Touchstone Mid Cap Growth Fund Class C (TOECX) N-CSRS Certified semi-annual shareholder report (management investment company)

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 - March Funds

(Exact name of registrant as specified in charter)

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

(Address of principal executive offices) (Zip code)

Jill T. McGruder

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

(Name and address of agent for service)

Registrant's telephone number, including area code:  800-638-8194

Date of fiscal year end:March 31

Date of reporting period:September 30, 2019

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

September 30, 2019

(Unaudited)

Semi-Annual Report

Touchstone Strategic Trust

Touchstone Flexible Income Fund

Touchstone Focused Fund

Touchstone Global ESG Equity Fund (formerly known as Touchstone Sustainability and Impact Equity Fund)

Touchstone Growth Opportunities Fund

Touchstone Mid Cap Growth Fund

Touchstone Sands Capital Emerging Markets Growth Fund

IMPORTANT NOTE: Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Touchstone Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from Touchstone Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, annual and semi-annual shareholder reports will be available on the Touchstone Funds’ website (TouchstoneInvestments.com/Resources), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through Touchstone Funds, visit TouchstoneInvestments.com/Resources/Edelivery or call Touchstone Funds toll-free at 1.800.543.0407. Your election to receive shareholder reports in paper will apply to all Touchstone Funds that you hold through the financial intermediary, or directly with Touchstone.

 

Table of Contents

	Page
Tabular Presentation of Portfolios of Investments	3 - 4
Portfolios of Investments:
Touchstone Flexible Income Fund	5
Touchstone Focused Fund	9
Touchstone Global ESG Equity Fund (formerly known as Touchstone Sustainability and ImpactEquity Fund)	10
Touchstone Growth Opportunities Fund	13
Touchstone Mid Cap Growth Fund	15
Touchstone Sands Capital Emerging Markets Growth Fund	17
Statements of Assets and Liabilities	20 - 23
Statements of Operations	24 - 25
Statements of Changes in Net Assets	26 - 27
Statements of Changes in Net Assets - Capital Stock Activity	28 - 30
Financial Highlights	31 - 44
Notes to Financial Statements	45 - 60
Other Items	61
Privacy Protection Policy	67

This report identifies the Funds’ investments on September 30, 2019. 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 

Tabular Presentation of Portfolios of Investments (Unaudited)

September 30, 2019

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

Touchstone Flexible Income Fund
Credit Quality*	(% of Fixed Income Securities)
AAA/Aaa	62.8	%
AA/Aa	2.2
A/A	3.0
BBB/Baa	16.1
BB/Ba	5.7
B/B	8.1
Not Rated	2.1
	100.0	%

Credit Quality*	(% of Preferred Stocks)
AAA/Aaa		1.9
BBB/Baa		36.9
BB/Ba		51.8
B/B		4.9
Not Rated		4.5
		100.0	%

Sector Allocation**	(% of Net Assets)
Fixed Income Securities		72.3
Preferred Stocks
Financials		10.2
Energy		2.0
Utilities		1.3
Real Estate		0.8
Common Stocks
Consumer Discretionary		0.4
Exchange-Traded Fund		1.6
Investment Funds		7.3
Short-Term Investment Funds		9.1
Other Assets/Liabilities (Net)		(5.0	)
Total		100.0	%

Touchstone Focused Fund
Sector Allocation**	(% of Net Assets)
Information Technology	20.5	%
Communication Services	20.4
Financials	17.1
Health Care	12.1
Consumer Discretionary	10.7
Industrials	7.0
Real Estate	5.1
Energy	3.4
Consumer Staples	2.9
Short-Term Investment Fund	1.1
Other Assets/Liabilities (Net)	(0.3	)
Total	100.0	%

Touchstone Global ESG Equity Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
United States	49.9	%
France	9.0
Japan	8.8
Germany	6.0
United Kingdom	5.0
Switzerland	3.7
Netherlands	3.6
China	2.9
Ireland	2.1
Sweden	1.5
South Korea	1.3
Hong Kong	1.2
Canada	1.1
India	0.9
Indonesia	0.9
Mexico	0.8
Australia	0.7
Short-Term Investment Funds	3.8
Other Assets/Liabilities (Net)	(3.2	)
Total	100.0	%

^* Credit quality ratings are from Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.

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

3 

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

Touchstone Growth Opportunities Fund
Sector Allocation*	(% of Net Assets)
Information Technology		33.2	%
Communication Services		15.7
Health Care		14.7
Industrials		11.8
Consumer Discretionary		11.6
Financials		5.0
Energy		3.5
Real Estate		2.1
Consumer Staples		1.8
Materials		1.3
Short-Term Investment Fund		1.3
Other Assets/Liabilities (Net)		(2.0	)
Total		100.0	%

Touchstone Mid Cap Growth Fund
Sector Allocation*	(% of Net Assets)
Information Technology	32.1	%
Industrials	20.0
Health Care	15.3
Consumer Discretionary	11.9
Communication Services	4.8
Financials	4.3
Energy	3.6
Real Estate	3.1
Materials	1.6
Short-Term Investment Fund	3.3
Other Assets/Liabilities (Net)	0.0
Total	100.0	%

Touchstone Sands Capital Emerging Markets Growth Fund
Credit Quality**	(% of Fixed Income Securities)
AAA/Aaa	100.0	%

Geographic Allocation	(% of Net Assets)
Common Stocks
China		30.1	%
India		26.6
Russia		5.6
Argentina		4.5
Singapore		3.9
Taiwan		3.5
Hong Kong		3.0
Thailand		2.8
Indonesia		2.7
Cambodia		2.7
South Africa		2.4
Brazil		2.1
Belize		1.9
Mexico		1.8
Philippines		1.3
Netherlands		1.2
Vietnam		0.9
Corporate Bond		0.0
Short-Term Investment Fund		3.6
Other Assets/Liabilities (Net)		(0.6	)
Total		100.0	%

*	Sector classifications are based upon the Global Industry Classification Standard (GICS®).
**	Credit quality ratings are from Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.

4 

Portfolio of Investments

Touchstone Flexible Income Fund –September 30, 2019 (Unaudited)

Principal			Market
Amount			Value
		Corporate Bonds — 28.0%
		Financials — 18.2%
$	7,677,000	Bank of America Corp., Ser JJ,5.125%(A)	$	7,936,099
	22,757,000	Citigroup, Inc., Ser O, 5.875%(A)		22,956,124
	5,776,000	Citigroup, Inc., Ser Q, 5.950%(A)		5,897,758
	7,846,000	Citizens Financial Group, Inc., Ser A,5.500%(A)		7,904,845
	25,531,000	Goldman Sachs Group, Inc. (The), SerM, 5.375%(A)		25,828,947
	1,187,000	Goldman Sachs Group, Inc.(The), SerQ, 5.500%(A)		1,246,350
	6,383,000	JPMorgan Chase & Co., Ser I, (3MLIBOR +3.470%), 5.736%(A)(B)		6,412,917
	3,639,000	Lincoln National Corp., (3M LIBOR+2.358%), 4.481%, 5/17/66(B)		2,948,718
	8,445,000	MetLife, Inc., Ser C, 5.250%(A)		8,540,006
	18,452,000	Morgan Stanley, Ser J, 5.550%(A)		18,707,560
	5,863,000	Neuberger Berman Group LLC /Neuberger Berman Finance Corp., 144a, 4.875%, 4/15/45		6,131,118
	12,628,000	Wells Fargo & Co., Ser K, (3M LIBOR+3.770%), 5.889%(A)(B)		12,785,850
				127,296,292
		Consumer Discretionary — 5.1%
	9,947,000	Ford Motor Credit Co. LLC, 5.085%, 1/7/21		10,200,707
	14,380,000	General Motors Co., (3M LIBOR+0.900%), 3.034%, 9/10/21(B)		14,366,633
	5,333,000	Marriott Ownership Resorts, Inc., 144a, 4.750%, 1/15/28		5,386,330
	21,000	Newell Brands, Inc., 3.150%, 4/1/21		20,996
	2,626,000	PulteGroup, Inc., 6.000%, 2/15/35		2,796,690
	2,988,000	Wyndham Destinations, Inc., 5.750%, 4/1/27		3,227,040
				35,998,396
		Energy — 2.1%
	8,298,000	MPLX LP, Ser B, 6.875%(A)		8,288,042
	12,362,000	Occidental Petroleum Corp., 4.264%, 10/10/36#		6,105,344
				14,393,386
		Communication Services — 1.9%
	5,057,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 144a, 5.375%, 8/15/26		5,246,638
	7,790,000	Uber Technologies, Inc., 144a, 7.500%, 11/1/23		7,848,425
				13,095,063
		Utilities — 0.7%
	4,793,000	Duke Energy Corp., 4.875%(A)		4,912,825
		Total Corporate Bonds	$	195,695,962
		U.S. Treasury Obligations — 23.6%
	55,947,000	U.S. Treasury Note, 1.375%, 12/15/19		55,887,993
	56,623,000	U.S. Treasury Note, 3.375%, 11/15/19		56,712,709
	52,133,000	U.S. Treasury Note, 3.625%, 2/15/20		52,454,759
		Total U.S. Treasury Obligations	$	165,055,461

Shares
	Preferred Stocks — 14.3%
	Financials — 10.2%
162,695	AllianzGI Convertible &, Income Fund,Ser A, 5.625%(A)		4,275,625
111,404	Allstate Corp.(The), Ser E, 6.625%(A)		2,780,644
386,815	Annaly Capital Management, Inc., Ser I, 6.750%(A)		9,991,432
113,179	Apollo Global Management, Inc., Ser A, 6.375%(A)		3,023,011
465,125	Ares Management Corp., Ser A, 7.000%(A)		12,567,677
10,473	Bank of America Corp., Ser CC, 6.200%(A)		271,010
10,863	Bank of America Corp., Ser EE, 6.000%(A)		281,134
15,311	Bank of America Corp., Ser Y, 6.500%(A)		385,761
244,419	GMAC Capital Trust I, Ser 2, (3M LIBOR+5.785%), 7.943%, 2/15/40(B)		6,406,222
286,439	Hartford Financial Services Group, Inc.(The), 7.875%, 4/15/42		8,352,561
242,742	National Rural Utilities Cooperative Finance Corp., Ser US, 5.500%, 5/15/64		6,658,413
51,663	Oaktree Capital Group LLC, Ser A, 6.625%(A)		1,385,602
326,198	Oaktree Capital Group LLC, Ser B, 6.550%(A)		8,709,487
19,448	PartnerRe Ltd., Ser H, 7.250%(A)		527,235
107,154	Stifel Financial Corp., 5.200%, 10/15/47		2,810,649
97,186	Valley National Bancorp, Ser B, 5.500%(A)		2,510,314
			70,936,777
	Energy — 2.0%
554,650	Energy Transfer Operating LP, Ser E, 7.600%(A)		14,054,831
	Utilities — 1.3%
182,579	Duke Energy Corp., Ser A, 5.750%(A)		5,044,658
81,449	Entergy Arkansas LLC, 4.900%, 12/1/52		2,239,847
21,621	Entergy Arkansas LLC, 4.750%, 6/1/63		551,119
48,106	Entergy Louisiana LLC, 4.875%, 9/1/66		1,272,885
10,291	Entergy Louisiana LLC, 4.700%, 6/1/63		263,244
964	Entergy Mississippi LLC, 4.900%,10/1/66		26,365
			9,398,118
	Real Estate — 0.8%
226,866	Kimco Realty Corp., Ser M, 5.250%(A)		5,864,486
	Total Preferred Stocks	$	100,254,212

5 

Touchstone Flexible Income Fund(Unaudited) (Continued)

Principal				Market
Amount				Value
		Asset-Backed Securities — 13.0%
$	133,518	American Credit Acceptance Receivables Trust, Ser 2018-3, ClassA, 144a, 2.920%, 8/12/21	$	133,561
	3,855,822	American Homes 4 Rent Trust, Ser2014-SFR2, Class A, 144a,3.786%, 10/17/36		4,056,987
	2,895,000	AMMC CLO XII Ltd., Ser 2013-12A, Class X, (Cayman Islands), 144a, (3MLIBOR +0.650%), 2.831%, 11/10/30(B)		2,894,962
	7,998,494	Barings BDC Static CLO Ltd., Ser 2019-1A, Class A1, (CaymanIslands), 144a, (3M LIBOR +1.020%), 3.323%, 4/15/27(B)		8,000,558
	257,754	Conseco Finance Corp., Ser 1998-4, Class A7, 6.870%, 4/1/30(B)(C)		268,022
	21,963	CPS Auto Receivables Trust, Ser 2017-C, Class B, 144a,2.300%, 7/15/21		21,963
	3,664,371	CPS Auto Receivables Trust, Ser2019-B, Class A, 144a, 2.890%, 5/16/22		3,674,669
	6,843,562	CPS Auto Receivables Trust, Ser2019-C, Class A, 144a,2.550%, 9/15/22		6,850,868
	465,762	Drive Auto Receivables Trust, Ser 2017-2, Class C, 2.750%, 9/15/23		466,156
	1,340,136	Drive Auto Receivables Trust, Ser 2017-3, Class C, 2.800%, 7/15/22		1,341,277
	48,356	DT Auto Owner Trust, Ser 2017-2A,Class C, 144a, 3.030%, 1/17/23		48,381
	98,117	DT Auto Owner Trust, Ser 2019-1A, Class A, 144a, 3.080%, 9/15/22		98,475
	2,664,342	DT Auto Owner Trust, Ser 2019-2A,Class A, 144a, 2.850%, 9/15/22		2,673,698
	1,714,958	DT Auto Owner Trust, Ser 2019-3I,Class A, 2.550%, 8/15/22		1,716,547
	30,447	Flagship Credit Auto Trust, Ser 2016-3, Class B, 144a, 2.430%, 6/15/21		30,447
	3,138,333	Galaxy XX CLO Ltd., Ser 2015-20A,Class X, (Cayman Islands), 144a, (3MLIBOR +0.600%), 2.878%, 4/20/31(B)		3,137,797
	4,540,374	GLS Auto Receivables Issuer Trust, Ser2019-2A, Class A, 144a, 3.060%, 4/17/23		4,568,067
	1,042,207	JFIN CLO 2014 Ltd., Ser 2014-1A, Class AR, (Cayman Islands), 144a, (3MLIBOR +0.950%), 3.228%, 4/21/25(B)		1,042,274
	1,000,000	LCM Ltd., Ser 2019-30, (CaymanIslands), 144a, (3M LIBOR +0.750%),3.321%, 4/20/31(B)		999,971
	3,750,000	Marathon CLO VI Ltd., Ser 2014-6A,Class X, (Cayman Islands), 144a, (3M LIBOR +0.700%), 2.876%, 5/13/28(B)		3,749,711
	466,351	Mid-State Capital Corp. Trust, Ser2005-1, Class M2, 7.079%, 1/15/40		524,425
	6,000,000	NRZ Advance Receivables Trust, Ser 2019-T1, Class AT1, 144a,2.590%, 7/15/52		6,027,560
	4,000,000	NRZ Advance Receivables Trust, Ser 2019-T1, Class DT1, 144a,3.330%, 7/15/52		4,018,016
	1,126,508	OHA Credit Partners IX Ltd., Ser 2013-9A, Class A1R, (CaymanIslands), 144a, (3M LIBOR +1.010%), 3.288%, 10/20/25(B)		1,126,719
	3,000,000	OZLM VI Ltd., Ser 2014-6A, Class XS,(Cayman Islands), 144a, (3M LIBOR +0.700%), 3.003%, 4/17/31(B)		2,999,973
	1,968,886	Pretium Mortgage Credit Partners LLC,Ser 2019-CFL1, Class A1, 144a, 3.721%, 1/25/59(B)(C)		1,964,707
	2,212,302	Santander Drive Auto ReceivablesTrust, Ser 2016-1, Class C, 3.090%, 4/15/22		2,214,435
	2,698,983	Santander Drive Auto Receivables Trust, Ser 2018-1, Class B,2.630%, 7/15/22		2,701,115
	3,272,727	Sound Point CLO VI-R Ltd., Ser2014-2RA, Class X, (Cayman Islands), 144a, (3M LIBOR +0.700%),2.978%, 10/20/31(B)		3,272,691
	5,900,000	Towd Point Mortgage Trust, Ser 2016-1, Class M1, 144a,3.500%, 2/25/55(B)(C)		6,027,308
	6,500,319	Towd Point Mortgage Trust, Ser2017-6, Class A1, 144a, 2.750%, 10/25/57(B)(C)		6,562,295
	3,125,000	Tryon Park CLO Ltd., Ser 2013-1A, ClassXR, (Cayman Islands), 144a, (3M LIBOR +0.550%), 2.853%, 4/15/29(B)		3,124,975
	4,671,313	United Auto Credit SecuritizationTrust, Ser 2019-1, Class A, 144a,2.820%, 7/12/21		4,673,091
		Total Asset-Backed Securities	$	91,011,701

Shares
		Investment Funds — 7.3%
	615,289	BlackRock Corporate High YieldFund, Inc.±	6,614,357
	23,772	BlackRock Credit Allocation Income Trust±†	323,775
	124,873	BlackRock Debt Strategies Fund, Inc.±	1,342,385
	32,398	BlackRock Ltd. Duration Income Trust±	506,381
	130,960	BlackRock Municipal IncomeTrust±	1,849,155
	461,960	BlackRock MuniVest Fund, Inc.±	4,250,032
	26,551	First Trust High Income Long/ShortFund±	402,513
	348,935	Invesco Municipal Opportunity Trust±†	4,365,177
	106,672	Invesco Municipal Trust±	1,345,134

6 

Touchstone Flexible Income Fund (Unaudited) (Continued)

			Market
Shares			Value
		Investment Funds — 7.3% (Continued)
	1,812,424	Invesco Senior Income Trust±	$	7,612,181
	1,638,213	Nuveen Credit Strategies IncomeFund±†		12,253,833
	121,443	Nuveen Quality Municipal IncomeFund±†		1,743,921
	196,117	Wells Fargo Income Opportunities Fund±		1,616,004
	87,120	Western Asset High Income Fund II, Inc.±		590,673
	33,042	Western Asset High Yield Defined Opportunity Fund, Inc.±		500,917
	1,119,455	Western Asset High, Income
		Opportunity Fund Inc.±		5,653,248
		Total Investment Funds	$	50,969,686

	Principal
	Amount
		Non-Agency Collateralized Mortgage Obligations — 4.6%
$	834,223	American Home MortgageInvestment Trust, Ser 2004-4, Class4A, (6M LIBOR +2.000%),4.031%, 2/25/45(B)		838,298
	4,245,729	Bear Stearns ALT-A Trust, Ser 2004-12,Class 1M1, (1M LIBOR +0.930%), 2.948%, 1/25/35(B)		4,242,563
	83,883	Bear Stearns Asset Backed Securities Trust, Ser 2003-AC7, Class A2,5.750%, 1/25/34(B)(C)		85,411
	5,391,724	Citigroup Mortgage Loan Trust, Inc.,Ser 2018-RP1, Class A1, 144a, 3.000%, 9/25/64(B)(C)		5,434,150
	739,480	GSR Mortgage Loan Trust, Ser2005-AR4, Class 6A1, 4.643%, 7/25/35(B)(C)		755,837
	6,128	Merrill Lynch Mortgage Investors Trust, Ser 2003-A1, Class 2A, (12M LIBOR +1.625%),3.586%, 12/25/32(B)		6,286
	4,421,822	Metlife Securitization Trust, Ser2017-1A, Class A, 144a, 3.000%, 4/25/55(B)(C)		4,470,443
	234,288	Morgan Stanley Mortgage Loan Trust, Ser 2004-7AR, Class 2A6,4.414%, 9/25/34(B)(C)		241,457
	3,452,695	Morgan Stanley Mortgage Loan Trust, Ser 2005-5AR, Class 1M1, (1M LIBOR+0.750%), 2.768%, 9/25/35(B)		3,454,323
	2,903,217	New Residential Mortgage Loan Trust, Ser 2017-2A, Class A3, 144a, 4.000%, 3/25/57(B)(C)		3,023,722
	4,549,790	New Residential Mortgage Trust, Ser2018-1A, Class A1A, 144a,4.000%, 12/25/57(B)(C)		4,719,026
	12,042	RALI Trust, Ser 2004-QS6, Class A1, 5.000%, 5/25/19		11,647
	4,707,722	Sequoia Mortgage Trust, Ser 2013-9, Class B1, 144a, 3.500%, 7/25/43		4,821,872
	83,534	Wells Fargo Mortgage Backed Securities Trust, Ser 2004-X, Class1A5, 4.759%, 11/25/34(B)(C)		86,373
		Total Non-Agency Collateralized Mortgage Obligations	$	32,191,408
		Agency Collateralized Mortgage Obligations — 2.0%
	7,297,778	GNMA, Ser 2012-147, Class IO, 0.561%, 4/16/54(B)(C)(D)		246,159
	32,927,805	GNMA, Ser 2016-110, Class IO, 1.032%, 5/16/58(B)(C)(D)		2,448,535
	37,406,619	GNMA, Ser 2016-158, Class IO,0.908%, 6/16/58(B)(C)(D)		2,675,306
	44,814,472	GNMA, Ser 2016-52, Class IO,0.918%, 3/16/58(B)(C)(D)		3,015,346
	42,017,328	GNMA, Ser 2017-76, Class IO, 0.953%, 12/16/56(B)(C)(D)		2,980,982
	48,020,968	GNMA, Ser 2017-94, Class IO, 0.661%, 2/16/59(B)(C)(D)		2,790,590
		Total Agency Collateralized Mortgage Obligations	$	14,156,918

Shares
	Exchange-Traded Fund — 1.6%
292,790	iShares US Preferred Stock ETF	$	10,988,409

	Principal
	Amount
		Commercial Mortgage-Backed Security — 1.1%
$	7,442,461	Velocity Commercial Capital Loan Trust, Ser 2019-2, Class A, 144a, 3.130%, 7/25/49(B)(C)	$	7,496,601

Shares
	Common Stocks — 0.4%
	Consumer Discretionary — 0.4%
100,286	Peloton Interactive, Inc.*		2,517,179
	Short-Term Investment Funds — 9.1%
63,647,253	Dreyfus Government Cash Management, Institutional Shares, 1.85%∞Ω		63,647,253
71,010	Invesco Government & Agency Portfolio, Institutional Class,1.83%**∞Ω		71,010
	Total Short-Term Investment Funds	$	63,718,263

7 

Touchstone Flexible Income Fund (Unaudited) (Continued)

	Market
	Value
Total Investment Securities — 105.0%
(Cost $722,676,606)	$	734,055,800
Liabilities in Excess of Other Assets — (5.0%)		(35,173,120	)
Net Assets — 100.0%	$	698,882,680

^(A) Perpetual Bond - A bond with no definite maturity date.

^(B) Variable rate security - Rate reflected is the rate in effect as of September 30, 2019.

^(C) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

^(D) Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

^# Zero coupon bond - Rate shown reflects effective yield to maturity at time of purchase.

^* Non-income producing security.

^** Represents collateral for securities loaned.

^± Closed-End Fund.

^† All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $69,624.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of September 30, 2019.

Portfolio Abbreviations:

CLO - Collateralized Loan Obligation

ETF - Exchange-Traded Fund

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

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 September 30, 2019, these securities were valued at $136,358,049 or 19.5% 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
Corporate Bonds	$	—	$	195,695,962	$	—	$	195,695,962
U.S. Treasury Obligations		—		165,055,461		—		165,055,461
Preferred Stocks		100,254,212		—		—		100,254,212
Asset-Backed Securities		—		91,011,701		—		91,011,701
Investment Funds		50,969,686		—		—		50,969,686
Non-Agency Collateralized Mortgage Obligations		—		32,191,408		—		32,191,408
Agency Collateralized Mortgage Obligations		—		14,156,918		—		14,156,918
Exchange-Traded Fund		10,988,409		—		—		10,988,409
Common Stocks		2,517,179		—		—		2,517,179
Commercial Mortgage-Backed Security		—		7,496,601		—		7,496,601
Short-Term Investment Funds		63,718,263		—		—		63,718,263
Total	$	228,447,749	$	505,608,051	$	—	$	734,055,800

See accompanying Notes to Financial Statements.

8 

Portfolio of Investments

Touchstone Focused Fund – September 30, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 99.2%
Information Technology — 20.5%
Apple, Inc.		191,553	$	42,902,125
Avnet, Inc.		406,593		18,087,290
International Business Machines Corp.		115,125		16,741,477
Microsoft Corp.		410,791		57,112,273
Oracle Corp.		432,705		23,811,756
salesforce.com, Inc.*		199,829		29,662,617
				188,317,538
Communication Services — 20.4%
Alphabet, Inc. - Class A*		14,184		17,320,650
Alphabet, Inc. - Class C*		34,961		42,617,459
AT&T, Inc.		478,081		18,090,585
Baidu, Inc. (China) ADR*		36,695		3,770,778
Comcast Corp. - Class A		658,008		29,663,001
Facebook, Inc. - Class A*		232,753		41,448,654
Fox Corp. - Class A		289,405		9,126,387
Netflix, Inc.*		35,149		9,406,575
Walt Disney Co. (The)		127,711		16,643,298
				188,087,387
Financials — 17.1%
Bank of America Corp.		987,717		28,811,705
Berkshire Hathaway, Inc. - Class B*		417,273		86,801,129
Goldman Sachs Group, Inc. (The)		116,068		24,052,772
Signature Bank/NewYork NY		146,881		17,511,153
				157,176,759
Health Care — 12.1%
AmerisourceBergen Corp.		150,829		12,417,752
Biogen, Inc.*		55,500		12,921,510
Bio-Rad Laboratories, Inc. - Class A*		39,558		13,162,529
Bristol-Myers Squibb Co.		405,252		20,550,329
Johnson & Johnson		191,981		24,838,502
Novartis AG (Switzerland) ADR		144,128		12,524,723
UnitedHealth Group, Inc.		70,484		15,317,583
				111,732,928
Consumer Discretionary — 10.7%
Alibaba Group Holding Ltd. (China) ADR*		60,601		10,134,305
Amazon.com, Inc.*		29,469		51,155,532
Booking Holdings, Inc.*		4,780		9,381,276
Carnival Corp.		230,401		10,070,828
JD.com, Inc. (China) ADR*		221,263		6,241,829
Yum China Holdings, Inc. (China)		245,668		11,160,697
				98,144,467
Industrials — 7.0%
Deere & Co.		90,865		15,327,108
FedEx Corp.		52,884		7,698,324
General Electric Co.		443,698		3,966,660
Union Pacific Corp.		93,849		15,201,661
United Technologies Corp.		163,548		22,327,573
				64,521,326
Real Estate — 5.1%
Jones Lang LaSalle, Inc.		181,925		25,298,490
Simon Property Group, Inc. REIT		138,819		21,607,177
				46,905,667
Energy — 3.4%
Exxon Mobil Corp.		225,353		15,912,175
Halliburton Co.		293,206		5,526,933
Schlumberger Ltd.		275,554		9,415,680
				30,854,788
Consumer Staples — 2.9%
Monster Beverage Corp.*		216,813		12,588,163
Unilever NV (United Kingdom)		234,527		14,078,656
				26,666,819
Total Common Stocks			$	912,407,679
Short-Term Investment Fund — 1.1%
Dreyfus Government Cash Management, Institutional Shares, 1.85%∞Ω		10,471,945	$	10,471,945
Total Investment Securities —100.3%
(Cost $654,642,132)			$	922,879,624
Liabilities in Excess of Other Assets — (0.3%)				(2,620,894	)
Net Assets — 100.0%			$	920,258,730

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of September 30, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

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	$	912,407,679	$	—	$	—	$	912,407,679
Short-Term Investment Fund		10,471,945		—		—		10,471,945
Total	$	922,879,624	$	—	$	—	$	922,879,624

See accompanying Notes to Financial Statements.

9 

Portfolio of Investments

Touchstone Global ESG Equity Fund – September 30, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 99.4%
United States — 49.9%
Communication Services — 11.1%
Alphabet, Inc. - Class A*		25,093	$	30,642,066
Comcast Corp. - Class A		462,570		20,852,656
Facebook, Inc. - Class A*		154,745		27,556,990
Consumer Discretionary — 6.7%
Amazon.com, Inc.*		11,928		20,705,934
Foot Locker, Inc.		157,155		6,782,810
Royal Caribbean Cruises Ltd.		183,616		19,891,121
Consumer Staples — 1.1%
Lamb Weston Holdings, Inc.		106,211		7,723,664
Energy — 1.5%
ConocoPhillips		96,844		5,518,171
EOG Resources, Inc.		68,493		5,083,550
Financials — 8.6%
Comerica, Inc.		150,972		9,962,642
Fifth Third Bancorp		444,463		12,169,397
First Horizon National Corp.		486,009		7,873,346
Progressive Corp. (The)		186,157		14,380,628
Reinsurance Group of America, Inc.		105,646		16,890,683
Health Care — 8.4%
Alnylam Pharmaceuticals, Inc.*		66,371		5,337,556
Becton Dickinson & Co.		37,768		9,553,793
Cerner Corp.		135,137		9,212,289
Covetrus, Inc.*†		164,635		1,957,510
CVS Health Corp.		205,165		12,939,757
DexCom, Inc.*		26,764		3,994,259
Illumina, Inc.*		21,930		6,671,545
Neurocrine Biosciences, Inc.*		41,219		3,714,244
Regeneron Pharmaceuticals, Inc.*		23,264		6,453,434
Industrials — 6.9%
Deere & Co.		68,095		11,486,265
Hexcel Corp.		102,580		8,424,895
Southwest Airlines Co.		379,039		20,471,896
United Airlines Holdings, Inc.*		97,954		8,660,113
Information Technology — 5.6%
Micron Technology, Inc.*		201,890		8,650,987
Microsoft Corp.		146,099		20,312,144
Visa, Inc. - Class A		61,456		10,571,047
Total United States				354,445,392
France — 9.0%
Energy — 3.0%
TOTAL SA†		408,190		21,253,120
Industrials — 5.0%
Cie de Saint-Gobain		382,654		14,997,251
Schneider Electric SE		231,942		20,281,494
Utilities — 1.0%
Rubis SCA		127,430		7,401,395
Total France				63,933,260
Japan — 8.8%
Communication Services — 2.4%
KDDI Corp.		658,300		17,176,854
Consumer Discretionary — 2.3%
Sony Corp.		270,800		16,006,491
Industrials — 2.5%
Amada Holdings Co. Ltd.		591,100		6,405,451
Kinden Corp.		240,400		3,575,000
Mitsubishi Electric Corp.		579,300		7,727,954
Information Technology — 1.6%
Kyocera Corp.		187,200		11,672,033
Total Japan				62,563,783
Germany — 6.0%
Consumer Discretionary — 1.2%
Continental AG		66,886		8,580,612
Industrials — 0.7%
KION Group AG		88,115		4,633,878
Materials — 1.8%
HeidelbergCement AG		177,835		12,848,576
Real Estate — 2.3%
Vonovia SE		319,158		16,192,541
Total Germany				42,255,607
United Kingdom — 5.0%
Consumer Staples — 1.9%
Reckitt Benckiser Group PLC		175,888		13,733,234
Financials — 3.1%
Lloyds Banking Group PLC		21,715,130		14,395,405
Prudential PLC		424,748		7,696,959
Total United Kingdom				35,825,598
Switzerland — 3.7%
Health Care — 2.4%
Novartis AG		196,257		17,032,554
Information Technology — 1.3%
TE Connectivity Ltd.		102,068		9,510,696
Total Switzerland				26,543,250
Netherlands — 3.6%
Financials — 3.6%
ABN AMRO Group NV, 144a		449,292		7,920,992

10 

Touchstone Global ESG Equity Fund(Unaudited) (Continued)

			Market
	Shares		Value
Common Stocks — 99.4% (Continued)
Netherlands — (Continued)
Financials — (Continued)
ING Groep NV		1,706,912	$	17,831,648
Total Netherlands				25,752,640
China — 2.9%
Communication Services — 1.9%
Tencent Holdings Ltd.		327,900		13,715,376
Consumer Discretionary — 1.0%
Shenzhou International Group Holdings Ltd.		530,900		6,925,751
Total China				20,641,127
Ireland — 2.1%
Health Care — 2.1%
Medtronic PLC		135,336		14,700,196
Sweden — 1.5%
Financials — 1.5%
Swedbank AB - Class A		736,967		10,613,577
South Korea — 1.3%
Communication Services — 1.3%
KT Corp. ADR		823,242		9,310,867
Hong Kong — 1.2%
Financials — 1.2%
AIA Group Ltd.		893,600		8,427,586
Canada — 1.1%
Financials — 1.1%
Intact Financial Corp.		79,563		8,007,646
India — 0.9%
Financials — 0.9%
ICICI Bank Ltd. ADR		536,095		6,529,637
Indonesia — 0.9%
Financials — 0.9%
Bank Rakyat Indonesia Persero Tbk PT	��	21,177,800		6,149,290
Mexico — 0.8%
Materials — 0.8%
Cemex SAB de CV ADR		1,418,020		5,558,638
Australia — 0.7%
Consumer Staples — 0.7%
Treasury Wine Estates Ltd.		416,135		5,223,272
Total Common Stocks			$	706,481,366
Short-Term Investment Funds — 3.8%
Dreyfus Government Cash Management, Institutional Shares, 1.85%∞Ω		3,799,783	$	3,799,783
Invesco Government & Agency Portfolio, Institutional Class, 1.83%**∞Ω		23,240,349		23,240,349
Total Short-Term Investment Funds			$	27,040,132
Total Investment Securities —103.2%
(Cost $669,265,330)			$	733,521,498
Liabilities in Excess of Other Assets — (3.2%)				(22,695,305	)
Net Assets — 100.0%			$	710,826,193

*	Non-income producing security.
**	Represents collateral for securities loaned.
†	All or a portion of the security is on loan. The total market value of thesecurities on loan as of September 30, 2019 was $22,161,811.
∞	Open-End Fund.
Ω	Represents the 7-day SEC yield as of September 30, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

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 September 30, 2019, these securities were valued at $7,920,992 or 1.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

11

Touchstone Global ESG Equity 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
United States	$	354,445,392	$	—	$	—	$	354,445,392
France		—		63,933,260		—		63,933,260
Japan		—		62,563,783		—		62,563,783
Germany		8,580,612		33,674,995		—		42,255,607
United Kingdom		—		35,825,598		—		35,825,598
Switzerland		9,510,696		17,032,554		—		26,543,250
Netherlands		7,920,992		17,831,648		—		25,752,640
China		—		20,641,127		—		20,641,127
Ireland		14,700,196		—		—		14,700,196
Sweden		—		10,613,577		—		10,613,577
South Korea		9,310,867		—		—		9,310,867
Hong Kong		—		8,427,586		—		8,427,586
Canada		8,007,646		—		—		8,007,646
India		6,529,637		—		—		6,529,637
Indonesia		—		6,149,290		—		6,149,290
Mexico		5,558,638		—		—		5,558,638
Australia		—		5,223,272		—		5,223,272
Short-Term Investment Funds		27,040,132		—		—		27,040,132
Total	$	451,604,808	$	281,916,690	$	—	$	733,521,498

See accompanying Notes to Financial Statements.

12

Portfolio of Investments

Touchstone Growth Opportunities Fund –September 30, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 100.7%
Information Technology — 33.2%
Apple, Inc.		37,672	$	8,437,398
Applied Materials, Inc.		32,220		1,607,778
Black Knight, Inc.*		35,133		2,145,221
Coherent, Inc.*		9,100		1,398,852
Fidelity National Information Services, Inc.		27,559		3,658,733
Global Payments, Inc.		16,087		2,557,833
Knowles Corp.*		71,608		1,456,507
Microsoft Corp.		41,959		5,833,560
Proofpoint, Inc.*		15,239		1,966,593
salesforce.com, Inc.*		21,678		3,217,882
ServiceNow, Inc.*		10,651		2,703,756
Visa, Inc. - Class A		28,202		4,851,026
Zendesk, Inc.*		23,398		1,705,246
				41,540,385
Communication Services — 15.7%
Alphabet, Inc. - Class A*		5,864		7,160,765
Charter Communications, Inc. - Class A*		8,128		3,349,711
Facebook, Inc. - Class A*		31,309		5,575,507
T-Mobile US, Inc.*		24,550		1,933,803
Walt Disney Co. (The)		13,000		1,694,160
				19,713,946
Health Care — 14.7%
Ascendis Pharma A/S (Denmark) ADR*		16,175		1,557,976
Bio-Rad Laboratories, Inc. - Class A*		8,625		2,869,882
Bristol-Myers Squibb Co.		44,486		2,255,886
Intersect ENT, Inc.*		44,265		752,948
Medicines Co. (The)*		69,617		3,480,850
Orchard Therapeutics PLC (United Kingdom) ADR*		31,880		378,734
STERIS PLC		13,866		2,003,498
Thermo Fisher Scientific, Inc.		8,092		2,356,957
Vertex Pharmaceuticals, Inc.*		16,465		2,789,500
				18,446,231
Industrials — 11.8%
AMETEK, Inc.		25,531		2,344,256
Caterpillar, Inc.		14,514		1,833,263
IHS Markit Ltd. (United Kingdom)*		21,369		1,429,159
Illinois Tool Works, Inc.		11,734		1,836,254
Ingersoll-Rand PLC		22,456		2,766,804
L3Harris Technologies, Inc.		11,050		2,305,472
Union Pacific Corp.		13,687		2,217,020
				14,732,228
Consumer Discretionary — 11.6%
Amazon.com, Inc.*		3,515		6,101,724
Home Depot, Inc. (The)		19,284		4,474,274
Marriott International, Inc. - Class A		21,463		2,669,353
Ulta Beauty, Inc.*		5,166		1,294,858
				14,540,209
Financials — 5.0%
Brookfield Asset Management, Inc.(Canada) - Class A		49,250		2,614,682
Progressive Corp. (The)		20,488		1,582,698
S&P Global, Inc.		8,616		2,110,748
				6,308,128
Energy — 3.5%
Marathon Petroleum Corp.		40,375		2,452,781
Pioneer Natural Resources Co.		14,806		1,862,151
				4,314,932
Real Estate — 2.1%
Spirit Realty Capital, Inc. REIT		55,130		2,638,522
Consumer Staples — 1.8%
Constellation Brands, Inc. - Class A		11,080		2,296,662
Materials — 1.3%
Orion Engineered Carbons SA(Luxembourg)		95,337		1,593,081
Total Common Stocks			$	126,124,324
Short-Term Investment Fund — 1.3%
Dreyfus Government Cash Management, Institutional Shares,1.85%∞Ω		1,604,227	$	1,604,227
Total Investment Securities —102.0%
(Cost $90,458,646)			$	127,728,551
Liabilities in Excess of Other Assets — (2.0%)				(2,504,850	)
Net Assets — 100.0%			$	125,223,701

*	Non-income producing security.
∞	Open-End Fund.
Ω	Represents the 7-day SEC yield as of September 30, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

13

Touchstone Growth Opportunities 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	$	126,124,324	$	—	$	—	$	126,124,324
Short-Term Investment Fund		1,604,227		—		—		1,604,227
Total	$	127,728,551	$	—	$	—	$	127,728,551

See accompanying Notes to Financial Statements.

14

Portfolio of Investments

Touchstone Mid Cap Growth Fund – September 30, 2019(Unaudited)

			Market
	Shares		Value
Common Stocks — 96.7%
Information Technology — 32.1%
Arista Networks, Inc.*		44,720	$	10,684,502
Autodesk, Inc.*		147,095		21,725,932
Cognizant Technology Solutions Corp. -Class A		357,610		21,551,367
Fidelity National InformationServices, Inc.		216,990		28,807,592
Fiserv, Inc.*		212,660		22,029,449
FleetCor Technologies, Inc.*		88,835		25,476,101
Fortinet, Inc.*		225,132		17,281,132
Global Payments, Inc.		177,860		28,279,740
Lam Research Corp.		51,305		11,857,099
Microchip Technology, Inc.		187,710		17,440,136
NCR Corp.*		565,810		17,856,964
Nice Ltd. (Israel) ADR*		139,033		19,992,945
ON Semiconductor Corp.*		847,900		16,288,159
Palo Alto Networks, Inc.*		94,465		19,254,801
Pure Storage, Inc. - Class A*		811,530		13,747,318
ServiceNow, Inc.*		64,040		16,256,554
Splunk, Inc.*		173,770		20,480,532
SS&C Technologies Holdings, Inc.		298,850		15,411,696
Twilio, Inc. - Class A*		88,840		9,768,846
Western Digital Corp.		162,374		9,683,985
Zendesk, Inc.*		279,290		20,354,655
				384,229,505
Industrials — 20.0%
AMETEK, Inc.		262,550		24,107,341
IHS Markit Ltd. (United Kingdom)*		283,634		18,969,442
Ingersoll-Rand PLC		191,970		23,652,624
JB Hunt Transport Services, Inc.		201,556		22,302,171
L3Harris Technologies, Inc.		123,517		25,770,587
Rockwell Automation, Inc.		79,555		13,110,664
Teledyne Technologies, Inc.*		120,629		38,841,332
TransDigm Group, Inc.		79,987		41,646,831
TransUnion		375,121		30,426,064
				238,827,056
Health Care — 15.3%
Ascendis Pharma A/S (Denmark) ADR*		233,370		22,478,198
Cooper Cos., Inc. (The)		75,759		22,500,423
DexCom, Inc.*		138,430		20,659,293
ICON PLC (Ireland)*		142,080		20,934,067
IDEXX Laboratories, Inc.*		107,838		29,324,387
Medicines Co. (The)*		666,796		33,339,800
Mettler-Toledo International, Inc.*		23,879		16,820,368
STERIS PLC		114,699		16,572,859
				182,629,395
Consumer Discretionary — 11.9%
DR Horton, Inc.		351,130		18,508,062
Hilton Worldwide Holdings, Inc.		325,530		30,310,098
Lululemon Athletica, Inc. (Canada)*		94,310		18,157,504
Ross Stores, Inc.		200,190		21,990,872
Ulta Beauty, Inc.*		86,795		21,755,167
VF Corp.		172,940		15,389,931
Yum China Holdings, Inc. (China)		352,910		16,032,701
				142,144,335
Communication Services — 4.8%
Altice USA, Inc. - Class A*		952,974		27,331,294
IAC/InterActiveCorp.*		47,530		10,360,114
Take-Two Interactive Software, Inc.*		156,380		19,600,669
				57,292,077
Financials — 4.3%
Arthur J Gallagher & Co.		231,220		20,710,375
MSCI, Inc.		61,380		13,365,495
Signature Bank/NewYork NY		104,045		12,404,245
Tradeweb Markets, Inc. - Class A		140,800		5,206,784
				51,686,899
Energy — 3.6%
Marathon Petroleum Corp.		447,684		27,196,803
Pioneer Natural Resources Co.		130,385		16,398,521
				43,595,324
Real Estate — 3.1%
Alexandria Real Estate Equities, Inc. REIT		120,240		18,521,770
SBA Communications Corp. REIT		74,970		18,079,016
				36,600,786
Materials — 1.6%
RPM International, Inc.		284,340		19,565,436
Total Common Stocks			$	1,156,570,813
Short-Term Investment Fund — 3.3%
Dreyfus Government Cash Management, Institutional Shares,1.85%∞Ω		39,972,689	$	39,972,689
Total Investment Securities —100.0%
(Cost $939,718,889)			$	1,196,543,502
Other Assets in Excess of Liabilities —0.0%				140,061
Net Assets — 100.0%			$	1,196,683,563

*	Non-income producing security.
∞	Open-End Fund.
Ω	Represents the 7-day SEC yield as of September 30, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

15 

Touchstone Mid Cap Growth 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	$	1,156,570,813	$	—	$	—	$	1,156,570,813
Short-Term Investment Fund		39,972,689		—		—		39,972,689
Total	$	1,196,543,502	$	—	$	—	$	1,196,543,502

See accompanying Notes to Financial Statements.

16 

Portfolio of Investments

Touchstone Sands Capital Emerging Markets Growth Fund –September 30, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 97.0%
China — 30.1%
Communication Services — 7.5%
Baidu, Inc. ADR*		141,757	$	14,566,949
Tencent Holdings Ltd.		1,635,200		68,397,019
Consumer Discretionary — 18.3%
Alibaba Group Holding Ltd. ADR*		609,660		101,953,442
ANTA Sports Products Ltd.		4,978,500		41,153,220
Ctrip.com International Ltd. ADR		953,800		27,936,802
New Oriental Education & Technology Group, Inc. ADR*		285,256		31,594,956
Health Care — 2.2%
BeiGene Ltd. ADR*		70,492		8,632,450
Wuxi Biologics, Inc., 144a*		1,582,500		16,136,598
Information Technology — 2.1%
Sunny Optical Technology Group Co. Ltd.		1,601,200		23,503,802
Total China				333,875,238
India — 26.6%
Communication Services — 1.0%
Zee Entertainment Enterprises Ltd.		2,890,546		10,829,024
Consumer Discretionary — 5.8%
Jubilant Foodworks Ltd.		1,451,948		27,879,763
MakeMyTrip Ltd.*		776,900		17,627,861
Maruti Suzuki India Ltd.		118,282		11,208,857
Titan Co. Ltd.		440,041		7,904,666
Consumer Staples — 1.0%
Britannia Industries Ltd.		267,004		11,100,637
Financials — 12.0%
Bajaj Finance Ltd.		690,664		39,488,144
HDFC Bank Ltd.		2,395,040		41,504,901
Housing Development Finance Corp. Ltd.		1,151,923		32,152,789
IndusInd Bank Ltd.		1,008,166		19,707,348
Health Care — 3.2%
Apollo Hospitals Enterprise Ltd.		1,788,348		35,242,800
Industrials — 2.0%
Larsen & Toubro Ltd.		1,085,462		22,596,692
Materials — 1.6%
Asian Paints Ltd.		716,526		17,831,690
Total India				295,075,172
Russia — 5.6%
Communication Services — 5.6%
Mail.Ru Group Ltd. GDR*		620,400		13,003,584
Yandex NV - Class A*		1,391,125		48,703,286
Total Russia				61,706,870
Argentina — 4.5%
Consumer Discretionary — 4.5%
MercadoLibre, Inc.*		89,575		49,376,427
Singapore — 3.9%
Communication Services — 3.9%
Sea Ltd. ADR*		1,402,400		43,404,280
Taiwan — 3.5%
Information Technology — 3.5%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		839,540		39,021,819
Hong Kong — 3.0%
Financials — 2.6%
AIA Group Ltd.		3,063,400		28,891,078
Health Care — 0.4%
Hutchison China MediTech Ltd. ADR*		238,820		4,260,549
Total Hong Kong				33,151,627
Thailand — 2.8%
Consumer Staples — 2.8%
CP ALL PCL		11,596,000		30,584,571
Indonesia — 2.7%
Financials — 2.7%
Bank Central Asia Tbk PT		14,105,900		30,157,977
Cambodia — 2.7%
Consumer Discretionary — 2.7%
NagaCorp Ltd.		19,129,000		29,919,293
South Africa — 2.4%
Consumer Discretionary — 2.4%
Naspers Ltd. - Class N		175,200		26,526,894
Brazil — 2.1%
Consumer Staples — 1.0%
Raia Drogasil SA		482,700		11,136,505
Industrials — 1.1%
Localiza Rent a Car SA		1,080,300		11,819,742
Total Brazil				22,956,247

17 

Touchstone Sands Capital Emerging Markets Growth Fund(Unaudited) (Continued)

			Market
	Shares		Value
Common Stocks — 97.0% (Continued)
Belize — 1.9%
Information Technology — 1.9%
Pagseguro Digital Ltd. - Class A*		445,265	$	20,620,222
Mexico — 1.8%
Industrials — 1.8%
Grupo Aeroportuario del Sureste SAB de CV ADR		134,083		20,447,657
Philippines — 1.3%
Real Estate — 1.3%
SM Prime Holdings, Inc.		20,141,700		14,458,574
Netherlands — 1.2%
Consumer Discretionary — 1.2%
Prosus NV*		175,165		12,858,536
Vietnam — 0.9%
Real Estate — 0.9%
Vincom Retail JSC		7,027,884		10,033,386
Total Common Stocks			$	1,074,174,790

Principal
Amount
		Corporate Bond — 0.0%
		Consumer Staples — 0.0%
$	7,769,820	Britannia Industries Ltd. (India), 8.000%, 8/28/22	$	111,819

	Shares
Short-Term Investment Fund — 3.6%
Dreyfus Government Cash Management, Institutional Shares,1.85%∞Ω		39,959,051	$	39,959,051
Total Investment Securities —100.6%
(Cost $999,766,256)			$	1,114,245,660
Liabilities in Excess of Other Assets — (0.6%)				(6,887,617	)
Net Assets — 100.0%			$	1,107,358,043

*	Non-income producing security.
∞	Open-End Fund.
Ω	Represents the 7-day SEC yield as of September 30, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PCL - Public Company Limited

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 September 30, 2019, these securities were valued at $16,136,598 or 1.5% 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
Common Stocks
China	$	184,684,599	$	149,190,639	$	—	$	333,875,238
India		47,570,408		247,504,764		—		295,075,172
Russia		61,706,870		—		—		61,706,870
Argentina		49,376,427		—		—		49,376,427
Singapore		43,404,280		—		—		43,404,280
Taiwan		39,021,819		—		—		39,021,819
Hong Kong		4,260,549		28,891,078		—		33,151,627
Thailand		—		30,584,571		—		30,584,571
Indonesia		—		30,157,977		—		30,157,977
Cambodia		—		29,919,293		—		29,919,293
South Africa		—		26,526,894		—		26,526,894
Brazil		22,956,247		—		—		22,956,247
Belize		20,620,222		—		—		20,620,222
Mexico		20,447,657		—		—		20,447,657
Philippines		—		14,458,574		—		14,458,574
Netherlands		12,858,536		—		—		12,858,536
Vietnam		—		10,033,386		—		10,033,386
Corporate Bond		—		111,819		—		111,819
Short-Term Investment Fund		39,959,051		—		—		39,959,051
Total	$	546,866,665	$	567,378,995	$	—	$	1,114,245,660

See accompanying Notes to Financial Statements.

18 

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Statements of Assets and Liabilities

September 30, 2019 (Unaudited)

	Touchstone
	Flexible		Touchstone		Touchstone
	Income		Focused		Global ESG
	Fund		Fund		Equity Fund
Assets
Investments, at cost	$	722,676,606	$	654,642,132	$	669,265,330
Investments, at market value(A)	$	734,055,800	$	922,879,624	$	733,521,498
Cash		1,665,843		18		13
Cash deposits held at prime broker(B)		12,230,350		—		—
Foreign Currency(C)		—		—		699,739
Dividends and interest receivable		4,500,240		312,209		1,522,003
Receivable for capital shares sold		2,737,153		123,310		528,175
Receivable for investments sold		1,942,183		461,131		21,153,110
Receivable for securities lending income		2,921		—		4,549
Tax reclaim receivable		—		—		309,132
Other assets		80,023		32,140		42,745
Total Assets		757,214,513		923,808,432		757,780,964
Liabilities
Payable for return of collateral for securities on loan		71,010		—		23,240,349
Deferred foreign capital gains tax(D)		—		—		—
Payable for capital shares redeemed		3,741,810		2,226,530		1,071,466
Payable for investments purchased		53,791,641		—		21,705,940
Payable to Investment Advisor		325,623		479,571		371,028
Payable to other affiliates		108,892		141,570		177,105
Payable to Trustees		8,851		8,851		8,851
Payable for professional services		15,569		37,469		36,014
Payable for reports to shareholders		21,035		31,447		10,975
Payable to Transfer Agent		220,927		615,440		314,092
Other accrued expenses and liabilities		26,475		8,824		18,951
Total Liabilities		58,331,833		3,549,702		46,954,771
Net Assets	$	698,882,680	$	920,258,730	$	710,826,193
Net assets consist of:
Paid-in capital	$	694,297,075	$	597,321,691	$	626,812,521
Distributable earnings (deficit)		4,585,605		322,937,039		84,013,672
Net Assets	$	698,882,680	$	920,258,730	$	710,826,193
(A)Includes market value of securities on loan of:	$	69,624	$	—	$	22,161,811
(B)Represents segregated cash for futures contracts, securities sold short and swaps.
(C)Cost of foreign currency:	$	—	$	—	$	702,693
(D)See Note 2 in Notes to Financial Statements.

See accompanying Notes to Financial Statements.

20

Statements of Assets and Liabilities(Unaudited) (Continued)

				Touchstone
Touchstone		Touchstone		Sands Capital
Growth		Mid Cap		Emerging
Opportunities		Growth		Markets
Fund		Fund		Growth Fund
$	90,458,646	$	939,718,889	$	999,766,256
$	127,728,551	$	1,196,543,502	$	1,114,245,660
	125		—		135
	—		—		—
	—		—		1,859,251
	55,064		236,610		673,009
	1,312		2,442,960		3,583,487
	3,728,119		4,559,835		—
	91		23		1,602
	—		—		—
	30,133		52,899		51,549
	131,543,395		1,203,835,829		1,120,414,693
	—		—		—
	—		—		2,661,264
	1,050,590		1,567,078		1,926,180
	5,080,172		4,185,984		7,055,253
	73,805		702,981		978,932
	11,580		223,504		131,027
	8,851		8,851		8,851
	19,819		42,136		48,465
	12,261		36,689		17,462
	56,916		374,670		177,628
	5,700		10,373		51,588
	6,319,694		7,152,266		13,056,650
$	125,223,701	$	1,196,683,563	$	1,107,358,043
$	77,839,952	$	872,397,906	$	1,011,206,333
	47,383,749		324,285,657		96,151,710
$	125,223,701	$	1,196,683,563	$	1,107,358,043
$	—	$	—	$	—
$	—	$	—	$	1,859,276

21

Statements of Assets and Liabilities(Unaudited) (Continued)

	Touchstone
	Flexible			Touchstone			Touchstone
	Income			Focused			Global ESG
	Fund			Fund			Equity Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	112,556,909		$	36,992,615		$	437,876,763
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		10,384,822			856,926			21,385,682
Net asset value price per share*	$	10.84		$	43.17		$	20.48
Maximum sales charge - Class A shares		2.00	%		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	$	11.06		$	45.44		$	21.56
Pricing of Class C Shares
Net assets applicable to Class C shares	$	57,209,638		$	28,089,381		$	12,539,735
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		5,355,825			692,332			736,309
Net asset value and offering price per share**	$	10.68		$	40.57		$	17.03
Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	493,588,225		$	827,598,258		$	212,309,232
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		45,397,499			18,947,859			9,990,662
Net asset value, offering price and redemption price per share	$	10.87		$	43.68		$	21.25
Pricing of Institutional Class Shares
Net assets applicable to Institutional Class Shares	$	35,527,908		$	27,578,476		$	48,100,463
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		3,268,599			628,544			2,260,996
Net asset value, offering price and redemption price per share	$	10.87		$	43.88		$	21.27

* There is no sales load on subscriptions of $1 million or more for all funds except for Flexible Income Fund. There is no sales load on subscriptions of $500,000 or more for Flexible Income 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

Statements of Assets and Liabilities(Unaudited) (Continued)

						Touchstone
Touchstone			Touchstone			Sands Capital
Growth			Mid Cap			Emerging
Opportunities			Growth			Markets
Fund			Fund			Growth Fund
$	42,798,356		$	270,021,709		$	1,762,627
	1,236,154			8,749,975			136,221
$	34.62		$	30.86		$	12.94
	5.00	%		5.00	%		5.00	%
$	36.44		$	32.48		$	13.62
$	3,232,125		$	27,457,028		$	362,953
	117,067			1,446,786			28,227
$	27.61		$	18.98		$	12.86
$	20,965,594		$	489,029,141		$	359,426,290
	585,509			15,184,707			27,724,175
$	35.81		$	32.21		$	12.96
$	58,227,626		$	410,175,685		$	745,806,172
	1,604,779			12,611,658			57,246,795
$	36.28		$	32.52		$	13.03

23

Statements of Operations

For the Six Months Ended September 30, 2019(Unaudited)

	Touchstone
	Flexible			Touchstone			Touchstone
	Income			Focused			Global ESG
	Fund			Fund			Equity Fund
Investment Income
Dividends(A)	$	6,243,795		$	7,064,801		$	9,308,309
Interest		9,563,691			—			—
Income from securities loaned		22,520			1,511			46,194
Total Investment Income		15,830,006			7,066,312			9,354,503
Expenses
Investment advisory fees		2,002,217			3,043,025			2,353,257
Administration fees		508,143			699,148			524,957
Compliance fees and expenses		1,067			1,067			1,067
Custody fees		44,725			9,257			24,546
Professional fees		32,138			28,781			26,752
Transfer Agent fees, Class A		51,610			65,934			173,761
Transfer Agent fees, Class C		29,763			13,780			10,260
Transfer Agent fees, Class Y		207,241			384,535			74,032
Transfer Agent fees, Institutional Class		15,780			3,066			12,153
Registration fees, Class A		8,089			8,484			9,463
Registration fees, Class C		7,936			7,681			8,009
Registration fees, Class Y		21,348			10,829			11,679
Registration fees, Institutional Class		7,192			6,041			6,006
Interest expense on securities sold short		60,132			—			—
Reports to Shareholders, Class A		5,513			6,577			11,808
Reports to Shareholders, Class C		5,393			3,849			3,925
Reports to Shareholders, Class Y		17,076			25,689			10,817
Reports to Shareholders, Institutional Class		4,113			2,881			2,859
Distribution expenses, Class A		140,572			56,765			560,113
Distribution and shareholder servicing expenses, Class C		307,980			153,117			68,619
Trustee fees		9,558			9,558			9,558
Other expenses		55,802			175,060			113,861
Total Expenses		3,543,388			4,715,124			4,017,502
Fees waived and/or reimbursed by the Advisor and/or Affiliates(B)		(293,958	)		(68,243	)		(82,130	)
Fees eligible for recoupment by the Advisor(B)		—			—			—
Net Expenses		3,249,430			4,646,881			3,935,372
Net Investment Income (Loss)		12,580,576			2,419,431			5,419,131
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments(C)(D)		8,259,943			25,734,793			21,317,713
Net realized losses on futures contracts		(1,420,387	)		—			—
Net realized gains on written options		8,854			—			—
Net realized losses on foreign currency transactions		—			—			(76,107	)
Net change in unrealized appreciation (depreciation) on investments		(1,961,541	)		(14,870,438	)		(7,143,482	)
Net change in unrealized appreciation (depreciation) on futures contracts		1,580,368			—			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		—			—			27,819
Net Realized and Unrealized Gains (Losses) on Investments		6,467,237			10,864,355			14,125,943
Change in Net Assets Resulting from Operations	$	19,047,813		$	13,283,786		$	19,545,074
(A)  Net of foreign tax withholding of:	$	—		$	—		$	750,181
(B)  See Note 4 in Notes to Financial Statements.
(C) For the six months ended September 30, 2019, the Growth Opportunities Fund had a redemption-in-kind of securities in the amount of $4,028,264. Net realized gains (losses) on investments includes the realized gain on the transaction of $1,383,255, which is not recognized as a realized gain by the Fund for tax purpose.
(D) Includes change in deferred foreign capital gains tax of:	$	—		$	—		$	—

See accompanying Notes to Financial Statements.

24

Statements of Operations(Unaudited) (Continued)

					Touchstone
Touchstone			Touchstone		Sands Capital
Growth			Mid Cap		Emerging
Opportunities			Growth		Markets
Fund			Fund		Growth Fund
$	682,327		$	6,459,106	$	21,036,069
	—			—		—
	1,073			7,191		5,145
	683,400			6,466,297		21,041,214
	517,108			4,226,206		4,998,575
	99,974			859,115		724,794
	1,067			1,067		1,067
	6,317			10,357		175,103
	14,383			32,612		52,557
	25,009			138,745		452
	3,264			25,068		81
	13,016			250,862		152,819
	10,371			110,891		121,758
	6,843			10,239		3,460
	5,437			9,371		2,140
	6,208			14,491		20,208
	8,926			18,896		15,580
	—			—		—
	3,874			9,051		2,755
	2,996			5,633		2,748
	3,039			28,591		13,574
	4,311			14,726		8,122
	53,964			341,298		1,966
	17,574			152,528		1,059
	9,558			9,558		9,558
	37,428			57,306		43,506
	850,667			6,326,611		6,351,882
	(120,233	)		—		(10,310	)
	—			—		79,471
	730,434			6,326,611		6,421,043
	(47,034	)		139,686		14,620,171
	17,146,735			56,463,528		(1,082,311	)
	—			—		—
	—			—		—
	—			—		(174,856	)
	(8,204,980	)		6,531,709		(24,854,126	)
	—			—		—
	—			—		(894	)
	8,941,755			62,995,237		(26,112,187	)
$	8,894,721		$	63,134,923	$	(11,492,016	)
$	3,603		$	—	$	394,810
$	—		$	—	$	(1,728,712	)

25

Statements of Changes in Net Assets

	Touchstone
	Flexible Income						Touchstone
	Fund						Focused Fund
	For the						For the
	Six Months						Six Months
	Ended						Ended
	September 30,			For the			September 30,			For the
	2019			Year Ended			2019			Year Ended
	(Unaudited)			March 31, 2019			(Unaudited)			March 31, 2019
From Operations
Net investment income (loss)	$	12,580,576		$	30,334,850		$	2,419,431		$	6,178,665
Net realized gains (losses) on investments, futures contracts, written options, swap agreements, securities shold short, forward foreign currency contracts and foreign currency transactions		6,848,410			(14,009,240	)		25,734,793			48,864,054
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		(381,173	)		9,474,241			(14,870,438	)		(19,682,696	)
Change in Net Assets from Operations		19,047,813			25,799,851			13,283,786			35,360,023
Distributions to Shareholders:
Distributed earnings, Class A		(2,051,187	)		(4,595,320	)		—			(6,047,651	)
Distributed earnings, Class C		(905,949	)		(2,794,088	)		—			(1,537,491	)
Distributed earnings, Class Y		(9,222,971	)		(23,651,685	)		—			(42,711,920	)
Distributed earnings, Institutional Class		(1,062,747	)		(3,170,908	)		—			(1,121,274	)
Total Distributions		(13,242,854	)		(34,212,001	)		—			(51,418,336	)
Net Increase (Decrease) from Share Transactions(A)		(3,307,254	)		(247,881,927	)		(91,386,252	)		(189,398,237	)
Total Increase (Decrease) in Net Assets		2,497,705			(256,294,077	)		(78,102,466	)		(205,456,550	)
Net Assets
Beginning of period		696,384,975			952,679,052			998,361,196			1,203,817,746
End of period	$	698,882,680		$	696,384,975		$	920,258,730		$	998,361,196

^(A)For details on share transaction by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 28-30.

See accompanying Notes to Financial Statements.

26

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone						Touchstone					Touchstone
Global ESG						Growth Opportunities						Mid Cap					Sands Capital Emerging
Equity Fund						Fund						Growth Fund					Markets Growth Fund
For the						For the						For the					For the
Six Months						Six Months						Six Months					Six Months
Ended						Ended						Ended					Ended
September 30,			For the			September 30,			For the			September 30,		For the			September 30,			For the
2019			Year Ended			2019			Year Ended			2019		Year Ended			2019			Year Ended
(Unaudited)			March 31, 2019			(Unaudited)			March 31, 2019			(Unaudited)		March 31, 2019			(Unaudited)			March 31, 2019
$	5,419,131		$	5,625,010		$	(47,034	)	$	190,894		$	139,686	$	(2,239,317	)	$	14,620,171		$	(2,567,590	)
	21,241,606			42,318,124			17,146,735			24,110,105			56,463,528		48,246,917			(1,257,167	)		(20,413,990	)
	(7,115,663	)		(52,195,692	)		(8,204,980	)		(16,138,816	)		6,531,709		61,192,656			(24,855,020	)		11,131,509
	19,545,074			(4,252,558	)		8,894,721			8,162,183			63,134,923		107,200,256			(11,492,016	)		(11,850,071	)
	—			(39,433,398	)		—			(3,565,267	)		—		(14,077,353	)		—			—
	—			(2,981,402	)		—			(925,118	)		—		(9,020,791	)		—			—
	—			(17,812,087	)		—			(4,049,458	)		—		(29,241,070	)		—			—
	—			(4,318,491	)		—			(17,958,575	)		—		(21,549,399	)		—			—
	—			(64,545,378	)		—			(26,498,418	)		—		(73,888,613	)		—			—
	(20,715,042	)		25,835,271			(45,047,915	)		(102,251,511	)		35,952,650		284,262,807			274,678,633			274,360,206
	(1,169,968	)		(42,962,665	)		(36,153,194	)		(120,587,746	)		99,087,573		317,574,450			263,186,617			262,510,135
	711,996,161			754,958,826			161,376,895			281,964,641			1,097,595,990		780,021,540			844,171,426			581,661,291
$	710,826,193		$	711,996,161		$	125,223,701		$	161,376,895		$	1,196,683,563	$	1,097,595,990		$	1,107,358,043		$	844,171,426

27

Statements of Change in Net Assets - Capital Stock Activity

				Touchstone												Touchstone
				Flexible Income Fund												Focused Fund
	For the Six Months												For the Six Months
	Ended						For the Year						Ended						For the Year
	September 30, 2019						Ended						September 30, 2019						Ended
	(Unaudited)						March 31, 2019						(Unaudited)						March 31, 2019
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		1,257,693		$	13,638,540			1,702,051		$	18,079,500			43,757		$	1,901,590			303,350		$	12,999,888
Reinvestment of distributions		159,700			1,730,830			366,554			3,904,389			—			—			135,309			5,442,939
Cost of Shares redeemed		(1,309,379	)		(14,214,608	)		(4,425,321	)		(47,409,661	)		(484,988	)		(21,319,281	)		(3,038,693	)		(121,370,943	)
Change from Class A Share Transactions		108,014			1,154,762			(2,356,716	)		(25,425,772	)		(441,231	)		(19,417,691	)		(2,600,034	)		(102,928,116	)
Class C
Proceeds from Shares issued		572,995			6,128,748			452,578			4,885,903			22,004			909,605			102,760			3,910,653
Reinvestment of distributions		69,834			745,580			225,722			2,369,234			—			—			36,988			1,407,007
Cost of Shares redeemed		(1,603,299	)		(17,131,927	)		(3,811,829	)		(40,183,323	)		(171,089	)		(7,008,953	)		(316,569	)		(12,745,519	)
Change from Class C Share Transactions		(960,470	)		(10,257,599	)		(3,133,529	)		(32,928,186	)		(149,085	)		(6,099,348	)		(176,821	)		(7,427,859	)
Class Y
Proceeds from Shares issued		9,900,132			107,769,870			18,247,422			195,823,059			382,015			16,764,179			1,053,846			46,002,011
Reinvestment of distributions		782,661			8,507,851			2,050,335			21,908,828			—			—			995,011			40,275,173
Cost of Shares redeemed		(7,938,257	)		(86,345,518	)		(35,608,601	)		(380,268,509	)		(1,836,379	)		(80,474,016	)		(3,995,235	)		(172,060,584	)
Change from Class Y Share Transactions		2,744,536			29,932,203			(15,310,844	)		(162,536,622	)		(1,454,364	)		(63,709,837	)		(1,946,378	)		(85,783,400	)
Institutional Class
Proceeds from Shares issued		1,244,127			13,519,641			4,047,381			43,141,969			134,288			5,934,201			448,768			19,693,152
Reinvestment of distributions		88,521			962,245			275,960			2,947,628			—			—			27,623			1,121,274
Cost of Shares redeemed		(3,549,739	)		(38,618,506	)		(6,822,189	)		(73,080,944	)		(184,384	)		(8,093,577	)		(314,123	)		(14,073,288	)
Change from Institutional Class Share Transactions		(2,217,091	)		(24,136,620	)		(2,498,848	)		(26,991,347	)		(50,096	)		(2,159,376	)		162,268			6,741,138
Change from Share Transactions		(325,011	)	$	(3,307,254	)		(23,299,937	)	$	(247,881,927	)		(2,094,776	)	$	(91,386,252	)		(4,560,965	)	$	(189,398,237	)

See accompanying Notes to Financial Statements.

28

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

			Touchstone Global												Touchstone Growth
			ESG Equity Fund												Opportunities Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
September 30, 2019						Ended						September 30, 2019						Ended
(Unaudited)						March 31, 2019						(Unaudited)						March 31, 2019
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	268,974		$	5,506,645			1,392,791		$	28,628,010			31,593		$	1,050,883			176,314		$	5,490,184
	—			—			1,932,411			37,482,138			—			—			114,276			3,342,578
	(1,236,058	)		(25,354,005	)		(3,021,622	)		(65,404,158	)		(91,900	)		(3,119,252	)		(210,808	)		(6,826,628	)
	(967,084	)		(19,847,360	)		303,580			705,990			(60,307	)		(2,068,369	)		79,782			2,006,134
	24,242			410,419			120,812			2,209,583			4,645			125,555			13,543			484,879
	—			—			172,361			2,792,251			—			—			36,254			850,868
	(184,381	)		(3,129,712	)		(1,405,396	)		(24,311,446	)		(35,130	)		(931,000	)		(222,708	)		(5,650,815	)
	(160,139	)		(2,719,293	)		(1,112,223	)		(19,309,612	)		(30,485	)		(805,445	)		(172,911	)		(4,315,068	)
	1,545,336			32,786,953			4,383,342			96,836,936			75,217			2,608,597			112,147			3,813,714
	—			—			819,591			16,471,978			—			—			132,809			4,009,404
	(1,576,755	)		(33,384,412	)		(3,525,483	)		(76,466,172	)		(783,356	)		(27,727,027	)		(362,870	)		(12,173,920	)
	(31,419	)		(597,459	)		1,677,450			36,842,742			(708,139	)		(25,118,430	)		(117,914	)		(4,350,802	)
	203,155			4,322,933			757,385			16,616,972			157,283			5,616,579			750,211			26,690,785
	—			—			208,677			4,204,447			—			—			587,087			17,953,552
	(87,900	)		(1,873,863	)		(673,399	)		(13,225,268	)		(639,326	)		(22,672,250	)		(4,703,861	)		(140,236,112	)
	115,255			2,449,070			292,663			7,596,151			(482,043	)		(17,055,671	)		(3,366,563	)		(95,591,775	)
	(1,043,387	)	$	(20,715,042	)		1,161,470		$	25,835,271			(1,280,974	)	$	(45,047,915	)		(3,577,606	)	$	(102,251,511	)

29

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

	Touchstone Mid Cap												Touchstone Sands Capital
	Growth Fund												Emerging Markets Growth Fund
	For the Six Months												For the Six Months
	Ended						For the Year						Ended						For the Year
	September 30, 2019						Ended						September30, 2019						Ended
	(Unaudited)						March 31, 2019						(Unaudited)						March 31, 2019(A)
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		758,381		$	23,101,923			2,530,737		$	69,220,088			115,248		$	1,517,710			103,927		$	1,276,203
Reinvestment of distributions		—			—			490,513			12,478,658			—			—			—			—
Cost of Shares redeemed		(978,985	)		(30,021,893	)		(1,849,658	)		(53,198,198	)		(81,643	)		(1,048,877	)		(1,311	)		(15,793	)
Change from Class A Share Transactions		(220,604	)		(6,919,970	)		1,171,592			28,500,548			33,605			468,833			102,616			1,260,410
Class C
Proceeds from Shares issued		99,644			1,856,452			333,219			6,547,161			24,062			312,628			4,716			56,188
Reinvestment of distributions		—			—			552,670			8,704,555			—			—			—			—
Cost of Shares redeemed		(469,130	)		(8,734,462	)		(4,024,501	)		(69,115,679	)		(328	)		(4,111	)		(223	)		(2,537	)
Change from Class C Share Transactions		(369,486	)		(6,878,010	)		(3,138,612	)		(53,863,963	)		23,734			308,517			4,493			53,651
Class Y
Proceeds from Shares issued		2,453,685			78,716,537			5,652,098			167,673,486			7,266,858			94,734,826			18,151,658			223,814,446
Reinvestment of distributions		—			—			1,026,643			27,195,777			—			—			—			—
Cost of Shares redeemed		(2,101,897	)		(67,183,871	)		(4,765,491	)		(138,073,175	)		(3,720,445	)		(47,938,339	)		(9,251,596	)		(109,485,928	)
Change from Class Y Share Transactions		351,788			11,532,666			1,913,250			56,796,088			3,546,413			46,796,487			8,900,062			114,328,518
Institutional Class
Proceeds from Shares issued		3,680,385			117,629,530			10,783,290			331,066,959			22,069,236			287,197,969			23,807,151			295,926,159
Reinvestment of distributions		—			—			797,551			21,334,480			—			—			—			—
Cost of Shares redeemed		(2,430,426	)		(79,411,566	)		(3,465,413	)		(99,571,305	)		(4,525,549	)		(60,093,173	)		(11,615,625	)		(137,208,532	)
Change from Institutional Class Share Transactions		1,249,959			38,217,964			8,115,428			252,830,134			17,543,687			227,104,796			12,191,526			158,717,627
Change from Share Transactions		1,011,657		$	35,952,650			8,061,658		$	284,262,807			21,147,439		$	274,678,633			21,198,697		$	274,360,206

^(A) Represents the period from commencement of operations (November 16, 2018) through March 31, 2019 for Class A and Class C.

See accompanying Notes to Financial Statements.

30

Financial Highlights

Touchstone Flexible Income Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.75		$	10.81		$	10.71		$	10.58		$	10.67		$	10.60
Income (loss) from investment operations:
Net investment income		0.19			0.39			0.26			0.30			0.32			0.43
Net realized and unrealized gains (losses) on investments		0.10			(0.01	)		0.11			0.11			(0.10	)		0.11
Total from investment operations		0.29			0.38			0.37			0.41			0.22			0.54
Distributions from:
Net investment income		(0.20	)		(0.38	)		(0.27	)		(0.28	)		(0.31	)		(0.47	)
Realized capital gains		—			(0.06	)		—			—			—			—
Total distributions		(0.20	)		(0.44	)		(0.27	)		(0.28	)		(0.31	)		(0.47	)
Net asset value at end of period	$	10.84		$	10.75		$	10.81		$	10.71		$	10.58		$	10.67
Total return(A)		2.70	%(B)		3.59	%		3.46	%		3.93	%		2.13	%		5.22	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	112,557		$	110,460		$	136,609		$	49,544		$	57,671		$	32,695
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		1.06	%(C)(D)		1.04	%		1.06	%(D)		1.10	%(D)		1.09	%		1.09	%
Gross expenses (including dividend and interest expense on securities sold short)		1.14	%(C)(E)		1.11	%		1.14	%(E)		1.30	%(E)		1.32	%		1.35	%
Net investment income		3.46	%(C)		3.50	%		2.60	%		2.74	%		3.19	%		3.95	%
Portfolio turnover rate		73	%(B)		171	%		100	%(F)		127	%		122	%		102	%

^(A) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.

^(B) Not annualized.

^(C) Annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 1.04%, 1.06% and 1.09% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(E) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 1.12%, 1.14% and 1.29% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(F) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Multi-Asset Income Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

31

Financial Highlights (Continued)

Touchstone Flexible Income Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.60		$	10.67		$	10.57		$	10.44		$	10.54		$	10.47
Income (loss) from investment operations:
Net investment income		0.14			0.30			0.20			0.20			0.26			0.34
Net realized and unrealized gains (losses) on investments		0.10			(0.01	)		0.09			0.13			(0.12	)		0.12
Total from investment operations		0.24			0.29			0.29			0.33			0.14			0.46
Distributions from:
Net investment income		(0.16	)		(0.30	)		(0.19	)		(0.20	)		(0.24	)		(0.39	)
Realized capital gains		—			(0.06	)		—			—			—			—
Total distributions		(0.16	)		(0.36	)		(0.19	)		(0.20	)		(0.24	)		(0.39	)
Net asset value at end of period	$	10.68		$	10.60		$	10.67		$	10.57		$	10.44		$	10.54
Total return(A)		2.35	%(B)		2.77	%		2.73	%		3.22	%		1.32	%		4.52	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	57,210		$	66,926		$	100,800		$	55,043		$	45,079		$	25,853
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		1.81	%(C)(D)		1.79	%		1.81	%(D)		1.85	%(D)		1.84	%		1.84	%
Gross expenses (including dividend and interest expense on securities sold short)		1.92	%(C)(E)		1.86	%		1.89	%(E)		2.00	%(E)		2.05	%		2.10	%
Net investment income		2.71	%(C)		2.75	%		1.85	%		1.99	%		2.44	%		3.20	%
Portfolio turnover rate		73	%(B)		171	%		100	%(F)		127	%		122	%		102	%

^(A) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.

^(B) Not annualized.

^(C) Annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 1.79%, 1.81% and 1.84% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(E) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 1.90%, 1.89% and 1.99% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(F) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Multi-Asset Income Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

32

Financial Highlights (Continued)

Touchstone Flexible Income Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.78		$	10.85		$	10.75		$	10.61		$	10.70		$	10.62
Income (loss) from investment operations:
Net investment income		0.20			0.42			0.31			0.32			0.36			0.46
Net realized and unrealized gains (losses) on investments		0.10			(0.02	)		0.09			0.13			(0.11	)		0.12
Total from investment operations		0.30			0.40			0.40			0.45			0.25			0.58
Distributions from:
Net investment income		(0.21	)		(0.41	)		(0.30	)		(0.31	)		(0.34	)		(0.50	)
Realized capital gains		—			(0.06	)		—			—			—			—
Total distributions		(0.21	)		(0.47	)		(0.30	)		(0.31	)		(0.34	)		(0.50	)
Net asset value at end of period	$	10.87		$	10.78		$	10.85		$	10.75		$	10.61		$	10.70
Total return		2.91	%(A)		3.75	%		3.71	%		4.28	%		2.38	%		5.58	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	493,588		$	459,861		$	628,693		$	464,002		$	358,423		$	238,081
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		0.81	%(B)(C)		0.79	%		0.82	%(C)		0.85	%(C)		0.84	%		0.84	%
Gross expenses (including dividend and interest expense on securities sold short)		0.88	%(B)(D)		0.84	%		0.90	%(D)		1.00	%(D)		1.05	%		1.01	%
Net investment income		3.71	%(B)		3.75	%		2.84	%		2.99	%		3.44	%		4.21	%
Portfolio turnover rate		73	%(A)		171	%		100	%(E)		127	%		122	%		102	%

^(A) Not annualized.

^(B) Annualized.

^(C) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 0.79%, 0.82% and 0.84% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(D) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 0.86%, 0.90% and 0.99% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(E) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Multi-Asset Income Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

33

Financial Highlights (Continued)

Touchstone Flexible Income Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019		Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.78		$	10.84		$	10.74		$	10.60		$	10.69		$	10.62
Income (loss) from investment operations:
Net investment income		0.23			0.44			0.33			0.33			0.36			0.46
Net realized and unrealized gains (losses) on investments		0.08			(0.02	)		0.08			0.13			(0.10	)		0.12
Total from investment operations		0.31			0.42			0.41			0.46			0.26			0.58
Distributions from:
Net investment income		(0.22	)		(0.42	)		(0.31	)		(0.32	)		(0.35	)		(0.51	)
Realized capital gains		—			(0.06	)		—			—			—			—
Total distributions		(0.22	)		(0.48	)		(0.31	)		(0.32	)		(0.35	)		(0.51	)
Net asset value at end of period	$	10.87		$	10.78		$	10.84		$	10.74		$	10.60		$	10.69
Total return		2.87	%(A)		3.95	%		3.81	%		4.28	%		2.57	%		5.58	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	35,528		$	59,138		$	86,578		$	104,631		$	82,286		$	44,732
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		0.71	%(B)(C)		0.69	%		0.72	%(C)		0.75	%(C)		0.74	%		0.74	%
Gross expenses (including dividend and interest expense on securities sold short)		0.88	%(B)(D)		0.82	%		0.86	%(D)		0.92	%(D)		0.94	%		0.95	%
Net investment income		3.81	%(B)		3.85	%		2.94	%		3.09	%		3.54	%		4.30	%
Portfolio turnover rate		73	%(A)		171	%		100	%(E)		127	%		122	%		102	%

^(A) Not annualized.

^(B) Annualized.

^(C) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 0.69%, 0.72% and 0.74% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(D) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 0.86%, 0.86% and 0.91% for the six months ended September 30, 2019 and years ended March 31, 2018 and 2017, respectively.

^(E) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Multi-Asset Income Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

34

Financial Highlights (Continued)

Touchstone Focused Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2016			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	42.68		$	42.93		$	41.47		$	36.68		$	37.19		$	34.87
Income from investment operations:
Net investment income(A)		0.06			0.14			0.17			0.15			0.16			0.20
Net realized and unrealized gains on investments		0.43			1.39			4.02			5.12			0.38			2.23
Total from investment operations		0.49			1.53			4.19			5.27			0.54			2.43
Distributions from:
Net investment income		—			(0.01	)		—			(0.14	)		(0.20	)		(0.11	)
Realized capital gains		—			(1.77	)		(2.73	)		(0.34	)		(0.85	)		—
Total distributions		—			(1.78	)		(2.73	)		(0.48	)		(1.05	)		(0.11	)
Net asset value at end of period	$	43.17		$	42.68		$	42.93		$	41.47		$	36.68		$	37.19
Total return(B)		1.17	%(C)		3.82	%		10.13	%		14.45	%		1.47	%		6.99	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	36,993		$	55,399		$	167,354		$	425,366		$	405,458		$	297,072
Ratio to average net assets:
Net expenses		1.20	%(D)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.43	%(D)		1.32	%		1.29	%		1.28	%		1.31	%		1.37	%
Net investment income		0.26	%(D)		0.32	%		0.40	%		0.39	%		0.43	%		0.57	%
Portfolio turnover rate		4	%(C)		12	%		8	%(E)		20	%		28	%		33	%

Touchstone Focused Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period            

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	40.26		$	40.89		$	39.90		$	35.54		$	36.34		$	34.32
Income (loss) from investment operations:
Net investment loss(A)		(0.10	)		(0.18	)		(0.14	)		(0.13	)		(0.11	)		(0.06	)
Net realized and unrealized gains on investments		0.41			1.32			3.86			4.94			0.37			2.18
Total from investment operations		0.31			1.14			3.72			4.81			0.26			2.12
Distributions from:
Net investment income		—			—			—			(0.11	)		(0.21	)		(0.10	)
Realized capital gains		—			(1.77	)		(2.73	)		(0.34	)		(0.85	)		—
Total distributions		—			(1.77	)		(2.73	)		(0.45	)		(1.06	)		(0.10	)
Net asset value at end of period	$	40.57			40.26		$	40.89		$	39.90		$	35.54		$	36.34
Total return(B)		0.80	%(C)		3.03	%		9.34	%		13.56	%		0.73	%		6.18	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	28,089			33,875		$	41,635		$	53,776		$	44,338		$	9,617
Ratio to average net assets:		1.95	%(D)
Net expenses		1.99	%(D)		1.95	%		1.94	%		1.95	%		1.95	%		1.95	%
Gross expenses		(0.49	%)(D)		1.95	%		1.94	%		1.97	%		2.00	%		2.09	%
Net investment loss		4	%(C)		(0.43	%)		(0.34	%)		(0.36	%)		(0.32	%)		(0.18	%)
Portfolio turnover rate					12	%		8	%(E)		20	%		28	%		33	%

^(A) The net investment income (loss) per share was based on average shares outstanding for the period.

^(B) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.

^(C) Not annualized.

^(D) Annualized.

^(E) Portfolio turnover excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

35

Financial Highlights (Continued)

Touchstone Focused Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	43.12		$	43.50		$	42.21		$	37.29		$	37.76		$	35.34
Income from investment operations:
Net investment income(A)		0.12			0.27			0.31			0.27			0.26			0.31
Net realized and unrealized gains on investments		0.44			1.39			4.08			5.22			0.39			2.26
Total from investment operations		0.56			1.66			4.39			5.49			0.65			2.57
Distributions from:
Net investment income		—			(0.27	)		(0.37	)		(0.23	)		(0.27	)		(0.15	)
Realized capital gains		—			(1.77	)		(2.73	)		(0.34	)		(0.85	)		—
Total distributions		—			(2.04	)		(3.10	)		(0.57	)		(1.12	)		(0.15	)
Net asset value at end of period	$	43.68		$	43.12		$	43.50		$	42.21		$	37.29		$	37.76
Total return		1.32	%(B)		4.13	%		10.43	%		14.77	%		1.75	%		7.29	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	827,598		$	879,704		$	972,273		$	974,660		$	853,900		$	756,579
Ratio to average net assets:
Net expenses		0.92	%(C)		0.91	%		0.91	%		0.92	%		0.93	%		0.92	%
Gross expenses		0.92	%(C)		0.91	%		0.91	%		0.92	%		0.94	%		0.97	%
Net investment income		0.55	%(C)		0.61	%		0.69	%		0.68	%		0.70	%		0.85	%
Portfolio turnover rate		4	%(B)		12	%		8	%(D)		20	%		28	%		33	%

Touchstone Focused Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	43.30		$	43.68		$	42.38		$	37.45		$	37.91		$	35.47
Income from investment operations:
Net investment income(A)		0.14			0.30			0.34			0.30			0.31			0.35
Net realized and unrealized gains on investments		0.44			1.39			4.11			5.24			0.39			2.28
Total from investment operations		0.58			1.69			4.45			5.54			0.70			2.63
Distributions from:
Net investment income		—			(0.30	)		(0.42	)		(0.27	)		(0.31	)		(0.19	)
Realized capital gains		—			(1.77	)		(2.73	)		(0.34	)		(0.85	)		—
Total distributions		—			(2.07	)		(3.15	)		(0.61	)		(1.16	)		(0.19	)
Net asset value at end of period	$	43.88		$	43.30		$	43.68		$	42.38		$	37.45		$	37.91
Total return		1.36	%(B)		4.20	%		10.54	%		14.84	%		1.89	%		7.40	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	27,578		$	29,382		$	22,556		$	41,389		$	48,805		$	51,765
Ratio to average net assets:
Net expenses		0.83	%(C)		0.83	%		0.83	%		0.83	%		0.82	%		0.80	%
Gross expenses		0.91	%(C)		0.92	%		0.92	%		0.88	%		0.90	%		0.88	%
Net investment income		0.64	%(C)		0.69	%		0.77	%		0.76	%		0.81	%		0.97	%
Portfolio turnover rate		4	%(B)		12	%		8	%(D)		20	%		28	%		33	%

^(A) The net investment income per share was based on average shares outstanding for the period.

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

36

Financial Highlights (Continued)

Touchstone Global ESG Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	19.94		$	22.01		$	21.52		$	18.98		$	30.96		$	31.81
Income (loss) from investment operations:
Net investment income		0.14			0.15			0.03			0.18			0.06	(A)		0.11
Net realized and unrealized gains (losses) on investments		0.40			(0.29	)		3.37			2.47			(1.99	)		4.87
Total from investment operations		0.54			(0.14	)		3.40			2.65			(1.93	)		4.98
Distributions from:
Net investment income		—			(0.17	)		(0.17	)		(0.11	)		(0.03	)		(0.05	)
Realized capital gains		—			(1.76	)		(2.74	)		—			(10.02	)		(5.78	)
Total distributions		—			(1.93	)		(2.91	)		(0.11	)		(10.05	)		(5.83	)
Net asset value at end of period	$	20.48		$	19.94		$	22.01		$	21.52		$	18.98		$	30.96
Total return(B)		2.71	%(C)		(0.37	%)		15.57	%		14.01	%		(8.73	%)		17.17	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	437,877		$	445,608		$	485,413		$	113,062		$	137,306		$	257,273
Ratio to average net assets:
Net expenses		1.17	%(D)		1.17	%		1.19	%		1.24	%		1.24	%		1.25	%
Gross expenses		1.18	%(D)		1.17	%		1.22	%		1.36	%		1.39	%		1.28	%
Net investment income		1.41	%(D)		0.70	%		0.58	%		0.83	%		0.31	%		0.35	%
Portfolio turnover rate		20	%(C)		40	%		72	%(E)		53	%		304	%		98	%

Touchstone Global ESG Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	16.65		$	18.68		$	18.62		$	16.47		$	28.32		$	29.72
Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.06	)		(0.05	)		0.01			(0.08	)(A)		(0.12	)
Net realized and unrealized gains (losses) on investments		0.35			(0.21	)		2.85			2.15			(1.75	)		4.50
Total from investment operations		0.38			(0.27	)		2.80			2.16			(1.83	)		4.38
Distributions from:
Net investment income		—			—			—			(0.01	)		(10.02	)		(5.78	)
Realized capital gains		—			(1.76	)		(2.74	)		—			—			—
Total distributions		—			(1.76	)		(2.74	)		(0.01	)		(10.02	)		(5.78	)
Net asset value at end of period	$	17.03		$	16.65		$	18.68		$	18.62		$	16.47		$	28.32
Total return(B)		2.28	%(C)		(1.18	%)		14.75	%		13.12	%		(9.41	%)		16.30	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	12,540		$	14,926		$	37,513		$	48,055		$	56,435		$	103,861
Ratio to average net assets:
Net expenses		1.99	%(D)		1.99	%		1.99	%		1.99	%		1.99	%		2.00	%
Gross expenses		2.17	%(D)		2.03	%		2.05	%		2.12	%		2.15	%		2.03	%
Net investment income (loss)		0.59	%(D)		(0.12	%)		(0.23	%)		0.08	%		(0.44	%)		(0.40	%)
Portfolio turnover rate		20	%(C)		40	%		72	%(E)		53	%		304	%		98	%

^(A) The net investment income (loss) per share was based on average shares outstanding for the period.

^(B) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.

^(C) Not annualized.

^(D) Annualized.

^(E) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Sustainable Core Opportunities Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

37

Financial Highlights (Continued)

Touchstone Global ESG Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	20.66		$	22.75		$	22.11		$	19.49		$	31.49		$	32.23
Income (loss) from investment operations:
Net investment income		0.18			0.21			0.16			0.20			0.13	(A)		0.22
Net realized and unrealized gains (losses) on investments		0.41			(0.31	)		3.41			2.58			(2.06	)		4.92
Total from investment operations		0.59			(0.10	)		3.57			2.78			(1.93	)		5.14
Distributions from:
Net investment income		—			(0.23	)		(0.19	)		(0.16	)		(0.05	)		(0.10	)
Realized capital gains		—			(1.76	)		(2.74	)		—			(10.02	)		(5.78	)
Total distributions		—			(1.99	)		(2.93	)		(0.16	)		(10.07	)		(5.88	)
Net asset value at end of period	$	21.25		$	20.66		$	22.75		$	22.11		$	19.49		$	31.49
Total return		2.91	%(B)		(0.09	%)		15.90	%		14.30	%		(8.54	%)		17.48	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	212,309		$	207,080		$	189,837		$	112,790		$	67,638		$	416,741
Ratio to average net assets:
Net expenses		0.90	%(C)		0.90	%		0.94	%		0.99	%		0.99	%		0.99	%
Gross expenses		0.93	%(C)		0.93	%		0.99	%		1.09	%		1.14	%		1.00	%
Net investment income		1.68	%(C)		0.97	%		0.82	%		1.08	%		0.56	%		0.61	%
Portfolio turnover rate		20	%(B)		40	%		72	%(D)		53	%		304	%		98	%

Touchstone Global ESG Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period            

	Six Months
	Ended
	September 30,												Period Ended
	2019			Year Ended March 31,									March 31,
	(Unaudited)				2019			2018			2017			2016(E)
Net asset value at beginning of period	$	20.68		$	22.77		$	22.13		$	19.50		$	31.44
Income (loss) from investment operations:
Net investment income		0.18			0.22			0.20			0.19			0.11	(A)
Net realized and unrealized gains (losses) on investments		0.41			(0.32	)		3.38			2.61			(1.98	)
Total from investment operations		0.59			(0.10	)		3.58			2.80			(1.87	)
Distributions from:
Net investment income		—			(0.23	)		(0.20	)		(0.17	)		(0.05	)
Realized capital gains		—			(1.76	)		(2.74	)		—			(10.02	)
Total distributions		—			(1.99	)		(2.94	)		(0.17	)		(10.07	)
Net asset value at end of period	$	21.27		$	20.68		$	22.77		$	22.13		$	19.50
Total return		2.90	%(B)		(0.10	%)		15.95	%		14.41	%		(8.49	%)(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	48,100		$	44,382		$	42,196		$	29,679		$	6,843
Ratio to average net assets:
Net expenses		0.89	%(C)		0.89	%		0.89	%		0.89	%		0.89	%(C)
Gross expenses		0.93	%(C)		0.93	%		1.01	%		1.11	%		1.48	%(C)
Net investment income		1.69	%(C)		0.98	%		0.87	%		1.18	%		0.66	%(C)
Portfolio turnover rate		20	%(B)		40	%		72	%(D)		53	%		304	%

^(A) The net investment income per share was based on average shares outstanding for the period.

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Sustainable Core Opportunities Fund acquired on October 27, 2017. If these transactions were included, portfolio turnover would have been higher.

^(E) Represents the period from commencement of operations (May 4, 2015) through March 31, 2016.

See accompanying Notes to Financial Statements.

38

Financial Highlights (Continued)

Touchstone Growth Opportunities Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	32.71		$	32.79		$	30.20		$	27.35		$	33.29		$	32.61
Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.05	)		(0.11	)		(—	)(A)		(0.08	)		(0.15	)
Net realized and unrealized gains (losses) on investments		1.96			3.10			5.89			3.86			(2.90	)		4.82
Total from investment operations		1.91			3.05			5.78			3.86			(2.98	)		4.67
Distributions from:
Realized capital gains		—			(3.13	)		(3.19	)		(1.01	)		(2.96	)		(3.99	)
Net asset value at end of period	$	34.62		$	32.71		$	32.79		$	30.20		$	27.35		$	33.29
Total return(B)		5.84	%(C)		10.40	%		19.51	%		14.38	%		(9.12	%)		14.99	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	42,798		$	42,404		$	39,901		$	38,752		$	38,297		$	49,162
Ratio to average net assets:
Net expenses (including liquidity provider expenses)		1.25	%(D)(E)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Gross expenses (including liquidity provider expenses)		1.41	%(D)(E)		1.37	%		1.38	%		1.39	%		1.38	%		1.40	%
Net investment loss		(0.26	%)(D)		(0.17	%)		(0.32	%)		(0.01	%)		(0.24	%)		(0.47	%)
Portfolio turnover rate		37	%(C)(F)		94	%(F)		86	%		90	%		137	%		87	%

Touchstone Growth Opportunities Fund — Class C

Selected Data for a Share Outstanding Throughout Each Period            

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	26.18		$	27.08		$	25.60		$	23.51		$	29.27		$	29.32
Income (loss) from investment operations:
Net investment loss		(0.15	)		(0.49	)		(0.29	)		(0.23	)		(0.24	)		(0.33	)
Net realized and unrealized gains (losses) on investments		1.58			2.72			4.96			3.33			(2.56	)		4.27
Total from investment operations		1.43			2.23			4.67			3.10			(2.80	)		3.94
Distributions from:
Realized capital gains		—			(3.13	)		(3.19	)		(1.01	)		(2.96	)		(3.99	)
Net asset value at end of period	$	27.61		$	26.18		$	27.08		$	25.60		$	23.51		$	29.27
Total return(B)		5.46	%(C)		9.54	%		18.65	%		13.49	%		(9.78	%)		14.11	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	3,232		$	3,863		$	8,680		$	8,574		$	11,665		$	13,813
Ratio to average net assets:
Net expenses (including liquidity provider expenses)		2.00	%(D)(E)		1.99	%		1.99	%		1.99	%		1.99	%		1.99	%
Gross expenses (including liquidity provider expenses)		2.66	%(D)(E)		2.32	%		2.29	%		2.26	%		2.20	%		2.21	%
Net investment loss		(1.01	%)(D)		(0.92	%)		(1.07	%)		(0.76	%)		(0.99	%)		(1.22	%)
Portfolio turnover rate		37	%(C)(F)		94	%(F)		86	%		90	%		137	%		87	%

^(A) Less than $0.005 per share.

^(B) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.

^(C) Not annualized.

^(D) Annualized.

^(E) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.24% and 1.40%, respectively, and for Class C was 1.99% and 2.65%, respectively, for the six months ended September 30, 2019.

^(F) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

39

Financial Highlights (Continued)

Touchstone Growth Opportunities Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	33.78		$	33.69		$	30.87		$	27.90		$	33.81		$	32.97
Income (loss) from investment operations:
Net investment income (loss)		(—	)(A)		0.03			(0.02	)		0.10			—	(A)		(0.06	)
Net realized and unrealized gains (losses) on investments		2.03			3.19			6.03			3.91			(2.95	)		4.90
Total from investment operations		2.03			3.22			6.01			4.01			(2.95	)		4.84
Distributions from:
Net investment income		—			—	(A)		—			(0.03	)		—			(0.01	)
Realized capital gains		—			(3.13	)		(3.19	)		(1.01	)		(2.96	)		(3.99	)
Total distributions		—			(3.13	)		(3.19	)		(1.04	)		(2.96	)		(4.00	)
Net asset value at end of period	$	35.81		$	33.78		$	33.69		$	30.87		$	27.90		$	33.81
Total return		6.01	%(B)		10.67	%		19.80	%		14.64	%		(8.88	%)		15.32	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	20,966		$	43,703		$	47,554		$	47,222		$	83,721		$	107,295
Ratio to average net assets:
Net expenses (including liquidity provider expenses)		1.00	%(C)(D)		0.99	%		0.99	%		0.99	%		0.99	%		0.94	%
Gross expenses (including liquidity provider expenses)		1.17	%(C)(D)		1.08	%		1.07	%		1.07	%		1.07	%		1.01	%
Net investment income (loss)		(0.01	%)(C)		0.08	%		(0.07	%)		0.24	%		0.01	%		(0.17	%)
Portfolio turnover rate		37	%(B)(E)		94	%(E)		86	%		90	%		137	%		87	%

Touchstone Growth Opportunities Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period          

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	34.22		$	34.08		$	31.16		$	28.15		$	34.05		$	33.18
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.09			0.01			0.12			0.01			(0.04	)
Net realized and unrealized gains (losses) on investments		2.04			3.21			6.10			3.96			(2.95	)		4.92
Total from investment operations		2.06			3.30			6.11			4.08			(2.94	)		4.88
Distributions from:
Net investment income		—			(0.03	)		—			(0.06	)		—			(0.02	)
Realized capital gains		—			(3.13	)		(3.19	)		(1.01	)		(2.96	)		(3.99	)
Total distributions		—			(3.16	)		(3.19	)		(1.07	)		(2.96	)		(4.01	)
Net asset value at end of period	$	36.28		$	34.22		$	34.08		$	31.16		$	28.15		$	34.05
Total return		6.05	%(B)		10.79	%		19.94	%		14.77	%		(8.79	%)		15.39	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	58,228		$	71,406		$	185,831		$	150,038		$	176,191		$	134,795
Ratio to average net assets:
Net expenses (including liquidity provider expenses)		0.90	%(C)(D)		0.89	%		0.89	%		0.89	%		0.89	%		0.87	%
Gross expenses (including liquidity provider expenses)		1.06	%(C)(D)		1.01	%		1.01	%		1.00	%		0.98	%		0.97	%
Net investment income (loss)		0.09	%(C)		0.18	%		0.03	%		0.34	%		0.11	%		(0.10	%)
Portfolio turnover rate		37	%(B)(E)		94	%(E)		86	%		90	%		137	%		87	%

^(A) Less than $0.005 per share.

^(B) Not annualized.

^(C) Annualized.

^(D) The ratio of net and gross expenses to average net assets excluding liquidity provider expenses for Class Y was 0.99% and 1.16%, respectively, and for Institutional Class was 0.89% and 1.05%, respectively, for the six months ended September 30, 2019.

^(E) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

40

Financial Highlights (Continued)

Touchstone Mid Cap Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	29.26		$	28.05		$	25.91		$	23.28		$	27.06		$	26.50
Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.09	)		(0.08	)(A)		(0.06	)		(0.10	)		(0.14	)
Net realized and unrealized gains (losses) on investments		1.62			3.36			4.95			3.31			(1.62	)		4.19
Total from investment operations		1.60			3.27			4.87			3.25			(1.72	)		4.05
Distributions from:
Realized capital gains		—			(2.06	)		(2.73	)		(0.62	)		(2.06	)		(3.49	)
Net asset value at end of period	$	30.86		$	29.26		$	28.05		$	25.91		$	23.28		$	27.06
Total return(B)		5.47	%(C)		12.77	%		19.28	%		14.13	%		(6.34	%)		16.34	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	270,022		$	262,492		$	218,727		$	225,381		$	226,201		$	267,421
Ratio to average net assets:
Net expenses		1.24	%(D)		1.27	%		1.29	%		1.30	%		1.31	%		1.34	%
Gross expenses		1.24	%(D)		1.27	%		1.29	%		1.30	%		1.31	%		1.34	%
Net investment loss		(0.15	%)(D)		(0.35	%)		(0.29	%)		(0.26	%)		(0.42	%)		(0.55	%)
Portfolio turnover rate		40	%(C)		71	%		76	%		95	%		92	%		73	%

Touchstone Mid Cap Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period  

	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	18.08		$	18.27		$	17.84		$	16.33		$	19.78		$	20.39
Income (loss) from investment operations:
Net investment loss		(0.22	)		(0.49	)		(0.20	)(A)		(0.22	)		(0.21	)		(0.24	)
Net realized and unrealized gains (losses) on investments		1.12			2.36			3.36			2.35			(1.18	)		3.12
Total from investment operations		0.90			1.87			3.16			2.13			(1.39	)		2.88
Distributions from:
Realized capital gains		—			(2.06	)		(2.73	)		(0.62	)		(2.06	)		(3.49	)
Net asset value at end of period	$	18.98		$	18.08		$	18.27		$	17.84		$	16.33		$	19.78
Total return(B)		4.98	%(C)		11.91	%		18.38	%		13.28	%		(7.02	%)		15.51	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	27,457		$	32,831		$	90,502		$	113,153		$	127,852		$	157,315
Ratio to average net assets:
Net expenses		2.14	%(D)		2.04	%		2.04	%		2.06	%		2.06	%		2.07	%
Gross expenses		2.14	%(D)		2.04	%		2.04	%		2.06	%		2.06	%		2.07	%
Net investment loss		(1.05	%)(D)		(1.12	%)		(1.04	%)		(1.02	%)		(1.17	%)		(1.29	%)
Portfolio turnover rate		40	%(C)		71	%		76	%		95	%		92	%		73	%

^(A) The net investment loss per share was based on average shares outstanding for the period.

^(B) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.

^(C) Not annualized.

^(D) Annualized.

See accompanying Notes to Financial Statements.

41

Financial Highlights(Continued)

Touchstone Mid Cap Growth Fund—Class Y
Selected Data for a Share Outstanding Throughout Each Period
	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	30.50		$	29.07		$	26.70		$	23.92		$	27.71		$	27.00
Income (loss) from investment operations:
Net investment income (loss)		0.01			(0.03	)		(0.01	)(A)		(—	)(B)		(0.04	)		(0.08	)
Net realized and unrealized gains (losses) on investments		1.70			3.52			5.11			3.40			(1.65	)		4.28
Total from investment operations		1.71			3.49			5.10			3.40			(1.69	)		4.20
Distributions from:
Net investment income		—			—			—			—			(0.04	)		—
Realized capital gains		—			(2.06	)		(2.73	)		(0.62	)		(2.06	)		(3.49	)
Total distributions		—			(2.06	)		(2.73	)		(0.62	)		(2.10	)		(3.49	)
Net asset value at end of period	$	32.21		$	30.50		$	29.07		$	26.70		$	23.92		$	27.71
Total return		5.61	%(C)		13.05	%		19.62	%		14.38	%		(6.08	%)		16.69	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	489,029		$	452,407		$	375,617		$	311,865		$	347,706		$	299,247
Ratio to average net assets:
Net expenses		1.00	%(D)		1.02	%		1.02	%		1.06	%		1.05	%		1.07	%
Gross expenses		1.00	%(D)		1.02	%		1.02	%		1.06	%		1.05	%		1.07	%
Net investment income (loss)		0.09	%(D)		(0.10	%)		(0.02	%)		(0.02	%)		(0.16	%)		(0.29	%)
Portfolio turnover rate		40	%(C)		71	%		76	%		95	%		92	%		73	%

Touchstone Mid Cap Growth Fund—Institutional Class
Selected Data for a Share Outstanding Throughout Each Period
	Six Months
	Ended
	September 30,
	2019			Year Ended March 31,
	(Unaudited)			2019			2018			2017			2016			2015
Net asset value at beginning of period	$	30.79		$	29.32		$	26.90		$	24.07		$	27.85		$	27.10
Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.01	)		—	(A)(B)		0.10			(0.02	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.71			3.54			5.15			3.35			(1.65	)		4.27
Total from investment operations		1.73			3.53			5.15			3.45			(1.67	)		4.24
Distributions from:
Net investment income		—			—			—			—			(0.05	)		—
Realized capital gains		—			(2.06	)		(2.73	)		(0.62	)		(2.06	)		(3.49	)
Total distributions		—			(2.06	)		(2.73	)		(0.62	)		(2.11	)		(3.49	)
Net asset value at end of period	$	32.52		$	30.79		$	29.32		$	26.90		$	24.07		$	27.85
Total return		5.62	%(C)		13.10	%		19.62	%		14.50	%		(5.97	%)		16.73	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	410,176		$	349,865		$	95,176		$	44,236		$	84,152		$	102,420
Ratio to average net assets:
Net expenses		0.95	%(D)		0.97	%(E)		0.99	%		0.99	%		0.95	%		0.98	%
Gross expenses		0.95	%(D)		0.97	%		0.99	%		1.00	%		0.95	%		0.98	%
Net investment income (loss)		0.14	%(D)		(0.06	%)		0.01	%		0.05	%		(0.05	%)		(0.20	%)
Portfolio turnover rate		40	%(C)		71	%		76	%		95	%		92	%		73	%

(A)	The net investment income (loss) per share was based on average shares outstanding for the period.
(B)	Less than $0.005 per share.
(C)	Not annualized.
(D)	Annualized.
(E)	Net expenses include amounts recouped by the Advisor.

See accompanying Notes to Financial Statements.

42

Financial Highlights(Continued)

Touchstone Sands Capital Emerging Markets Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Period Ended
	2019			March 31,
	(Unaudited)			2019(A)
Net asset value at beginning of period	$	13.15		$	11.21	(B)
Income (loss)Income from investment operations:
Net investment income (loss)		0.15			(0.01	)
Net realized and unrealized gains (losses) on investments		(0.36	)		1.95
Total from investment operations		(0.21	)		1.94
Net asset value at end of period	$	12.94		$	13.15
Total return(C)		(1.67	%)(D)		17.31	%(D)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,763		$	1,349
Ratio to average net assets:
Net expenses		1.60	%(E)		1.60	%(E)
Gross expenses		2.30	%(E)		4.89	%(E)
Net investment income (loss)		2.61	%(E)		(0.94	%)(E)
Portfolio turnover rate		10	%(D)		31	%

Touchstone Sands Capital Emerging Markets Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Period Ended
	2019			March 31,
	(Unaudited)			2019(A)
Net asset value at beginning of period	$	13.11		$	11.21	(B)
Income (loss)Income from investment operations:
Net investment income (loss)		0.09			(0.04	)
Net realized and unrealized gains (losses) on investments		(0.34	)		1.94
Total from investment operations		(0.25	)		1.90
Net asset value at end of period	$	12.86		$	13.11
Total return(C)		(1.98	%)(D)		16.95	%(D)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	363		$	59
Ratio to average net assets:
Net expenses		235	%(E)		2.35	%(E)
Gross expenses		6.90	%(E)		57.88	%(E)
Net investment income (loss)		1.86	%(E)		(1.69	%)(E)
Portfolio turnover rate		10	%(D)		31	%

(A)	Represents the period from commencement of operations (November 16, 2018) through March 31, 2019.
(B)	Net asset value at the beginning of period is based on the net asset value of Class Y shares on November 16, 2018.
(C)	Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(D)	Not annualized.
(E)	Annualized.

See accompanying Notes to Financial Statements.

43

Financial Highlights(Continued)

Touchstone Sands Capital Emerging Markets Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,															Period Ended
	2019			Year Ended March 31,												March 31,
	(Unaudited)			2019			2018			2017			2016			2015(A)
Net asset value at beginning of period	$	13.16		$	13.56		$	10.70		$	9.40		$	10.37		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			(0.03	)		(0.06	)		(0.03	)		(0.04	)		(0.03	)
Net realized and unrealized gains (losses) on investments		(0.38	)		(0.37	)		2.92			1.33			(0.93	)		0.40
Total from investment operations		(0.20	)		(0.40	)		2.86			1.30			(0.97	)		0.37
Net asset value at end of period	$	12.96		$	13.16		$	13.56		$	10.70		$	9.40		$	10.37
Total return		(1.52	%)(B)		(3.02	%)		26.82	%		13.83	%		(9.35	%)		3.70	%(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	359,426		$	318,093		$	207,209		$	103,467		$	58,106		$	39,541
Ratio to average net assets:
Net expenses		1.35	%(C)(D)		1.35	%(D)		1.47	%		1.49	%		1.49	%		1.49	%(C)
Gross expenses		1.31	%(C)		1.35	%		1.49	%		1.55	%		1.59	%		1.68	%(C)
Net investment income (loss)		2.86	%(C)		(0.45	%)		(0.73	%)		(0.49	%)		(0.52	%)		(0.46	%)(C)
Portfolio turnover rate		10	%(B)		31	%		27	%		49	%		32	%		90	%(B)

Touchstone Sands Capital Emerging Markets Growth Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,															Period Ended
	2019			Year Ended March 31,												March 31,
		(Unaudited)			2019			2018			2017			2016			2015(A)
Net asset value at beginning of period	$	13.21		$	13.61		$	10.73		$	9.41		$	10.37		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			(0.03	)		(0.06	)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gains (losses) on investments		(0.35	)		(0.37	)		2.94			1.35			(0.94	)		0.40
Total from investment operations		(0.18	)		(0.40	)		2.88			1.32			(0.96	)		0.37
Net asset value at end of period	$	13.03		$	13.21		$	13.61		$	10.73		$	9.41		$	10.37
Total return		(1.44	%)(B)		(2.94	%)		26.84	%		14.03	%		(9.26	%)		3.70	%(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	745,806		$	524,670		$	374,452		$	182,402		$	101,401		$	32,743
Ratio to average net assets:
Net expenses		1.25	%(C)(D)		1.25	%		1.37	%		1.39	%		1.39	%		1.39	%(C)
Gross expenses		1.25	%(C)		1.27	%		1.41	%		1.46	%		1.51	%		1.59	%(C)
Net investment income (loss)		2.96	%(C)		(0.35	%)		(0.63	%)		(0.39	%)		(0.42	%)		(0.36	%)(C)
Portfolio turnover rate		10	%(B)		31	%		27	%		49	%		32	%		90	%(B)

(A)	Represents the period from commencement of operations (May 12, 2014) through March 31, 2015.
(B)	Not annualized.
(C)	Annualized.
(D)	Net expenses include amounts recouped or eligible for recoupment by the Advisor.

See accompanying Notes to Financial Statements.

44

Notes to Financial Statements

September 30, 2019 (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 nineteen funds, including the following six funds (individually, a “Fund”, and collectively, the “Funds”):

Touchstone Flexible Income Fund (“Flexible Income Fund”)

Touchstone Focused Fund (“Focused Fund”)

Touchstone Global ESG Equity Fund (“Global ESG Equity Fund”) (formerly known as Touchstone Sustainability and Impact Equity Fund)

Touchstone Growth Opportunities Fund (“Growth Opportunities Fund”)

Touchstone Mid Cap Growth Fund (“Mid Cap Growth Fund”)

Touchstone Sands Capital Emerging Markets Growth Fund (“Sands Capital Emerging Markets Growth Fund”)

Each Fund is diversified, with the exception of the Focused Fund, the Growth Opportunities Fund and the Sands Capital Emerging Markets 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:

				Institutional
	Class A	Class C	Class Y	Class
Flexible Income Fund	X	X	X	X
Focused Fund	X	X	X	X
Global ESG Equity Fund	X	X	X	X
Growth Opportunities Fund	X	X	X	X
Mid Cap Growth Fund	X	X	X	X
Sands Capital Emerging Markets Growth Fund	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— 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)

45

Notes to Financial Statements(Unaudited) (Continued)

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 September 30, 2019, for each Fund’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if applicable, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the six months ended September 30, 2019.

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

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

Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of regular trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available and categorized in Level 2.

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:

46

Notes to Financial Statements(Unaudited) (Continued)

· 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 approved by the Funds’ Board of Trustees (the “Board”) and are generally categorized in Level 3.

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

Securities sold short —The Flexible Income Fund may engage in selling securities short, which obligates the Fund to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates.

As of September 30, 2019, the Flexible Income Fund did not hold any securities sold short.

Options —The Flexible Income Fund may write or purchase financial option contracts primarily to hedge against changes in the value of equity securities (or securities that the Fund intends to purchase), against fluctuations in fair value caused by changes in prevailing market interest rates or foreign currency exchange rates and against changes in overall equity market volatility. In addition, the Fund may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. The Fund’s option strategy primarily focuses on the use of writing and/or purchasing call or put options on equity indexes. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. The Fund, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. The Fund, as purchaser of an option, bears the risk that the counterparties to the option may not have the ability to meet the terms of the option contracts. There is minimal counterparty

47

Notes to Financial Statements(Unaudited) (Continued)

credit risk involved in entering into option contracts since they are exchange-traded instruments and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. The maximum risk of loss associated with writing put options is the notional amount as presented in the Portfolio of Investments. In certain circumstances, the maximum risk of loss amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. The maximum risk of loss associated with writing call options is potentially unlimited.

As of September 30, 2019, the Flexible Income Fund did not hold any options.

Futures Contracts —The Flexible Income Fund may buy and sell futures contracts and related options to manage its exposure to changing interest rates and securities prices. Some strategies reduce the Fund’s exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact the Fund’s return. In order to avoid leveraging and related risks, when the Fund purchases futures contracts, it will collateralize its position by depositing an amount of cash or liquid securities, equal to the market value of the futures positions held, less margin deposits, in a segregated account with its custodian or otherwise “cover” its position in a manner consistent with the 1940 Act or the rules of the Securities and Exchange Commission (the “SEC”) or interpretations thereunder. Collateral equal to the current fair value of the futures position will be determined on a daily basis.

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 September 30, 2019, the Flexible Income Fund did not hold any futures contracts.

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.

Forward foreign currency contracts —A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral, the risk that currency movements will not occur thereby reducing a Fund’s total return, and the potential for losses in excess of a Fund’s initial investment.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily and the change in value is recorded by a

48

Notes to Financial Statements(Unaudited) (Continued)

Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency.

As of September 30, 2019, there were no open forward foreign currency contracts.

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.

Master Limited Partnership —The Funds may invest in Master Limited Partnership (“MLP”) common units that represent limited partnership interests in the MLP. Common units are generally listed and traded on U.S. securities exchanges or OTC with their value fluctuating predominantly based on the success of the MLP. Unlike owners of common stock of a corporation, owners of MLP common units have limited voting rights and have no ability to annually elect directors. MLPs generally distribute all available cash flow (cash flow from operations less maintenance capital expenditures) in the form of quarterly distributions. Common unit holders have first priority to receive quarterly cash distributions up to the minimum quarterly distribution and have arrearage rights. Distributions received from MLPs generally are comprised of income and return of capital. Investment income and return of capital are recorded based on estimates made at the time distributions are received. The actual amounts of income and return of capital are only determined by each MLP 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. In the event of liquidation, common unit holders have preference over subordinated units, but not debt holders or preferred unit holders, to the remaining assets of the MLP.

Derivative instruments and hedging activities —The Flexible Income 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 the 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, the Fund may be required to post and maintain collateral or margin (including both initial and maintenance 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

49

Notes to Financial Statements(Unaudited) (Continued)

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 the 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 Flexible Income Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following table sets forth the effect of the Flexible Income Fund’s derivative financial instruments by primary risk exposure on the Statements of Operations for the six months ended September 30, 2019:

The Effect of Derivative Investments on the Statements of Operations

for the Six Months Ended September 30, 2019

						Change in
						Unrealized
			Realized Gain			Appreciation
	Derivatives not accounted for as hedging		(Loss)			(Depreciation)
Fund	instruments under ASC 815		on Derivatives			on Derivatives
Flexible Income Fund	Futures - Interest Rate Contracts*	$	(1,420,387	)	$	1,580,368
	Written Options - Equity Contracts**		8,854			—

*Statements of Operations Location: Net realized losses on futures contracts and Net change in unrealized appreciation (depreciation) on futures contracts, respectively.

**Statements of Operations Location: Net realized gains on written options and Net change in unrealized appreciation (depreciation) on written options, respectively.

For the six months ended September 30, 2019, the average quarterly balance of outstanding derivative financial instruments for the Flexible Income Fund was as follows:

	Flexible
	Income
	Fund
Interest rate contracts:
Futures - Notional value	$	13,697,211
Written Options - Premiums received*	$	—

* The balance at each quarter end was zero.

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

50

Notes to Financial Statements(Unaudited) (Continued)

As of September 30, 2019, the following Funds loaned securities and received collateral as follows:

				Market
		Market Value of		Value of
		Securities		Collateral		Net
Fund	Security Type	Loaned*		Received**		Amount***
Flexible Income Fund	Investment Funds	$	69,624	$	71,010	$	1,386
Global ESG Equity Fund	Common Stocks		22,161,811		23,240,349		1,078,538

* 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 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 trading volumes, float, short-term interest rates and market liquidity and is shown net of fees on the Statements of Operations. When a Fund lends securities, it retains the interest or dividends on the investment of any cash received as collateral, and the Fund continues to receive interest or dividends on the loaned securities.

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

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 funds except the Flexible Income 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 fixed income fund (the Flexible Income Fund) is equal to the NAV per share plus a sales load equal to 2.04% of the NAV (or 2.00% 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 Class C, Class Y, and Institutional Class shares of the Funds is equal to the NAV per share.

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone funds equaling at least $1 million for equity funds or $500,000 for fixed income funds where a Finder’s Fee was paid may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% or 0.50%, 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%. 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 paydowns 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 with a corresponding adjustment in the

51

Notes to Financial Statements (Unaudited) (Continued)

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 for the Flexible Income Fund, declares and distributes net investment income, if any, annually, as a dividend to shareholders. The Flexible Income Fund declares and distributes net investment income, if any, monthly, as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds’ net investment income from investments in Underlying Funds is affected by the timing of dividend declarations by the Underlying Funds.

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

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

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

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended September 30, 2019:

	Flexible
	Income		Focused		Global ESG
	Fund		Fund		Equity Fund
Purchases of investment securities	$	357,061,752	$	37,523,633	$	140,076,258
Proceeds from sales and maturities	$	412,674,168	$	131,000,384	$	154,577,775
						Sands Capital
						Emerging
		Growth		Mid Cap		Markets
		Opportunities		Growth		Growth
		Fund*		Fund		Fund
Purchases of investment securities	$	49,403,919	$	480,427,785	$	384,335,527
Proceeds from sales and maturities	$	87,657,717	$	455,045,208	$	95,641,935

^*  Growth Opportunities Fund had redemptions-in-kind out of the Fund of $4,182,052, which is excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $4,028,264 and $153,788, respectively, for the Growth Opportunities Fund.

For the six months ended September 30, 2019, purchases and proceeds from sales and maturities in U.S. Government securities were $44,799,489 and $60,056,727, respectively, for the Flexible Income Fund.

52

Notes to Financial Statements (Unaudited) (Continued)

4. Transactions with Affiliates and Other Related Parties

Certain officers of the Trust are also officers of Touchstone Advisors, Inc. (the “Advisor”), Touchstone Securities, Inc. (the “Underwriter”), or The Bank of New York Mellon, the Sub-Administrator to the Funds and BNY Mellon Investment Servicing (U.S.) Inc., the Transfer Agent to the Funds (collectively referenced to herein as “BNY Mellon”). Such officers receive no compensation from the Trust. The Advisor and the Underwriter are each wholly-owned subsidiaries of Western & Southern Financial Group, Inc. (“Western & Southern”).

On behalf of the Funds, the Advisor 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 Advisor is reimbursed by the Funds for the Independent Trustees’ compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $57,348 for the six months ended September 30, 2019.

MANAGEMENT & EXPENSE LIMITATION AGREEMENTS

The Advisor provides general investment supervisory services for the Funds, under the terms of an advisory agreement (“Advisory Agreement”). Under the Advisory Agreement, each Fund pays the Advisor 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.

Flexible Income Fund	0.60% on the first $500 million
	0.50% on such assets in excess of $500 million
Focused Fund	0.70% on the first $100 million
	0.65% on the next $400 million
	0.60% on such assets in excess of $500 million
Global ESG Equity Fund	0.65% on the first $1 billion
	0.60% on such assets in excess of $1 billion
Growth Opportunities Fund	0.75% on the first $500 million
	0.70% on the next $500 million
	0.65% on such assets in excess of $1 billion
Mid Cap Growth Fund	0.75% on the first $500 million
	0.70% on the next $500 million
	0.65% on such assets in excess of $1 billion
Sands Capital Emerging Markets Growth Fund	1.00%

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

Bramshill Investments, LLC	Sands Capital Management, LLC
Flexible Income Fund	Sands Capital Emerging Markets Growth Fund
Fort Washington Investment Advisors, Inc.*	Westfield Capital Management Company, L.P.
Focused Fund	Growth Opportunities Fund
Rockefeller & Co., LLC	Mid Cap Growth Fund
Global ESG Equity Fund

^* Affiliate of the Advisor and wholly-owned subsidiary of Western & Southern.

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

The Advisor 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

53

Notes to Financial Statements(Unaudited) (Continued)

sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds’ liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of “Acquired Fund Fees and Expenses”, if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Advisor 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:

										Institutional
	Class A			Class C			Class Y			Class
Flexible Income Fund		1.04	%		1.79	%		0.79	%		0.69	%
Focused Fund		1.20	%		1.95	%		0.95	%		0.83	%
Global ESG Equity Fund		1.17	%		1.99	%		0.90	%		0.89	%
Growth Opportunities Fund		1.24	%		1.99	%		0.99	%		0.89	%
Mid Cap Growth Fund		1.39	%		2.14	%		1.14	%		0.99	%
Sands Capital Emerging Markets Growth Fund		1.60	%		2.35	%		1.35	%		1.25	%

These expense limitations will remain in effect for all Funds through at least July 29, 2020, except for Sands Capital Emerging Markets Growth Fund. The expense limitation for Sands Capital Emerging Markets Growth Fund will remain in effect through at least November 16, 2020. The expense limitation agreement can be terminated by a vote of the Funds’ Board if it deems the termination to be beneficial to the Funds’ shareholders.

During the six months ended September 30, 2019, the Advisor or its affiliates waived investment advisory fees and administration fees or waived or reimbursed other operating expenses, including distribution fees of the Funds, as follows:

	Investment				Other Operating
	Advisory				Expenses
	Fees		Administration		Reimbursed/
Fund	Waived		Fees Waived		Waived		Total
Flexible Income Fund	$	—	$	233,685	$	60,273	$	293,958
Focused Fund		—		—		68,243		68,243
Global ESG Equity Fund		—		—		82,130		82,130
Growth Opportunities Fund		—		62,996		57,237		120,233
Sands Capital Emerging Markets Growth Fund		—		—		10,310		10,310

Under the terms of the Expense Limitation Agreement, the Advisor 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 Advisor reduced its compensation or assumed expenses for the Funds. The Funds will make repayments to the Advisor only if such repayment does not cause the Funds’ operating expenses (after the repayment is taken into account) to exceed the Funds’ expense limit in place when such amounts were waived or reimbursed by the Advisor and the Funds’ current expense limitation.

As of September 30, 2019, the Advisor may seek recoupment of previously waived fees and reimbursed expenses as follows:

	Expires		Expires		Expires		Expires
	on or		on or		on or		on or
	before		before		before		before
	March 31,		March 31,		March 31,		March 31,
Fund	2020		2021		2022		2023		Total
Flexible Income Fund	$	535,544	$	695,170	$	474,385	$	272,533	$	1,977,632
Focused Fund		8,596		23,561		22,968		10,865		65,990
Global ESG Equity Fund		90,370		161,406		73,180		45,941		370,897

54

Notes to Financial Statements(Unaudited) (Continued)

	Expires		Expires		Expires		Expires
	on or		on or		on or		on or
	before		before		before		before
	March 31,		March 31,		March 31,		March 31,
Fund	2020		2021		2022		2023		Total
Growth Opportunities Fund	$	133,567	$	267,156	$	273,078	$	96,074	$	769,875
Sands Capital Emerging Markets Growth Fund		89,544		119,813		98,432		7,286		315,075

For the six months ended September 30, 2019, the Advisor is eligible to recoup previously waived fees or reimbursed expenses from the Sands Capital Emerging Markets Growth Fund of $79,471.

ADMINISTRATION AGREEMENT

The Advisor entered into an Administration Agreement with the Trust, whereby the Advisor is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to shareholders and reports to, and filings with, the 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 Advisor’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 (excluding Touchstone Institutional Funds Trust) on the basis of relative daily net assets.

The Advisor 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 Advisor, not the Trust.

TRANSFER AGENT AGREEMENT

Under the terms of the Transfer Agent Agreement between the Trust and BNY Mellon, BNY Mellon 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, BNY Mellon receives a monthly fee from each Fund. In addition, each Fund pays out-of-pocket expenses incurred by BNY Mellon, including, but not limited to, postage and supplies.

The Funds may reimburse the Advisor for fees paid to intermediaries such as banks, broker-dealers, financial advisors 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 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

55

Notes to Financial Statements(Unaudited) (Continued)

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).

UNDERWRITING AGREEMENT

The Underwriter is the Funds’ principal underwriter and, as such, acts as exclusive agent for distribution of the Funds’ shares. Under the terms of the Underwriting Agreement between the Trust and the Underwriter, the Underwriter earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Underwriter and the Advisor, 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 Underwriter and its affiliate during the six months ended September 30, 2019:

Fund	Amount
Flexible Income Fund	$	4,231
Focused Fund		4,232
Global ESG Equity Fund		5,893
Growth Opportunities Fund		1,967
Mid Cap Growth Fund		15,684
Sands Capital Emerging Markets Growth Fund		948

In addition, the Underwriter collected CDSCs on the redemption of Class A and Class C shares of the Funds listed below during the six months ended September 30, 2019:

Fund	Class A		Class C
Flexible Income Fund	$	—	$	23
Focused Fund		—		1,094
Global ESG Equity Fund		—		247
Growth Opportunities Fund		—		20
Mid Cap Growth Fund		—		21

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 advisor (or affiliated investment advisors), common Trustees and/or common Officers. During the six months ended September 30, 2019, 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 September 30, 2019, the Growth Opportunities Fund utilized ReFlow. ReFlow purchased 121,612 shares of the Fund during the period and had redemptions-in-kind of $4,028,264. The resulting fee is included in Other expenses on the Statement of Operations.

56

Notes to Financial Statements(Unaudited) (Continued)

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 September 30, 2019, the following Fund participated as a borrower in the interfund lending program. The daily average amount borrowed, weighted average interest rate and interest expense were as follows:

	Daily Average		Weighted Average
	Amount		Interest			Interest
Fund	Borrowed		Rate			Expense*
Growth Opportunities Fund	$	28,540		2.93	%	$	425

^*Included in Other expenses in the Statements of Operations.    

6. Federal Tax Information

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

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

The tax character of distributions paid for the years ended March 31, 2019 and March 31, 2018 are as follows:

	Flexible								Global
	Income Fund				Focused Fund				ESG Equity Fund
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2019		2018		2019		2018		2019		2018
From ordinary income	$	29,977,346	$	21,745,871	$	8,895,802	$	29,800,080	$	11,745,647	$	5,228,811
From long-term capital gains		4,234,655		—		42,522,534		52,684,335		52,799,731		84,572,202
Total distributions	$	34,212,001	$	21,745,871	$	51,418,336	$	82,484,415	$	64,545,378	$	89,801,013

									Sands Capital
	Growth				Mid Cap				Emerging Markets
	Opportunities Fund				Growth Fund				Growth Fund
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2019		2018		2019		2018		2019		2018
From ordinary income	$	190,894	$	15,769,503	$	13,059,653	$	12,550,670	$	—	$	—
From long-term capital gains		26,307,524		9,585,119		60,828,960		61,432,239		—		—
Total distributions	$	26,498,418	$	25,354,622	$	73,888,613	$	73,982,909	$	—	$	—

The following information is computed on a tax basis for each item as of March 31, 2019:

57

Notes to Financial Statements(Unaudited) (Continued)

	Flexible
	Income			Focused			Global
	Fund			Fund			ESG Equity Fund
Tax cost of portfolio investments	$	659,400,487		$	717,212,625		$	657,310,860
Gross unrealized appreciation on investments		15,148,433			327,410,483			114,867,257
Gross unrealized depreciation on investments		(1,854,011	)		(44,626,634	)		(48,005,589	)
Net unrealized appreciation (depreciation) on investments		13,294,422			282,783,849			66,861,668
Gross unrealized appreciation on foreign currency transactions and deferred foreign capital gains tax		—			—			5,536
Gross unrealized depreciation on foreign currency transactions and deferred foreign capital gains tax		—			—			(17,440	)
Net unrealized depreciation on foreign currency transactions and deferred foreign capital gains tax		—			—			(11,904	)
Qualified late-year losses		—			—			(2,381,166	)
Capital loss carryforwards		(15,234,279	)		—			—
Other temporary differences		(2,895	)		—			—
Undistributed ordinary income		723,398			3,621,396			—
Undistributed capital gains		—			23,248,008			—
Distributable earnings (deficit)	$	(1,219,354	)	$	309,653,253		$	64,468,598

								Sands Capital
		Growth			Mid Cap			Emerging Markets
		Opportunities			Growth			Growth
		Fund			Fund			Fund
Tax cost of portfolio investments	$	119,346,817		$	849,608,905		$	719,283,157
Gross unrealized appreciation on investments		46,717,460			266,319,226			151,265,856
Gross unrealized depreciation on investments		(4,251,354	)		(18,900,282	)		(28,958,740	)
Net unrealized appreciation (depreciation) on investments		42,466,106			247,418,944			122,307,116
Net unrealized depreciation on foreign currency transactions and deferred foreign capital gains tax		—			—			(935,135	)
Qualified Late-Year Losses		(3,977,078	)		(715,475	)		(565,778	)
Capital loss carryforwards		—			—			(13,162,477	)
Undistributed capital gains		—			14,447,265			—
Distributable earnings (deficit)	$	38,489,028		$	261,150,734		$	107,643,726

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, trust preferred securities and investments in passive foreign investment company (“PFIC”) adjustments.

As of March 31, 2019, the Funds had the following capital loss carryforwards for federal income tax purposes:

	No		No
	Expiration		Expiration
Fund	Short Term		Long Term		Total
Flexible Income Fund	$	1,886,958	$	13,347,321	$	15,234,279
Sands Capital Emerging Markets Growth Fund		13,162,477		—		13,162,477

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.

As of September 30, 2019, the Funds had the following federal tax costs resulting in net unrealized appreciation (depreciation) as follows:

58

Notes to Financial Statements(Unaudited) (Continued)

			Gross		Gross
			Unrealized		Unrealized			Gross		Gross			Net
			Appreciation		Depreciation			Unrealized		Unrealized			Unrealized
	Federal Tax		on		on			Appreciation		Depreciation			Appreciation
Fund	Cost		Investments		Investments			on Other*		on Other*			(Depreciation)
Flexible Income Fund	$	722,676,606	$	12,660,490	$	(1,281,296	)	$	—	$	—		$	11,379,194
Focused Fund		654,642,132		322,010,274		(53,772,782	)		—		—			268,237,492
Global ESG Equity Fund		669,265,330		117,968,837		(53,712,669	)		27,026		(11,110	)		64,272,084
Growth Opportunities Fund		90,458,646		39,380,602		(2,110,697	)		—		—			37,269,905
Mid Cap Growth Fund		939,718,889		279,031,891		(22,207,278	)		—		—			256,824,613
Sands Capital Emerging Markets Growth Fund		999,766,256		171,562,694		(57,083,290	)		7,381		(10,853	)		114,475,932

^*  Other includes Foreign Currency Transactions.

The Funds have analyzed their tax positions taken or to be taken on federal income tax returns for all open tax years (tax years ended March 31, 2016 through 2019) and have concluded that no provision for income tax is required in their financial statements.

7. Commitments and Contingencies

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

8. Principal Risks

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

59

Notes to Financial Statements(Unaudited) (Continued)

may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility in the Funds’ NAVs and magnified effect on the total return.

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

Risks Associated with Interest Rate Changes —The price of debt securities is generally linked to the prevailing market interest rates. In general, when interest rates rise, the price of debt securities falls, and when interest rates fall, the price of debt securities rises. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure of the expected life, taking into account any prepayment or call features of the security, that is used to determine the price sensitivity of the security for a given change in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. For example, as a general rule a 1% rise in interest rates means a 1% fall in value for every year of duration. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. The negative impact on fixed income securities if interest rates increase as a result could negatively impact a Fund’s NAV.

Please see the Funds’ prospectus 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 Fund’s financial statements.

60

Other Items(Unaudited)

Proxy Voting Guidelines and Proxy Voting Records

The Sub-Advisors 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-Advisors use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission’s (the “Commission”) website sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission’s website at sec.gov.

Quarterly Portfolio Disclosure

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-PORT. The information will be publicly available 60 days after the end of the period. The complete listing of each Fund’s portfolio holdings is available on the Commission’s website and will be made available to shareholders upon request by calling 1.800.543.0407.

Schedule of Shareholder Expenses

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2019 through September 30, 2019).

Actual Expenses

The first line for each share class of a Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended September 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table below is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

61

Other Items (Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		September 30,			April 1,		September 30,		September 30,
			2019			2019		2019		2019*
Touchstone Flexible Income Fund
Class A	Actual		1.06	%	$	1,000.00	$	1,027.00	$	5.37	**
Class A	Hypothetical		1.06	%	$	1,000.00	$	1,019.70	$	5.35	**
Class C	Actual		1.81	%	$	1,000.00	$	1,023.50	$	9.16	**
Class C	Hypothetical		1.81	%	$	1,000.00	$	1,015.95	$	9.12	**
Class Y	Actual		0.81	%	$	1,000.00	$	1,029.10	$	4.11	**
Class Y	Hypothetical		0.81	%	$	1,000.00	$	1,020.95	$	4.09	**
Institutional Class	Actual		0.71	%	$	1,000.00	$	1,028.70	$	3.60	**
Institutional Class	Hypothetical		0.71	%	$	1,000.00	$	1,021.45	$	3.59	**
Touchstone Focused Fund
Class A	Actual		1.20	%	$	1,000.00	$	1,011.70	$	6.04
Class A	Hypothetical		1.20	%	$	1,000.00	$	1,019.00	$	6.06
Class C	Actual		1.95	%	$	1,000.00	$	1,008.00	$	9.79
Class C	Hypothetical		1.95	%	$	1,000.00	$	1,015.25	$	9.82
Class Y	Actual		0.92	%	$	1,000.00	$	1,013.20	$	4.63
Class Y	Hypothetical		0.92	%	$	1,000.00	$	1,020.40	$	4.65
Institutional Class	Actual		0.83	%	$	1,000.00	$	1,013.60	$	4.18
Institutional Class	Hypothetical		0.83	%	$	1,000.00	$	1,020.85	$	4.19
Touchstone Global ESG Equity Fund
Class A	Actual		1.17	%	$	1,000.00	$	1,027.10	$	5.93
Class A	Hypothetical		1.17	%	$	1,000.00	$	1,019.15	$	5.91
Class C	Actual		1.99	%	$	1,000.00	$	1,022.80	$	10.06
Class C	Hypothetical		1.99	%	$	1,000.00	$	1,015.05	$	10.02
Class Y	Actual		0.90	%	$	1,000.00	$	1,029.10	$	4.57
Class Y	Hypothetical		0.90	%	$	1,000.00	$	1,020.50	$	4.55
Institutional Class	Actual		0.89	%	$	1,000.00	$	1,029.00	$	4.51
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.55	$	4.50
Touchstone Growth Opportunities Fund
Class A	Actual		1.25	%	$	1,000.00	$	1,058.40	$	6.43	***
Class A	Hypothetical		1.25	%	$	1,000.00	$	1,018.75	$	6.31	***
Class C	Actual		2.00	%	$	1,000.00	$	1,054.60	$	10.27	***
Class C	Hypothetical		2.00	%	$	1,000.00	$	1,015.00	$	10.08	***
Class Y	Actual		1.00	%	$	1,000.00	$	1,060.10	$	5.15	***
Class Y	Hypothetical		1.00	%	$	1,000.00	$	1,020.00	$	5.05	***
Institutional Class	Actual		0.90	%	$	1,000.00	$	1,060.50	$	4.64	***
Institutional Class	Hypothetical		0.90	%	$	1,000.00	$	1,020.50	$	4.55	***

62

Other Items (Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		September 30,			April 1,		September 30,		September 30,
			2019			2019		2019		2019*
Touchstone Mid Cap Growth Fund
Class A	Actual		1.24	%	$	1,000.00	$	1,054.70	$	6.37
Class A	Hypothetical		1.24	%	$	1,000.00	$	1,018.80	$	6.26
Class C	Actual		2.14	%	$	1,000.00	$	1,049.80	$	10.97
Class C	Hypothetical		2.14	%	$	1,000.00	$	1,014.30	$	10.78
Class Y	Actual		1.00	%	$	1,000.00	$	1,056.10	$	5.14
Class Y	Hypothetical		1.00	%	$	1,000.00	$	1,020.00	$	5.05
Institutional Class	Actual		0.95	%	$	1,000.00	$	1,056.20	$	4.88
Institutional Class	Hypothetical		0.95	%	$	1,000.00	$	1,020.25	$	4.80
Touchstone Sands Capital Emerging Markets Growth Fund
Class A	Actual		1.60	%	$	1,000.00	$	983.30	$	7.93
Class A	Hypothetical		1.60	%	$	1,000.00	$	1,017.00	$	8.07
Class C	Actual		2.35	%	$	1,000.00	$	980.20	$	11.64
Class C	Hypothetical		2.35	%	$	1,000.00	$	1,013.25	$	11.83
Class Y	Actual		1.35	%	$	1,000.00	$	984.80	$	6.70
Class Y	Hypothetical		1.35	%	$	1,000.00	$	1,018.25	$	6.81
Institutional Class	Actual		1.25	%	$	1,000.00	$	985.60	$	6.21
Institutional Class	Hypothetical		1.25	%	$	1,000.00	$	1,018.75	$	6.31

^* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

^** Excluding dividend and interest expenses on securities sold short, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.27, $9.06, $4.01 and $3.50, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.25, $9.02, $3.99 and $3.49, respectively.

^*** Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.38, $10.22, $5.10 and $4.58, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.26, $10.02, $5.00 and $4.50, respectively.

Advisory and Sub-Advisory Agreement Approval Disclosure

At an in-person meeting held on November 15, 2018, Touchstone Advisors, Inc. (the “Advisor”) proposed the replacement of the then-current sub-advisor to the Touchstone Flexible Income Fund (the “Fund”), ClearArc Capital Inc. (“ClearArc”), to the Board of Trustees (the “Board”) of Touchstone Strategic Trust. The Board approved replacing ClearArc with Bramshill Investments, LLC (“Bramshill”).

The Advisor and Bramshill provided the Board with various written materials in advance of the meeting to assist with the Board’s consideration of a proposed Sub-Advisory Agreement between the Advisor and Bramshill (the “Sub-Advisory Agreement”). The Advisor provided written and oral information stating the basis for its recommendation to engage Bramshill and to transition the Fund to Bramshill’s income performance strategy. The information provided and discussion held also included details regarding Bramshill’s: (a) investment philosophy and investment process; (b) investment management personnel; (c) operating history, infrastructure and financial condition; (d) proposed sub-advisory fees that would be paid to Bramshill by the Advisor; and (e) reputation, expertise and resources of Bramshill. The Board then discussed the written materials that the Board received before the meeting and all other information that the Board received at the meeting.

In approving the Sub-Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services to be provided to the Fund, including the personnel who would be providing such services; (2) Bramshill’s proposed compensation; (3) the performance of the Fund and that of a composite of the accounts managed by Bramshill that use the same income performance strategy that Bramshill proposed

63

Other Items (Unaudited) (Continued)

to use in managing the Fund; and (4) the terms of the Sub-Advisory Agreement. The Board’s consideration of these factors is summarized below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Services Provided; Investment Personnel.The Board considered information provided by the Advisor and Bramshill regarding the services to be provided by Bramshill. The Board considered Bramshill’s level of knowledge and investment style. The Board reviewed the experience and credentials of the investment personnel who would be responsible for managing the investment of portfolio securities with respect to the Fund, as well as the performance record of the strategy. The Board also took into consideration that the Advisor was satisfied with Bramshill’s in-house risk and compliance teams.

Bramshill’s Compensation.The Board took into consideration the financial condition of Bramshill and any direct and indirect benefits to be derived by Bramshill’s relationship with the Fund. In considering the anticipated level of profitability to Bramshill, the Board noted the proposed contractual undertaking of the Advisor to maintain the current levels of expense limitations for the Fund, that the sub-advisory fees under the Sub-Advisory Agreement would be paid by the Advisor out of the advisory fees that it receives from the Fund, and that the sub-advisory fees were negotiated at arm’s length between the Advisor and Bramshill. As a consequence, the anticipated level of profitability to Bramshill from its relationship with the Fund was not a substantial factor in the Board’s deliberations. For similar reasons, the Board did not consider potential economies of scale in Bramshill’s management of the Fund to be a substantial factor in its consideration, although it noted that the proposed sub-advisory fee included a breakpoint that would reduce the fee on Fund assets above a certain level.

Sub-Advisory Fees and Fund Performance.The Board considered that the Fund would pay advisory fees to the Advisor and that the Advisor would pay sub-advisory fees to Bramshill. The Board compared Bramshill’s proposed sub-advisory fee to the sub-advisory fee paid to the prior sub-advisor, noting that the proposed sub-advisory fee schedule would result in Bramshill receiving higher sub-advisory fees based on current asset levels as a result of differences in breakpoint levels. However, the Board noted that the advisory fee schedule would remain the same. The Board considered the amount of the advisory fee to be retained by the Advisor and the amount to be paid to Bramshill, with respect to the various services to be provided by the Advisor and Bramshill. The Board also noted that the Advisor negotiated the sub-advisory fee with Bramshill at arm’s length. The Board also noted that the expense limitations would remain the same for the Fund following the sub-advisor change. Based upon their review, the Trustees concluded that the Fund’s proposed sub-advisory fee was reasonable in light of the services to be provided by Bramshill.

The Board considered the performance of Bramshill’s income performance strategy and the Fund’s performance record under ClearArc’s management. The Board also reviewed Bramshill’s investment performance, noting the firm’s strong performance in its income performance strategy relative to the Bloomberg Barclays Capital U.S. Aggregate Bond Index for the one-year, three-year, five-year and since inception periods ended September 30, 2018. Based upon their review, the Trustees concluded that Bramshill was qualified to manage the Fund’s assets in accordance with the Fund’s investment goal and policies.

Conclusion.The Board reached the following conclusions regarding the Sub-Advisory Agreement: (a) Bramshill is qualified to manage the Fund’s assets in accordance with the Fund’s investment goal and policies; (b) Bramshill maintains an appropriate and effective compliance program; (c) the Fund’s proposed sub-advisory fee is reasonable in relation to the services to be provided by Bramshill; and (d) Bramshill’s proposed investment strategies are appropriate for pursuing the Fund’s investment goal. In considering the approval of the Sub-Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee attributed different weights to the various factors. Based on its conclusions, the Board determined that approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

64

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PRIVACY PROTECTION POLICY

We Respect Your Privacy

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

Our Pledge to Our Clients

· We collect only the information we need to service your account and administer our business.

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

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

We Collect the Following Nonpublic Personal Information About You:

· Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and

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

Categories of Information We Disclose and Parties to Whom We Disclose

We do not disclose any nonpublic personal information about our current or former clients to nonaffiliated third parties, except as required or permitted by law.

We Place Strict Limits and Controls on the Use and Sharing of Your Information

· We restrict access to nonpublic personal information about you to authorized employees who need the information to administer your business.

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

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

· We will not sell your personal information to anyone.

We May Provide Information to Service Your Account

Sometimes it is necessary to provide information about you to various companies such as transfer agents, custodians, broker-dealers and marketing service firms 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. Companies within our corporate family that may receive this information are financial service providers and insurance companies. We do not permit these associated 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, Touchstone Institutional Funds Trust, Touchstone Securities, Inc.,* and W&S Brokerage Services, Inc.

^* Touchstone Securities, Inc. serves as the underwriter to the Touchstone Funds.

A Member of Western & Southern Financial Group^®

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

67

 

800.638.8194· Touchstonelnvestments.com

 

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Touchstone Investments

Distributor

Touchstone Securities, Inc.^*

303 Broadway

Cincinnati, Ohio 45202-4203

800.638.8194

www.touchstoneinvestments.com

Investment Advisor

Touchstone Advisors, Inc.^*

303 Broadway

Cincinnati, Ohio 45202-4203

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, Massachusetts 01581

Shareholder Service

800.543.0407

^* A Member of Western & Southern Financial Group

TSF-54-TST-SAR-1910

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 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) 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)(3) Not applicable.

(a)(4) 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/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date    November 29, 2019

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/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date    November 29, 2019

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

Date    November 29, 2019

^* Print the name and title of each signing officer under his or her signature.