,546
See accompanying Notes to Financial Statements.
 
18

 

Table of Contents
This page intentionally left blank.

 

Table of Contents
Statements of Assets and Liabilities
December 31, 2024 (Unaudited)
  Touchstone
Balanced
Fund 		Touchstone
Core Municipal
Bond
Fund 		Touchstone
International
Value
Fund 		Touchstone
Large Cap
Focused
Fund 		Touchstone
Large Cap
Fund 		Touchstone
Large Company
Growth
Fund
Assets            
Investments, at cost $691,788,265 $48,757,480 $97,858,298 $1,697,375,988 $162,069,122 $83,919,908
Investments, at market value * $943,738,114 $48,033,681 $95,316,321 $3,449,535,004 $294,293,528 $153,934,837
Cash 3,935 — — — — —
Cash deposits held at prime broker (A) 332,775 — — — — —
Foreign currency † 1,000 — 1,194,150 — — —
Dividends and interest receivable 3,710,155 675,947 113,758 2,158,458 260,718 6,191
Receivable for capital shares sold 347,421 839 51,529 966,518 25,403 12,202
Receivable for securities lending income 139 — 157 123 — —
Tax reclaim receivable 620 — 406,293 17,563 42,619 2,708
Other assets 3,644 3,227 365 13,017 28,322 4,772
Total Assets 948,137,803 48,713,694 97,082,573 3,452,690,683 294,650,590 153,960,710
 
Liabilities            
Due to custodian — — 409,675 — — —
Dividends payable — 14,116 776 — 144 —
Payable for return of collateral for securities on loan 659,175 — — 1,447,600 — —
Deferred foreign capital gains tax — — 10,142 — — —
Payable for capital shares redeemed 819,337 14,252 140,360 2,441,497 101,493 1,993
Payable for investments purchased — — 623,412 — — —
Payable to Investment Adviser 392,944 6,209 45,009 1,480,657 127,825 58,332
Payable to other affiliates 299,213 7,233 11,016 915,449 35,322 18,934
Payable to Trustees 23,573 23,573 23,573 23,573 23,573 23,573
Payable for professional services 33,941 17,892 38,580 56,229 18,481 16,750
Payable for reports to shareholders 22,459 10,383 3,837 40,934 13,253 10,575
Payable for transfer agent services 211,918 4,678 44,259 592,182 45,620 12,939
Payable for variation margin on futures contracts 5,625 — — — — —
Other accrued expenses and liabilities 13,271 5,916 5,926 69,870 5,867 8,213
Total Liabilities 2,481,456 104,252 1,356,565 7,067,991 371,578 151,309
Net Assets $945,656,347 $48,609,442 $95,726,008 $3,445,622,692 $294,279,012 $153,809,401
Net assets consist of:            
Paid-in capital 684,746,957 51,122,293 162,232,192 1,619,373,257 159,051,690 78,904,409
Distributable earnings (deficit) 260,909,390 (2,512,851) (66,506,184) 1,826,249,435 135,227,322 74,904,992
Net Assets $945,656,347 $48,609,442 $95,726,008 $3,445,622,692 $294,279,012 $153,809,401
*Includes market value of securities on loan of: $648,363 $— $— $1,423,856 $— $—
†Cost of foreign currency: $1,101 $— $1,205,854 $— $— $—
(A) Represents segregated cash for futures contracts.
See accompanying Notes to Financial Statements.
20

 

Table of Contents
Statements of Assets and Liabilities  (Unaudited) (Continued)
Touchstone
Small
Company
Fund 		Touchstone
Value
Fund
   
$883,198,034 $450,018,783
$1,190,867,199 $576,092,546
— 52
— —
1,324 —
620,627 675,183
1,685,500 1,599,990
214 —
1,315 —
16,199 4,355
1,193,192,378 578,372,126
 
   
— —
— —
11,624,844 —
— —
9,001,642 2,062,548
— 1,555,118
638,510 258,333
269,555 101,450
23,573 23,573
29,060 22,123
24,701 19,138
228,713 95,051
— —
19,805 5,469
21,860,403 4,142,803
$1,171,331,975 $574,229,323
   
859,441,373 418,816,606
311,890,602 155,412,717
$1,171,331,975 $574,229,323
$11,558,538 $—
$1,487 $—
21

 

Table of Contents
Statements of Assets and Liabilities  (Unaudited) (Continued)
  Touchstone
Balanced
Fund 		Touchstone
Core Municipal
Bond
Fund 		Touchstone
International
Value
Fund 		Touchstone
Large Cap
Focused
Fund 		Touchstone
Large Cap
Fund 		Touchstone
Large Company
Growth
Fund
Pricing of Class A Shares            
Net assets applicable to Class A shares $590,109,603 $22,018,379 $72,258,641 $2,155,504,274 $7,667,844 $5,686,854
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) 		21,134,272 2,041,509 5,130,456 30,446,676 395,668 102,126
Net asset value price per share* $27.92 $10.79 $14.08 $70.80 $19.38 $55.68
Maximum sales charge - Class A shares 5.00% 3.25% 5.00% 5.00% 5.00% 5.00%
Maximum offering price per share
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares 		$29.39 $11.15 $14.82 $74.53 $20.40 $58.61
 
Pricing of Class C Shares            
Net assets applicable to Class C shares $70,306,371 $604,173 $1,512,259 $51,772,143 $816,056 $180,746
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) 		2,513,693 56,069 118,566 819,802 43,015 3,556
Net asset value and offering price per share** $27.97 $10.78 $12.75 $63.15 $18.97 $50.83
 
Pricing of Class Y Shares            
Net assets applicable to Class Y shares $285,094,543 $2,582,523 $21,603,264 $939,935,201 $216,148,072 $10,842,463
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) 		10,311,722 238,639 1,558,405 13,293,074 11,148,903 189,079
Net asset value, offering price and redemption price per share $27.65 $10.82 $13.86 $70.71 $19.39 $57.34
 
Pricing of Institutional Class Shares            
Net assets applicable to Institutional Class shares $— $23,404,367 $351,844 $241,347,044 $69,647,040 $137,099,338
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) 		— 2,166,301 25,645 3,406,420 3,590,543 2,362,058
Net asset value, offering price and redemption price per share $— $10.80 $13.72 $70.85 $19.40 $58.04
 
Pricing of Class R6 Shares            
Net assets applicable to Class R6 shares $145,830 $— $— $57,064,030 $— $—
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) 		5,277 — — 804,797 — —
Net asset value, offering price and redemption price per share $27.63 $— $— $70.90 $— $—
* There is no sales load on subscriptions of $1 million or more for all funds except for Core Municipal Bond Fund. There is no sales load on subscriptions of $500,000 or more for Core Municipal Bond Fund. Redemptions that were part of a $500,000 or $1 million or more subscription, as applicable, may be subject to a contingent deferred sales load if redeemed within a one-year period from the date of purchase.
** Redemption price per share varies by length of time shares are held due to the terms of the contingent deferred sales charge.
See accompanying Notes to Financial Statements.
22

 

Table of Contents
Statements of Assets and Liabilities  (Unaudited) (Continued)
Touchstone
Small
Company
Fund 		Touchstone
Value
Fund
   
$511,714,875 $170,722,494
85,537,089 14,427,378
$5.98 $11.83
5.00% 5.00%
$6.29 $12.45
 
   
$14,673,087 $2,274,776
2,506,592 192,866
$5.85 $11.79
 
   
$530,957,513 $107,711,181
76,413,294 9,047,006
$6.95 $11.91
 
   
$33,211,433 $264,493,970
4,766,034 22,311,442
$6.97 $11.85
 
   
$80,775,067 $29,026,902
12,765,327 2,446,958
$6.33 $11.86
23

 

Table of Contents
Statements of Operations For the Six Months Ended December 31, 2024 (Unaudited)
  Touchstone
Balanced
Fund 		Touchstone
Core Municipal
Bond
Fund 		Touchstone
International
Value
Fund 		Touchstone
Large Cap
Focused
Fund 		Touchstone
Large Cap
Fund 		Touchstone
Large Company
Growth
Fund
Investment Income            
Dividends* $3,777,304 $23,253 $1,998,515 $21,170,659 $2,347,583 $253,075
Interest 7,496,971 874,155 — — — —
Income from securities loaned 213 — 3,862 246 — —
Total Investment Income 11,274,488 897,408 2,002,377 21,170,905 2,347,583 253,075
Expenses            
Investment advisory fees 2,294,775 98,762 371,653 8,762,845 894,388 456,579
Administration fees 637,921 33,068 71,113 2,317,717 199,619 101,903
Compliance fees and expenses 2,076 2,076 2,076 2,076 2,076 2,076
Custody fees 23,664 801 36,463 13,691 3,282 2,348
Professional fees 28,780 13,708 27,183 59,635 15,424 13,374
Transfer Agent fees, Class A 215,765 5,541 51,246 616,407 2,485 2,112
Transfer Agent fees, Class C 27,742 254 1,825 23,285 285 102
Transfer Agent fees, Class Y 134,919 1,519 14,813 393,015 75,591 4,395
Transfer Agent fees, Institutional Class — 441 96 32,926 2,135 19,545
Transfer Agent fees, Class R6 10 — — 198 — —
Registration fees, Class A 15,372 5,588 12,094 23,765 6,890 6,269
Registration fees, Class C 9,150 4,909 5,975 8,914 3,681 4,370
Registration fees, Class Y 14,898 3,775 8,027 31,050 9,579 5,307
Registration fees, Institutional Class — 2,146 4,600 9,705 6,049 11,872
Registration fees, Class R6 2,297 — — 6,731 — —
Reports to Shareholders, Class A 18,911 2,081 7,895 32,260 1,858 1,846
Reports to Shareholders, Class C 3,764 1,683 2,279 3,280 1,724 1,684
Reports to Shareholders, Class Y 8,488 1,749 3,465 24,584 9,064 1,831
Reports to Shareholders, Institutional Class — 1,695 2,128 4,158 1,726 2,183
Reports to Shareholders, Class R6 1,681 — — 2,220 — —
Distribution expenses, Class A 747,969 27,873 98,939 2,702,060 9,457 6,897
Distribution and shareholder servicing expenses, Class C 365,780 3,256 8,769 263,281 5,191 863
Trustee fees 16,268 16,268 16,268 16,268 16,268 16,268
Other expenses 112,028 17,093 51,866 388,136 51,368 23,546
Total Expenses 4,682,258 244,286 798,773 15,738,207 1,318,140 685,370
Fees waived and/or reimbursed by the Adviser and/or Affiliates(A) (3,999) (85,709) (171,356) (177,707) (163,756) (134,754)
Net Expenses 4,678,259 158,577 627,417 15,560,500 1,154,384 550,616
Net Investment Income (Loss) 6,596,229 738,831 1,374,960 5,610,405 1,193,199 (297,541)
Realized and Unrealized Gains (Losses) on Investments            
Net realized gains on investments(B) 20,244,494 4,819 2,323,970 70,277,687 9,011,852 6,844,595
Net realized gains on futures contracts 612,384 — — — — —
Net realized losses on swap agreements (217,084) — — — — —
Net realized losses on foreign currency transactions — — (1,655) — — —
Net change in unrealized appreciation (depreciation) on investments† 25,084,476 29,375 (3,967,030) 188,516,305 13,883,511 (1,232,715)
Net change in unrealized appreciation (depreciation) on futures contracts (170,057) — — — — —
Net change in unrealized appreciation (depreciation) on swap agreements (63,037) — — — — —
Net change in unrealized appreciation (depreciation) on foreign currency transactions (54) — (19,866) — — —
Net Realized and Unrealized Gains (Losses) on Investments 45,491,122 34,194 (1,664,581) 258,793,992 22,895,363 5,611,880
Change in Net Assets Resulting from Operations $52,087,351 $773,025 $(289,621) $264,404,397 $24,088,562 $5,314,339
*Net of foreign tax withholding of: $11,943 $— $185,750 $68,086 $— $6,253
†Includes increase in deferred foreign capital gains tax of: $— $— $1,914 $— $— $—
(A) See Note 4 in Notes to Financial Statements.
(B) Net realized gains on investments includes the realized gains of $69,628,019, $3,330,846, $2,398,202 and $4,378,326 for the Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Small Company Fund, respectively, for redemption-in-kind activity, which will not be recognized by the Fund for tax purposes.
See accompanying Notes to Financial Statements.
24

 

Table of Contents
Statements of Operations (Unaudited) (Continued)
Touchstone
Small
Company
Fund 		Touchstone
Value
Fund
   
$5,275,707 $6,126,015
— —
3,065 22,635
5,278,772 6,148,650
   
3,738,889 1,697,659
778,564 388,786
2,076 2,076
5,963 3,068
27,823 19,542
199,100 72,951
7,516 1,349
228,998 44,041
6,591 47,679
178 23
16,240 10,592
7,280 4,615
19,536 9,501
9,662 10,014
7,819 5,123
14,323 8,606
2,318 1,586
21,519 4,502
2,218 5,543
3,425 2,033
659,836 217,563
74,337 13,112
16,268 16,268
119,994 51,259
5,970,473 2,637,491
(84,279) (228,569)
5,886,194 2,408,922
(607,422) 3,739,728
   
50,342,854 49,750,905
— —
— —
— (3,372)
50,753,694 (5,270,084)
— —
— —
(67) —
101,096,481 44,477,449
$100,489,059 $48,217,177
$2,018 $112,316
$— $—
25

 

Table of Contents
Statements of Changes in Net Assets
  Touchstone
Balanced Fund 		Touchstone
Core Municipal
Bond Fund 		Touchstone
International Value
Fund
  For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024 		For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024 		For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024
From Operations            
Net investment income (loss) $6,596,229 $12,583,442 $738,831 $1,483,277 $1,374,960 $1,707,429
Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions 20,639,794 (528,110) 4,819 (530,177) 2,322,315 15,029,374
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency transactions 24,851,328 89,056,923 29,375 781,330 (3,986,896) (12,728,675)
Change in Net Assets from Operations 52,087,351 101,112,255 773,025 1,734,430 (289,621) 4,008,128
 
Distributions to Shareholders:            
Distributed earnings, Class A (7,051,880) (7,655,925) (317,774) (612,050) (7,150,624) (1,107,769)
Distributed earnings, Class C (567,586) (442,911) (6,878) (18,263) (153,385) (20,132)
Distributed earnings, Class Y (3,722,067) (3,910,645) (42,010) (84,123) (2,294,692) (481,196)
Distributed earnings, Institutional Class — — (376,239) (768,851) (39,445) (72,826)
Distributed earnings, Class R6 (1,870) (1,811) — — — —
Total Distributions (11,343,403) (12,011,292) (742,901) (1,483,287) (9,638,146) (1,681,923)
Change in Net Assets from Share Transactions(A) (11,838,922) 14,490,546 (739,625) (4,017,832) 231,429 (11,081,155)
 
Total Increase (Decrease) in Net Assets 28,905,026 103,591,509 (709,501) (3,766,689) (9,696,338) (8,754,950)
 
Net Assets            
Beginning of period 916,751,321 813,159,812 49,318,943 53,085,632 105,422,346 114,177,296
End of period $945,656,347 $916,751,321 $48,609,442 $49,318,943 $95,726,008 $105,422,346
(A) For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity.
See accompanying Notes to Financial Statements.
26

 

Table of Contents
Statements of Changes in Net Assets (Continued)
Touchstone
Large Cap
Focused Fund 		Touchstone
Large Cap Fund 		Touchstone
Large Company
Growth Fund 		Touchstone
Small Company Fund
For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024 		For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024 		For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024 		For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024
               
$5,610,405 $18,591,182 $1,193,199 $2,539,084 $(297,541) $(433,407) $(607,422) $1,264,584
70,277,687 109,359,169 9,011,852 9,158,148 6,844,595 18,793,746 50,342,854 41,310,327
188,516,305 393,563,765 13,883,511 12,727,366 (1,232,715) 29,377,410 50,753,627 72,135,979
264,404,397 521,514,116 24,088,562 24,424,598 5,314,339 47,737,749 100,489,059 114,710,890
 
               
(14,290,861) (12,772,081) (265,850) (95,374) (161,060) (160,700) (29,701,501) (771,772)
(231,770) (49,032) (22,848) (6,280) (5,544) (9,647) (830,082) (23,753)
(8,561,004) (7,364,752) (7,752,092) (3,712,247) (294,888) (325,622) (27,249,001) (494,033)
(2,231,509) (2,370,622) (2,528,634) (1,172,880) (3,728,002) (4,710,574) (1,743,608) (37,674)
(556,685) (305,881) — — — — (5,123,010) (103,235)
(25,871,829) (22,862,368) (10,569,424) (4,986,781) (4,189,494) (5,206,543) (64,647,202) (1,430,467)
(152,381,372) (74,902,210) 891,820 (13,419,255) (431,220) (35,938,927) 79,424,580 39,368,266
 
86,151,196 423,749,538 14,410,958 6,018,562 693,625 6,592,279 115,266,437 152,648,689
 
               
3,359,471,496 2,935,721,958 279,868,054 273,849,492 153,115,776 146,523,497 1,056,065,538 903,416,849
$3,445,622,692 $3,359,471,496 $294,279,012 $279,868,054 $153,809,401 $153,115,776 $1,171,331,975 $1,056,065,538
27

 

Table of Contents
Statements of Changes in Net Assets (Continued)
  Touchstone
Value Fund
  For the
Six Months Ended
December 31,
2024
(Unaudited) 		For the
Year Ended
June 30,
2024
From Operations    
Net investment income $3,739,728 $7,917,574
Net realized gains on investments and foreign currency transactions 49,747,533 22,760,631
Net change in unrealized appreciation on investments (5,270,084) 49,629,747
Change in Net Assets from Operations 48,217,177 80,307,952
 
Distributions to Shareholders:    
Distributed earnings, Class A (12,652,438) (3,370,015)
Distributed earnings, Class C (165,014) (46,658)
Distributed earnings, Class Y (8,029,441) (2,126,316)
Distributed earnings, Institutional Class (19,931,504) (5,875,414)
Distributed earnings, Class R6 (2,184,823) (710,922)
Total Distributions (42,963,220) (12,129,325)
Change in Net Assets from Share Transactions 24,431,038 (20,052,324)
 
Total Increase (Decrease) in Net Assets 29,684,995 48,126,303
 
Net Assets    
Beginning of period 544,544,328 496,418,025
End of period $574,229,323 $544,544,328
See accompanying Notes to Financial Statements.
28

 

Table of Contents
This page intentionally left blank.

 

Table of Contents
Statements of Changes in Net Assets - Capital Stock Activity
  Touchstone
Balanced Fund 		Touchstone
Core Municipal
Bond Fund
  For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024 		For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024
  Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Class A                
Proceeds from Shares issued 649,802 $18,060,217 1,630,348 $40,651,293 41,258 $449,763 44,735 $478,238
Reinvestment of distributions 236,369 6,702,359 285,889 7,248,875 23,828 259,095 47,173 503,359
Cost of Shares redeemed (1,436,817) (39,928,172) (2,675,799) (66,982,143) (85,523) (930,729) (171,817) (1,824,135)
Change from Class A Share Transactions (550,646) (15,165,596) (759,562) (19,081,975) (20,437) (221,871) (79,909) (842,538)
Class C                
Proceeds from Shares issued 261,559 7,292,310 486,712 12,019,784 — — 21,220 220,449
Reinvestment of distributions 19,683 561,440 17,249 437,404 628 6,823 1,707 18,213
Cost of Shares redeemed (461,106) (12,883,683) (865,883) (21,630,246) (8,642) (94,185) (54,656) (583,986)
Change from Class C Share Transactions (179,864) (5,029,933) (361,922) (9,173,058) (8,014) (87,362) (31,729) (345,324)
Class Y                
Proceeds from Shares issued 1,115,080 30,734,824 3,778,756 92,702,752 20,921 227,874 153,692 1,651,123
Reinvestment of distributions 132,337 3,713,127 155,059 3,903,732 3,656 39,893 7,207 77,156
Cost of Shares redeemed (949,706) (26,122,838) (2,167,949) (53,832,716) (64,635) (709,596) (127,493) (1,372,552)
Change from Class Y Share Transactions 297,711 8,325,113 1,765,866 42,773,768 (40,058) (441,829) 33,406 355,727
Institutional Class                
Proceeds from Shares issued — — — — 880 9,604 3,090 32,690
Reinvestment of distributions — — — — 34,355 374,189 71,966 768,842
Cost of Shares redeemed — — — — (34,107) (372,356) (369,948) (3,987,229)
Change from Institutional Class Share Transactions — — — — 1,128 11,437 (294,892) (3,185,697)
Class R6                
Proceeds from Shares issued 1,073 29,900 — — — — — —
Reinvestment of distributions 56 1,594 72 1,811 — — — —
Cost of Shares redeemed — — (1,259) (30,000) — — — —
Change from Class R6 Share Transactions 1,129 31,494 (1,187) (28,189) — — — —
Change from Share Transactions (431,670) $(11,838,922) 643,195 $14,490,546 (67,381) $(739,625) (373,124) $(4,017,832)
See accompanying Notes to Financial Statements.
30

 

Table of Contents
Statements of Changes in Net Assets - Capital Stock Activity (Continued)
Touchstone
International Value
Fund 		Touchstone
Large Cap
Focused Fund
For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024 		For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024
Shares Dollars Shares Dollars Shares Dollars Shares Dollars
               
65,772 $1,056,618 222,688 $3,421,364 249,953 $17,399,695 959,151 $56,976,265
470,273 6,929,845 66,321 1,049,853 182,540 13,248,572 198,433 11,761,830
(404,812) (6,416,768) (688,264) (10,591,785) (1,588,766) (109,889,506) (3,759,887) (224,823,408)
131,233 1,569,695 (399,255) (6,120,568) (1,156,273) (79,241,239) (2,602,303) (156,085,313)
               
4,370 61,702 7,536 104,341 56,780 3,517,702 184,201 9,575,579
11,316 151,099 1,376 19,894 3,520 230,618 928 48,816
(23,385) (339,013) (49,165) (689,437) (121,035) (7,458,215) (303,353) (16,022,142)
(7,699) (126,212) (40,253) (565,202) (60,735) (3,709,895) (118,224) (6,397,747)
               
81,421 1,271,027 318,224 4,786,758 1,220,608 84,598,180 5,225,833 306,946,790
156,653 2,273,645 30,392 474,424 113,525 8,188,418 118,534 7,020,176
(301,941) (4,716,747) (399,791) (6,133,226) (1,410,294) (97,908,631) (3,872,951) (234,200,464)
(63,867) (1,172,075) (51,175) (872,044) (76,161) (5,122,033) 1,471,416 79,766,502
               
— — 68,212 1,005,003 1,890,200 131,135,858 3,794,448 230,455,953
2,744 39,444 4,678 72,826 25,960 1,875,537 27,449 1,628,984
(5,036) (79,423) (298,441) (4,601,170) (2,664,208) (183,391,099) (4,366,399) (263,599,619)
(2,292) (39,979) (225,551) (3,523,341) (748,048) (50,379,704) (544,502) (31,514,682)
               
— — — — 35,142 2,442,511 693,744 43,050,865
— — — — 7,672 554,403 5,120 304,038
— — — — (239,224) (16,925,415) (66,730) (4,025,873)
— — — — (196,410) (13,928,501) 632,134 39,329,030
57,375 $231,429 (716,234) $(11,081,155) (2,237,627) $(152,381,372) (1,161,479) $(74,902,210)
31

 

Table of Contents
Statements of Changes in Net Assets - Capital Stock Activity (Continued)
  Touchstone
Large Cap Fund 		Touchstone
Large Company
Growth Fund
  For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024 		For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024
  Shares Dollars Shares Dollars Shares Dollars Shares Dollars
Class A                
Proceeds from Shares issued 67,521 $1,329,898 85,298 $1,494,908 10,494 $592,192 23,075 $1,082,748
Reinvestment of distributions 11,788 236,460 4,898 85,774 2,778 161,060 3,688 160,700
Cost of Shares redeemed (33,869) (674,648) (45,676) (799,721) (7,547) (419,770) (21,183) (922,930)
Change from Class A Share Transactions 45,440 891,710 44,520 780,961 5,725 333,482 5,580 320,518
Class C                
Proceeds from Shares issued 163 3,147 2,232 37,821 640 32,851 2,522 108,287
Reinvestment of distributions 1,138 22,382 366 6,222 101 5,338 187 7,502
Cost of Shares redeemed (33,308) (631,373) (49,252) (839,102) (1,439) (74,257) (4,334) (176,071)
Change from Class C Share Transactions (32,007) (605,844) (46,654) (795,059) (698) (36,068) (1,625) (60,282)
Class Y                
Proceeds from Shares issued 44,042 879,136 126,493 2,227,695 18,766 1,087,161 23,515 1,108,228
Reinvestment of distributions 375,231 7,523,369 205,919 3,607,496 4,940 294,888 7,280 325,622
Cost of Shares redeemed (518,158) (10,211,294) (1,061,397) (18,735,885) (13,875) (795,965) (25,226) (1,207,506)
Change from Class Y Share Transactions (98,885) (1,808,789) (728,985) (12,900,694) 9,831 586,084 5,569 226,344
Institutional Class                
Proceeds from Shares issued 400,711 7,880,302 868,656 15,363,823 183,786 10,490,424 865,302 39,789,725
Reinvestment of distributions 123,646 2,480,156 64,508 1,130,314 55,810 3,372,050 93,729 4,237,475
Cost of Shares redeemed (403,585) (7,945,715) (964,649) (16,998,600) (264,688) (15,177,192) (1,774,771) (80,452,707)
Change from Institutional Class Share Transactions 120,772 2,414,743 (31,485) (504,463) (25,092) (1,314,718) (815,740) (36,425,507)
Class R6                
Proceeds from Shares issued — — — — — — — —
Reinvestment of distributions — — — — — — — —
Cost of Shares redeemed — — — — — — — —
Change from Class R6 Share Transactions — — — — — — — —
Change from Share Transactions 35,320 $891,820 (762,604) $(13,419,255) (10,234) $(431,220) (806,216) $(35,938,927)
See accompanying Notes to Financial Statements.
32

 

Table of Contents
Statements of Changes in Net Assets - Capital Stock Activity (Continued)
Touchstone
Small Company Fund 		Touchstone
Value Fund
For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024 		For the Six Months
Ended
December 31, 2024
(Unaudited) 		For the Year
Ended
June 30, 2024
Shares Dollars Shares Dollars Shares Dollars Shares Dollars
               
1,850,552 $11,467,369 4,138,747 $22,612,271 222,182 $2,735,657 254,866 $2,825,643
4,529,475 28,664,690 137,843 747,108 978,429 12,051,804 293,023 3,211,085
(7,479,783) (46,187,842) (11,630,577) (62,953,665) (759,010) (9,408,138) (2,043,559) (22,062,477)
(1,099,756) (6,055,783) (7,353,987) (39,594,286) 441,601 5,379,323 (1,495,670) (16,025,749)
               
178,446 1,105,824 232,553 1,256,743 4,218 51,684 17,572 189,507
132,988 823,194 4,394 23,507 13,175 161,573 4,125 44,583
(297,913) (1,821,946) (880,593) (4,656,784) (74,630) (910,339) (135,873) (1,480,695)
13,521 107,072 (643,646) (3,376,534) (57,237) (697,082) (114,176) (1,246,605)
               
16,760,460 119,760,247 24,356,258 152,445,794 1,024,875 13,108,044 1,586,542 17,476,697
3,703,895 27,182,672 78,799 492,496 634,742 7,867,651 188,183 2,079,320
(8,417,964) (59,960,996) (12,804,020) (79,969,613) (842,449) (10,678,371) (1,841,609) (20,026,557)
12,046,391 86,981,923 11,631,037 72,968,677 817,168 10,297,324 (66,884) (470,540)
               
414,791 3,080,382 1,078,347 6,566,951 1,376,383 16,967,993 2,607,957 28,399,593
228,423 1,680,933 5,794 36,273 1,487,878 18,367,456 489,873 5,394,766
(479,888) (3,370,519) (631,355) (3,924,525) (1,908,679) (23,863,993) (3,445,331) (37,305,656)
163,326 1,390,796 452,786 2,678,699 955,582 11,471,456 (347,501) (3,511,297)
               
5,793,397 37,487,793 10,905,457 62,635,195 200,937 2,561,401 589,491 6,484,783
756,998 5,059,348 18,046 103,221 176,839 2,184,823 64,416 710,921
(7,075,660) (45,546,569) (9,805,280) (56,046,706) (530,090) (6,766,207) (552,251) (5,993,837)
(525,265) (2,999,428) 1,118,223 6,691,710 (152,314) (2,019,983) 101,656 1,201,867
10,598,217 $79,424,580 5,204,413 $39,368,266 2,004,800 $24,431,038 (1,922,575) $(20,052,324)
33

 

Table of Contents
Financial Highlights
Touchstone Balanced Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income
(loss) 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets(2) 		  Ratio of gross
expenses
to average
net assets(2) 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $22.18   $0.27   $1.85   $2.12   $(0.28)   $ (2.41)   $(2.69)   $21.61   10.09%   $250,298   1.01%   1.07%   1.25%   135%
06/30/21   21.61   0.16(3)   5.47   5.63   (0.15)   (1.57)   (1.72)   25.52   26.92   322,009   1.01   1.03   0.66   60
06/30/22   25.52   0.14(3)   (3.42)   (3.28)   (0.15)   (0.61)   (0.76)   21.48   (13.32)   521,933   0.99   0.99   0.54   92(4)(5)
06/30/23   21.48   0.28   2.66   2.94   (0.28)   —   (0.28)   24.14   13.81   541,895   1.02   1.02   1.24   57(4)
06/30/24   24.14   0.37   2.56   2.93   (0.35)   —   (0.35)   26.72   12.22   579,513   1.01   1.01   1.47   70
12/31/24(6)   26.72   0.19(3)   1.34   1.53   (0.20)   (0.13)   (0.33)   27.92   5.72(7)   590,110   0.99(8)   0.99(8)   1.38(8)   43(7)
Class C
06/30/20   $22.29   $0.11   $1.86   $1.97   $(0.13)   $ (2.41)   $(2.54)   $21.72   9.23%   $44,174   1.78%   1.88%   0.48%   135%
06/30/21   21.72   (0.03)(3)   5.49   5.46   (0.02)   (1.57)   (1.59)   25.59   25.93   65,455   1.78   1.81   (0.11)   60
06/30/22   25.59   (0.05)(3)   (3.42)   (3.47)   —   (0.61)   (0.61)   21.51   (13.96)   73,906   1.75   1.75   (0.22)   92(4)(5)
06/30/23   21.51   0.10   2.68   2.78   (0.11)   —   (0.11)   24.18   12.95   73,893   1.78   1.78   0.48   57(4)
06/30/24   24.18   0.16   2.58   2.74   (0.15)   —   (0.15)   26.77   11.38   72,104   1.77   1.77   0.71   70
12/31/24(6)   26.77   0.08(3)   1.34   1.42   (0.09)   (0.13)   (0.22)   27.97   5.30(7)   70,306   1.77(8)   1.77(8)   0.60(8)   43(7)
Class Y
06/30/20   $22.01   $0.32   $1.84   $2.16   $(0.33)   $ (2.41)   $(2.74)   $21.43   10.35%   $94,921   0.81%   0.87%   1.45%   135%
06/30/21   21.43   0.20(3)   5.41   5.61   (0.19)   (1.57)   (1.76)   25.28   27.12   197,877   0.81   0.81   0.86   60
06/30/22   25.28   0.18(3)   (3.38)   (3.20)   (0.19)   (0.61)   (0.80)   21.28   (13.13)   155,159   0.79(9)   0.75   0.74   92(4)(5)
06/30/23   21.28   0.32   2.64   2.96   (0.33)   —   (0.33)   23.91   14.06   197,245   0.79   0.79   1.47   57(4)
06/30/24   23.91   0.42   2.55   2.97   (0.41)   —   (0.41)   26.47   12.51   265,024   0.78   0.78   1.69   70
12/31/24(6)   26.47   0.22(3)   1.32   1.54   (0.23)   (0.13)   (0.36)   27.65   5.82(7)   285,095   0.77(8)   0.77(8)   1.60(8)   43(7)
Class R6
06/30/22(10)   $26.15   $0.13(3)   $(4.22)   $(4.09)   $(0.18)   $ (0.61)   $(0.79)   $21.27   (16.08)%(7)   $112   0.64%(8)   33.98%(8)   0.89%(8)   92%(4)(5)
06/30/23   21.27   0.35   2.64   2.99   (0.36)   —   (0.36)   23.90   14.23   128   0.65   6.11   1.61   57(4)
06/30/24   23.90   0.44   2.55   2.99   (0.44)   —   (0.44)   26.45   12.63   110   0.64   6.94   1.83   70
12/31/24(6)   26.45   0.24(3)   1.32   1.56   (0.25)   (0.13)   (0.38)   27.63   5.90(7)   146   0.64(8)   7.00(8)   1.73(8)   43(7)
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01% for the year ended June 30, 2023.
(3) The net investment income per share was based on average shares outstanding for the period.
(4) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.
(5) Portfolio turnover excludes the purchases and sales of securities by the AIG Asset Allocation Fund and AIG Multi-Asset Allocation Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.
(6) Unaudited.
(7) Not annualized.
(8) Annualized.
(9) Net expenses include amounts recouped by the Adviser.
(10) Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.
See accompanying Notes to Financial Statements.
34

 

Table of Contents
Financial Highlights (Continued)
Touchstone Core Municipal Bond Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets 		  Ratio of gross
expenses
to average
net assets 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $11.63   $0.30   $0.21   $0.51   $(0.30)   $ (0.01)   $(0.31)   $11.83   4.38%   $32,060   0.85%   1.18%   2.53%   33%
06/30/21   11.83   0.28   0.06   0.34   (0.28)   —   (0.28)   11.89   2.90   30,870   0.85   1.15   2.35   21
06/30/22   11.89   0.16   (1.16)   (1.00)   (0.16)   (0.01)   (0.17)   10.72   (8.43)   25,101   0.82   1.08   1.40   157
06/30/23   10.72   0.24   0.01   0.25   (0.24)   —   (0.24)   10.73   2.37   22,988   0.80   1.05   2.27   54
06/30/24   10.73   0.29   0.05   0.34   (0.29)   —   (0.29)   10.78   3.27   22,231   0.80   1.09   2.75   27
12/31/24(2)   10.78   0.16   0.01   0.17   (0.16)   —   (0.16)   10.79   1.53(3)   22,018   0.80(4)   1.10(4)   2.83(4)   7(3)
Class C
06/30/20   $11.65   $0.21   $0.21   $0.42   $(0.21)   $ (0.01)   $(0.22)   $11.85   3.61%   $2,050   1.60%   2.32%   1.78%   33%
06/30/21   11.85   0.18   0.07   0.25   (0.19)   —   (0.19)   11.91   2.13   1,180   1.60   2.27   1.60   21
06/30/22   11.91   0.08   (1.17)   (1.09)   (0.08)   (0.01)   (0.09)   10.73   (9.27)   943   1.57   2.47   0.65   157
06/30/23   10.73   0.14   0.02   0.16   (0.16)   —   (0.16)   10.73   1.54   1,028   1.55   2.45   1.52   54
06/30/24   10.73   0.30   (0.05)   0.25   (0.21)   —   (0.21)   10.77   2.41   690   1.55   3.23   2.00   27
12/31/24(2)   10.77   0.16   (0.03)   0.13   (0.12)   —   (0.12)   10.78   1.16(3)   604   1.53(4)   3.84(4)   2.10(4)   7(3)
Class Y
06/30/20   $11.64   $0.33   $0.22   $0.55   $(0.33)   $ (0.01)   $(0.34)   $11.85   4.73%   $2,616   0.60%   1.31%   2.78%   33%
06/30/21   11.85   0.31   0.05   0.36   (0.31)   —   (0.31)   11.90   3.07   3,449   0.60   1.25   2.60   21
06/30/22   11.90   0.19   (1.15)   (0.96)   (0.19)   (0.01)   (0.20)   10.74   (8.19)   2,740   0.57   1.11   1.65   157
06/30/23   10.74   0.27   0.01   0.28   (0.27)   —   (0.27)   10.75   2.66   2,637   0.55   1.18   2.52   54
06/30/24   10.75   0.32   0.07   0.39   (0.32)   —   (0.32)   10.82   3.72   3,015   0.55   1.16   3.00   27
12/31/24(2)   10.82   0.17   —   0.17   (0.17)   —   (0.17)   10.82   1.57(3)   2,583   0.55(4)   1.26(4)   3.08(4)   7(3)
Institutional Class
06/30/20   $11.64   $0.33   $0.21   $0.54   $(0.33)   $ (0.01)   $(0.34)   $11.84   4.69%   $12,785   0.55%   0.91%   2.83%   33%
06/30/21   11.84   0.32   0.06   0.38   (0.32)   —   (0.32)   11.90   3.20   14,481   0.55   0.85   2.65   21
06/30/22   11.90   0.20   (1.15)   (0.95)   (0.20)   (0.01)   (0.21)   10.74   (8.13)   29,694   0.50   0.75   1.72   157
06/30/23   10.74   0.28   0.01   0.29   (0.28)   —   (0.28)   10.75   2.73   26,434   0.48   0.73   2.59   54
06/30/24   10.75   0.33   0.05   0.38   (0.33)   —   (0.33)   10.80   3.60   23,383   0.48   0.77   3.07   27
12/31/24(2)   10.80   0.17   —   0.17   (0.17)   —   (0.17)   10.80   1.70(3)   23,404   0.48(4)   0.77(4)   3.15(4)   7(3)
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) Unaudited.
(3) Not annualized.
(4) Annualized.
See accompanying Notes to Financial Statements.
35

 

Table of Contents
Financial Highlights (Continued)
Touchstone International Value Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income
(loss)(1) 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(2) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets 		  Ratio of gross
expenses
to average
net assets 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $15.65   $0.08   $(0.98)   $(0.90)   $(0.19)   $ (0.63)   $(0.82)   $13.93   (6.28)%   $77,744   1.29%   1.40%   0.57%   45%
06/30/21   13.93   0.09   4.94   5.03   (0.08)   —   (0.08)   18.88   36.16   88,022   1.36   1.37   0.56   31
06/30/22   18.88   0.18   (3.44)   (3.26)   (0.08)   (2.24)   (2.32)   13.30   (18.87)   76,671   1.36   1.40   1.08   45(3)
06/30/23   13.30   0.24   1.99   2.23   (0.21)   —   (0.21)   15.32   16.99   82,697   1.36   1.44   1.75   32
06/30/24   15.32   0.22   0.30   0.52   (0.21)   —   (0.21)   15.63   3.41   78,145   1.34   1.47   1.44   112
12/31/24(4)   15.63   0.20   (0.27)   (0.07)   (0.56)   (0.92)   (1.48)   14.08   (0.64)(5)   72,259   1.26(6)   1.52(6)   2.51(6)   8(5)
Class C
06/30/20   $14.64   $(0.09)   $(0.93)   $(1.02)   $—   $ (0.63)   $(0.63)   $12.99   (7.41)%   $2,073   2.49%   2.74%   (0.63)%   45%
06/30/21   12.99   (0.04)   4.60   4.56   (—)(7)   —   (—)(7)   17.55   35.14   2,115   2.15   2.90   (0.24)   31
06/30/22   17.55   0.07   (3.18)   (3.11)   (0.02)   (2.24)   (2.26)   12.18   (19.45)   2,399   1.99   2.71   0.45   45(3)
06/30/23   12.18   0.14   1.82   1.96   (0.17)   —   (0.17)   13.97   16.27   2,327   1.99   2.80   1.12   32
06/30/24   13.97   0.11   0.28   0.39   (0.13)   —   (0.13)   14.23   2.85   1,797   1.97   2.84   0.81   112
12/31/24(4)   14.23   0.14   (0.24)   (0.10)   (0.46)   (0.92)   (1.38)   12.75   (1.01)(5)   1,512   1.88(6)   3.24(6)   1.89(6)   8(5)
Class Y
06/30/20   $15.44   $0.13   $(0.97)   $(0.84)   $(0.24)   $ (0.63)   $(0.87)   $13.73   (6.03)%   $23,835   0.99%   1.15%   0.87%   45%
06/30/21   13.73   0.15   4.88   5.03   (0.11)   —   (0.11)   18.65   36.71   27,903   0.99   1.19   0.93   31
06/30/22   18.65   0.23   (3.40)   (3.17)   (0.13)   (2.24)   (2.37)   13.11   (18.61)   20,430   0.99   1.19   1.45   45(3)
06/30/23   13.11   0.29   1.97   2.26   (0.24)   —   (0.24)   15.13   17.46   25,324   0.99   1.23   2.12   32
06/30/24   15.13   0.27   0.31   0.58   (0.27)   —   (0.27)   15.44   3.83   25,049   0.97   1.24   1.81   112
12/31/24(4)   15.44   0.23   (0.27)   (0.04)   (0.62)   (0.92)   (1.54)   13.86   (0.45)(5)   21,603   0.89(6)   1.30(6)   2.88(6)   8(5)
Institutional Class
06/30/20   $15.42   $0.14   $(0.95)   $(0.81)   $(0.27)   $ (0.63)   $(0.90)   $13.71   (5.89)%   $14,205   0.89%   1.12%   0.97%   45%
06/30/21   13.71   0.16   4.88   5.04   (0.12)   —   (0.12)   18.63   36.83   4,315   0.89   1.06   1.03   31
06/30/22   18.63   0.25   (3.40)   (3.15)   (0.15)   (2.24)   (2.39)   13.09   (18.52)   3,273   0.89   1.34   1.55   45(3)
06/30/23   13.09   0.31   1.95   2.26   (0.24)   —   (0.24)   15.11   17.54   3,830   0.89   1.23   2.22   32
06/30/24   15.11   0.29   0.30   0.59   (0.29)   —   (0.29)   15.41   3.93   431   0.88   1.35   1.91   112
12/31/24(4)   15.41   0.24   (0.26)   (0.02)   (0.75)   (0.92)   (1.67)   13.72   (0.41)(5)   352   0.78(6)   4.64(6)   2.99(6)   8(5)
(1) The net investment income per share was based on average shares outstanding for the period.
(2) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(3) Portfolio turnover excludes the purchases and sales of securities by the AIG International Dividend Strategy Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.
(4) Unaudited.
(5) Not annualized.
(6) Annualized.
(7) Less than $0.005 per share.
See accompanying Notes to Financial Statements.
36

 

Table of Contents
Financial Highlights (Continued)
Touchstone Large Cap Focused Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income
(loss) 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets(2) 		  Ratio of gross
expenses
to average
net assets(2) 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $43.37   $0.27   $3.78   $4.05   $(0.27)   $ (4.85)   $(5.12)   $42.30   9.54%   $1,120,305   1.01%   1.10%   0.66%   29%(4)
06/30/21   42.30   0.08(3)   19.10   19.18   (0.09)   (2.71)   (2.80)   58.68   46.68   1,541,127   1.01   1.05   0.15   16(4)
06/30/22   58.68   0.04   (7.56)   (7.52)   (0.05)   (3.91)   (3.96)   47.20   (14.07)   1,736,900   0.99   0.99   0.13   27(4)(5)
06/30/23   47.20   0.21(3)   9.72   9.93   (0.08)   (0.68)   (0.76)   56.37   21.28   1,928,303   1.01   1.02   0.43   4(4)
06/30/24   56.37   0.31(3)   9.68   9.99   (0.34)   (0.05)   (0.39)   65.97   17.79   2,084,764   1.00   1.00   0.51   6(4)
12/31/24(6)   65.97   0.09(3)   5.21   5.30   (0.18)   (0.29)   (0.47)   70.80   8.02(7)   2,155,504   0.98(8)   0.98(8)   0.24(8)   2(4)(7)
Class C
06/30/20   $40.56   $(0.19)   $3.64   $3.45   $—   $ (4.85)   $(4.85)   $39.16   8.69%   $37,450   1.82%   1.94%   (0.15)%   29%(4)
06/30/21   39.16   (0.30)(3)   17.58   17.28   —   (2.71)   (2.71)   53.73   45.49   41,645   1.80   1.88   (0.64)   16(4)
06/30/22   53.73   (0.02)   (7.18)   (7.20)   —   (3.91)   (3.91)   42.62   (14.78)   49,115   1.80   1.80   (0.68)   27(4)(5)
06/30/23   42.62   (0.16)(3)   8.73   8.57   —   (0.68)   (0.68)   50.51   20.35   50,451   1.80   1.84   (0.36)   4(4)
06/30/24   50.51   (0.15)(3)   8.65   8.50   —   (0.05)   (0.05)   58.96   16.84   51,919   1.80   1.81   (0.29)   6(4)
12/31/24(6)   58.96   (0.18)(3)   4.66   4.48   —   (0.29)   (0.29)   63.15   7.58(7)   51,772   1.80(8)   1.80(8)   (0.58)(8)   2(4)(7)
Class Y
06/30/20   $43.24   $0.40   $3.76   $4.16   $(0.37)   $ (4.85)   $(5.22)   $42.18   9.84%   $352,103   0.75%   0.91%   0.92%   29%(4)
06/30/21   42.18   0.22(3)   19.05   19.27   (0.16)   (2.71)   (2.87)   58.58   47.07   575,053   0.73   0.86   0.43   16(4)
06/30/22   58.58   0.20   (7.57)   (7.37)   (0.16)   (3.91)   (4.07)   47.14   (13.86)   493,825   0.73   0.78   0.39   27(4)(5)
06/30/23   47.14   0.35(3)   9.72   10.07   (0.16)   (0.68)   (0.84)   56.37   21.65   670,688   0.73   0.81   0.71   4(4)
06/30/24   56.37   0.47(3)   9.67   10.14   (0.49)   (0.05)   (0.54)   65.97   18.11   881,916   0.73   0.79   0.78   6(4)
12/31/24(6)   65.97   0.17(3)   5.22   5.39   (0.36)   (0.29)   (0.65)   70.71   8.15(7)   939,935   0.73(8)   0.76(8)   0.49(8)   2(4)(7)
Institutional Class
06/30/20   $43.31   $0.35   $3.83   $4.18   $(0.40)   $ (4.85)   $(5.25)   $42.24   9.87%   $127,963   0.71%   0.88%   0.96%   29%(4)
06/30/21   42.24   0.23(3)   19.10   19.33   (0.17)   (2.71)   (2.88)   58.69   47.14   207,274   0.70   0.81   0.46   16(4)
06/30/22   58.69   0.26   (7.63)   (7.37)   (0.18)   (3.91)   (4.09)   47.23   (13.85)   217,531   0.70   0.73   0.42   27(4)(5)
06/30/23   47.23   0.37(3)   9.73   10.10   (0.17)   (0.68)   (0.85)   56.48   21.68   265,418   0.70   0.75   0.74   4(4)
06/30/24   56.48   0.48(3)   9.70   10.18   (0.51)   (0.05)   (0.56)   66.10   18.13   274,624   0.70   0.72   0.81   6(4)
12/31/24(6)   66.10   0.18(3)   5.24   5.42   (0.38)   (0.29)   (0.67)   70.85   8.17(7)   241,347   0.70(8)   0.71(8)   0.52(8)   2(4)(7)
Class R6
06/30/22(9)   $61.99   $0.22   $(10.89)   $(10.67)   $(0.16)   $ (3.91)   $(4.07)   $47.25   (18.43)%(7)   $804   0.66%(8)   3.02%(8)   0.47%(8)   27%(4)(5)
06/30/23   47.25   0.39(3)   9.74   10.13   (0.17)   (0.68)   (0.85)   56.53   21.73   20,862   0.66   1.19   0.78   4(4)
06/30/24   56.53   0.51(3)   9.70   10.21   (0.52)   (0.05)   (0.57)   66.17   18.18   66,248   0.66   0.73   0.85   6(4)
12/31/24(6)   66.17   0.20(3)   5.23   5.43   (0.41)   (0.29)   (0.70)   70.90   8.18(7)   57,064   0.66(8)   0.70(8)   0.56(8)   2(4)(7)
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.01%, 0.01%, 0.01% and 0.03% for the six months ended December 31,2024 and for the years ended June 30, 2024, 2023, 2022, 2021 and 2020, respectively.
(3) The net investment income (loss) per share was based on average shares outstanding for the period.
(4) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.
(5) Portfolio turnover excludes the purchases and sales of securities of the AIG Focused Alpha Large-Cap Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.
(6) Unaudited.
(7) Not annualized.
(8) Annualized.
(9) Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.
See accompanying Notes to Financial Statements.
37

 

Table of Contents
Financial Highlights (Continued)
Touchstone Large Cap Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income
(loss) 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets(2) 		  Ratio of gross
expenses
to average
net assets(2) 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $14.11   $0.15   $(0.24)   $(0.09)   $(0.11)   $ (0.87)   $(0.98)   $13.04   (1.18)%   $2,989   1.03%   1.91%   1.03%   20%
06/30/21   13.04   0.11   4.83   4.94   (0.12)   —   (0.12)   17.86   38.06   4,278   1.04   1.53   0.75   15(4)
06/30/22   17.86   0.08   (2.03)   (1.95)   (0.12)   (0.40)   (0.52)   15.39   (11.44)   4,510   1.05   1.48   0.51   12(4)
06/30/23   15.39   0.12(3)   2.28   2.40   (0.02)   (0.57)   (0.59)   17.20   15.96   5,259   1.06   1.42   0.75   17(4)
06/30/24   17.20   0.12(3)   1.42   1.54   (0.21)   (0.07)   (0.28)   18.46   9.06   6,464   1.04   1.39   0.67   6(4)
12/31/24(5)   18.46   0.05(3)   1.54   1.59   (0.12)   (0.55)   (0.67)   19.38   8.49(6)   7,668   1.04(7)   1.34(7)   0.54(7)   7(4)(6)
Class C
06/30/20   $13.85   $0.01   $(0.20)   $(0.19)   $—   $ (0.87)   $(0.87)   $12.79   (1.89)%   $5,376   1.78%   2.09%   0.27%   20%
06/30/21   12.79   (0.10)   4.84   4.74   —   —   —   17.53   37.06   4,328   1.79   2.03   (—)(8)   15(4)
06/30/22   17.53   (0.10)   (1.96)   (2.06)   —   (0.40)   (0.40)   15.07   (12.15)   2,995   1.80   2.12   (0.24)   12(4)
06/30/23   15.07   (—)(3)(8)   2.23   2.23   —   (0.57)   (0.57)   16.73   15.10   2,036   1.81   2.17   (—)(8)   17(4)
06/30/24   16.73   (0.01)(3)   1.38   1.37   —   (0.07)   (0.07)   18.03   8.20   1,353   1.79   2.46   (0.08)   6(4)
12/31/24(5)   18.03   (0.02)(3)   1.51   1.49   —   (0.55)   (0.55)   18.97   8.13(6)   816   1.79(7)   2.89(7)   (0.21)(7)   7(4)(6)
Class Y
06/30/20   $14.14   $0.17   $(0.22)   $(0.05)   $(0.15)   $ (0.87)   $(1.02)   $13.07   (0.93)%   $206,798   0.78%   0.90%   1.28%   20%
06/30/21   13.07   0.16   4.83   4.99   (0.18)   —   (0.18)   17.88   38.39   270,305   0.79   0.88   1.00   15(4)
06/30/22   17.88   0.15   (2.05)   (1.90)   (0.16)   (0.40)   (0.56)   15.42   (11.20)   202,913   0.80   0.88   0.76   12(4)
06/30/23   15.42   0.16(3)   2.29   2.45   (0.08)   (0.57)   (0.65)   17.22   16.24   206,214   0.81   0.90   1.00   17(4)
06/30/24   17.22   0.16(3)   1.42   1.58   (0.25)   (0.07)   (0.32)   18.48   9.28   207,868   0.79   0.89   0.92   6(4)
12/31/24(5)   18.48   0.08(3)   1.55   1.63   (0.17)   (0.55)   (0.72)   19.39   8.67(6)   216,148   0.79(7)   0.88(7)   0.79(7)   7(4)(6)
Institutional Class
06/30/20   $14.16   $0.15   $(0.19)   $(0.04)   $(0.16)   $ (0.87)   $(1.03)   $13.09   (0.83)%   $60,402   0.68%   0.84%   1.38%   20%
06/30/21   13.09   0.16   4.86   5.02   (0.20)   —   (0.20)   17.91   38.59   90,358   0.69   0.82   1.10   15(4)
06/30/22   17.91   0.18   (2.08)   (1.90)   (0.17)   (0.40)   (0.57)   15.44   (11.15)   67,679   0.70   0.82   0.86   12(4)
06/30/23   15.44   0.18(3)   2.28   2.46   (0.10)   (0.57)   (0.67)   17.23   16.35   60,341   0.71   0.85   1.10   17(4)
06/30/24   17.23   0.18(3)   1.43   1.61   (0.27)   (0.07)   (0.34)   18.50   9.45   64,183   0.69   0.83   1.02   6(4)
12/31/24(5)   18.50   0.09(3)   1.54   1.63   (0.18)   (0.55)   (0.73)   19.40   8.71(6)   69,647   0.69(7)   0.82(7)   0.89(7)   7(4)(6)
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.03%, 0.02% and 0.01% for the six months ended December 31, 2024 and for the years ended June 30, 2024, 2023, 2022 and 2021, respectively.
(3) The net investment income per share was based on average shares outstanding for the period.
(4) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.
(5) Unaudited.
(6) Not annualized.
(7) Annualized.
(8) Less than $0.005 per share or 0.005%.
See accompanying Notes to Financial Statements.
38

 

Table of Contents
Financial Highlights (Continued)
Touchstone Large Company Growth Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
loss 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets(2) 		  Ratio of gross
expenses
to average
net assets(2) 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $42.50   $(0.08)   $8.19   $8.11   $ (3.15)   $(3.15)   $47.46   20.07%   $2,112   1.07%   2.28%   (0.60)%   30%
06/30/21   47.46   (0.15)   16.56   16.41   (6.61)   (6.61)   57.26   37.33   3,617   1.06   1.59   (0.71)   36(3)
06/30/22   57.26   (0.18)   (10.40)   (10.58)   (10.52)   (10.52)   36.16   (23.29)   3,290   1.07   1.58   (0.61)   41(3)
06/30/23   36.16   (0.17)(4)   6.10   5.93   (1.23)   (1.23)   40.86   16.89   3,711   1.08   1.57   (0.46)   44(3)
06/30/24   40.86   (0.30)(4)   16.72   16.42   (1.92)   (1.92)   55.36   41.47   5,337   1.07   1.53   (0.65)   39(3)
12/31/24(5)   55.36   (0.20)(4)   2.13   1.93   (1.61)   (1.61)   55.68   3.37(6)   5,687   1.05(7)   1.43(7)   (0.72)(7)   14(3)(6)
Class C
06/30/20   $41.52   $(0.31)   $7.87   $7.56   $ (3.15)   $(3.15)   $45.93   19.19%   $592   1.82%   4.64%   (1.35)%   30%
06/30/21   45.93   (1.42)   16.81   15.39   (6.61)   (6.61)   54.71   36.28   473   1.81   3.39   (1.46)   36(3)
06/30/22   54.71   (1.24)   (9.03)   (10.27)   (10.52)   (10.52)   33.92   (23.87)   206   1.82   4.24   (1.36)   41(3)
06/30/23   33.92   (0.42)(4)   5.68   5.26   (1.23)   (1.23)   37.95   16.01   223   1.83   5.86   (1.21)   44(3)
06/30/24   37.95   (0.58)(4)   15.41   14.83   (1.92)   (1.92)   50.86   40.43   216   1.82   6.43   (1.40)   39(3)
12/31/24(5)   50.86   (0.38)(4)   1.96   1.58   (1.61)   (1.61)   50.83   2.98(6)   181   1.80(7)   8.94(7)   (1.47)(7)   14(3)(6)
Class Y
06/30/20   $42.82   $(0.12)   $8.42   $8.30   $ (3.15)   $(3.15)   $47.97   20.38%   $24,062   0.82%   1.04%   (0.35)%   30%
06/30/21   47.97   (0.26)   17.00   16.74   (6.61)   (6.61)   58.10   37.64   28,952   0.81   0.96   (0.46)   36(3)
06/30/22   58.10   (0.18)   (10.49)   (10.67)   (10.52)   (10.52)   36.91   (23.09)   13,917   0.82   0.97   (0.36)   41(3)
06/30/23   36.91   (0.08)(4)   6.24   6.16   (1.23)   (1.23)   41.84   17.17   7,266   0.83   1.07   (0.21)   44(3)
06/30/24   41.84   (0.19)(4)   17.17   16.98   (1.92)   (1.92)   56.90   41.85   10,199   0.82   1.08   (0.40)   39(3)
12/31/24(5)   56.90   (0.13)(4)   2.18   2.05   (1.61)   (1.61)   57.34   3.49(6)   10,842   0.80(7)   1.02(7)   (0.47)(7)   14(3)(6)
Institutional Class
06/30/20   $42.95   $(0.12)   $8.50   $8.38   $ (3.15)   $(3.15)   $48.18   20.51%   $199,601   0.73%   0.86%   (0.25)%   30%
06/30/21   48.18   (0.21)   17.10   16.89   (6.61)   (6.61)   58.46   37.80   229,690   0.71   0.85   (0.36)   36(3)
06/30/22   58.46   (0.14)   (10.58)   (10.72)   (10.52)   (10.52)   37.22   (23.03)   145,441   0.72   0.84   (0.26)   41(3)
06/30/23   37.22   (0.04)(4)   6.30   6.26   (1.23)   (1.23)   42.25   17.30   135,324   0.73   0.88   (0.11)   44(3)
06/30/24   42.25   (0.14)(4)   17.35   17.21   (1.92)   (1.92)   57.54   41.99   137,363   0.72   0.89   (0.30)   39(3)
12/31/24(5)   57.54   (0.11)(4)   2.22   2.11   (1.61)   (1.61)   58.04   3.56(6)   137,099   0.70(7)   0.86(7)   (0.37)(7)   14(3)(6)
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.03%, 0.04%, 0.03% and 0.02% for the six months ended December 31, 2024 and for the years ended June 30, 2024, 2023, 2022 and 2021, respectively.
(3) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.
(4) The net investment income per share was based on average shares outstanding for the period.
(5) Unaudited.
(6) Not annualized.
(7) Annualized.
See accompanying Notes to Financial Statements.
39

 

Table of Contents
Financial Highlights (Continued)
Touchstone Small Company Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income
(loss) 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets(2) 		  Ratio of gross
expenses
to average
net assets(2) 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $4.83   $(0.02)   $(0.47)   $(0.49)   $—   $ (0.28)   $(0.28)   $4.06   (10.82)%   $420,822   1.15%   1.24%   (0.32)%   81%
06/30/21   4.06   (0.03)   2.65   2.62   —   (0.01)   (0.01)   6.67   64.45   608,513   1.20   1.20   (0.45)   80(3)
06/30/22   6.67   (0.02)(4)   (0.95)   (0.97)   —   (1.14)   (1.14)   4.56   (17.95)   451,081   1.17   1.17   (0.31)   70(3)
06/30/23   4.56   (—)(4)(5)   0.71   0.71   —   (0.12)   (0.12)   5.15   15.80   484,105   1.19   1.19   (—)(5)   79(3)
06/30/24   5.15   (—)(4)(5)   0.64   0.64   —   (0.01)   (0.01)   5.78   12.41   500,584   1.18   1.18   (—)(5)   59(3)
12/31/24(6)   5.78   (0.01)(4)   0.57   0.56   (0.01)   (0.35)   (0.36)   5.98   9.37(7)   511,715   1.15(8)   1.15(8)   (0.24)(8)   28(3)(7)
Class C
06/30/20^   $6.65   $(0.13)   $(0.53)   $(0.66)   $—   $ (0.74)   $(0.74)   $5.25   (11.22)%   $21,204   1.95%   2.07%   (1.12)%   81%
06/30/21^   5.25   (0.11)   3.41   3.30   —   (0.03)   (0.03)   8.52   62.65   26,123   1.97   2.05   (1.22)   80(3)
06/30/22^   8.52   (0.08)(4)   (0.89)   (0.97)   —   (3.01)   (3.01)   4.54   (18.70)   17,385   1.97   2.02   (1.11)   70(3)
06/30/23^   4.54   (0.03)(4)   0.71   0.68   —   (0.12)   (0.12)   5.10   15.26   15,992   1.96   2.06   (0.77)   79(3)
06/30/24   5.10   (0.04)(4)   0.62   0.58   —   (0.01)   (0.01)   5.67   11.35   14,146   1.96   2.06   (0.78)   59(3)
12/31/24(6)   5.67   (0.03)(4)   0.56   0.53   —   (0.35)   (0.35)   5.85   9.02(7)   14,673   1.96(8)   2.04(8)   (1.05)(8)   28(3)(7)
Class Y
06/30/20   $5.33   $(—)(5)   $(0.52)   $(0.52)   $—   $ (0.28)   $(0.28)   $4.53   (10.35)%   $189,336   0.89%   0.98%   (0.06)%   81%
06/30/21   4.53   (0.01)   2.94   2.93   (—)(5)   (0.01)   (0.01)   7.45   64.61   282,428   0.91   0.99   (0.16)   80(3)
06/30/22   7.45   (—)(4)(5)   (1.10)   (1.10)   —   (1.14)   (1.14)   5.21   (17.81)   222,141   0.91   0.97   (0.05)   70(3)
06/30/23   5.21   0.02(4)   0.82   0.84   —   (0.12)   (0.12)   5.93   16.33   312,720   0.90   0.98   0.29   79(3)
06/30/24   5.93   0.02(4)   0.73   0.75   —   (0.01)   (0.01)   6.67   12.63   429,455   0.90   0.96   0.28   59(3)
12/31/24(6)   6.67   —(4)(5)   0.66   0.66   (0.03)   (0.35)   (0.38)   6.95   9.65(7)   530,958   0.90(8)   0.92(8)   0.01(8)   28(3)(7)
Institutional Class
06/30/20   $5.32   $—(5)   $(0.52)   $(0.52)   $—   $ (0.28)   $(0.28)   $4.52   (10.37)%   $11,269   0.79%   1.13%   0.05%   81%
06/30/21   4.52   (—)(5)   2.93   2.93   (—)(5)   (0.01)   (0.01)   7.44   64.75   18,770   0.81   0.99   (0.06)   80(3)
06/30/22   7.44   —(4)(5)   (1.09)   (1.09)   —   (1.14)   (1.14)   5.21   (17.70)   21,299   0.81   0.96   0.05   70(3)
06/30/23   5.21   0.02(4)   0.83   0.85   —   (0.12)   (0.12)   5.94   16.52   24,638   0.80   0.96   0.39   79(3)
06/30/24   5.94   0.02(4)   0.74   0.76   —   (0.01)   (0.01)   6.69   12.78   30,779   0.80   0.94   0.38   59(3)
12/31/24(6)   6.69   —(4)(5)   0.66   0.66   (0.03)   (0.35)   (0.38)   6.97   9.62(7)   33,211   0.80(8)   0.92(8)   0.11(8)   28(3)(7)
Class R6
06/30/20   $4.95   $0.01   $(0.49)   $(0.48)   $—   $ (0.28)   $(0.28)   $4.19   (10.35)%   $64,567   0.76%   0.88%   0.07%   81%
06/30/21   4.19   (—)(5)   2.73   2.73   (—)(5)   (0.01)   (0.01)   6.91   65.08   63,766   0.81   0.89   (0.06)   80(3)
06/30/22   6.91   —(4)(5)   (1.00)   (1.00)   —   (1.14)   (1.14)   4.77   (17.73)   53,500   0.81   0.87   0.05   70(3)
06/30/23   4.77   0.02(4)   0.75   0.77   —   (0.12)   (0.12)   5.42   16.37   65,962   0.80   0.88   0.39   79(3)
06/30/24   5.42   0.02(4)   0.67   0.69   —   (0.01)   (0.01)   6.10   12.72   81,101   0.80   0.87   0.38   59(3)
12/31/24(6)   6.10   — (4)(5)   0.61   0.61   (0.03)   (0.35)   (0.38)   6.33   9.73(7)   80,775   0.80(8)   0.83(8)   0.11(8)   28(3)(7)
^ Updated to reflect the effect of a 1 for 0.379048 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted to reflect this reverse stock split.
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.01%, 0.02% and 0.02% for the six months ended December 31, 2024 and for the years ended June 30, 2024, 2023, 2022 and 2021, respectively.
(3) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.
(4) The net investment income per share was based on average shares outstanding for the period.
(5) Less than $0.005 per share or 0.005%.
(6) Unaudited.
(7) Not annualized.
(8) Annualized.
See accompanying Notes to Financial Statements.
40

 

Table of Contents
Financial Highlights (Continued)
Touchstone Value Fund
Period ended   Net
asset
value at
beginning
of period 		  Net
investment
income 		  Net
realized
and
unrealized
gains (losses)
on investments 		  Total from
investment
operations 		  Distributions
from net
investment
income 		  Distributions
from realized
capital
gains 		  Total
distributions 		  Net
asset
value
at end
of period 		  Total
return(1) 		  Net
assets
at end
of period
(000's) 		  Ratio of net
expenses
to average
net assets 		  Ratio of gross
expenses
to average
net assets 		  Ratio
of net
investment
income (loss)
to average
net assets 		  Portfolio
turnover
rate
Class A
06/30/20   $9.41   $0.13   $(0.98)   $(0.85)   $(0.12)   $ (0.49)   $(0.61)   $7.95   (9.83)%   $24,567   1.08%   1.26%   1.37%   57%
06/30/21   7.95   0.10   3.62   3.72   (0.10)   (0.16)   (0.26)   11.41   47.49   33,052   1.08   1.24   1.08   37
06/30/22   11.41   0.11   (0.63)   (0.52)   (0.12)   (0.85)   (0.97)   9.92   (5.30)   156,947   1.08   1.13   1.03   63(3)
06/30/23   9.92   0.14   0.93   1.07   (0.14)   (0.60)   (0.74)   10.25   11.07   158,698   1.08   1.12   1.34   30(2)
06/30/24   10.25   0.14(4)   1.56   1.70   (0.15)   (0.09)   (0.24)   11.71   16.71   163,754   1.08   1.13   1.30   28
12/31/24(5)   11.71   0.06   0.99   1.05   (0.07)   (0.86)   (0.93)   11.83   8.66(6)   170,722   1.08(7)   1.11(7)   1.04(7)   18(6)
Class C
06/30/20   $9.38   $0.06   $(0.97)   $(0.91)   $(0.05)   $ (0.49)   $(0.54)   $7.93   (10.49)%   $2,175   1.83%   2.43%   0.62%   57%
06/30/21   7.93   0.03   3.61   3.64   (0.03)   (0.16)   (0.19)   11.38   46.40   1,943   1.83   2.46   0.33   37
06/30/22   11.38   0.02   (0.64)   (0.62)   (0.03)   (0.85)   (0.88)   9.88   (6.11)   5,722   1.83   2.08   0.28   63(3)
06/30/23   9.88   0.06   0.94   1.00   (0.06)   (0.60)   (0.66)   10.22   10.35   3,721   1.83   2.05   0.59   30(2)
06/30/24   10.22   0.06(4)   1.54   1.60   (0.06)   (0.09)   (0.15)   11.67   15.76   2,919   1.83   2.16   0.55   28
12/31/24(5)   11.67   0.01   0.99   1.00   (0.02)   (0.86)   (0.88)   11.79   8.27(6)   2,275   1.81(7)   2.33(7)   0.30(7)   18(6)
Class Y
06/30/20   $9.45   $0.15   $(0.98)   $(0.83)   $(0.15)   $ (0.49)   $(0.64)   $7.98   (9.64)%   $75,028   0.80%   0.96%   1.64%   57%
06/30/21   7.98   0.13   3.64   3.77   (0.13)   (0.16)   (0.29)   11.46   47.93   100,542   0.83   0.95   1.33   37
06/30/22   11.46   0.14   (0.64)   (0.50)   (0.14)   (0.85)   (0.99)   9.97   (5.06)   86,615   0.83   0.88   1.28   63(3)
06/30/23   9.97   0.16   0.94   1.10   (0.16)   (0.60)   (0.76)   10.31   11.39   85,516   0.83   0.88   1.59   30(2)
06/30/24   10.31   0.17(4)   1.55   1.72   (0.17)   (0.09)   (0.26)   11.77   16.90   96,905   0.83   0.88   1.55   28
12/31/24(5)   11.77   0.06   1.02   1.08   (0.08)   (0.86)   (0.94)   11.91   8.93(6)   107,711   0.83(7)   0.86(7)   1.29(7)   18(6)
Institutional Class
06/30/20   $9.42   $0.16   $(0.97)   $(0.81)   $(0.16)   $ (0.49)   $(0.65)   $7.96   (9.43)%   $153,945   0.68%   0.90%   1.77%   57%
06/30/21   7.96   0.14   3.63   3.77   (0.14)   (0.16)   (0.30)   11.43   48.12   289,120   0.68   0.88   1.48   37
06/30/22   11.43   0.16   (0.65)   (0.49)   (0.16)   (0.85)   (1.01)   9.93   (5.02)   252,281   0.68   0.83   1.43   63(3)
06/30/23   9.93   0.18   0.94   1.12   (0.18)   (0.60)   (0.78)   10.27   11.62   222,825   0.68   0.80   1.74   30(2)
06/30/24   10.27   0.19(4)   1.55   1.74   (0.19)   (0.09)   (0.28)   11.73   17.14   250,463   0.68   0.81   1.70   28
12/31/24(5)   11.73   0.08   0.99   1.07   (0.09)   (0.86)   (0.95)   11.85   8.87(6)   264,494   0.68(7)   0.80(7)   1.44(7)   18(6)
Class R6
06/30/22(8)   $11.91   $0.11   $(1.11)   $(1.00)   $(0.13)   $ (0.85)   $(0.98)   $9.93   (9.10)%(6)   $395   0.63%(7)   8.11%(7)   1.47%(7)   63%(3)
06/30/23   9.93   0.16   0.96   1.12   (0.18)   (0.60)   (0.78)   10.27   11.64   25,657   0.63   0.91   1.79   30(2)
06/30/24   10.27   0.19(4)   1.57   1.76   (0.20)   (0.09)   (0.29)   11.74   17.29   30,504   0.63   0.79   1.75   28
12/31/24(5)   11.74   0.09   0.99   1.08   (0.10)   (0.86)   (0.96)   11.86   8.89(6)   29,027   0.63(7)   0.80(7)   1.49(7)   18(6)
(1) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(2) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.
(3) Portfolio turnover excludes the purchases and sales of securities of the AIG Strategic Value Fund acquired on July 16, 2021. If these transactions were included, portfolio turnover would have been higher.
(4) The net investment income (loss) per share was based on average shares outstanding for the period.
(5) Unaudited.
(6) Not annualized.
(7) Annualized.
(8) Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.
See accompanying Notes to Financial Statements.
41

 

Table of Contents
Notes to Financial Statements
December 31, 2024 (Unaudited)
1. Organization
The Touchstone Strategic Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated November 18, 1982. The Trust consists of fifteen funds, including the following eight funds (individually, a “Fund”, and collectively, the “Funds”):
Touchstone Balanced Fund ("Balanced Fund”)
Touchstone Core Municipal Bond Fund ("Core Municipal Bond Fund”)
Touchstone International Value Fund ("International Value Fund”)
Touchstone Large Cap Focused Fund ("Large Cap Focused Fund”)
Touchstone Large Cap Fund ("Large Cap Fund”)
Touchstone Large Company Growth Fund ("Large Company Growth Fund”)
Touchstone Small Company Fund ("Small Company Fund”)
Touchstone Value Fund ("Value Fund”)
Each Fund is diversified, with the exception of the Large Cap Focused Fund and the Large Company Growth Fund, which are non-diversified.
The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. The table below indicates the classes of shares that each Fund is registered to offer:
  Class A Class C Class Y Institutional Class Class R6
Balanced Fund X X X   X
Core Municipal Bond Fund X X X X  
International Value Fund X X X X  
Large Cap Focused Fund X X X X X
Large Cap Fund X X X X  
Large Company Growth Fund X X X X  
Small Company Fund X X X X X
Value Fund X X X X X
The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectus provides a description of each Fund’s investment goal, policies, and strategies along with information on the classes of shares currently being offered.
2. Significant Accounting Policies
The following is a summary of the Funds’ significant accounting policies:
Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.  All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:
•  Level 1 − quoted prices in active markets for identical securities
•  Level 2 − other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•  Level 3 − significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The aggregate value by input level, as of December 31, 2024, for each Fund’s investments, is included in each Fund’s Portfolio of Investments. The Funds did not hold or transfer any Level 3 categorized securities during the six months ended December 31, 2024.
Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.
42

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
The Funds' portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Options and futures are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.
Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.
Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others:
•  If the value of a security has been materially affected by events occurring before the Funds' pricing time but after the close of the primary markets on which the security is traded.
•  If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds' NAV calculation.
•  If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.
•  If the validity of market quotations is not reliable.
Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures established by Touchstone Advisors, Inc. (the “Adviser”) and adopted by the Funds' Board of Trustees (the “Board”) and are generally categorized in Level 3.
Collateralized Loan Obligations — The Balanced Fund may invest in collateralized loan obligations (“CLOs”). CLOs are types of asset-backed securities. A CLO is an entity that is backed by syndicated bank loans. The cash flows of the CLO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CLO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive higher ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Investment companies — The Funds may invest in securities of other investment companies, including exchange-traded funds (“ETFs”), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter (“OTC”). An ETF is an investment company whose shares are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which the other investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. When a Fund invests in another investment
43

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
company, shareholders of the Fund indirectly bear their proportionate share of the other investment company’s fees and expenses, including operating, registration, trustee, licensing, and marketing, as well as their share of the Fund’s fees and expenses. 
Futures Contracts — The Balanced Fund may buy and sell futures contracts and related options to manage their exposure to changing interest rates and securities prices. Some strategies reduce the Fund’s exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact the Fund’s return. When the Fund purchases or sells a futures contract, or sells an option thereon, the Fund must deposit initial margin and, in some instances, daily variation margin, to meet its obligations under a contract with a futures commission merchant.
When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate the futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
As of December 31, 2024, the Balanced Fund had futures contracts as shown on the Portfolio of Investments.
Swap Contracts — The Balanced Fund may enter into swap transactions to help enhance the value of its portfolio or manage its exposure to different types of investments. Swaps are financial instruments that typically involve the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indexes, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates.
Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.
Generally, bilateral swap agreements and OTC swaps have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.
Cleared swaps are transacted through futures commission merchants that are members of central clearinghouses with the clearinghouses serving as a central counterparty. Pursuant to rules promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act, central clearing of swap agreements is currently required for certain market participants trading certain instruments, and central clearing for additional instruments is expected to be implemented by regulators until the majority of the swaps market is ultimately subject to central clearing.
Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. For OTC swaps, any upfront premiums paid or received are recorded as assets or liabilities, respectively, and are shown as premium paid on swap agreements or premium received on swap agreements in the Statements of Assets and Liabilities. For swaps that are centrally cleared, initial margins, determined by each relevant clearing agency or clearing member, are posted at a clearing broker in accordance with CFTC or the applicable regulator's regulations. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in the value of centrally cleared swaps are recorded in the Statements of Assets and Liabilities as receivable or payable for variation margin on swap agreements and settled daily. Upfront premiums and liquidation payments received or paid are recorded as realized gains or losses at the termination or maturity of the swap. Net periodic payments received or paid by the Fund are recorded as realized gain or loss.
44

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, the Fund will only enter into a swap agreement subject to the regulatory limitations set forth in Rule 18f-4 under the 1940 Act (the “Derivatives Rule”).
As of December 31, 2024, the Balanced Fund did not hold any swap agreements.
Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars and translated into U.S. dollars on the following basis:
(1) market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and
(2) purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
Real Estate Investment Trusts — The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.
Derivative instruments and hedging activities — The Balanced Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement” or “MNA”) or similar agreement with certain counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives and foreign exchange contracts, and typically contains, among other things, collateral posting terms and master netting provisions in the event of a default or termination. Under an ISDA Master Agreement, a party may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables or receivables with collateral held or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting). These default events include bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset.
When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and variation margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house’s minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA  Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as cash deposits held at prime broker and due to prime broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. 
Certain ISDA Master Agreements allow counterparties to OTC derivatives transactions to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund (counterparty) to accelerate payment of any net liability owed to the counterparty (Fund).
For financial reporting purposes, the Balanced Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
As of December 31, 2024, the Balanced Fund did not hold any assets and liabilities that were subject to a MNA.
45

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
The following table sets forth the fair value of the Balanced Fund's derivative financial instruments by primary risk exposure as of December 31, 2024:
Fund Derivatives not accounted for as hedging
instruments under ASC 815 		Asset
Derivatives 		Liability
Derivatives
Balanced Fund
Futures Contracts - Interest Rate Contracts*
$59,049 $327,346
* Statements of Assets and Liabilities Location: Payable for variation margin on futures contracts. Only current day’s variation margin is reported within the payable/receivable on the Statement of Assets and Liabilities. Includes cumulative appreciation/(depreciation) on futures contracts as reported on the Portfolio of Investments and within the components of net assets section of the Statement of Assets and Liabilities.
The following table sets forth the effect of the Balanced Fund's derivative financial instruments by primary risk exposure on the Statements of Operations for the six months ended December 31, 2024:
Fund Derivatives not accounted for as hedging
instruments under ASC 815 		Realized Gains
(Losses)
on Derivatives 		Change in
Unrealized
Appreciation
(Depreciation)
on Derivatives
Balanced Fund
Futures - Interest Rate Contracts*
$612,384 $(170,057)
 
Swap Agreements - Credit Contracts**
(217,084) (63,037)
* Statements of Operations Location: Net realized gains on futures contracts and Net change in unrealized appreciation (depreciation) on futures contracts, respectively.
** Statements of Operations Location: Net realized losses on swap agreements and Net change in unrealized appreciation (depreciation) on swap agreements, respectively.  
For the six months ended December 31, 2024, the average quarterly notional value of outstanding derivative financial instruments was as follows:
  Balanced Fund
Credit Contracts:  
Credit Default Swaps (buy protection) - Notional value $3,406,667
Interest Rate Contracts:  
Futures Contracts (long) - Notional Value 46,806,402
Futures Contracts (short) - Notional Value 6,124,552
Portfolio securities loaned — The Funds may lend their portfolio securities. Lending portfolio securities exposes the Funds to the risk that the borrower may fail to return the loaned securities or may not be able to provide additional collateral or that the Funds may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain cash collateral with the Funds' custodian. The loaned securities are secured by collateral valued at least equal, at all times, to the market value of the loaned securities plus accrued interest, if any. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The cash collateral is reinvested by the Funds' custodian into an approved short-term investment vehicle. The approved short-term investment vehicle is subject to market risk.
As of December 31, 2024, the following Funds loaned securities and received collateral as follows:
Fund Security Type Market Value of
Securities Loaned* 		Market Value of
Collateral Received** 		Net
Amount***
Balanced Fund Common Stocks $648,363 $659,175 $10,812
Large Cap Focused Fund Common Stocks 1,423,856 1,447,600 23,744
Small Company Fund Common Stocks 11,558,538 11,624,844 66,306
* The remaining contractual maturity is overnight for all securities.
** Gross amount of recognized liabilities for securities lending included in the Statements of Assets and Liabilities.
*** Net amount represents the net amount payable due to (received from) the borrower in the event of default.
All cash collateral is received, held, and administered by the Funds' custodian for the benefit of the lending Fund in its custody account or other account established for the purpose of holding collateral in cash equivalents.
Funds participating in securities lending receive compensation in the form of fees. Securities lending income is derived from lending long securities from the Funds to creditworthy approved borrowers at rates that are determined based on daily trading volumes, float, short-term interest rates and market liquidity and is shown net of fees on the Statements of Operations. When a
46

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
Fund lends securities, it retains the interest or dividends on the investment of any cash received as collateral, and the Fund continues to receive interest or dividends on the loaned securities.
Unrealized gain or loss on the market value of the loaned securities that may occur during the term of the loan is recognized by the Fund. The Fund has the right under the lending agreement to recover any loaned securities from the borrower on demand.
When-issued or delayed delivery transactions — Each Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security. When-issued or delayed delivery transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or delayed delivery transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the Derivatives Rule.    
Share valuation — The NAV per share of each class of shares of each Fund is calculated daily by dividing the total value of a Fund’s assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class.
The maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Core Municipal Bond Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the Core Municipal Bond Fund is equal to the NAV per share plus a sales load equal to 3.36% of the NAV (or 3.25% of the offering price). There is no sales load on equity or fixed income fund purchases when aggregate purchases in all Touchstone funds equal at least $1 million or $500,000, respectively. The maximum offering price per share of Classes C, Y, Institutional Class and R6 shares of the Funds is equal to the NAV per share.
The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least the maximum breakpoint where a Finder’s Fee was paid may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% or 0.50% for equity or fixed income funds, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00% if redeemed within a one-year period from the date of purchase. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.
Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal pay downs on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security or to the appropriate call date, as applicable, with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds’ policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.
Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. Each Fund, except the Balanced Fund, the Core Municipal Bond Fund and the Value Fund, declares and distributes net investment income, if any, annually, as a dividend to shareholders. The Balanced Fund and Value Fund declare and distribute net investment income, if any quarterly, as a dividend to shareholders. The Core Municipal Bond Fund declares distributions from net investment income on a daily basis and distributes as a dividend to shareholders on a monthly basis. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds' net investment income from investments in underlying funds is affected by the timing of dividend declarations by the underlying funds.
Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for a Fund are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon their proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all Funds in the Trust, and, if applicable, Touchstone ETF Trust, Touchstone Funds Group Trust and Touchstone Variable Series Trust (collectively with the Trust, “Touchstone Fund Complex”), daily in relation to net assets of each Fund or another reasonable measure.
47

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
Security transactions — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis.
Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Operating Segments — In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund represents a single operating segment. The management team of the Adviser, acts as the Funds’ CODM. The CODM monitors the operating results of the Funds as a whole and also monitors each Fund’s asset allocation for adherence to its principal investment strategies as disclosed in its prospectus. The financial information, including the Funds’ portfolio of investments, total returns, expense ratios and changes in net assets, are used by the CODM to assess the segment’s performance versus the Funds’ benchmarks and to make resource allocation decisions for the Funds’ single segment and is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities and segment expenses are listed on the accompanying statements of operations. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
3. Investment Transactions
Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended December 31, 2024:
  Balanced
Fund 		Core
Municipal
Bond
Fund 		International
Value
Fund 		Large Cap
Focused
Fund*
Purchases of investment securities $45,516,908 $3,245,685 $8,173,875 $126,435,146
Proceeds from sales and maturities $90,570,172 $4,191,140 $14,216,461 $57,120,971
  Large Cap
Fund* 		Large
Company
Growth
Fund* 		Small
Company
Fund* 		Value
Fund
Purchases of investment securities $19,510,337 $20,794,635 $355,854,145 $103,867,766
Proceeds from sales and maturities $21,065,202 $20,967,527 $314,524,424 $123,031,301
* The Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Small Company Fund had redemption-in-kinds out of the Fund of $129,285,443, $6,836,373, $4,951,474 and $8,218,152, respectively, which are excluded from the proceeds from sales and maturities.
For the six months ended December 31, 2024, purchases and proceeds from sales and maturities in U.S. Government Securities were $352,479,293 and $314,821,162, respectively, for the Balanced Fund. There were no purchases or proceeds from sales and maturities of U.S. Government securities by the other Funds for the six months ended December 31, 2024.
4. Transactions with Affiliates and Other Related Parties
Certain officers of the Trust are also officers of the Adviser, Touchstone Securities, Inc. (the “Distributor”), or The Bank of New York Mellon (“BNY Mellon”), the sub-administrator to the Funds. Such officers receive no compensation from the Trust. The Adviser and the Distributor are each wholly-owned subsidiaries of Western & Southern Financial Group, Inc. (“Western & Southern”).
On behalf of the Funds, the Adviser pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each Board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Adviser is reimbursed by
48

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
the Funds for the Independent Trustees’ compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $130,144 for the Funds’ Board for the six months ended December 31, 2024.
MANAGEMENT & EXPENSE LIMITATION AGREEMENTS
The Adviser provides general investment supervisory services for the Funds, under the terms of an advisory agreement (the “Advisory Agreement”). Under the Advisory Agreement, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below.
Balanced Fund 0.55% on the first $200 million
0.50% on the next $200 million
0.45% on the next $600 million
0.40% on the next $1 billion
0.35% on assets in excess of $2 billion
Core Municipal Bond Fund 0.40% on the first $300 million
0.30% on assets in excess of $300 million
International Value Fund 0.70% on the first $500 million
0.65% on the next $300 million
0.60% on the next $200 million
0.50% on the next $1 billion
0.40% on assets in excess of $2 billion
Large Cap Focused Fund 0.70% on the first $500 million
0.65% on the next $300 million
0.60% on the next $200 million
0.50% on the next $1 billion
0.40% on assets in excess of $2 billion
Large Cap Fund 0.60% on the first $500 million
0.54% on the next $500 million
0.50% on assets in excess of $1 billion
Large Company Growth Fund 0.60% on all assets
Small Company Fund 0.70% on the first $500 million
0.65% on the next $300 million
0.60% on the next $200 million
0.50% on the next $1 billion
0.40% on assets in excess of $2 billion
Value Fund 0.65% on the first $200 million
0.55% on assets in excess of $200 million
The Adviser has entered into investment sub-advisory agreements with the following parties (each, a “Sub-Adviser”):
Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a London Company of Virginia d/b/a The London Company
Barrow Hanley Global Investors Large Cap Fund
Value Fund Fort Washington Investment Advisors, Inc.*
DSM Capital Partners LLC Balanced Fund
Large Company Growth Fund Large Cap Focused Fund
Sage Advisory Services, Ltd Co. Small Company Fund
Core Municipal Bond Fund  
LSV Asset Management   
International Value Fund  
* Affiliate of the Adviser and wholly-owned subsidiary of Western & Southern.
The Adviser pays sub-advisory fees to each Sub-Adviser from its advisory fee.
The Adviser entered into an expense limitation agreement (the “Expense Limitation Agreement”) to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds’ liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of “Acquired Fund Fees and Expenses”, if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds.
49

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
The Adviser has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:
  Class A Class C Class Y Institutional
Class 		Class R6 Termination Date
Balanced Fund* 1.01% 1.78% 0.81% — 0.63% October 29, 2025
Core Municipal Bond Fund** 0.80% 1.50% 0.55% 0.48% — October 29, 2025
International Value Fund*** 1.26% 1.85% 0.89% 0.77% — October 29, 2025
Large Cap Focused Fund 1.00% 1.79% 0.72% 0.69% 0.65% October 29, 2025
Large Cap Fund 1.03% 1.78% 0.78% 0.68% — October 29, 2025
Large Company Growth Fund 1.04% 1.79% 0.79% 0.69% — October 29, 2025
Small Company Fund 1.22% 1.95% 0.89% 0.79% 0.79% October 29, 2025
Value Fund**** 1.08% 1.78% 0.83% 0.68% 0.63% October 29, 2025
* Prior to October 29, 2024, the expense limitation for Class R6 was 0.64%.
** Prior to October 29, 2024, the expense limitation for Class C was 1.55%.
*** Prior to October 29, 2024, the expense limitation for Class C and  Institutional Class shares was 1.89% and 0.79%, respectively.
**** Prior to October 29, 2024, the expense limitation for Class C was 1.83%.
The Expense Limitation Agreement can be terminated, with respect to each Fund, by a vote of the Funds' Board if it deems the termination to be beneficial to the Funds' shareholders.
During the six months ended December 31, 2024, the Adviser or its affiliates waived investment advisory fees, administration fees or other operating expenses, including distribution fees of the Funds, as follows:
Fund Investment
Advisory
Fees Waived 		Administration
Fees Waived 		Other Operating
Expenses
Reimbursed/
Waived 		Total
Balanced Fund $— $11 $3,988 $3,999
Core Municipal Bond Fund — 17,700 68,009 85,709
International Value Fund — 16,931 154,425 171,356
Large Cap Focused Fund — 2,535 175,172 177,707
Large Cap Fund — 42,452 121,304 163,756
Large Company Growth Fund — 73,034 61,720 134,754
Small Company Fund — 5,461 78,818 84,279
Value Fund — 112,662 115,907 228,569
Under the terms of the Expense Limitation Agreement, the Adviser is entitled to recover, subject to approval by the Funds’ Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Funds. A Fund will make repayments to the Adviser only if such repayment does not cause the Fund's operating expenses (after the repayment is taken into account) to exceed the Fund's expense limit in place when such amounts were waived or reimbursed by the Adviser and the Fund's current expense limitation.
As of December 31, 2024, the Adviser may seek recoupment of previously waived fees and reimbursed expenses as follows:
Fund Expires on
or before
June 30, 2025 		Expires on
or before
June 30, 2026 		Expires on
or before
June 30, 2027 		Expires on
or before
June 30, 2028 		Total
Balanced Fund $3,541 $6,383 $6,420 $3,999 $20,343
Core Municipal Bond Fund 56,565 85,859 106,066 53,605 302,095
International Value Fund 35,002 61,315 87,423 63,648 247,388
Large Cap Focused Fund 309,324 562,231 534,098 177,041 1,582,694
Large Cap Fund 175,610 274,546 305,525 149,108 904,789
Large Company Growth Fund 151,978 258,765 246,627 126,994 784,364
Small Company Fund 140,300 299,021 292,662 78,391 810,374
Value Fund 283,497 385,367 390,592 198,977 1,258,433
The Adviser did not recoup any amounts it previously waived or reimbursed during the six months ended December 31, 2024.
ADMINISTRATION AGREEMENT
The Adviser entered into an Administration Agreement with the Trust, whereby the Adviser is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to
50

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
shareholders and reports to and filings with the Securities and Exchange Commission (“SEC”) and state securities authorities, as well as materials for meetings of the Board; calculating the daily NAV per share; and maintaining the financial books and records of each Fund.
For its services, the Adviser’s annual administrative fee is:
0.145% on the first $20 billion of the aggregate average daily net assets;
0.11% on the next $10 billion of aggregate average daily net assets;
0.09% on the next $10 billion of aggregate average daily net assets; and
0.07% on the aggregate average daily net assets over $40 billion.
The fee is computed and allocated among the Touchstone Fund Complex on the basis of relative daily net assets.
The Adviser has engaged BNY Mellon as the sub-administrator to the Trust. BNY Mellon provides administrative and accounting services to the Trust and is compensated directly by the Adviser, not the Trust.
TRANSFER AGENT AGREEMENT
Under the terms of the Transfer Agent Agreement between the Trust and BNY Mellon Investment Servicing (U.S.) Inc. (“Transfer Agent”), the Transfer Agent to the Funds maintains the records of each shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases and redemptions of each Fund’s shares, acts as dividend and distribution disbursing agent, and performs other shareholder service functions. For these services, the Transfer Agent receives a monthly fee from each Fund. In addition, each Fund pays out-of-pocket expenses incurred by the Transfer Agent, including, but not limited to, postage and supplies.
The Funds may reimburse the Adviser for fees paid to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions for sub-transfer agency, sub-administration and other services provided to investors whose shares of record are held in omnibus, other group accounts, retirement plans or accounts traded through registered securities clearing agents. These fees, which are included in Transfer Agent fees in the Statements of Operations, may vary based on, for example, the nature of services provided, but generally range up to 0.15% of the assets of the class serviced or maintained by the intermediary or up to $22 per sub-account maintained by the intermediary.
PLANS OF DISTRIBUTION AND SHAREHOLDER SERVICING FEE ARRANGEMENTS
The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act for each class of shares it offers that is subject to 12b-1 distribution fees. The plans allow each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. The fees charged to the Funds are limited to the actual expenses incurred. Under the Class A plan, each Fund offering Class A shares pays an annual fee not to exceed 0.25% of average daily net assets that are attributable to Class A shares. Under the Class C plan, each Fund offering Class C shares pays an annual fee not to exceed 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee).
DISTRIBUTION AGREEMENT
The Distributor is the Funds’ principal underwriter and, as such, acts as exclusive agent for distribution of the Funds’ shares. Under the terms of the Distribution Agreement between the Trust and the Distributor, the Distributor earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Distributor and the Adviser, also earned broker commissions on the sale of Class A shares of the Funds. Listed below are the total underwriting and broker commissions earned by the Distributor and its affiliate during the six months ended December 31, 2024: 
Fund Amount
Balanced Fund $ 23,822
Core Municipal Bond Fund 258
International Value Fund 808
Large Cap Focused Fund 15,859
Large Cap Fund 104
Large Company Growth Fund 581
Small Company Fund 15,678
Value Fund 2,129
51

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
In addition, the Distributor collected CDSC on the redemption of Class A shares and Class C shares of the Funds listed below during the six months ended December 31, 2024: 
Fund Class A Class C
Balanced Fund $ 19 $ 719
International Value Fund 3 —
Large Cap Focused Fund 31 366
Large Company Growth Fund — 48
Small Company Fund 23 60
Value Fund — 71
INTERFUND TRANSACTIONS
Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Trustees and/or common Officers. During the six months ended December 31, 2024, the Funds did not engage in any Rule 17a-7 transactions.
5. Liquidity
ReFlow Fund LLC — The Funds may participate in the ReFlow Fund LLC liquidity program (“ReFlow”), which is designed to provide an alternative liquidity source for funds experiencing redemptions. In order to pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a Fund. ReFlow then generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.
During the six months ended December 31, 2024, the following Funds utilized ReFlow. The shares ReFlow subscribed to and redemptions-in-kind were as follows:
Fund Shares ReFlow
Subscribed to 		Redemptions-in-kind
Large Cap Focused Fund 1,770,428 $ 129,285,443
Large Cap Fund 394,469 6,836,373
Large Company Growth Fund 110,043 4,951,474
Small Company Fund 4,419,934 8,218,152
Interfund Lending —Pursuant to an Exemptive Order issued by the SEC on March 28, 2017, the Funds, along with certain other funds in the Touchstone Fund Complex, may participate in an interfund lending program. The interfund lending program provides an alternate credit facility that allows the Funds to lend to or borrow from other participating funds in the Touchstone Fund Complex, subject to the conditions of the Exemptive Order. The Funds may not borrow under the facility for leverage purposes and the loans’ duration may be no more than 7 days.
During the six months ended December 31, 2024, the Funds did not utilize Interfund Lending.
6. Federal Tax Information
Federal Income Tax — It is each Fund’s policy to continue to comply with the special provisions of the Internal Revenue Code applicable to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its investment company taxable income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. It is each Fund’s policy to distribute all of its taxable and tax-exempt income and accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare and pay as dividends in each calendar year at least 98% of its investment company taxable income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ending October 31) plus undistributed amounts from prior years.
52

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
The tax character of distributions paid for the years ended June 30, 2024 and June 30, 2023 were as follows: 
  Balanced Fund Core Municipal Bond Fund International Value Fund
  Year Ended
June 30,
2024 		Year Ended
June 30,
2023 		Year Ended
June 30,
2024 		Year Ended
June 30,
2023 		Year Ended
June 30,
2024 		Year Ended
June 30,
2023
From ordinary income $12,011,292 $9,279,479 $56,917 $51,389 $1,681,923 $1,589,590
From tax-exempt income — — 1,426,370 1,273,902 — —
Total distributions $12,011,292 $9,279,479 $1,483,287 $1,325,291 $1,681,923 $1,589,590
  Large Cap Focused Fund Large Cap Fund Large Company Growth Fund
  Year Ended
June 30,
2024 		Year Ended
June 30,
2023 		Year Ended
June 30,
2024 		Year Ended
June 30,
2023 		Year Ended
June 30,
2024 		Year Ended
June 30,
2023
From ordinary income $20,228,585 $13,237,610 $3,999,402 $1,812,385 $— $—
From long-term capital gains 2,633,783 26,814,979 987,379 9,064,294 5,206,543 4,964,537
Total distributions $22,862,368 $40,052,589 $4,986,781 $10,876,679 $5,206,543 $4,964,537
  Small Company Fund Value Fund
  Year Ended
June 30,
2024 		Year Ended
June 30,
2023 		Year Ended
June 30,
2024 		Year Ended
June 30,
2023
From ordinary income $— $48,824 $7,919,186 $11,174,379
From long-term capital gains 1,430,467 19,728,744 4,210,139 26,524,891
Total distributions $1,430,467 $19,777,568 $12,129,325 $37,699,270
The following information is computed on a tax basis for each item as of June 30, 2024:
  Balanced
Fund 		Core
Municipal
Bond
Fund 		International
Value
Fund 		Large
Cap
Focused
Fund 		Large
Cap
Fund
Tax cost of portfolio investments $687,082,873 $49,509,668 $102,950,176 $1,795,966,737 $161,691,489
Gross unrealized appreciation on investments 257,860,308 459,696 6,280,536 1,629,960,748 122,030,776
Gross unrealized depreciation on investments (31,641,638) (1,212,870) (5,028,093) (66,489,442) (3,835,914)
Net unrealized appreciation (depreciation) on investments 226,218,670 (753,174) 1,252,443 1,563,471,306 118,194,862
Gross unrealized appreciation on foreign currency transactions 22 — — — —
Gross unrealized depreciation on foreign currency transactions and deferred foreign capital gains tax (50) — (10,838) — —
Net unrealized appreciation (depreciation) on foreign currency transactions and deferred foreign capital gains tax (28) — (10,838) — —
Capital loss carryforwards (5,851,503) (1,781,750) (63,995,140) — —
Undistributed ordinary income 261,507 — 677,951 10,381,765 1,403,313
Undistributed capital gains — — 5,497,943 13,863,796 2,110,009
Undistributed tax-exempt income — 1,635 — — —
Other temporary differences (463,204) (9,686) (776) — —
Accumulated earnings (deficit) $220,165,442 $(2,542,975) $(56,578,417) $1,587,716,867 $121,708,184
53

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
  Large
Company
Growth
Fund 		Small Company
Fund 		Value
Fund
Tax cost of portfolio investments $83,677,184 $825,791,358 $421,324,569
Gross unrealized appreciation on investments 72,048,109 269,893,771 142,120,644
Gross unrealized depreciation on investments (884,012) (24,223,622) (13,916,201)
Net unrealized appreciation (depreciation) on investments 71,164,097 245,670,149 128,204,443
Gross unrealized depreciation on foreign currency transactions — (96) —
Net unrealized appreciation (depreciation) on foreign currency transactions — (96) —
Undistributed ordinary income 427,248 4,658,400 —
Undistributed capital gains 2,188,802 25,720,292 21,954,317
Accumulated earnings (deficit) $73,780,147 $276,048,745 $150,158,760
The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, investments in passive foreign investment company (“PFIC”) adjustments, callable bonds and defaulted debt.
As of June 30, 2024, the Funds had the following capital loss carryforwards for federal income tax purposes:
Fund No Expiration
Short Term 		No Expiration
Long Term 		Total
Balanced Fund $ 5,851,503 $ — $ 5,851,503
Core Municipal Bond Fund 1,282,278 499,472 1,781,750
International Value Fund* 34,167,354 29,827,786 63,995,140
* Future utilization may be limited under current tax laws.
The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
During the year ended June 30, 2024, the following Funds utilized capital loss carryforwards:
Fund Utilized
Balanced Fund $ 661,301
International Value Fund 8,482,371
The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next six months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
As of December 31, 2024, the Funds had federal tax costs resulting in net unrealized appreciation (depreciation) as follows:
Fund Federal Tax
Cost 		Gross
Unrealized
Appreciation
on Investments 		Gross
Unrealized
Depreciation
on Investments 		Gross
Unrealized
Appreciation
on Other(A) 		Gross
Unrealized
Depreciation
on Other(A) 		Net
Unrealized
Appreciation
(Depreciation)
Balanced Fund $691,788,265 $280,424,017 $(28,474,168) $59,067 $(327,447) $251,681,469
Core Municipal Bond Fund 48,757,480 364,235 (1,088,034) — — (723,799)
International Value Fund 97,858,298 6,240,748 (8,782,725) 3 (22,479) (2,564,453)
Large Cap Focused Fund 1,697,375,988 1,800,819,904 (48,660,888) — — 1,752,159,016
Large Cap Fund 162,069,122 134,569,726 (2,345,320) — — 132,224,406
Large Company Growth Fund 83,919,908 74,320,886 (4,305,957) — — 70,014,929
Small Company Fund 883,198,034 330,266,070 (22,596,905) — (163) 307,669,002
Value Fund 450,018,783 135,744,047 (9,670,284) — — 126,073,763
(A) Other includes Derivatives and Foreign Currency Transactions.
54

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
7. Commitments and Contingencies
The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.
8. Principal Risks
Risks Associated with Foreign Investments – Certain Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Political and military events, may cause market disruptions. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.  
Risks Associated with Sector Concentration – Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments, positive or negative, in a particular sector of the market and may experience increased volatility in the Funds' NAVs and magnified effect on the total return.
Risks Associated with Credit – An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer’s securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.
Risks Associated with Cybersecurity – With the increased use of technologies, such as mobile devices and “cloud”-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to Cybersecurity risks that could result in losses to a Fund and its shareholders. Cybersecurity breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A Cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. Cybersecurity incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund’s investments to lose value. 
Risks Associated with Interest Rate Changes – In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. Recent and potential future changes in government policy may affect interest rates.
Risks Associated with Liquidity – Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices, or at all.
Risks Associated with Health Crises – A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect Fund performance. For example, the COVID-19 pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities, operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways
55

 

Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect a Fund's performance, resulting in losses to your investment.
Please see the Funds’ prospectus and statement of additional information for a complete discussion of these and other risks.
9. Subsequent Events
Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events that necessitated recognition or disclosure in the Funds’ financial statements.
56

 

Table of Contents
Other Items (Unaudited)
Proxy Voting Guidelines and Proxy Voting Records
The Sub-Advisers are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisers use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission’s (the “Commission”) website at sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission’s website at sec.gov.
Quarterly Portfolio Disclosure
Each Fund’s holdings as of the end of the third month of every fiscal quarter will be disclosed on Form N-PORT within 60 days of the end of the fiscal quarter. The complete listing of each Fund’s portfolio holdings is available on the Commission’s website and will be made available to shareholders upon request by calling 1.800.543.0407.
Advisory and Sub-Advisory Agreement Approval Disclosure
At a meeting held on November 21, 2024, the Board of Trustees (the “Board” or “Trustees”) of the Touchstone Strategic Trust (the “Trust”), and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement between the Trust and the Adviser with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Adviser and each Fund’s respective Sub-Adviser, except with respect to the Sub-Advisory Agreement for Touchstone International Value Fund (formerly, Touchstone International Equity Fund), which was approved at a meeting held on February 15, 2024.
In determining whether to approve the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreements, the Adviser furnished information necessary for a majority of the Independent Trustees to make the determination that the continuance of the Investment Advisory Agreement and each Sub-Advisory Agreement was in the best interests of the respective Funds and their shareholders. The information provided to the Board included: (1) industry data comparing advisory fees and total expense ratios of comparable funds; (2) comparative performance information; (3) the Adviser’s and its affiliates’ revenues and costs of providing services to the Funds; and (4) information about the Adviser’s and Sub-Advisers’ personnel. 
Prior to voting, the Independent Trustees reviewed the proposed continuance of the Investment Advisory Agreement and the Sub-Advisory Agreements with management and experienced independent legal counsel and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement. The Independent Trustees also reviewed the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement with independent legal counsel in private sessions at which no representatives of management were present.
In approving the Funds’ Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided to the Funds, including the personnel providing such services; (2) the Adviser’s compensation and profitability; (3) a comparison of fees and performance with comparable funds; (4) economies of scale; and (5) the terms of the Investment Advisory Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.
Nature, Extent and Quality of Adviser Services. The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Adviser, the Board took into account its familiarity with the Adviser’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Adviser’s compliance policies and procedures. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, was also considered. The Board also considered the Adviser’s relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest. 
The Board discussed the Adviser’s effectiveness in monitoring the performance of each Sub-Adviser, including the one that was an affiliate of the Adviser, and the Adviser’s timeliness in responding to performance issues. The Board considered the Adviser’s process for monitoring each of the Sub-Advisers, which includes an examination of both qualitative and quantitative elements of the Sub-Adviser’s organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Adviser conducts periodic due diligence of each Sub-Adviser, during which the Adviser examines a wide variety of factors, such as the financial condition of the Sub-Adviser, the quality of the Sub-Adviser’s systems, the effectiveness of the Sub-Adviser’s disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Adviser’s policies and procedures,
57

 

Table of Contents
Other Items (Unaudited) (Continued)
results of regulatory examinations and any other factors that might affect the quality of services that the Sub-Adviser provides to the applicable Fund. The Board noted that the Adviser’s monitoring processes also include quarterly reviews of compliance certifications, and that any issues arising from such reviews and the Adviser’s due diligence reviews of the Sub-Advisers are reported to the Board.
The Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Adviser under the Investment Advisory Agreement.
Adviser’s Compensation and Profitability. The Board took into consideration the financial condition and profitability of the Adviser and its affiliates (including the affiliated Sub-Adviser to certain of the Funds) and the direct and indirect benefits derived by the Adviser and its affiliates from the Adviser’s relationship with the Funds. The information considered by the Board included operating profit margin information for the Adviser’s business as a whole. The Board noted that the Adviser had waived a portion of advisory fees and administrative fees and/or reimbursed expenses in order to limit the Funds’ net operating expenses. The Board also noted that the Adviser pays the Sub-Advisers’ sub-advisory fees out of the advisory fees the Adviser receives from the Funds. The Board reviewed the profitability of the Adviser’s relationship with the Funds both before and after-tax expenses, and also considered whether the Adviser has the financial wherewithal to continue to provide services to the Funds, noting the ongoing commitment of the Adviser’s parent company with respect to providing support and resources as needed. The Board considered that certain affiliates of the Adviser and the Funds’ distributor receive Rule 12b-1 distribution fees and shareholder service fees that are paid from Fund assets. The Board also noted that the Adviser derives benefits to its reputation and other benefits from its association with the Funds.
The Board recognized that the Adviser should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the entrepreneurial risk that it assumes as Adviser. Based upon their review, the Trustees concluded that the Adviser’s and its affiliates’ level of profitability, if any, from their relationship with each Fund was reasonable and not excessive.
Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund’s respective peer group. The Board also considered, among other data, the Funds’ respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2024 and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds’ performance.
The Board also considered the effect of each Fund’s growth and size on its performance and expenses. The Board noted that the Adviser had waived a portion of the fees and/or reimbursed expenses of the Funds in order to reduce those Funds’ respective operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund were paid by the Adviser out of the advisory fees it receives from the Fund and considered the impact of such sub-advisory fees on the profitability of the Adviser. In reviewing the respective total expense ratios and performance of each of the Funds, the Board also took into account the nature, extent and quality of the services provided to the Funds by the Adviser and its affiliates.
The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:
Touchstone Balanced Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below and at the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-month period ended September 30, 2024 was in the 1st quintile, while the Fund’s performance for each of the twelve- and thirty-six-month periods ended September 30, 2024 was in the 2nd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.
Touchstone Core Municipal Bond Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each at the median of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for each of the six- and twelve-month periods ended September 30, 2024 was in the 2nd quintile of its peer group, while the Fund’s performance for the twelve-month period ended September 30, 2024 was in the 3rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.
Touchstone International Value Fund (formerly, Touchstone International Equity Fund). The Board considered certain changes to the Fund’s investment goal, principal investment strategies and sub-adviser that all became effective on April 30, 2024. The Board
58

 

Table of Contents
Other Items (Unaudited) (Continued)
noted that, while the Fund’s advisory fee had not changed at that time, the sub-advisory fee payable by the Adviser to the Fund’s current Sub-Adviser was lower that the sub-advisory paid to the prior sub-adviser and that the expense limitations for each share class of the Fund had been lowered. The Board also noted that the Adviser was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Board took into account the performance of the Fund, its benchmark and Morningstar category for each of the six-, twelve- and thirty-six-month periods ended September 30, 2024, noting that the Fund’s performance during those periods primarily reflected the management of the Fund by its prior sub-adviser using a different investment strategy than the one currently used by the Fund’s current Sub-Adviser to manage the Fund. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.
Touchstone Large Cap Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for each of the six-, twelve- and thirty-six-month periods ended September 30, 2024 was in the 5th quintile. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.
Touchstone Large Cap Focused Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-month period ended September 30, 2024 was in the 3rd quintile, while the Fund’s performance for each of the twelve- and thirty-six-month periods ended September 30, 2024 was in the 4th quintile of its peer group. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.
Touchstone Large Company Growth Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each below the median of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-month period ended September 30, 2024 was in the 4th quintile of its peer group, the Fund’s performance for the twelve-month period ended September 30, 2024 was in the 2nd quintile of its peer group, and the Fund’s performance for the thirty-six-month period ended September 30, 2024 was in the 3rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.
Touchstone Small Company Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were each below the median of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-month period ended September 30, 2024 was in the 1st quintile, while the Fund’s performance for each of the twelve- and thirty-six-month periods ended September 30, 2024 was in the 2nd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered. 
Touchstone Value Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Adviser was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for each of the six- and twelve-month periods ended September 30, 2024 was in the 2nd quintile, while the Fund’s performance for the thirty-six-month period ended September 30, 2024 was in the 1st quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Adviser and the other factors considered.
Economies of Scale. The Board considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board took into account management’s discussion of the Funds’ advisory fee structure. The Board considered the effective advisory fees under the Investment Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of each Fund increase. The Board noted that the advisory fee schedules for all but one of the Funds contain breakpoints that would reduce the respective advisory fee rate on assets above specified levels as the respective Fund’s assets increased and considered the appropriateness of adding breakpoints with respect to the one Fund that did
59

 

Table of Contents
Other Items (Unaudited) (Continued)
not currently have such breakpoints in its advisory fee schedule. The Board determined that adding breakpoints at specified levels to the advisory fee schedules of the one Fund that currently did not have such breakpoints was not appropriate at that time. The Board also noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses. The Board also considered the fact that, under the Investment Advisory Agreement, the advisory fee payable to the Adviser by a Fund was reduced by the total sub-advisory fee paid by the Adviser to the Fund’s Sub-Adviser. 
Conclusion. In considering the renewal of the Funds’ Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund. The Board reached the following conclusions regarding the Funds’ Investment Advisory Agreement with the Adviser, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Adviser maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Fund's advisory fee is reasonable in light of the services received by the Fund from the Adviser and the other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.
In approving the Funds’ respective Sub-Advisory Agreements, the Board considered various factors with respect to each Fund and the applicable Sub-Advisory Agreement, among them: (1) the nature, extent and quality of services provided to the Fund, including the personnel providing such services; (2) the Sub-Adviser’s compensation; (3) a comparison of the sub-advisory fee and performance with comparable funds; and (4) the terms of the Sub-Advisory Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process. 
Nature, Extent and Quality of Services Provided; Investment Personnel. The Board considered information provided by the Adviser regarding the services provided by each Sub-Adviser, including information presented periodically throughout the previous year. The Board noted the affiliation of the Sub-Adviser to certain of the Funds with the Adviser, noting any potential conflicts of interest. The Board noted that, on a periodic basis, the Board meets with portfolio managers of the Sub-Advisers to discuss their respective performance and investment processes and strategies. The Board also considered each Sub-Adviser’s level of knowledge and investment style. The Board reviewed the experience and credentials of the applicable investment personnel who are responsible for managing the investment of portfolio securities with respect to the Funds. The Board also noted each Sub-Adviser’s brokerage practices. 
Sub-Adviser’s Compensation, Profitability and Economies of Scale. The Board also took into consideration the financial condition of each Sub-Adviser and any indirect benefits derived by each Sub-Adviser and its affiliates from the Sub-Adviser’s relationship with the Funds. In considering the profitability to each Sub-Adviser of its relationship with the Funds, the Board noted the undertaking of the Adviser to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Adviser out of the advisory fees that it receives under the Investment Advisory Agreement and in addition, with respect to the unaffiliated Sub-Advisers, are negotiated at arm’s-length. As a consequence, the profitability to each Sub-Adviser of its relationship with a Fund was not a substantial factor in the Board's deliberations. For similar reasons, the Board did not consider the potential economies of scale in each Sub-Adviser’s management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for all the Funds contained breakpoints that would reduce the sub-advisory fee rate on assets above specified levels as the applicable Fund's assets increased.
Sub-Advisory Fees and Fund Performance. The Board considered that each Fund pays an advisory fee to the Adviser and that the Adviser pays the sub-advisory fee to the Sub-Adviser out of the advisory fee it receives from the respective Fund. The Board noted that the Touchstone Core Municipal Bond Fund’s Sub-Adviser had waived a portion of its sub-advisory fees in an effort to maintain the respective Fund’s expense limitations. The Board also compared the sub-advisory fees paid by the Adviser to fees charged by each Sub-Adviser to manage comparable institutional separate accounts, as applicable. The Board considered the amount retained by the Adviser and the sub-advisory fee paid to each Sub-Adviser with respect to the various services provided by the Adviser and the Sub-Adviser. The Board also noted that the Adviser negotiated the sub-advisory fee with each of the unaffiliated Sub-Advisers at arm’s-length. The Board reviewed the sub-advisory fee for each Fund in relation to various comparative data, including the median and average sub-advisory fees of each Fund’s peer group, and considered the following information:
Touchstone Balanced Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.
Touchstone Core Municipal Bond Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.
60

 

Table of Contents
Other Items (Unaudited) (Continued)
Touchstone Large Cap Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered. 
Touchstone Large Cap Focused Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.
Touchstone Large Company Growth Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered. 
Touchstone Small Company Fund. The Fund’s sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.
Touchstone Value Fund. The Fund’s sub-advisory fee was at the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered.
As noted above, the Board considered each Fund’s performance during the six-month, twelve-month and thirty-six-month periods ended September 30, 2024, as compared to each Fund’s peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board also noted the Adviser’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Adviser. The Board also was mindful of the Adviser’s ongoing monitoring of each Sub-Adviser’s performance and the measures undertaken by the Adviser to address any underperformance.
Conclusion. In considering the renewal of the Sub-Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board reached the following conclusions regarding each Sub-Advisory Agreement, among others: (a) the Sub-Adviser is qualified to manage each Fund's assets in accordance with the Fund's investment goals and policies; (b) the Sub-Adviser maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; (d) each Fund's sub-advisory fee is reasonable in light of the services received by the Fund from the Sub-Adviser and the other factors considered; and (e) the Sub-Adviser’s investment strategies are appropriate for pursuing the investment goals of each Fund. Based on its conclusions, the Board determined that approval of the Sub-Advisory Agreement with respect to each Fund was in the best interests of the Fund and its shareholders. 
61

 

Table of Contents
This page intentionally left blank.

 

Table of Contents
PRIVACY PROTECTION POLICY
We Respect Your Privacy
Thank you for your decision to invest with us. Touchstone and its affiliates have always placed a high value on the trust and confidence our clients place in us. We believe that confidence must be earned and validated through time. In today’s world, when technology allows the sharing of information at light speeds, trust must be reinforced by our sincere pledge to take the steps necessary to ensure that the information you share with us is treated with respect and confidentiality.
Our Pledge to Our Clients
•  We collect only the information we need to service your account and administer our business.
•  We are committed to keeping your information confidential and we place strict limits and controls on the use and sharing of your information.
•  We make every effort to ensure the accuracy of your information.
We Collect the Following Nonpublic Personal Information About You:
•  Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and
•  Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information, and other financial information.
Categories of Information We Disclose and Parties to Whom We Disclose
We do not disclose any nonpublic personal information about our current or former clients to nonaffiliated third parties, except as required or permitted by law.
We Place Strict Limits and Controls on the Use and Sharing of Your Information
•  We restrict access to nonpublic personal information about you to authorized employees who need the information to administer your business.
•  We maintain physical, electronic and procedural safeguards that comply with federal standards to protect this information.
•  We do not disclose any nonpublic personal information about our current or former clients to anyone, except as required or permitted by law or as described in this document.
•  We will not sell your personal information to anyone.
We May Provide Information to Service Your Account
Sometimes it is necessary to provide information about you to various companies such as transfer agents, custodians and broker-dealers to facilitate the servicing of your account. These organizations have a legitimate business need to see some of your personal information in order for us to provide service to you. We may disclose to these various companies the information that we collect as described above. We require that these companies, including our own subsidiaries and affiliates, strictly maintain the confidentiality of this information and abide by all applicable laws. We do not permit these companies to sell the information for their own purposes, and we never sell our customer information.
This policy is applicable to the following affiliated companies: Touchstone Funds Group Trust, Touchstone Strategic Trust, Touchstone Variable Series Trust and Touchstone ETF Trust.
The Privacy Protection Policy is not part of the Semi-Annual Report.
63

 

Table of Contents
Touchstone Investments
Distributor
Touchstone Securities, Inc.*
303 Broadway
Cincinnati, Ohio 45202-4203
800.638.8194
www.touchstoneinvestments.com
Investment Adviser
Touchstone Advisors, Inc.*
303 Broadway
Cincinnati, Ohio 45202-4203
Transfer Agent 
BNY Mellon Investment Servicing (US) Inc.
P.O. Box 534467
Pittsburgh, PA 15253-4467
Shareholder Service
800.543.0407
* A Member of Western & Southern Financial Group
TSF-TST-SR-NCSR-2412

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

The information is included as part of the material filed under Item 7 of this Form.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

The information is included as part of the material filed under Item 7 of this form.

 

 

 

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

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

 

Item 16. Controls and Procedures.

 

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

 

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

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not Applicable.

 

Item 19. Exhibits.

 

(a)(1) Not applicable.

 

(a)(2) Not applicable.

 

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(4) Not Applicable

 

(a)(5) Not Applicable

 

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

 

SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Touchstone Strategic Trust

 

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

 

Date 2/28/2025    

 

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

 

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

 

Date 2/28/2025    

 

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

 

Date 2/28/2025    

 

 

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CERT

EXHIBIT 99.906CERT

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: Financial_Report.xlsx

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: tm256955d3_ncsrs_htm.xml