Touchstone Large Company Growth Fund NCSRS 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
(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, 2017

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, 2017

(Unaudited)

Semi-Annual Report

Touchstone Strategic Trust

Touchstone Flexible Income Fund

Touchstone Focused Fund

Touchstone Growth Opportunities Fund

Touchstone International Growth Fund

Touchstone International Value Fund

Touchstone Mid Cap Growth Fund

Touchstone Sands Capital Emerging Markets Growth Fund

Touchstone Small Cap Growth Fund

Touchstone Sustainability and Impact Equity Fund

Table of Contents

This report identifies the Funds' investments on September 30, 2017. 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.

Tabular Presentation of Portfolios of Investments (Unaudited)

September 30, 2017

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		44.1	%
AA/Aa		4.8
A/A		18.4
BBB/Baa		21.8
BB/Ba		8.0
B/B		0.1
Not Rated		2.8
		100.0	%

Credit Quality*		(% of Preferred Stocks)
A/A		10.2	%
BBB/Baa		43.0
BB/Ba		32.8
B/B		6.4
Not Rated		7.6
		100.0	%

Sector Allocation**		(% of Net Assets)
Fixed Income Securities		80.0	%
Common Stocks
Real Estate		3.4
Health Care		1.0
Industrials		1.0
Utilities		0.9
Information Technology		0.7
Financials		0.7
Energy		0.3
Consumer Discretionary		0.2
Consumer Staples		0.2
Preferred Stocks		3.5
Exchange Traded Funds		3.4
Short-Term Investment Funds		5.8
Other Assets/Liabilities (Net)		(1.1	)
Total		100.0	%

Touchstone Focused Fund
Sector Allocation**		(% of Net Assets)
Information Technology		24.6	%
Consumer Discretionary		15.6
Health Care		14.9
Financials		14.5
Industrials		10.5
Energy		5.0
Consumer Staples		4.5
Real Estate		4.2
Telecommunication Services		2.4
Materials		1.8
Short-Term Investment Funds		3.8
Other Assets/Liabilities (Net)		(1.8	)
Total		100.0	%

Touchstone Growth Opportunities Fund
Sector Allocation**		(% of Net Assets)
Information Technology		36.6	%
Health Care		18.1
Consumer Discretionary		14.4
Industrials		10.1
Financials		6.2
Materials		4.5
Consumer Staples		3.5
Energy		2.1
Real Estate		1.6
Telecommunication Services		1.0
Short-Term Investment Funds		1.0
Other Assets/Liabilities (Net)		0.9
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^®).

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

Touchstone International Growth Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
Cayman Islands		12.5	%
Germany		11.3
Japan		8.8
France		8.5
Canada		7.9
Netherlands		6.8
Switzerland		6.3
Singapore		4.8
United Kingdom		4.6
India		3.9
Sweden		3.8
Denmark		3.1
South Africa		2.3
Ireland		1.9
Spain		1.9
Philippines		1.8
Taiwan		1.7
Brazil		1.6
Panama		1.5
Mexico		1.3
Luxembourg		1.0
Belgium		0.7
Short-Term Investment Funds		4.7
Other Assets/Liabilities (Net)		(2.7	)
Total		100.0	%

Touchstone International Value Fund
Geographic Allocation		(% of Net Assets)
Common Stocks
United Kingdom		17.3	%
Netherlands		14.1
Germany		12.9
Japan		12.7
France		8.1
Italy		4.6
South Korea		4.0
Switzerland		3.9
Singapore		3.4
United States		2.5
Brazil		2.2
Austria		2.0
Ireland		2.0
Spain		1.9
Malaysia		1.7
Australia		1.6
Taiwan		1.0
Hong Kong		0.8
Bermuda		0.7
Colombia		0.5
Czech Republic		0.1
Short-Term Investment Funds		2.4
Other Assets/Liabilities (Net)		(0.4	)
Total		100.0	%

Touchstone Mid Cap Growth Fund
Sector Allocation*		(% of Net Assets)
Information Technology		26.2	%
Industrials		17.2
Health Care		16.1
Consumer Discretionary		14.5
Financials		7.8
Materials		4.8
Real Estate		4.0
Consumer Staples		3.3
Energy		3.1
Short Term Investment Funds		3.6
Other Assets/Liabilities (Net)		(0.6	)
Total		100.0	%

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

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

Touchstone Sands Capital Emerging Markets Growth Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
India		30.0	%
Cayman Islands		19.6
China		6.3
South Africa		5.9
South Korea		4.1
Netherlands		4.0
United States		3.7
Philippines		3.0
Indonesia		2.8
Brazil		2.6
Taiwan		2.4
Thailand		2.3
Peru		2.1
Virgin Islands (British)		2.0
Russia		1.8
United Kingdom		1.7
Malaysia		1.0
Mexico		0.9
Short-Term Investment Funds		5.7
Other Assets/Liabilities (Net)		(1.9	)
Total		100.0	%

Touchstone Small Cap Growth Fund
Sector Allocation*		(% of Net Assets)
Information Technology		28.4	%
Health Care		24.2
Industrials		14.3
Consumer Discretionary		12.8
Financials		7.4
Materials		4.2
Real Estate		3.8
Energy		2.4
Short-Term Investment Funds		5.3
Other Assets/Liabilities (Net)		(2.8	)
Total		100.0	%

Touchstone Sustainability and Impact Equity Fund
Geographic Allocation		(% of Net Assets)
Common Stocks
United States		44.8	%
Japan		10.6
United Kingdom		6.9
Germany		4.7
France		4.4
Cayman Islands		3.9
Netherlands		3.3
Sweden		3.1
Liberia		2.4
Switzerland		2.1
Mexico		1.8
Ireland		1.7
South Korea		1.6
Jersey		1.4
Korea		1.0
Italy		0.9
Indonesia		0.7
India		0.7
Belgium		0.5
Exchange Traded Funds		1.9
Short-Term Investment Fund		1.5
Other Assets/Liabilities (Net)		0.1
Total		100.0	%

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

Portfolio of Investments

Touchstone Flexible Income Fund – September 30, 2017 (Unaudited)

Principal			Market
Amount			Value
		Corporate Bonds — 51.0%

		Financials — 24.5%
$	6,765,000	Aflac, Inc., 2.875%, 10/15/26	$	6,635,793
	2,000,000	Allstate Corp. (The), 5.750%, 8/15/53		2,195,000
	375,000	American Financial Group, Inc.,
		9.875%, 6/15/19		420,881
	12,600,000	Australia & New Zealand Banking
		Group Ltd/United Kingdom
		(Australia), 144a, 6.750%^(A)		14,238,000
	3,480,000	Bank of New York Mellon Corp. (The),
		Ser E, 4.950%^(A)		3,612,675
	5,265,000	Berkshire Hathaway, Inc.,
		3.125%, 3/15/26		5,324,727
	7,450,000	BNP Paribas SA (France), 144a,
		6.750%^(A)		7,962,188
	10,602,000	Catlin Insurance Co. Ltd. (Bermuda),
		144a, (3M LIBOR +2.975%),
		4.281%^(A)(B)		9,992,385
	7,780,000	Charles Schwab Corp. (The), 4.625%^(A)		7,974,500
	6,000,000	Credit Agricole SA (France), 144a,
		8.125%^(A)		7,102,500
	657,111	Doric Nimrod Air Finance Alpha Ltd.
		2012-1 Class B Pass Through Trust
		(Guernsey), 144a, 6.500%, 5/30/19		679,134
	6,100,000	Duke Realty LP, 3.250%, 6/30/26		6,032,310
	11,550,000	HSBC Holdings PLC (United Kingdom),
		6.375%^(A)		12,390,956
	13,600,000	ING Groep NV (Netherlands), 6.000%^(A)		14,002,560
	9,417,000	JPMorgan Chase & Co., Ser Z,
		5.300%^(A)		9,817,222
	12,550,000	Lloyds Banking Group PLC (United
		Kingdom), 7.500%^(A)		14,071,688
	6,430,000	MetLife, Inc., Ser C, 5.250%^(A)		6,629,073
	1,100,000	QBE Insurance Group Ltd., MTN
		(Australia), 5.875%, 6/17/46		1,186,214
	13,326,000	Reinsurance Group of America, Inc.,
		(3M LIBOR +2.665%),
		3.985%, 12/15/65^(B)		12,659,700
	14,250,000	Royal Bank of Scotland Group PLC
		(United Kingdom), 7.500%^(A)		14,923,312
	3,150,000	Societe Generale SA (France), 144a,
		6.000%^(A)		3,170,632
	9,025,000	Societe Generale SA (France), 144a,
		7.375%^(A)		9,769,562
	5,000,000	UBS Group AG (Switzerland), 7.125%^(A)		5,313,860
	7,100,000	US Bancorp, Ser I, 5.125%^(A)		7,526,000
	2,250,000	Westpac Banking Corp. (Australia)
		MTN, 4.322%, 11/23/31		2,311,670
				185,942,542

		Industrials — 8.7%
	4,300,000	AerCap Global Aviation Trust, 144a,
		6.500%, 6/15/45		4,703,125
	558,157	Air Canada 2013-1 Class A Pass
		Through Trust (Canada), 144a,
		4.125%, 5/15/25		593,399
	2,745,000	Asciano Finance Ltd. (Australia), 144a,
		5.000%, 4/7/18		2,783,522
	6,331,838	Continental Airlines 2012-2 Class A
		Pass Through Trust,
		4.000%, 10/29/24		6,632,600
	6,760,000	CRH America Finance, Inc., 144a,
		3.400%, 5/9/27		6,790,721
	3,861,868	Delta Air Lines 2002-1 Class G-1 Pass
		Through Trust, 6.718%, 1/2/23		4,334,947
	15,260,000	General Electric Co., Ser D, 5.000%^(A)		16,140,502
	3,283,634	Hawaiian Airlines 2013-1 Class A Pass
		Through Certificates,
		3.900%, 1/15/26		3,406,770
	7,315,000	John Deere Capital Corp. MTN,
		2.800%, 9/8/27		7,191,750
	2,400,485	Northwest Airlines 2007-1 Class A Pass
		Through Trust, 7.027%, 11/1/19		2,619,169
	1,500,000	Owens Corning, 3.400%, 8/15/26		1,479,124
	3,180,000	Owens Corning, 4.200%, 12/15/22		3,374,520
	5,496,380	US Airways 2012-2 Class A Pass
		Through Trust, 4.625%, 6/3/25		5,881,126
				65,931,275

		Consumer Discretionary — 4.6%
	7,455,000	Amazon.com, Inc., 144a,
		3.150%, 8/22/27		7,508,234
	6,680,000	CalAtlantic Group, Inc., 5.250%, 6/1/26		6,913,800
	6,780,000	Home Depot, Inc. (The),
		4.200%, 4/1/43		7,227,447
	5,195,000	Time Warner, Inc., 3.875%, 1/15/26		5,258,562
	7,680,000	Toll Brothers Finance Corp.,
		4.375%, 4/15/23		8,025,600
				34,933,643

		Information Technology — 2.7%
	3,605,000	Alphabet, Inc., 1.998%, 8/15/26		3,386,634
	2,500,000	Altera Corp., 2.500%, 11/15/18		2,525,504
	7,100,000	Applied Materials, Inc., 3.300%, 4/1/27		7,231,500
	6,520,000	Microsoft Corp., 4.450%, 11/3/45		7,342,906
				20,486,544

		Consumer Staples — 2.7%
	7,220,000	Archer-Daniels-Midland Co.,
		2.500%, 8/11/26		6,927,311
	6,745,000	CVS Health Corp., 2.125%, 6/1/21		6,682,623
	7,150,000	Kroger Co. (The), 2.650%, 10/15/26†		6,539,209
				20,149,143

		Telecommunication Services — 2.2%
	7,210,000	AT&T, Inc., 3.900%, 8/14/27		7,224,035
	9,760,000	Viacom, Inc., 5.875%, 2/28/57†		9,760,000
				16,984,035

		Energy — 2.2%
	6,810,000	Boardwalk Pipelines LP,
		4.450%, 7/15/27		6,933,884
	7,070,000	Buckeye Partners LP, 3.950%, 12/1/26		6,974,851
	1,500,000	Enterprise Products Operating LLC,
		Ser D, 4.875%, 8/16/77		1,507,500

Touchstone Flexible Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 51.0% (Continued)

		Energy — (Continued)
$	1,500,000	Enterprise Products Operating LLC,
		Ser E, 5.250%, 8/16/77	$	1,513,125
				16,929,360

		Utilities — 2.0%
	7,190,000	American Water Capital Corp.,
		2.950%, 9/1/27		7,163,511
	1,300,000	NextEra Energy Capital Holdings, Inc.,
		(3M LIBOR +2.068%),
		3.403%, 10/1/66^(B)		1,235,000
	2,700,000	NextEra Energy Capital Holdings, Inc.,
		(3M LIBOR +2.125%),
		3.445%, 6/15/67^(B)		2,558,250
	4,001,000	WEC Energy Group, Inc., (3M LIBOR
		+2.113%), 3.428%, 5/15/67^(B)		3,840,920
				14,797,681

		Health Care — 1.1%
	6,040,000	Eli Lilly & Co., 3.100%, 5/15/27		6,074,892
	2,090,000	Medtronic, Inc., 3.150%, 3/15/22		2,164,096
				8,238,988

		Real Estate — 0.3%
	2,101,000	DDR Corp., MTN, REIT, 7.500%, 7/15/18		2,184,815
		Total Corporate Bonds	$	386,578,026

		Asset-Backed Securities — 11.6%
	1,375,000	Ally Master Owner Trust, Ser 2015-3,
		Class A, 1.630%, 5/15/20		1,375,629
	3,997,623	American Homes 4 Rent Trust, Ser
		2014-SFR2, Class A, 144a,
		3.786%, 10/17/36		4,179,823
	5,435,000	Cabela's Credit Card Master Note
		Trust, Ser 2013-1A, Class A, 144a,
		2.710%, 2/17/26		5,466,077
	6,385,000	Capital Auto Receivables Asset Trust,
		Ser 2013-4, Class E, 144a,
		3.830%, 7/20/22		6,419,173
	5,400,000	Chrysler Capital Auto Receivables
		Trust, Ser 2013-AA, Class C, 144a,
		2.280%, 7/15/19		5,407,541
	2,495,000	Chrysler Capital Auto Receivables
		Trust, Ser 2013-AA, Class D, 144a,
		2.930%, 8/17/20		2,503,340
	1,105,000	Chrysler Capital Auto Receivables
		Trust, Ser 2014-AA, Class D, 144a,
		2.640%, 7/15/21		1,106,900
	1,090,000	CNH Equipment Trust, Ser 2013-D,
		Class B, 1.750%, 4/15/21		1,090,317
	515,319	Conseco Financial Corp., Ser 1998-4,
		Class A7, 6.870%, 4/1/30^(B)(C)		549,921
	2,270,303	Countrywide Asset-Backed
		Certificates, Ser 2004-8, Class M1,
		(1M LIBOR +1.050%),
		2.287%, 1/25/35^(B)		2,282,457
	6,700,000	Merrill Lynch Mortgage Investors
		Trust, Ser 2006-FF1, Class M3, (1M
		LIBOR +0.310%), 1.547%, 8/25/36^(B)		6,623,639
	611,730	Mid-State Capital Corp. Trust, Ser
		2005-1, Class M2, 7.079%, 1/15/40		668,473
	4,815,000	Newcastle Mortgage Securities Trust,
		Ser 2006-1, Class M2, (1M LIBOR
		+0.370%), 1.607%, 3/25/36^(B)		4,758,525
	2,744,000	Nissan Master Owner Trust
		Receivables, Ser 2015-A, Class A2,
		1.440%, 1/15/20		2,743,521
	6,325,898	Nomura Home Equity Loan, Inc.
		Home Equity Loan Trust, Ser
		2005-FM1, Class M2, (1M LIBOR
		+0.490%), 1.727%, 5/25/35^(B)		6,362,713
	2,240,000	Oscar US Funding Trust, Ser 2014-1A,
		Class A4, 144a, 2.550%, 12/15/21		2,235,968
	3,145,902	Popular ABS Mortgage Pass-Through
		Trust, Ser 2004-4, Class AV1, (1M
		LIBOR +0.340%), 1.577%, 9/25/34^(B)		3,129,164
	2,335,000	RAMP Trust, Ser 2005-EFC5, Class M3,
		(1M LIBOR +0.460%),
		1.697%, 10/25/35^(B)		2,207,941
	8,455,000	Santander Drive Auto Receivables
		Trust, Ser 2014-4, Class D,
		3.100%, 11/16/20		8,578,595
	7,820,000	Synchrony Credit Card Master Note
		Trust, Ser 2015-2, Class A,
		1.600%, 4/15/21		7,823,160
	3,122,200	Tax Ease Funding LLC, Ser 2016-1A,
		Class A, 144a, 3.131%, 6/15/28		3,141,143
	1,997,728	Wells Fargo Home Equity
		Asset-Backed Securities Trust, Ser
		2005-4, Class M1, (1M LIBOR
		+0.460%), 1.697%, 12/25/35^(B)		2,003,621
	7,420,000	World Financial Network Credit Card
		Master Trust, Ser 2013-A, Class A,
		1.610%, 12/15/21		7,422,401
		Total Asset-Backed Securities	$	88,080,042

		U.S. Treasury Obligations — 10.1%
	11,474,400	U.S. Treasury Bond, 2.250%, 8/15/46		10,088,956
	14,650,000	U.S. Treasury Inflation Indexed Bonds,
		0.375%, 1/15/27		14,667,330
	7,420,000	U.S. Treasury Note, 1.375%, 10/31/20		7,358,553
	25,144,200	U.S. Treasury Note, 1.500%, 8/15/26		23,544,204
	3,500,000	U.S. Treasury Note, 1.750%, 5/31/22		3,477,168
	6,880,000	U.S. Treasury Note, 1.875%, 1/31/22		6,883,494
	10,250,000	U.S. Treasury Note, 2.000%, 10/31/21		10,323,672
		Total U.S. Treasury Obligations	$	76,343,377

Touchstone Flexible Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Agency Collateralized Mortgage Obligations — 2.9%
$	1,358,498	Fannie Mae REMICs, Ser 2008-60,
		Class SA, (1M LIBOR +6.500%),
		5.263%, 7/25/38^(B)(D)	$	228,619
	32,883,893	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K006,
		Class AX1, 1.130%, 1/25/20^(B)(C)(D)		616,876
	14,899,140	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K019,
		Class X1, 1.820%, 3/25/22^(B)(C)(D)		914,129
	26,625,948	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K025,
		Class X1, 0.998%, 10/25/22^(B)(C)(D)		965,577
	71,762,669	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K033,
		Class X1, 0.424%, 7/25/23^(B)(C)(D)		1,157,173
	4,235,000	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K048,
		Class A2, 3.284%, 6/25/25^(B)(C)		4,417,231
	33,337,359	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K710,
		Class X1, 1.866%, 5/25/19^(B)(C)(D)		722,591
	3,000,000	FREMF Mortgage Trust, Ser 2012-K19,
		Class B, 144a, 4.172%, 5/25/45^(B)(C)		3,137,239
	1,500,000	FREMF Mortgage Trust, Ser
		2013-K712, Class C, 144a,
		3.481%, 12/25/45^(B)(C)		1,513,262
	5,095,000	FREMF Mortgage Trust, Ser
		2013-K713, Class C, 144a,
		3.274%, 4/25/46^(B)(C)		5,114,046
	1,089,259	GNMA, Ser 2011-83, Class NI,
		4.500%, 10/16/37^(D)		34,388
	16,183,849	GNMA, Ser 2012-27, Class IO,
		1.012%, 4/16/53^(B)(C)(D)		585,109
	29,787,808	GNMA, Ser 2016-110, Class IO,
		1.037%, 5/16/58^(B)(C)(D)		2,395,842
		Total Agency Collateralized
		Mortgage Obligations	$	21,802,082

		Sovereign Government Obligations — 1.9%
	9,625,000	Australian Government Bond
		(Australia), 2.000%, 12/21/21		7,457,138
	8,925,000	Canadian Government Bond
		(Canada), 0.750%, 8/1/19		7,045,582
		Total Sovereign Government
		Obligations	$	14,502,720

		Non-Agency Collateralized Mortgage
		Obligations — 1.2%
	165,753	Alternative Loan Trust, Ser 2004-30CB,
		Class 3A1, 5.000%, 2/25/20		162,927
	1,594,732	American Home Mortgage
		Investment Trust, Ser 2004-4, Class
		4A, (6M LIBOR +2.000%),
		3.453%, 2/25/45^(B)		1,628,406
	4,245,729	Bear Stearns ALT-A Trust 2004-12, Ser
		2004-12, Class 1M1, (1M LIBOR
		+0.930%), 2.167%, 1/25/35^(B)		4,076,805
	109,440	Bear Stearns Asset Backed Securities
		Trust, Ser 2003-AC7, Class A2,
		5.750%, 1/25/34^(E)		111,161
	1,680,657	GSR Mortgage Loan Trust, Ser
		2005-AR4, Class 6A1,
		3.536%, 7/25/35^(B)(C)		1,689,016
	743,915	JP Morgan Mortgage Trust, Ser
		2014-2, Class 1A1, 144a,
		3.000%, 6/25/29^(B)(C)		755,074
	6,784	Merrill Lynch Mortgage Investors,
		Trust, Ser 2003-A1, Class 2A, (12M
		LIBOR +1.625%),
		3.337%, 12/25/32^(B)		6,771
	434,734	Morgan Stanley Mortgage Loan Trust,
		Ser 2004-7AR, Class 2A6,
		3.400%, 9/25/34^(B)(C)		445,465
	66,628	RALI Trust, Ser 2004-QS6, Class A1,
		5.000%, 5/25/19		65,860
	162,396	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2004-X, Class
		1A5, 3.294%, 11/25/34^(B)(C)		165,190
		Total Non-Agency Collateralized
		Mortgage Obligations	$	9,106,675

		Commercial Mortgage-Backed Security — 0.8%
	6,020,000	Banc of America Commercial
		Mortgage Trust, Ser 2015-UBS7,
		Class A4, 3.705%, 9/15/48	$	6,289,096

		U.S. Government Mortgage-Backed Obligations — 0.3%
	47,912	FHLMC, Pool #G03170,
		6.500%, 8/1/37		54,404
	63,989	FHLMC, Pool #G12780,
		6.500%, 9/1/22		67,815
	93,863	FNMA, Pool #844415, 5.500%, 10/1/35		104,997
	651,849	FNMA, Pool #AB1952,
		4.000%, 12/1/40		697,867
	462,922	FNMA, Pool #AB1953,
		4.000%, 12/1/40		494,011
	409,225	FNMA, Pool #AB3387, 4.000%, 8/1/41		432,665
	41,978	Freddie Mac Non Gold, Pool #972110,
		(1 Year CMT Rate +2.225%),
		3.218%, 10/1/32^(B)		43,287
		Total U.S. Government
		Mortgage-Backed Obligations	$	1,895,046

		U.S. Government Agency Obligation — 0.2%
	1,500,000	FHLMC, 2.375%, 1/13/22	$	1,526,614

Touchstone Flexible Income Fund (Unaudited) (Continued)

			Market
Shares			Value
		Common Stocks — 8.4%

		Real Estate — 3.4%
	86,273	Crown Castle International Corp. REIT	$	8,625,575
	39,595	Digital Realty Trust, Inc. REIT		4,685,276
	144,404	Kimco Realty Corp. REIT		2,823,098
	95,686	MGM Growth Properties LLC, Class A,
		REIT†		2,890,674
	69,290	Prologis, Inc. REIT		4,397,143
	31,641	Ventas, Inc. REIT		2,060,778
				25,482,544

		Health Care — 1.0%
	21,785	AbbVie, Inc.		1,935,815
	24,510	Gilead Sciences, Inc.		1,985,800
	12,267	Stryker Corp.		1,742,159
	9,436	UnitedHealth Group, Inc.		1,848,041
				7,511,815

		Industrials — 1.0%
	8,858	Boeing Co. (The)		2,251,792
	7,495	General Dynamics Corp.		1,540,822
	12,552	Illinois Tool Works, Inc.		1,857,194
	9,512	Raytheon Co.		1,774,749
				7,424,557

		Utilities — 0.9%
	66,660	Dominion Energy, Inc.†		5,128,154
	12,373	NextEra Energy, Inc.		1,813,263
				6,941,417

		Information Technology — 0.7%
	5,969	Broadcom Ltd. (Singapore)		1,447,721
	17,268	Texas Instruments, Inc.		1,547,904
	23,652	Visa, Inc. - Class A		2,489,136
				5,484,761

		Financials — 0.7%
	160,890	AGNC Investment Corp. REIT		3,488,095
	26,062	Citigroup, Inc.		1,895,750
				5,383,845

		Energy — 0.3%
	26,168	Valero Energy Corp.		2,013,104

		Consumer Discretionary — 0.2%
	11,344	Home Depot, Inc. (The)		1,855,425

		Consumer Staples — 0.2%
	39,692	Coca-Cola Co. (The)		1,786,537
		Total Common Stocks	$	63,884,005

		Preferred Stocks — 3.5%

		Financials — 2.6%
	110,000	AGNC Investment Corp., Ser C,
		7.000%^(A)		2,842,400
	200,875	Chimera Investment Corp., Ser B, REIT,
		8.000%^(A)†		5,313,144
	59,650	CoBank ACB, Ser H, 6.200%^(A)		6,442,200
	120,000	Two Harbors Investment Corp., Ser. B,
		7.625%^(A)		3,138,000
	81,375	WR Berkley Corp., 5.750%, 6/1/56†		2,134,466
				19,870,210

		Industrials — 0.5%
	139,438	Seaspan Corp. (Marshall Island),
		6.375%, 4/30/19		3,614,233

		Consumer Staples — 0.4%
	103,723	CHS, Inc., Ser 3, 6.750%^(A)		2,857,569
		Total Preferred Stocks	$	26,342,012

		Exchange Traded Funds — 3.4%
	156,753	iShares Europe ETF		7,347,013
	183,814	iShares MSCI Japan ETF		10,240,278
	364,887	VanEck Vectors Gold Miners ETF		8,377,806
		Total Exchange Traded Funds	$	25,965,097

		Short-Term Investment Funds — 5.8%
	30,173,379	Dreyfus Government Cash
		Management, Institutional
		Shares, 0.92%^¥W		30,173,379
	14,000,780	Invesco Government & Agency
		Portfolio, Institutional Class,
		0.93%**^¥W		14,000,780
		Total Short-Term Investment Funds	$	44,174,159

Total Investment Securities —101.1%			$	766,488,951
(Cost $747,679,684)

Liabilities in Excess of Other Assets — (1.1%)				(8,402,386	)

Net Assets — 100.0%			$	758,086,565

^(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, 2017.

^(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.

^(E)

Step Bond - A bond that pays an initial interest rate for the first period and then a higher interest rate for the following

Touchstone Flexible Income Fund (Unaudited) (Continued)

periods until maturity. The interest rate shown reflects the rate in effect as of September 30, 2017.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $13,643,067.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

CMT - Constant Maturity Treasury

ETF - Exchange Traded Fund

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FREMF - Finnish Real Estate Management Federation

GNMA - Government National Mortgage Association

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

USD - United States Dollar

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144A of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, these securities were valued at $116,272,988 or 15.3% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

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

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total

Assets:
Long Positions
Corporate Bonds	$	—	$	386,578,026	$	—	$	386,578,026
Asset-Backed Securities		—		88,080,042		—		88,080,042
U.S. Treasury Obligations		—		76,343,377		—		76,343,377
Agency Collateralized Mortgage Obligations		—		21,802,082		—		21,802,082
Sovereign Government Obligations		—		14,502,720		—		14,502,720
Non-Agency Collateralized Mortgage Obligations		—		9,106,675		—		9,106,675
Commercial Mortgage-Backed Security		—		6,289,096		—		6,289,096
U.S. Government Mortgage-Backed Obligations		—		1,895,046		—		1,895,046
U.S. Government Agency Obligation		—		1,526,614		—		1,526,614

Touchstone Flexible Income Fund (Unaudited) (Continued)

	Valuation inputs at Reporting Date:
Description	Level 1			Level 2		Level 3		Total

Assets (continued):
Common Stocks	$	63,884,005		$	—	$	—	$	63,884,005
Preferred Stocks		26,342,012			—		—		26,342,012
Exchange Traded Funds		25,965,097			—		—		25,965,097
Short-Term Investment Funds		44,174,159			—		—		44,174,159
Other Financial Instruments***
Futures Interest Rate Contracts		336,049			—		—		336,049
Total Assets	$	160,701,322		$	606,123,678	$	—	$	766,825,000

Liabilities:
Other Financial Instruments***
Futures Equity Contracts		(162,023	)		—		—		(162,023	)
Total Liabilities	$	(162,023	)	$	—	$	—	$	(162,023	)
Total	$	160,539,299		$	606,123,678	$	—	$	766,662,977

*** Other Financial Instruments are derivative instruments not reflected in total investments. Amounts shown represent unrealized appreciation (depreciation) on futures interest rate contracts and futures equity contracts.

Futures Contracts

At September 30, 2017 $2,321,603 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at September 30, 2017:

								Unrealized
		Number of		Notional				Appreciation/
Description	Expiration Date	Contracts		Value		Value		(Depreciation)
Short Futures:
Euro-Bond Futures	December 2017		193	$	37,032,388	$	36,727,242	$	305,146
10-Year JGB Futures	December 2017		6		8,047,788		8,016,885		30,903
						$	44,744,127	$	336,049
Long Futures:
CBOE Volatility Index Futures	December 2017		170		2,469,773		2,307,750		(162,023	)
						$	47,051,877	$	174,026

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Focused Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.0%

Information Technology — 24.6%
Alphabet, Inc. - Class A*		16,581	$	16,145,251
Alphabet, Inc. - Class C*		34,961		33,531,445
Apple, Inc.		302,220		46,578,146
Avnet, Inc.		502,467		19,746,953
Cisco Systems, Inc.		585,893		19,703,582
Facebook, Inc. - Class A*		223,561		38,199,868
International Business Machines Corp.		136,647		19,824,747
Microsoft Corp.		562,313		41,886,695
Oracle Corp.		793,656		38,373,268
salesforce.com, Inc.*		274,288		25,623,985
				299,613,940

Consumer Discretionary — 15.6%
Amazon.com, Inc.*		47,997		46,141,916
Carnival Corp. (Panama)		394,191		25,452,913
Comcast Corp. - Class A		680,865		26,199,685
Priceline Group, Inc. (The)*		16,032		29,351,706
Twenty-First Century Fox, Inc. - Class A		954,197		25,171,717
Vista Outdoor, Inc.*		696,493		15,977,549
Yum China Holdings, Inc.*		540,869		21,618,534
				189,914,020

Health Care — 14.9%
Biogen, Inc.*		98,763		30,924,671
Bio-Rad Laboratories, Inc. - Class A*		145,506		32,334,343
Bristol-Myers Squibb Co.		639,535		40,763,961
Johnson & Johnson		246,337		32,026,273
Novartis AG ADR		526,559		45,205,090
				181,254,338

Financials — 14.5%
Bank of America Corp.		987,717		25,028,749
Bank of New York Mellon Corp. (The)		393,997		20,889,721
Bank of the Ozarks		140,286		6,740,742
Berkshire Hathaway, Inc. - Class B*		525,001		96,243,183
Goldman Sachs Group, Inc. (The)		116,068		27,530,169
				176,432,564

Industrials — 10.5%
General Electric Co.		1,332,380		32,216,948
Johnson Controls International PLC
(Ireland)		460,913		18,570,185
Stericycle, Inc.*		295,974		21,197,658
Union Pacific Corp.		242,957		28,175,723
United Technologies Corp.		245,112		28,452,601
				128,613,115

Energy — 5.0%
Exxon Mobil Corp.		225,353		18,474,439
Halliburton Co.		465,649		21,433,824
Schlumberger Ltd. (Curacao)		302,165		21,079,030
				60,987,293

Consumer Staples — 4.5%
JM Smucker Co. (The)		143,156		15,021,359
Mondelez International, Inc. - Class A		419,897		17,073,012
Unilever NV (Netherlands)		387,131		22,856,214
				54,950,585

Real Estate — 4.2%
Jones Lang LaSalle, Inc. REIT		181,925		22,467,738
Simon Property Group, Inc. REIT		180,048		28,989,529
				51,457,267

Telecommunication Services — 2.4%
AT&T, Inc.		739,930		28,983,058

Materials — 1.8%
Agrium, Inc. (Canada)†		210,573		22,575,531
Total Common Stocks			$	1,194,781,711

Short-Term Investment Funds — 3.8%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		24,476,321		24,476,321
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W		21,940,191		21,940,191
Total Short-Term Investment Funds			$	46,416,512

Total Investment Securities —101.8%
(Cost $979,479,366)			$	1,241,198,223

Liabilities in Excess of Other Assets — (1.8%)				(22,313,885	)

Net Assets — 100.0%			$	1,218,884,338

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $21,335,219.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

PLC - Public Limited Company

Touchstone Focused Fund (Unaudited) (Continued)

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total

Common Stocks	$	1,194,781,711	$	—	$	—	$	1,194,781,711
Short-Term Investment Funds		46,416,512		—		—		46,416,512
Total	$	1,241,198,223	$	—	$	—	$	1,241,198,223

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Growth Opportunities Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.1%

Information Technology — 36.6%
Adobe Systems, Inc.*		15,810	$	2,358,536
Alliance Data Systems Corp.		15,899		3,522,423
Alphabet, Inc. - Class A*		6,468		6,298,021
Alphabet, Inc. - Class C*		8,465		8,118,866
Apple, Inc.		85,335		13,151,830
Cognizant Technology Solutions Corp. -
Class A		36,390		2,639,731
Cypress Semiconductor Corp.		184,490		2,771,040
Facebook, Inc. - Class A*		55,890		9,549,924
InterXion Holding NV (Netherlands)*		63,390		3,228,453
Lam Research Corp.		16,055		2,970,817
Microsemi Corp.*		61,800		3,181,464
Microsoft Corp.		123,460		9,196,535
Orbotech Ltd. (Israel)*		76,363		3,223,282
Palo Alto Networks, Inc.*		23,745		3,421,655
PayPal Holdings, Inc.*		44,970		2,879,429
Red Hat, Inc.*		42,270		4,686,052
salesforce.com, Inc.*		48,460		4,527,133
ServiceNow, Inc.*		24,150		2,838,350
Vantiv, Inc. - Class A*		41,150		2,899,840
Visa, Inc. - Class A		77,790		8,186,620
				99,650,001

Health Care — 18.1%
Abbott Laboratories		91,440		4,879,238
Aclaris Therapeutics, Inc.*		48,080		1,240,945
Biogen, Inc.*		12,348		3,866,406
Celgene Corp.*		57,640		8,405,065
Danaher Corp.		42,180		3,618,200
Eli Lilly & Co.		49,960		4,273,578
Hill-Rom Holdings, Inc.		61,320		4,537,680
Jazz Pharmaceuticals PLC (Ireland)*		28,085		4,107,431
Medicines Co. (The)*		73,390		2,718,366
Mettler-Toledo International, Inc.*		6,151		3,851,510
Nektar Therapeutics*		62,827		1,507,848
Prothena Corp. PLC, (Ireland)*†		22,570		1,461,859
STERIS PLC (United Kingdom)		52,300		4,623,320
				49,091,446

Consumer Discretionary — 14.4%
Amazon.com, Inc.*		8,841		8,499,295
Charter Communications, Inc. - Class A*		10,804		3,926,390
Delphi Automotive PLC (Jersey)		18,090		1,780,056
Home Depot, Inc. (The)		36,305		5,938,046
Installed Building Products, Inc.*		18,820		1,219,536
Lions Gate Entertainment Corp. - Class B
(Canada)*		78,590		2,498,376
Marriott International, Inc. - Class A		33,170		3,657,324
Newell Brands, Inc.		76,020		3,243,773
Priceline Group, Inc. (The)*		1,742		3,189,288
Twenty-First Century Fox, Inc. - Class A		99,450		2,623,491
Vail Resorts, Inc.		11,665		2,661,020
				39,236,595

Industrials — 10.1%
AMETEK, Inc.		92,720		6,123,229
Ferguson PLC ADR		502,650		3,327,543
Ingersoll-Rand PLC, (Ireland)		44,790		3,993,924
Ryder System, Inc.		55,368		4,681,364
TransDigm Group, Inc.		12,490		3,193,068
Union Pacific Corp.		23,980		2,780,961
United Continental Holdings, Inc.*		54,486		3,317,108
				27,417,197

Financials — 6.2%
Bank of America Corp.		136,020		3,446,747
Intercontinental Exchange, Inc.		51,310		3,524,997
MGIC Investment Corp.*		234,407		2,937,120
S&P Global, Inc.		21,610		3,377,859
Western Alliance Bancorp*		67,440		3,579,715
				16,866,438

Materials — 4.5%
Berry Global Group, Inc.*		45,035		2,551,233
DowDuPont, Inc.		76,350		5,285,711
Summit Materials, Inc. - Class A*		140,070		4,486,442
				12,323,386

Consumer Staples — 3.5%
Constellation Brands, Inc. - Class A		22,610		4,509,565
Philip Morris International, Inc.		46,350		5,145,314
				9,654,879

Energy — 2.1%
Andeavor		27,650		2,852,098
EOG Resources, Inc.		28,530		2,759,992
				5,612,090

Real Estate — 1.6%
Alexandria Real Estate Equities, Inc. REIT		36,156		4,301,479

Telecommunication Services — 1.0%
Verizon Communications, Inc.		54,050		2,674,934
Total Common Stocks			$	266,828,445

Short-Term Investment Funds — 1.0%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		2,267,903		2,267,903
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W		378,527		378,527
Total Short-Term Investment Funds			$	2,646,430

Total Investment Securities —99.1%
(Cost $210,419,006)			$	269,474,875

Other Assets in Excess of Liabilities — 0.9%				2,434,757

Net Assets — 100.0%			$	271,909,632

Touchstone Growth Opportunities Fund (Unaudited) (Continued)

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $354,551.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total

Common Stocks	$	266,828,445	$	—	$	—	$	266,828,445
Short-Term Investment Funds		2,646,430		—		—		2,646,430
Total	$	269,474,875	$	—	$	—	$	269,474,875

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International Growth Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.0%

Cayman Islands — 12.5%

Consumer Discretionary — 4.5%
Geely Automobile Holdings Ltd. ADR		3,240	$	185,328
JD.com, Inc. ADR*		7,276		277,943
Sands China Ltd. ADR		4,577		240,292

Information Technology — 8.0%
Alibaba Group Holding Ltd. ADR*		2,490		430,048
Baidu, Inc. ADR*		1,023		253,387
Tencent Holdings Ltd. ADR		7,844		344,469
Weibo Corp. ADR*		2,375		234,982
Total Cayman Islands				1,966,449

Germany — 11.3%

Consumer Discretionary — 1.5%
adidas AG ADR		2,040		230,928

Consumer Staples — 1.5%
Henkel AG & Co. KGaA ADR		1,978		241,098

Financials — 2.1%
Allianz SE ADR		14,805		331,484

Industrials — 3.0%
HOCHTIEF AG ADR		7,572		255,569
Siemens AG ADR		3,164		223,853

Information Technology — 1.5%
SAP SE ADR		2,147		235,419

Materials — 1.7%
BASF SE ADR		2,486		264,759
Total Germany				1,783,110

Japan — 8.8%

Consumer Discretionary — 2.5%
Sony Corp. ADR		10,680		398,791

Health Care — 1.2%
Hoya Corp. ADR		3,338		181,454

Industrials — 3.9%
FANUC Corp. ADR		14,005		284,021
Kubota Corp. ADR		3,560		323,960

Information Technology — 1.2%
Omron Corp. ADR		3,754		191,867
Total Japan				1,380,093

France — 8.5%

Consumer Discretionary — 1.9%
LVMH Moet Hennessy Louis Vuitton
SE ADR		5,481		303,154

Consumer Staples — 3.1%
L'Oreal SA ADR		5,651		240,281
Remy Cointreau SA ADR		21,530		256,573

Financials — 1.4%
BNP Paribas SA ADR		5,452		220,424

Information Technology — 2.1%
Dassault Systemes SE ADR		3,221		324,806
Total France				1,345,238

Canada — 7.9%

Energy — 3.5%
Canadian Natural Resources Ltd.		8,824		295,516
Suncor Energy, Inc.		7,332		256,840

Financials — 2.3%
Brookfield Asset Management, Inc. -
Class A		8,702		359,393

Industrials — 2.1%
Canadian National Railway Co.		3,956		327,755
Total Canada				1,239,504

Netherlands — 6.8%

Consumer Staples — 1.6%
Unilever NV		4,295		253,577

Financials — 1.9%
ING Groep NV ADR†		16,476		303,488

Information Technology — 1.5%
InterXion Holding NV (Netherlands)*		4,584		233,463

Materials — 1.8%
LyondellBasell Industries NV - Class A		2,882		285,462
Total Netherlands				1,075,990

Switzerland — 6.3%

Consumer Staples — 2.1%
Nestle SA ADR		4,012		337,048

Financials — 1.2%
Credit Suisse Group AG ADR		12,375		195,525

Health Care — 3.0%
Novartis AG ADR		2,714		232,997
Roche Holding AG ADR		7,290		233,280
Total Switzerland				998,850

Singapore — 4.8%

Financials — 1.3%
United Overseas Bank Ltd. ADR		5,764		200,587

Information Technology — 3.5%
Broadcom Ltd.		2,273		551,293
Total Singapore				751,880

Touchstone International Growth Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 98.0% (Continued)

United Kingdom — 4.6%

Consumer Discretionary — 1.5%
Carnival PLC ADR		3,673	$	236,835

Financials — 3.1%
Prudential PLC ADR		10,171		487,293
Total United Kingdom				724,128

India — 3.9%

Financials — 3.9%
HDFC Bank Ltd. ADR		4,351		419,306
ICICI Bank Ltd. ADR		22,886		195,904
Total India				615,210

Sweden — 3.8%

Financials — 1.9%
Swedbank AB ADR		10,737		297,630

Industrials — 1.9%
Atlas Copco AB ADR - Class A		6,974		296,325
Total Sweden				593,955

Denmark — 3.1%

Financials — 1.6%
Danske Bank A/S ADR		12,488		250,509

Health Care — 1.5%
Novo Nordisk A/S ADR		5,029		242,146
Total Denmark				492,655

South Africa — 2.3%

Consumer Staples — 1.2%
Shoprite Holdings Ltd. ADR†		12,262		188,369

Financials — 1.1%
Capitec Bank Holdings Ltd. ADR		5,255		167,169
Total South Africa				355,538

Ireland — 1.9%

Industrials — 1.9%
Kingspan Group PLC ADR		7,064		300,471

Spain — 1.9%

Consumer Discretionary — 1.9%
Industria DE Diseno Textil SA ADR		15,585		294,401

Philippines — 1.8%

Financials — 1.8%
BDO Unibank, Inc. ADR		8,646		276,240

Taiwan — 1.7%

Information Technology — 1.7%
Taiwan Semiconductor
Manufacturing Co. Ltd. ADR		7,120		267,356

Brazil — 1.6%

Financials — 1.6%
Itau Unibanco Holding SA ADR		17,857		244,641

Panama — 1.5%

Industrials — 1.5%
Copa Holdings SA - Class A		1,865		232,248

Mexico — 1.3%

Industrials — 1.3%
Grupo Aeroportuario del Sureste SAB
de CV ADR		1,089		207,803

Luxembourg — 1.0%

Consumer Discretionary — 1.0%
Samsonite International SA ADR		7,629		164,634

Belgium — 0.7%

Health Care — 0.7%
Galapagos NV ADR*†		1,017		103,480
Total Common Stocks			$	15,413,874

Short-Term Investment Funds — 4.7%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		329,257		329,257
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W		410,793		410,793
Total Short-Term Investment Funds			$	740,050

Total Investment Securities —102.7%
(Cost $13,679,667)			$	16,153,924

Liabilities in Excess of Other Assets — (2.7%)				(429,580	)

Net Assets — 100.0%			$	15,724,344

Touchstone International Growth Fund (Unaudited) (Continued)

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $403,206.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total

Common Stocks	$	15,413,874	$	—	$	—	$	15,413,874
Short-Term Investment Funds		740,050		—		—		740,050
Total	$	16,153,924	$	—	$	—	$	16,153,924

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International Value Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.0%

United Kingdom — 17.3%

Consumer Staples — 3.8%
Dairy Crest Group PLC		45,147	$	371,753
Imperial Brands PLC		12,949		552,673

Energy — 4.5%
BP PLC		65,190		417,607
BP PLC ADR		6,990		268,626
TechnipFMC PLC*		14,660		405,401

Health Care — 2.3%
GlaxoSmitKline PLC		27,490		549,541

Industrials — 1.1%
Babcock International Group PLC		24,200		268,414

Materials — 4.6%
DS Smith PLC		108,888		719,846
RPC Group PLC		30,100		399,718

Utilities — 1.0%
National Grid PLC		18,321		226,915
Total United Kingdom				4,180,494

Netherlands — 14.1%

Consumer Discretionary — 2.3%
Fiat Chrysler Automobiles NV*		31,700		568,105

Financials — 2.9%
Aegon NV		67,600		394,040
ING Groep NV		16,373		301,791

Health Care — 2.8%
Koninklijke Philips NV		16,600		684,912

Industrials — 6.1%
Airbus Group SE		8,740		832,001
CNH Industrial NV		40,640		487,894
CNH Industrial NV		11,930		143,279
Total Netherlands				3,412,022

Germany — 12.9%

Consumer Discretionary — 1.1%
HUGO BOSS AG		3,100		273,534

Financials — 3.0%
Deutsche Boerse AG		1,976		214,534
Muenchener Rueckversicherungs-
Gesellschaft AG in Muenchen		2,400		513,659

Health Care — 3.1%
Bayer AG		5,530		755,412

Industrials — 1.3%
GEA Group AG		6,700		305,006

Materials — 2.3%
Linde AG*		2,600		542,217

Telecommunication Services — 2.1%
Deutsche Telekom AG		27,300		509,806
Total Germany				3,114,168

Japan — 12.7%

Health Care — 0.5%
Astellas Pharma, Inc.		9,800		124,730

Industrials — 7.5%
Fuji Electric Co. Ltd.		66,490		368,932
IHI Corp.		13,816		481,607
Seibu Holdings, Inc.		26,200		447,522
Sumitomo Corp.		34,830		501,462

Information Technology — 3.6%
Hitachi Ltd.		75,720		533,891
Trend Micro, Inc.		6,990		344,370

Materials — 1.1%
Sumitomo Osaka Cement Co. Ltd.†		60,010		265,405
Total Japan				3,067,919

France — 8.1%

Health Care — 3.2%
Sanofi		7,695		766,007

Industrials — 2.7%
Cie de Saint-Gobain		11,160		664,909

Materials — 2.2%
Air Liquide SA		4,040		538,754
Total France				1,969,670

Italy — 4.6%

Energy — 2.0%
Eni SpA		28,601		473,679

Financials — 0.5%
Mediobanca SpA		11,800		126,807

Utilities — 2.1%
Enel SpA		83,300		501,822
Total Italy				1,102,308

South Korea — 4.0%

Consumer Discretionary — 1.3%
Hankook Tire Co. Ltd.		5,920		311,749

Financials — 2.7%
Samsung Securities Co. Ltd.		6,600		199,819
Shinhan Financial Group Co. Ltd.		10,430		460,988
Total South Korea				972,556

Touchstone International Value Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 98.0% (Continued)

Switzerland — 3.9%

Financials — 2.4%
Credit Suisse Group AG		36,204	$	573,638

Health Care — 1.5%
Novartis AG		4,219		361,885
Total Switzerland				935,523

Singapore — 3.4%

Consumer Discretionary — 1.1%
Jardine Cycle & Carriage Ltd.		9,470		275,578

Financials — 2.3%
United Overseas Bank Ltd.		31,670		549,974
Total Singapore				825,552

United States — 2.5%

Consumer Staples — 2.5%
Coca-Cola European Partners PLC		14,500		603,490

Brazil — 2.2%

Industrials — 1.3%
Embraer SA ADR		14,370		324,906

Information Technology — 0.9%
Cielo SA		31,860		220,605
Total Brazil				545,511

Austria — 2.0%

Financials — 2.0%
Erste Group Bank AG		11,190		483,462

Ireland — 2.0%

Materials — 2.0%
CRH PLC		12,730		483,439

Spain — 1.9%

Financials — 1.9%
Banco de Sabadell SA		219,303		458,460

Malaysia — 1.7%

Financials — 1.7%
CIMB Group Holdings Bhd		271,000		404,844

Australia — 1.6%

Financials — 1.6%
QBE Insurance Group Ltd.		48,600		383,141

Taiwan — 1.0%

Information Technology — 1.0%
MediaTek, Inc.		25,800		242,775

Hong Kong — 0.8%

Consumer Discretionary — 0.8%
SJM Holdings Ltd.	207,800		190,896

Bermuda — 0.7%

Financials — 0.7%
XL Group Ltd.	4,200		165,690

Colombia — 0.5%

Energy — 0.5%
Ecopetrol SA ADR†	12,500		118,625

Czech Republic — 0.1%

Financials — 0.1%
Komercni Banka A/S	400		17,468
Total Common Stocks		$	23,678,013

Short-Term Investment Funds — 2.4%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W	184,561		184,561
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W	392,719		392,719
Total Short-Term Investment Funds		$	577,280

Total Investment Securities —100.4%
(Cost $23,776,203)		$	24,255,293

Liabilities in Excess of Other Assets — (0.4%)			(96,838	)

Net Assets — 100.0%		$	24,158,455

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $376,640.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Touchstone International Value Fund (Unaudited) (Continued)

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

Other Information:

	*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total

Common Stocks
United Kingdom	$	640,379	$	3,540,115	$	—	$	4,180,494
Netherlands		143,279		3,268,743		—		3,412,022
Germany		542,217		2,571,951		—		3,114,168
Japan		—		3,067,919		—		3,067,919
France		—		1,969,670		—		1,969,670
Italy		—		1,102,308		—		1,102,308
South Korea		—		972,556		—		972,556
Switzerland		—		935,523		—		935,523
Singapore		—		825,552		—		825,552
United States		603,490		—		—		603,490
Brazil		545,511		—		—		545,511
Austria		—		483,462		—		483,462
Ireland		—		483,439		—		483,439
Spain		—		458,460		—		458,460
Malaysia		—		404,844		—		404,844
Australia		—		383,141		—		383,141
Taiwan		—		242,775		—		242,775
Hong Kong		—		190,896		—		190,896
Bermuda		165,690		—		—		165,690
Colombia		118,625		—		—		118,625
Czech Republic		17,468		—		—		17,468
Short-Term Investment Funds		577,280		—		—		577,280
Total	$	3,353,939	$	20,901,354	$	—	$	24,255,293

At September 30, 2017, equity securities valued at $985,564 were transferred from Level 1 to Level 2. Transfers from Level 1 to Level 2 are due to movements of a designated U.S. market index, triggering a systematic valuation model, provided by an independent third party, when required confidence levels are achieved to fair value the international equity securities.

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Mid Cap Growth Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.0%

Information Technology — 26.2%
Alliance Data Systems Corp.		63,731	$	14,119,603
Autodesk, Inc.*		119,675		13,434,715
Ciena Corp.*		471,670		10,362,590
Cypress Semiconductor Corp.		735,590		11,048,562
Fidelity National Information Services, Inc.		176,740		16,505,749
FleetCor Technologies, Inc.*		74,765		11,571,379
Lam Research Corp.		72,275		13,373,766
Maxim Integrated Products, Inc.		190,190		9,073,965
Microchip Technology, Inc.		58,620		5,262,904
Micron Technology, Inc.*		197,490		7,767,282
Nice Ltd. ADR		151,423		12,312,204
Palo Alto Networks, Inc.*		53,185		7,663,958
Red Hat, Inc.*		141,140		15,646,780
ServiceNow, Inc.*		109,210		12,835,451
Skyworks Solutions, Inc.		64,320		6,554,208
Splunk Inc.*		116,680		7,751,052
Vantiv, Inc. - Class A*		194,750		13,724,032
				189,008,200

Industrials — 17.2%
AMETEK, Inc.		238,970		15,781,579
Ferguson PLC ADR†		2,223,940		14,722,483
IHS Markit Ltd.*		218,984		9,652,815
JB Hunt Transport Services, Inc.		142,646		15,845,118
Lennox International, Inc.		79,141		14,163,865
Macquarie Infrastructure Corp.		196,019		14,148,651
Teledyne Technologies, Inc.*		61,700		9,821,406
TransDigm Group, Inc.		40,006		10,227,534
TransUnion*		213,451		10,087,694
United Continental Holdings, Inc.*		164,930		10,040,938
				124,492,083

Health Care — 16.1%
BioMarin Pharmaceutical, Inc.*		93,565		8,708,095
Bioverativ, Inc.*		124,749		7,119,425
Clovis Oncology, Inc.*		58,270		4,801,448
Cooper Cos., Inc. (The)		65,419		15,511,499
DENTSPLY SIRONA, Inc.		159,560		9,543,284
Envision Healthcare Corp.*		208,930		9,391,403
Hill-Rom Holdings, Inc.		184,958		13,686,892
ICON PLC (Ireland)*		144,850		16,495,518
Jazz Pharmaceuticals PLC (Ireland)*		89,959		13,156,504
Medicines Co. (The)*†		143,430		5,312,647
Mettler-Toledo International, Inc.*		20,060		12,560,770
				116,287,485

Consumer Discretionary — 14.5%
Delphi Automotive PLC (United
Kingdom)		68,797		6,769,625
Dollar Tree, Inc.*		125,500		10,895,910
Dunkin' Brands Group, Inc.		152,320		8,085,146
Expedia, Inc.		63,910		9,199,205
L Brands, Inc.		155,380		6,465,362
Liberty Broadband Corp. - Class A*		110,710		10,426,668
Marriott International, Inc. - Class A		134,310		14,809,021
MGM Resorts International		374,030		12,189,638
Newell Brands, Inc.		202,782		8,652,708
PVH Corp.		73,060		9,209,944
Six Flags Entertainment Corp.		126,690		7,720,489
				104,423,716

Financials — 7.8%
Arthur J Gallagher & Co.		206,770		12,726,694
MSCI, Inc.		82,690		9,666,461
Progressive Corp. (The)		243,720		11,800,922
Raymond James Financial, Inc.		97,450		8,217,958
Western Alliance Bancorp*		258,440		13,717,995
				56,130,030

Materials — 4.8%
Avery Dennison Corp.		120,790		11,878,489
Celanese Corp. - Series A		110,260		11,496,810
Vulcan Materials Co.		94,350		11,284,260
				34,659,559

Real Estate — 4.0%
Alexandria Real Estate Equities, Inc. REIT		58,570		6,968,073
American Campus Communities, Inc.
REIT		248,910		10,989,376
CyrusOne, Inc. REIT		192,100		11,320,453
				29,277,902

Consumer Staples — 3.3%
Constellation Brands, Inc. - Class A		62,521		12,469,813
Pinnacle Foods, Inc.		198,737		11,361,794
				23,831,607

Energy — 3.1%
Andeavor		93,305		9,624,411
Pioneer Natural Resources Co.		89,030		13,135,486
				22,759,897
Total Common Stocks			$	700,870,479

Short-Term Investment Funds — 3.6%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		23,496,908		23,496,908
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W		2,424,150		2,424,150
Total Short-Term Investment Funds			$	25,921,058

Total Investment Securities —100.6%
(Cost $561,511,161)			$	726,791,537

Liabilities in Excess of Other Assets — (0.6%)				(4,610,428	)

Net Assets — 100.0%			$	722,181,109

Touchstone Mid Cap Growth Fund (Unaudited) (Continued)

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $2,394,124.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

	*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total

Common Stocks	$	700,870,479	$	—	$	—	$	700,870,479
Short-Term Investment Funds		25,921,058		—		—		25,921,058
Total	$	726,791,537	$	—	$	—	$	726,791,537

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Sands Capital Emerging Markets Growth Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 96.2%

India — 30.0%

Consumer Discretionary — 7.0%
Jubilant Foodworks Ltd.		513,300	$	10,961,382
Makemytrip Ltd.*†		330,800		9,510,500
Zee Entertainment Enterprises Ltd.		1,242,400		9,907,773

Consumer Staples — 3.3%
Avenue Supermarts Ltd., 144a*		222,249		3,677,754
Britannia Industries Ltd.		71,200		4,739,702
ITC Ltd.		1,490,500		5,897,627

Financials — 8.7%
HDFC Bank Ltd.		364,400		10,087,689
Housing Development Finance Corp.
Ltd.		702,600		18,754,526
IndusInd Bank Ltd.		347,835		8,969,603

Health Care — 2.3%
Apollo Hospitals Enterprise Ltd.		389,400		6,000,330
Lupin Ltd.		253,600		3,938,957

Industrials — 7.5%
Adani Ports & Special Economic Zone
Ltd.		2,789,900		16,119,513
Eicher Motors Ltd.		19,175		9,176,902
Larsen & Toubro Ltd.		430,500		7,538,283

Materials — 1.2%
Asian Paints Ltd.		307,700		5,339,403
Total India				130,619,944

Cayman Islands — 19.6%

Consumer Discretionary — 4.6%
NagaCorp Ltd.		8,186,000		4,978,244
Netshoes Cayman Ltd.*		207,100		2,723,365
Sands China Ltd.		2,389,800		12,498,893

Information Technology — 15.0%
Alibaba Group Holding Ltd. ADR*		175,194		30,257,756
Baidu, Inc. ADR*		93,980		23,277,906
Tencent Holdings Ltd.		265,100		11,590,356
Total Cayman Islands				85,326,520

China — 6.3%

Consumer Discretionary — 6.3%
ANTA Sports Products Ltd.		2,758,000		11,598,174
Ctrip.com International Ltd. ADR*		297,500		15,690,150
Total China				27,288,324

South Africa — 5.9%

Consumer Discretionary — 5.9%
Naspers Ltd. - Class N		119,200		25,767,778

Industrials — 0.0%
Novus Holdings Ltd.		41,228		19,885
Total South Africa				25,787,663

South Korea — 4.1%

Consumer Staples — 1.5%
Amorepacific Corp.		29,800		6,764,747

Health Care — 2.6%
Medy-Tox, Inc.		25,975		11,256,495
Total South Korea				18,021,242

Netherlands — 4.0%

Information Technology — 4.0%
Yandex NV*		525,300		17,308,635

United States — 3.7%

Information Technology — 3.7%
MercadoLibre, Inc.		62,850		16,273,750

Philippines — 3.0%

Industrials — 1.4%
International Container Terminal
Services, Inc.		2,974,720		6,103,242

Real Estate — 1.6%
SM Prime Holdings, Inc.		10,559,800		7,161,195
Total Philippines				13,264,437

Indonesia — 2.8%

Financials — 1.9%
Bank Rakyat Indonesia Persero Tbk PT		7,294,800		8,272,928

Health Care — 0.9%
Siloam International Hospitals Tbk
PT*		5,108,555		3,792,824
Total Indonesia				12,065,752

Brazil — 2.6%

Consumer Staples — 2.6%
Raia Drogasil SA		482,900		11,430,786

Taiwan — 2.4%

Information Technology — 2.4%
Taiwan Semiconductor
Manufacturing Co. Ltd. ADR		280,640		10,538,032

Thailand — 2.3%

Consumer Staples — 2.3%
CP ALL PCL		4,984,700		9,976,873

Peru — 2.1%

Financials — 2.1%
Credicorp Ltd.		44,964		9,218,519

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

			Market
	Shares		Value

Common Stocks — 96.2% (Continued)

Virgin Islands (British) — 2.0%

Information Technology — 2.0%
Mail.Ru Group Ltd. GDR*		267,200	$	8,806,912

Russia — 1.8%

Consumer Staples — 1.8%
Magnit OJSC GDR		186,700		7,643,909

United Kingdom — 1.7%

Health Care — 1.7%
Hikma Pharmaceuticals PLC†		442,100		7,183,097

Malaysia — 1.0%

Health Care — 1.0%
IHH Healthcare Bhd		3,254,700		4,432,096

Mexico — 0.9%

Industrials — 0.9%
Grupo Aeroportuario del Sureste SAB
de CV ADR		20,120		3,839,298
Total Common Stocks			$	419,025,789

Short-Term Investment Funds — 5.7%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		14,629,914		14,629,914
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W		10,412,256		10,412,256
Total Short-Term Investment Funds			$	25,042,170

Total Investment Securities —101.9%
(Cost $357,279,173)			$	444,067,959

Liabilities in Excess of Other Assets — (1.9%)				(8,286,465	)

Net Assets — 100.0%			$	435,781,494

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $10,234,799.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

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

Other Information:

	*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total

Common Stocks
India	$	9,510,500	$	121,109,444	$	—	$	130,619,944
Cayman Islands		56,259,027		29,067,493		—		85,326,520
China		27,288,324		—		—		27,288,324
South Africa		19,885		25,767,778		—		25,787,663
South Korea		—		18,021,242		—		18,021,242
Netherlands		17,308,635		—		—		17,308,635
United States		16,273,750		—		—		16,273,750
Philippines		7,161,195		6,103,242		—		13,264,437
Indonesia		12,065,752		—		—		12,065,752
Brazil		11,430,786		—		—		11,430,786
Taiwan		10,538,032		—		—		10,538,032
Thailand		9,976,873		—		—		9,976,873
Peru		9,218,519		—		—		9,218,519
Virgin Islands (British)		8,806,912		—		—		8,806,912
Russia		—		7,643,909		—		7,643,909
United Kingdom		—		7,183,097		—		7,183,097
Malaysia		4,432,096		—		—		4,432,096
Mexico		3,839,298		—		—		3,839,298
Short-Term Investment Funds		25,042,170		—		—		25,042,170
Total	$	229,171,754	$	214,896,205	$	—	$	444,067,959

At September 30, 2017, equity securities valued at $6,764,747 and $37,009,171 were transferred from Level 1 to Level 2 and from Level 2 to Level 1, respectively. Transfers from Level 1 to Level 2 are due to movements of a designated U.S. market index, triggering a systematic valuation model, provided by an independent third party, when required confidence levels are achieved to fair value the international equity securities. Transfers from Level 2 to Level 1 occur when there is no longer movement of the designated U.S. market index or required confidence levels were not reached in the systematic model.

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Small Cap Growth Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.5%

Information Technology — 28.4%
Advanced Energy Industries, Inc.*		44,045	$	3,557,074
Alarm.com Holdings, Inc.*		77,118		3,484,191
BroadSoft, Inc.*		82,089		4,129,077
Cirrus Logic, Inc.*		67,690		3,609,231
Entegris, Inc.*		126,031		3,635,994
ePlus, Inc.*		35,701		3,300,557
Euronet Worldwide, Inc.*		96,948		9,189,701
ExlService Holdings, Inc.*		67,006		3,907,790
Fair Isaac Corp.		20,999		2,950,360
GrubHub, Inc.*		81,587		4,296,371
Instructure, Inc.*		47,926		1,588,747
MAXIMUS, Inc.		72,558		4,679,991
MKS Instruments, Inc.		53,273		5,031,635
Power Integrations, Inc.		60,539		4,431,455
Qualys, Inc.*		65,080		3,371,144
RealPage, Inc.*		82,095		3,275,590
Science Applications International Corp.		55,168		3,687,981
Semtech Corp.*		124,632		4,679,932
Trade Desk, Inc. (The) - Class A*		42,610		2,620,941
Travelport Worldwide Ltd. (Bermuda)		236,773		3,717,336
Ubiquiti Networks, Inc.*†		39,122		2,191,614
Varonis Systems, Inc.*		40,113		1,680,735
Xperi Corp.		64,069		1,620,946
Yelp, Inc.*		52,219		2,261,083
				86,899,476

Health Care — 24.2%
Achaogen, Inc.*†		95,874		1,529,190
AMN Healthcare Services, Inc.*		74,363		3,398,389
BioTelemetry, Inc.*		76,194		2,514,402
Cambrex Corp.*		58,585		3,222,175
Charles River Laboratories International, Inc.*		46,418		5,014,072
Chemed Corp.		21,441		4,332,154
CryoPort, Inc.*		80,813		796,008
Exact Sciences Corp.*		38,241		1,801,916
FibroGen, Inc.*		28,672		1,542,554
Globus Medical, Inc. - Class A*		77,528		2,304,132
Heska Corp.*		20,904		1,841,433
ICON PLC (Ireland)*		63,554		7,237,530
ICU Medical, Inc.*		21,381		3,973,659
Intersect ENT, Inc.*		49,004		1,526,475
LeMaitre Vascular, Inc.		68,271		2,554,701
Medidata Solutions, Inc.*		77,457		6,046,293
Merit Medical Systems, Inc.*		99,522		4,214,757
MiMedx Group, Inc.*†		109,758		1,303,925
Momenta Pharmaceuticals, Inc.*		173,836		3,215,966
Natus Medical, Inc.*		97,384		3,651,900
Nektar Therapeutics*		66,903		1,605,672
NuVasive, Inc.*		30,224		1,676,223
OraSure Technologies, Inc.*		102,029		2,295,652
Portola Pharmaceuticals, Inc.*		27,239		1,471,723
Repligen Corp.*		33,509		1,284,065
Sage Therapeutics, Inc.*		16,962		1,056,733
Supernus Pharmaceuticals, Inc.*		61,159		2,446,360
				73,858,059

Industrials — 14.3%
Argan, Inc.		46,285		3,112,666
Beacon Roofing Supply, Inc.*		59,709		3,060,086
Brink's Co. (The)		46,830		3,945,427
Dycom Industries, Inc.*		41,126		3,531,901
EMCOR Group, Inc.		91,626		6,357,012
Hawaiian Holdings, Inc.*		118,190		4,438,034
MasTec, Inc.*		82,416		3,824,102
Raven Industries, Inc.		42,519		1,377,616
Trex Co., Inc.*		57,875		5,212,801
TriNet Group, Inc.*		113,491		3,815,567
WageWorks, Inc.*		59,140		3,589,798
Willdan Group, Inc.*		44,402		1,441,289
				43,706,299

Consumer Discretionary — 12.8%
Boyd Gaming Corp.		85,491		2,227,041
Cable One, Inc.		6,897		4,980,462
Dorman Products, Inc.*		52,710		3,775,090
Grand Canyon Education, Inc.*		59,867		5,437,121
LCI Industries		57,275		6,635,309
Lithia Motors, Inc. - Class A		45,020		5,416,356
Marriott Vacations Worldwide Corp.		24,281		3,023,713
Nutrisystem, Inc.		28,162		1,574,256
TopBuild Corp.*		90,439		5,893,910
				38,963,258

Financials — 7.4%
Artisan Partners Asset Management, Inc.
- Class A		94,968		3,095,957
Evercore Partners, Inc. - Class A		73,721		5,916,110
National Western Life Group, Inc.
- Class A		4,736		1,652,864
Primerica, Inc.		50,584		4,125,125
Trupanion, Inc.*†		92,155		2,433,814
Western Alliance Bancorp*		100,055		5,310,919
				22,534,789

Materials — 4.2%
KMG Chemicals, Inc.		32,758		1,797,759
Louisiana-Pacific Corp.*		166,707		4,514,426
PolyOne Corp.		64,360		2,576,331
Trinseo SA (Luxembourg)		60,939		4,089,007
				12,977,523

Real Estate — 3.8%
CareTrust REIT, Inc.		241,163		4,591,744
CoreSite Realty Corp.		38,728		4,333,663
HFF, Inc. - Class A		68,011		2,690,515
				11,615,922

Energy — 2.4%
Matador Resources Co.*		119,146		3,234,814
Superior Energy Services, Inc.*		164,511		1,756,977
US Silica Holdings, Inc.		77,314		2,402,146
				7,393,937
Total Common Stocks			$	297,949,263

Touchstone Small Cap Growth Fund (Unaudited) (Continued)

			Market
	Shares		Value

Short-Term Investment Funds — 5.3%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		8,505,398	$	8,505,398
Invesco Government & Agency
Portfolio, Institutional Class,
0.93%**^¥W		7,561,187		7,561,187
Total Short-Term Investment Funds			$	16,066,585

Total Investment Securities —102.8%
(Cost $266,923,107)			$	314,015,848

Liabilities in Excess of Other Assets — (2.8%)				(8,563,309	)

Net Assets — 100.0%			$	305,452,539

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2017 was $7,379,978.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

	*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total

Common Stocks	$	297,949,263	$	—	$	—	$	297,949,263
Short-Term Investment Funds		16,066,585		—		—		16,066,585
Total	$	314,015,848	$	—	$	—	$	314,015,848

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Sustainability and Impact Equity Fund – September 30, 2017 (Unaudited)

			Market
	Shares		Value

Common Stocks — 96.5%

United States — 44.8%

Consumer Discretionary — 4.3%
Amazon.com, Inc.*		6,650	$	6,392,977
Foot Locker, Inc.		69,820		2,459,060
Ford Motor Co.		262,028		3,136,475
NIKE, Inc. - Class B		65,209		3,381,087

Consumer Staples — 1.9%
CVS Health Corp.		83,650		6,802,418

Energy — 2.5%
Apache Corp.		610		27,938
ConocoPhillips		146,546		7,334,627
Noble Energy, Inc.		57,602		1,633,593

Financials — 6.6%
Fifth Third Bancorp		188,163		5,264,801
JPMorgan Chase & Co.		94,162		8,993,413
Reinsurance Group of America, Inc.		35,322		4,928,479
Synchrony Financial		139,921		4,344,547
Wells Fargo & Co.		524		28,899

Health Care — 8.9%
Abbott Laboratories		104,499		5,576,067
Alnylam Pharmaceuticals, Inc.*		20,276		2,382,227
Becton Dickinson & Co.		25,708		5,037,483
Biogen, Inc.*		14,778		4,627,287
Cerner Corp.*		77,936		5,558,396
Illumina, Inc.*		20,498		4,083,202
Regeneron Pharmaceuticals, Inc.*		6,494		2,903,597
Ultragenyx Pharmaceutical, Inc.*		25,152		1,339,596

Industrials — 5.6%
Roper Technologies, Inc.		17,818		4,336,901
Southwest Airlines Co.		213,551		11,954,585
United Continental Holdings, Inc.*		59,677		3,633,136

Information Technology — 12.7%
Alphabet, Inc. - Class A*		11,361		11,062,433
Facebook, Inc. - Class A*		60,857		10,398,636
Microsoft Corp.		93,568		6,969,880
NCR Corp.*		72,912		2,735,658
Oracle Corp.		122,722		5,933,609
Visa, Inc. - Class A		76,266		8,026,234

Utilities — 2.3%
American Water Works Co., Inc.		100,812		8,156,699
Total United States				159,443,940

Japan — 10.6%

Consumer Discretionary — 1.2%
Sony Corp.		118,600		4,424,808

Financials — 1.3%
ORIX Corp.		293,900		4,744,787

Industrials — 3.5%
Amada Holdings Co. Ltd.		305,100		3,349,795
Kinden Corp.		339,100		5,466,410
Mitsubishi Electric Corp.		223,300		3,493,162

Information Technology — 1.5%
Kyocera Corp.		87,900		5,455,589

Telecommunication Services — 2.3%
Nippon Telegraph & Telephone Corp.		174,300		7,986,552

Utilities — 0.8%
Tokyo Gas Co. Ltd.		117,400		2,874,956
Total Japan				37,796,059

United Kingdom — 6.9%

Consumer Discretionary — 2.4%
Berkeley Group Holdings PLC		54,735		2,726,226
Compass Group PLC		283,384		6,012,705

Consumer Staples — 1.1%
Unilever PLC ADR		65,231		3,780,789

Financials — 3.4%
Lloyds Banking Group PLC		4,568,653		4,151,790
Prudential PLC		332,797		7,963,989
Total United Kingdom				24,635,499

Germany — 4.7%

Consumer Discretionary — 0.5%
Bayerische Motoren Werke AG		17,419		1,767,917

Industrials — 0.9%
KION Group AG		35,806		3,430,024

Materials — 1.8%
HeidelbergCement AG		62,625		6,444,676

Real Estate — 1.5%
Vonovia SE, REIT		123,914		5,277,188
Total Germany				16,919,805

France — 4.4%

Financials — 2.2%
BNP Paribas SA		97,505		7,866,246

Industrials — 2.2%
Cie de Saint-Gobain		88,524		5,274,233
Schneider Electric SE		28,191		2,454,887
Total France				15,595,366

Cayman Islands — 3.9%

Consumer Discretionary — 0.5%
Shenzhou International Group
Holdings Ltd.		235,000		1,841,108

Touchstone Sustainability and Impact Equity Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 96.5% (Continued)

Cayman Islands — (Continued)

Information Technology — 3.4%
Baidu, Inc. ADR*		18,971	$	4,698,927
Tencent Holdings Ltd.		167,200		7,310,100
Total Cayman Islands				13,850,135

Netherlands — 3.3%

Financials — 3.3%
ABN AMRO Group NV, 144a		129,547		3,879,162
ING Groep NV		429,822		7,922,584
Total Netherlands				11,801,746

Sweden — 3.1%

Financials — 1.9%
Swedbank AB - Class A		239,453		6,630,818

Industrials — 1.2%
Atlas Copco AB - Class A		104,335		4,426,135
Total Sweden				11,056,953

South Korea — 2.6%

Information Technology — 1.0%
Samsung SDI Co. Ltd.		20,407		3,550,602

Telecommunication Services — 1.6%
KT Corp. ADR		400,008		5,548,111
Total South Korea				9,098,713

Liberia — 2.4%

Consumer Discretionary — 2.4%
Royal Caribbean Cruises Ltd.		73,011		8,654,724

Switzerland — 2.1%

Health Care — 2.1%
Novartis AG		88,221		7,567,152

Mexico — 1.8%

Financials — 0.9%
Grupo Financiero Banorte SAB de CV
- Class O		435,800		3,000,343

Materials — 0.9%
Cemex SAB de CV ADR*		367,296		3,335,048
Total Mexico				6,335,391

Ireland — 1.7%

Industrials — 1.7%
Pentair PLC		87,414		5,940,655

Jersey — 1.4%

Health Care — 1.4%
Shire PLC ADR		31,556		4,832,486

Italy — 0.9%

Consumer Discretionary — 0.9%
Luxottica Group SpA		55,822		3,119,988

Indonesia — 0.7%

Financials — 0.7%
Bank Rakyat Indonesia Persero Tbk PT		2,102,800		2,384,755

India — 0.7%

Financials — 0.7%
ICICI Bank Ltd. ADR		274,006		2,345,491

Belgium — 0.5%

Health Care — 0.5%
Galapagos NV*		18,840		1,920,499
Total Common Stocks			$	343,299,357

Exchange Traded Funds — 1.9%
Vanguard FTSE All-World ex-US ETF		66,540		3,507,323
Vanguard S&P 500 ETF		14,548		3,357,096
Total Exchange Traded Funds			$	6,864,419

Short-Term Investment Fund — 1.5%
Dreyfus Government Cash
Management, Institutional Shares,
0.92%^¥W		5,513,973	$	5,513,973

Total Investment Securities —99.9%
(Cost $294,511,726)			$	355,677,749

Other Assets in Excess of Liabilities — 0.1%				216,839

Net Assets — 100.0%			$	355,894,588

Non-income producing security.

^¥

Open-End Fund.

Represents the 7-day SEC yield as of September 30, 2017.

Portfolio Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Touchstone Sustainability and Impact Equity Fund (Unaudited) (Continued)

Other Information:

	*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total

Common Stocks
United States	$	159,443,940	$	—	$	—	$	159,443,940
Japan		—		37,796,059		—		37,796,059
United Kingdom		6,507,015		18,128,484		—		24,635,499
Germany		—		16,919,805		—		16,919,805
France		—		15,595,366		—		15,595,366
Cayman Islands		6,540,035		7,310,100		—		13,850,135
Netherlands		—		11,801,746		—		11,801,746
Sweden		—		11,056,953		—		11,056,953
South Korea		5,548,111		3,550,602		—		9,098,713
Liberia		8,654,724		—		—		8,654,724
Switzerland		—		7,567,152		—		7,567,152
Mexico		6,335,391		—		—		6,335,391
Ireland		5,940,655		—		—		5,940,655
Jersey		4,832,486		—		—		4,832,486
Italy		3,119,988		—		—		3,119,988
Indonesia		2,384,755		—		—		2,384,755
India		2,345,491		—		—		2,345,491
Belgium		—		1,920,499		—		1,920,499
Exchange Traded Funds		6,864,419		—		—		6,864,419
Short-Term Investment Fund		5,513,973		—		—		5,513,973
Total	$	224,030,983	$	131,646,766	$	—	$	355,677,749

At September 30, 2017, equity securities valued at $8,230,969 were transferred from Level 2 to Level 1. Transfers from Level 1 to Level 2 are due to movements of a designated U.S. market index, triggering a systematic valuation model, provided by an independent third party, when required confidence levels are achieved to fair value the international equity securities. Transfers from Level 2 to Level 1 occur when there is no longer movement of the designated U.S. market index or required confidence levels were not reached in the systematic model.

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities

September 30, 2017 (Unaudited)

	Touchstone					Touchstone		Touchstone
	Flexible			Touchstone		Growth		International
	Income			Focused		Opportunities		Growth
	Fund			Fund		Fund		Fund
Assets
Investments, at cost	$	747,679,684		$	979,479,366	$	210,419,006	$	13,679,667
Investments, at market value ^(A)	$	766,488,951		$	1,241,198,223	$	269,474,875	$	16,153,924
Cash		360,429			243		—		—
Cash deposits held at prime broker^*		2,347,778			—		—		—
Foreign Currency ^(B)		—			—		—		—
Dividends and interest receivable		5,626,494			1,006,828		164,506		9,827
Receivable for capital shares sold		2,548,843			516,510		38,162		—
Receivable for investments sold		188			—		4,308,548		—
Receivable for variation margin on futures contracts		336,049			—		—		—
Receivable for securities lending income		5,959			1,319		822		512
Tax reclaim receivable		19,423			144,903		1,896		7,962
Other assets		44,914			32,357		28,819		7,079
Total Assets		777,779,028			1,242,900,383		274,017,628		16,179,304

Liabilities
Foreign currency ^(B)		—			—		—		—
Payable for return of collateral for securities on loan		14,000,780			21,940,191		378,527		410,793
Deferred foreign capital gains tax ^(C)		—			—		—		—
Payable for capital shares redeemed		625,135			570,462		233,077		4,101
Payable for investments purchased		4,173,233			96,948		1,222,955		—
Payable for variation margin on futures contracts		162,023			—		—		—
Payable to Investment Advisor		404,998			620,003		154,007		4,693
Payable to other affiliates		78,939			224,187		33,088		363
Payable to Trustees		3,950			3,955		3,948		3,948
Payable for professional services		54,203			35,426		18,918		20,377
Payable for reports to shareholders		9,214			39,727		9,349		7,089
Payable to Transfer Agent		166,634			480,680		50,210		55
Other accrued expenses and liabilities		13,354			4,466		3,917		3,541
Total Liabilities		19,692,463			24,016,045		2,107,996		454,960

Net Assets	$	758,086,565		$	1,218,884,338	$	271,909,632	$	15,724,344
Net assets consist of:
Paid-in capital	$	746,391,744		$	796,214,475	$	200,688,594	$	13,205,429
Accumulated net investment income (loss)		1,252,555			10,708,499		154,834		121,006
Accumulated net realized gains (losses) on investments, futures contracts, written options, forward foreign currency contracts and foreign currency transactions		(8,536,941	)		150,242,507		12,010,335		(76,348	)
Net unrealized appreciation on investments, futures contracts, written options, forward foreign currency contracts and foreign currency transactions		18,979,207			261,718,857		59,055,869		2,474,257
Net Assets	$	758,086,565		$	1,218,884,338	$	271,909,632	$	15,724,344
^(A) Includes market value of securities on loan of:	$	13,643,067		$	21,335,219	$	354,551	$	403,206
^(B) Cost of foreign currency:	$	—		$	—	$	—	$	—
^(C) See Note 2 in Notes to Financial Statements.

* Represents segregated cash for futures contracts.

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (Unaudited) (Continued)

						Touchstone
Touchstone			Touchstone			Sands Capital						Touchstone
International			Mid Cap			Emerging			Touchstone			Sustainability
Value			Growth			Markets			Small Cap			and Impact
Fund			Fund			Growth Fund			Growth Fund			Equity Fund

$	23,776,203		$	561,511,161		$	357,279,173		$	266,923,107		$	294,511,726
$	24,255,293		$	726,791,537		$	444,067,959		$	314,015,848		$	355,677,749
	—			—			—			—			24
	—			—			—			—			—
	—			—			51,874			—			—
	62,385			380,953			136,446			101,951			508,848
	47			2,056,458			1,406,589			615,455			1,100,950
	214,860			—			2,258,827			—			275,579
	—			—			—			—			—
	188			595			4,049			12,609			11
	79,284			—			1,216			379			119,390
	17,311			32,666			115,339			69,460			37,362
	24,629,368			729,262,209			448,042,299			314,815,702			357,719,913

	—			—			—			—			18
	392,719			2,424,150			10,412,256			7,561,187			—
	—			—			1,205,646			—			—
	14,376			2,004,727			91,042			1,362,694			332,777
	7,881			1,742,028			—			—			1,042,332
	—			—			—			—			—
	3,081			432,131			406,650			238,757			203,204
	363			208,504			52,648			8,153			82,775
	3,946			3,950			3,947			3,949			3,948
	20,784			26,200			36,305			20,285			44,162
	6,672			31,855			2,485			56,590			13,598
	7,415			204,079			41,758			109,628			94,636
	13,676			3,476			8,068			1,920			7,875
	470,913			7,081,100			12,260,805			9,363,163			1,825,325

$	24,158,455		$	722,181,109		$	435,781,494		$	305,452,539		$	355,894,588

$	104,276,662		$	486,130,270		$	360,588,113		$	276,808,348		$	301,180,868
	110,028			(626,431	)		(567,436	)		(1,549,786	)		2,310,811
	(80,706,929	)		71,396,894			(9,826,374	)		(16,898,764	)		(8,771,446	)
	478,694			165,280,376			85,587,191			47,092,741			61,174,355
$	24,158,455		$	722,181,109		$	435,781,494		$	305,452,539		$	355,894,588
$	376,640		$	2,394,124		$	10,234,799		$	7,379,978		$	—
$	—		$	—		$	51,879		$	—		$	(18	)

Statements of Assets and Liabilities (Unaudited) (Continued)

	Touchstone						Touchstone			Touchstone
	Flexible			Touchstone			Growth			International
	Income			Focused			Opportunities			Growth
	Fund			Fund			Fund			Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	51,313,513		$	178,051,875		$	39,291,096		$	79,497
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		4,685,112			4,086,189			1,173,225			6,402
Net asset value price per share*	$	10.95		$	43.57		$	33.49		$	12.42
Maximum sales charge - Class A shares		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares	$	11.62		$	46.23		$	35.53		$	13.18

Pricing of Class C Shares
Net assets applicable to Class C shares	$	52,161,306		$	45,699,652		$	8,644,081		$	35,463
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		4,827,353			1,094,082			305,545			2,881
Net asset value and offering price per share**	$	10.81		$	41.77		$	28.29		$	12.31

Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	555,946,213		$	971,622,999		$	49,750,372		$	4,296
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		50,605,890			21,879,879			1,451,256			346
Net asset value, offering price and redemption price per share	$	10.99		$	44.41		$	34.28		$	12.42

Pricing of Institutional Class Shares
Net assets applicable to Institutional Class Shares	$	98,665,533		$	23,509,812		$	174,224,083		$	15,605,088
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		8,983,769			526,998			5,032,122			1,255,209
Net asset value, offering price and redemption price per share	$	10.98		$	44.61		$	34.62		$	12.43

* There is no sales load on subscriptions of $1 million or more. Redemptions that were part of a $1 million or more subscription 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.

Statements of Assets and Liabilities (Unaudited) (Continued)

						Touchstone
Touchstone			Touchstone			Sands Capital					Touchstone
International			Mid Cap			Emerging		Touchstone			Sustainability
Value			Growth			Markets		Small Cap			and Impact
Fund			Fund			Growth Fund		Growth Fund			Equity Fund

$	3,652,630		$	227,455,979		$	—	$	22,170,502		$	128,755,753
	460,827			8,004,157			—		3,984,944			5,357,922
$	7.93		$	28.42		$	—	$	5.56		$	24.03
	5.75	%		5.75	%		—		5.75	%		5.75	%
$	8.41		$	30.15		$	—	$	5.90		$	25.50


$	242,427		$	93,577,249		$	—	$	9,265,388		$	41,158,484
	33,066			4,802,294			—		2,029,637			1,986,611
$	7.33		$	19.49		$	—	$	4.57		$	20.72


$	3,466,947		$	350,107,416		$	152,286,387	$	256,410,734		$	146,972,466
	436,832			11,939,479			12,195,504		41,236,847			5,944,794
$	7.94		$	29.32		$	12.49	$	6.22		$	24.72


$	16,796,451		$	51,040,465		$	283,495,107	$	17,605,915		$	39,007,885
	2,133,349			1,727,462			22,638,804		2,806,091			1,575,824
$	7.87		$	29.55		$	12.52	$	6.27		$	24.75

Statements of Operations

For the Six Months Ended September 30, 2017 (Unaudited)

	Touchstone						Touchstone			Touchstone
	Flexible			Touchstone			Growth			International
	Income			Focused			Opportunities			Growth
	Fund			Fund			Fund			Fund
Investment Income
Dividends^(A)	$	2,239,645		$	9,687,660		$	1,454,197		$	146,431
Interest		10,937,069			—			—			—
Income from securities loaned		28,053			5,946			3,869			4,450
Total Investment Income		13,204,767			9,693,606			1,458,066			150,881
Expenses
Investment advisory fees		2,407,605			3,886,904			978,651			61,596
Administration fees		521,256			902,986			189,206			9,924
Compliance fees and expenses		1,126			1,126			1,126			1,126
Custody fees		24,346			11,190			5,913			2,575
Professional fees		32,527			32,014			15,164			16,876
Transfer Agent fees, Class A		27,099			184,961			26,867			33
Transfer Agent fees, Class C		23,382			22,344			5,875			9
Transfer Agent fees, Class Y		273,399			446,375			25,329			11
Transfer Agent fees, Institutional Class		14,015			3,115			44,385			22
Transfer Agent out-of-pocket expenses		14,763			239,438			12,538			35
Registration fees, Class A		12,114			12,544			8,408			1,513
Registration fees, Class C		9,062			8,883			7,309			1,212
Registration fees, Class Y		24,174			14,339			8,314			1,212
Registration fees, Institutional Class		11,490			8,403			9,822			1,513
Interest expense on securities sold short		148			—			—			—
Reports to Shareholders, Class A		5,106			17,981			4,210			2,645
Reports to Shareholders, Class C		4,423			4,483			3,122			2,645
Reports to Shareholders, Class Y		12,480			29,630			3,097			2,645
Reports to Shareholders, Institutional Class		3,206			2,875			4,298			2,678
Distribution expenses, Class A		66,202			248,016			49,970			62
Distribution and shareholder servicing expenses, Class C		269,986			247,818			43,193			24
Trustee fees		7,840			7,845			7,837			7,838
Other expenses		24,422			22,265			7,714			4,078
Total Expenses		3,790,171			6,355,535			1,462,348			120,272
Fees waived and/or reimbursed by the Advisor and/or Affiliates^(B)		(485,490	)		(101,802	)		(159,116	)		(53,771	)
Net Expenses		3,304,681			6,253,733			1,303,232			66,501
Net Investment Income (Loss)		9,900,086			3,439,873			154,834			84,380
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments ^(C)		5,972,117			104,684,293			12,636,399			168,771
Net realized losses on futures contracts		(834,842	)		—			—			—
Net realized gains on written options		335,496			—			—			—
Net realized losses on forward foreign currency contracts		(191,033	)		—			—			—
Net realized gains (losses) on foreign currency transactions		(551,536	)		—			—			(9	)
Net change in unrealized appreciation (depreciation) on investments ^(D)		10,022,447			(46,659,165	)		14,433,877			1,632,670
Net change in unrealized appreciation (depreciation) on futures contracts		70,040			—			—			—
Net change in unrealized appreciation (depreciation) on written options		(99,307	)		—			—			—
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		93,426			—			—			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		250			—			—			—
Net Realized and Unrealized Gains (Losses) on Investments		14,817,058			58,025,128			27,070,276			1,801,432
Change in Net Assets Resulting from Operations	$	24,717,144		$	61,465,001		$	27,225,110		$	1,885,812
^(A) Net of foreign tax withholding of:	$	—		$	115,466		$	4,043		$	22,905
^(B) See Note 4 in Notes to Financial Statements.
^(C) On April 07, 2017, the Focused Fund had a redemption-in-kind of securities in the amount of $196,424,472. Net realized gains (losses) on investments includes the realized gain on the transaction of $54,207,989 which will not be realized by the Fund for tax purposes.
^(D) Includes change in deferred foreign capital gains tax of:	$	—		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

Statements of Operations (Unaudited) (Continued)

						Touchstone
Touchstone			Touchstone			Sands Capital						Touchstone
International			Mid Cap			Emerging			Touchstone			Sustainability
Value			Growth			Markets			Small Cap			and Impact
Fund			Fund			Growth Fund			Growth Fund			Equity Fund

$	440,565		$	4,756,916		$	2,331,516		$	1,065,204		$	3,599,710
	—			—			—			—			—
	3,302			1,527			11,216			70,326			27,299
	443,867			4,758,443			2,342,732			1,135,530			3,627,009

	112,861			2,628,226			2,098,170			1,788,178			1,207,999
	16,365			518,454			264,552			261,485			239,843
	1,126			1,126			1,126			1,126			1,126
	14,691			8,403			80,796			7,481			13,849
	18,437			22,936			31,730			17,160			26,793
	5,269			150,620			—			25,351			80,867
	215			70,394			—			10,721			28,929
	2,973			181,609			55,584			199,586			56,881
	26			8,078			30,743			1,576			8,990
	3,232			26,005			13,856			7,103			27,042
	5,248			9,058			—			9,274			9,686
	4,683			8,671			—			9,038			8,445
	5,338			13,204			14,224			46,055			11,200
	3,415			11,504			9,262			8,093			8,344
	—			—			—			—			—
	3,119			10,805			—			4,945			9,276
	2,695			8,934			—			3,807			5,216
	2,722			25,558			5,627			50,020			6,524
	2,673			3,027			6,286			2,857			2,724
	4,499			289,647			—			37,965			153,683
	1,172			501,020			—			53,567			220,014
	7,836			7,840			7,838			7,839			7,838
	12,780			15,007			11,178			11,122			13,277
	231,375			4,520,126			2,630,972			2,564,349			2,148,546
	(110,317	)		(2,019	)		(30,914	)		(341,530	)		(154,296	)
	121,058			4,518,107			2,600,058			2,222,819			1,994,250
	322,809			240,336			(257,326	)		(1,087,289	)		1,632,759

	(6,305	)		32,342,523			6,609,582			9,027,098			3,185,171
	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	3,991			—			(57,648	)		—			11,194
	2,185,413			33,051,482			46,612,211			12,369,726			31,214,640
	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	2,315			—			(17,314	)		—			9,135
	2,185,414			65,394,005			53,146,831			21,396,824			34,420,140
$	2,508,223		$	65,634,341		$	52,889,505		$	20,309,535		$	36,052,899
$	39,038		$	17,492		$	160,444		$	—		$	232,284


$	—		$	—		$	(1,205,646	)	$	—		$	—

Statements of Changes in Net Assets

	Touchstone
	Flexible Income
	Fund
	For the
	Six Months
	Ended
	September 30,			For the
	2017			Year Ended
	(Unaudited)			March 31, 2017
From Operations
Net investment income (loss)	$	9,900,086		$	19,283,397
Net realized gains (losses) on investments, futures contracts, written options, swap agreements, securities shold short, forward foreign currency contracts and foreign currency transactions		4,730,202			(2,060,369	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, written options, forward foreign currency contracts and foreign currency transactions		10,086,856			7,106,360
Change in Net Assets from Operations		24,717,144			24,329,388

Distributions to Shareholders from:
Net investment income, Class A		(656,767	)		(1,561,926	)
Net investment income, Class C		(471,866	)		(1,072,545	)
Net investment income, Class Y		(7,014,219	)		(13,277,757	)
Net investment income, Institutional Class		(1,428,746	)		(2,785,703	)
Net realized gains, Class A		—			—
Net realized gains, Class C		—			—
Net realized gains, Class Y		—			—
Net realized gains, Institutional Class		—			—
Total Distributions		(9,571,598	)		(18,697,931	)

Net Increase (Decrease) from Share Transactions ^(A)		69,720,698			124,129,348

Total Increase (Decrease) in Net Assets		84,866,244			129,760,805

Net Assets
Beginning of period		673,220,321			543,459,516
End of period	$	758,086,565		$	673,220,321
Accumulated Net Investment Income	$	1,252,555		$	924,067

^(A)For details on share transaction by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 42 to 44.

^(B)Represents the period from commencement of operations (April 1, 2016) through March 31, 2017.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (Continued)

						Touchstone					Touchstone					Touchstone
Touchstone						Growth Opportunities					International Growth					International
Focused Fund						Fund					Fund					Value Fund
For the						For the					For the					For the
Six Months						Six Months					Six Months					Six Months
Ended						Ended					Ended		For the			Ended
September 30,			For the			September 30,		For the			September 30,		Year Ended			September 30,			For the
2017			Year Ended			2017		Year Ended			2017		March 31,			2017			Year Ended
(Unaudited)			March 31, 2017			(Unaudited)		March 31, 2017			(Unaudited)		2017^(B)			(Unaudited)			March 31, 2017

$	3,439,873		$	8,041,618		$	154,834	$	639,004		$	84,380	$	90,634		$	322,809		$	682,656

	104,684,293			50,402,184			12,636,399		14,884,304			168,762		(245,110	)		(2,314	)		(4,061,696	)

	(46,659,165	)		138,441,540			14,433,877		18,567,633			1,632,670		841,587			2,187,728			5,694,712
	61,465,001			196,885,342			27,225,110		34,090,941			1,885,812		687,111			2,508,223			2,315,672


	—			(1,516,379	)		—		—			—		(6	)		(53,874	)		(414,991	)
	—			(153,587	)		—		—			—		—			(2,979	)		(13,916	)
	—			(5,279,020	)		—		(48,495	)		—		(12	)		(54,304	)		(457,565	)
	—			(274,970	)		—		(272,809	)		—		(53,990	)		(264,090	)		(1,942,357	)
	—			(3,669,437	)		—		(1,283,090	)		—		—			—			—
	—			(489,201	)		—		(371,428	)		—		—			—			—
	—			(7,917,486	)		—		(1,725,793	)		—		—			—			—
	—			(369,490	)		—		(4,752,178	)		—		—			—			—
	—			(19,669,570	)		—		(8,453,793	)		—		(54,008	)		(375,247	)		(2,828,829	)

	(337,770,482	)		(34,526,581	)		98,168		(90,925,031	)		1,919,008		11,286,421			(42,101	)		(20,565,880	)

	(276,305,481	)		142,689,191			27,323,278		(65,287,883	)		3,804,820		11,919,524			2,090,875			(21,079,037	)


	1,495,189,819			1,352,500,628			244,586,354		309,874,237			11,919,524		—			22,067,580			43,146,617
$	1,218,884,338		$	1,495,189,819		$	271,909,632	$	244,586,354			15,724,344	$	11,919,524		$	24,158,455		$	22,067,580
$	10,708,499		$	7,268,626		$	154,834	$	—		$	121,006	$	36,626		$	110,028		$	162,466

Statements of Changes in Net Assets (Continued)

	Touchstone
	Mid Cap
	Growth Fund
	For the
	Six Months
	Ended
	September 30,			For the
	2017			Year Ended
	(Unaudited)			March 31, 2017
From Operations
Net investment income (loss)	$	240,336		$	(1,849,028	)
Net realized gains (losses) on investments and foreign currency transactions		32,342,523			87,109,885
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		33,051,482			9,617,026
Change in Net Assets from Operations		65,634,341			94,877,883

Distributions to Shareholders from:
Net investment income, Class A		—			—
Net investment income, Class C		—			—
Net investment income, Class Y		—			—
Net investment income, Institutional Class		—			—
Net realized gains, Class A		—			(5,709,545	)
Net realized gains, Class B		—			(11,306	)
Net realized gains, Class C		—			(4,186,541	)
Net realized gains, Class Y		—			(8,474,706	)
Net realized gains, Institutional Class		—			(1,018,216	)
Total Distributions		—			(19,400,314	)

Net Increase (Decrease) from Share Transactions^(A)		(38,089,418	)		(167,892,838	)

Total Increase (Decrease) in Net Assets		27,544,923			(92,415,269	)

Net Assets
Beginning of period		694,636,186			787,051,455
End of period	$	722,181,109		$	694,636,186
Accumulated Net Investment Income (Loss)	$	(626,431	)	$	(866,767	)

^(A)For details on share transaction by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 44 to 46.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone						Touchstone
Sands Capital Emerging						Small Cap						Sustainability and Impact
Markets Growth Fund						Growth Fund						Equity Fund
For the						For the						For the
Six Months						Six Months						Six Months
Ended						Ended						Ended
September 30,			For the			September 30,			For the			September 30,		For the
2017			Year Ended			2017			Year Ended			2017		Year Ended
(Unaudited)			March 31, 2017			(Unaudited)			March 31, 2017			(Unaudited)		March 31, 2017

$	(257,326	)	$	(948,935	)	$	(1,087,289	)	$	(2,651,106	)	$	1,632,759	$	2,222,227
	6,551,934			(4,895,839	)		9,027,098			(25,827,977	)		3,196,365		2,720,054
	46,594,897			34,827,193			12,369,726			54,388,132			31,223,775		32,511,636
	52,889,505			28,982,419			20,309,535			25,909,049			36,052,899		37,453,917


	—			—			—			—			—		(653,990	)
	—			—			—			—			—		(28,717	)
	—			—			—			—			—		(734,641	)
	—			—			—			—			—		(155,934	)
	—			—			—			(209,932	)		—		—
	—			—			—			—			—		—
	—			—			—			(82,596	)		—		—
	—			—			—			(1,589,859	)		—		—
	—			—			—			(90,861	)		—		—
	—			—			—			(1,973,248	)		—		(1,573,282	)

	97,022,930			97,379,901			(144,221,130	)		(192,771,204	)		16,255,165		(972,460	)

	149,912,435			126,362,320			(123,911,595	)		(168,835,403	)		52,308,064		34,908,175


	285,869,059			159,506,739			429,364,134			598,199,537			303,586,524		268,678,349
$	435,781,494		$	285,869,059		$	305,452,539		$	429,364,134		$	355,894,588	$	303,586,524
$	(567,436	)	$	(310,110	)	$	(1,549,786	)	$	(462,497	)	$	2,310,811	$	678,052

Statements of Changes 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, 2017						Ended						September 30, 2017						Ended
	(Unaudited)						March 31, 2017						(Unaudited)						March 31, 2017
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		1,230,159		$	13,425,088			3,173,567		$	34,165,603			4,970,954		$	205,483,294			2,103,482		$	81,569,477
Reinvestment of distributions		45,658			498,754			114,811			1,232,128			—			—			116,086			4,706,363
Cost of Shares redeemed		(1,215,219	)		(13,290,282	)		(4,116,327	)		(44,045,496	)		(11,142,416	)		(461,559,811	)		(3,017,249	)		(118,313,282	)
Change from Class A Share Transactions		60,598			633,560			(827,949	)		(8,647,765	)		(6,171,462	)		(256,076,517	)		(797,681	)		(32,037,442	)
Class C
Proceeds from Shares issued		456,545			4,922,615			2,160,399			22,964,877			46,557			1,897,766			482,137			17,925,651
Reinvestment of distributions		37,376			402,843			84,701			896,553			—			—			12,653			494,586
Cost of Shares redeemed		(873,712	)		(9,402,798	)		(1,355,234	)		(14,316,266	)		(300,073	)		(12,226,475	)		(394,700	)		(15,062,303	)
Change from Class C Share Transactions		(379,791	)		(4,077,340	)		889,866			9,545,164			(253,516	)		(10,328,709	)		100,090			3,357,934
Class Y
Proceeds from Shares issued		13,518,173			148,176,265			25,265,156			272,373,506			872,747			37,795,304			4,259,573			168,900,525
Reinvestment of distributions		414,292			4,541,563			714,239			7,685,777			—			—			299,050			12,330,960
Cost of Shares redeemed		(6,509,105	)		(71,314,530	)		(16,586,849	)		(177,812,998	)		(2,086,080	)		(90,085,719	)		(4,362,807	)		(173,810,089	)
Change from Class Y Share Transactions		7,423,360			81,403,298			9,392,546			102,246,285			(1,213,333	)		(52,290,415	)		195,816			7,421,396
Institutional Class
Proceeds from Shares issued		1,026,563			11,228,943			5,579,839			59,878,292			180,897			7,863,466			318,160			12,296,441
Reinvestment of distributions		80,377			880,269			147,977			1,589,985			—			—			15,172			628,198
Cost of Shares redeemed		(1,863,694	)		(20,348,032	)		(3,747,004	)		(40,482,613	)		(630,464	)		(26,938,307	)		(660,073	)		(26,193,108	)
Change from Institutional Class Share Transactions		(756,754	)		(8,238,820	)		1,980,812			20,985,664			(449,567	)		(19,074,841	)		(326,741	)		(13,268,469	)

Change from Share Transactions		6,347,413		$	69,720,698			11,435,275		$	124,129,348			(8,087,878	)	$	(337,770,482	)		(828,516	)	$	(34,526,581	)

^(A)Represents the period from commencement of operations (April 1, 2016) through March 31, 2017.

See accompanying Notes to Financial Statements.

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

Touchstone Growth												Touchstone International
Opportunities Fund												Growth Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
September 30, 2017						Ended						September 30, 2017						Ended
(Unaudited)						March 31, 2017						(Unaudited)						March 31, 2017 ^(A)
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	16,896		$	533,396			117,538		$	3,393,344			2,811		$	33,426			3,590		$	38,009
	—			—			42,553			1,194,474			—			—			1			6
	(126,992	)		(4,105,239	)		(277,080	)		(7,824,211	)		—			—			—			—
	(110,096	)		(3,571,843	)		(116,989	)		(3,236,393	)		2,811			33,426			3,591			38,015

	5,857			159,518			15,540			374,733			2,631			32,597			250			2,500
	—			—			13,561			323,436			—			—			—			—
	(35,187	)		(951,021	)		(190,408	)		(4,593,968	)		—			—			—			—
	(29,330	)		(791,503	)		(161,307	)		(3,895,799	)		2,631			32,597			250			2,500

	33,065			1,083,987			199,492			5,718,823			—			—			345			3,500
	—			—			59,054			1,694,188			—			—			1			11
	(111,486	)		(3,640,292	)		(1,730,099	)		(49,539,781	)		—			—			—			—
	(78,421	)		(2,556,305	)		(1,471,553	)		(42,126,770	)		—			—			346			3,511

	455,349			14,820,208			739,765			21,407,544			232,108			2,740,020			1,447,175			14,754,377
	—			—			173,177			5,016,254			—			—			5,421			53,990
	(237,911	)		(7,802,389	)		(2,357,174	)		(68,089,867	)		(76,867	)		(887,035	)		(352,628	)		(3,565,972	)
	217,438			7,017,819			(1,444,232	)		(41,666,069	)		155,241			1,852,985			1,099,968			11,242,395

	(409	)	$	98,168			(3,194,081	)	$	(90,925,031	)		160,683		$	1,919,008			1,104,155		$	11,286,421

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

	Touchstone International												Touchstone Mid Cap
	Value Fund												Growth Fund
	For the Six Months												For the Six Months
	Ended						For the Year						Ended						For the Year
	September 30, 2017						Ended						September 30, 2017						Ended
	(Unaudited)						March 31, 2017						(Unaudited)						March 31, 2017
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		9,106		$	66,625			10,152		$	72,509			912,397		$	24,858,000			1,497,124		$	36,450,213
Reinvestment of distributions		6,308			48,767			55,117			378,173			—			—			220,840			5,417,207
Cost of Shares redeemed		(47,409	)		(356,829	)		(74,778	)		(546,556	)		(1,606,838	)		(43,925,795	)		(2,734,825	)		(66,511,120	)
Change from Class A Share Transactions		(31,995	)		(241,437	)		(9,509	)		(95,874	)		(694,441	)		(19,067,795	)		(1,016,861	)		(24,643,700	)
Class B^(A)
Proceeds from Shares issued		—			—			—			—			—			—			108			1,827
Reinvestment of distributions		—			—			—			—			—			—			491			8,558
Cost of Shares redeemed		—			—			—			—			—			—			(68,421	)		(1,190,153	)
Change from Class B Share Transactions		—			—			—			—			—			—			(67,822	)		(1,179,768	)
Class C
Proceeds from Shares issued		726			4,993			17,629			114,215			108,292			2,033,261			232,818			3,960,601
Reinvestment of distributions		387			2,771			1,826			11,725			—			—			189,293			3,202,841
Cost of Shares redeemed		(2,057	)		(14,283	)		(3,250	)		(22,143	)		(1,649,713	)		(30,706,076	)		(1,907,512	)		(32,461,461	)
Change from Class C Share Transactions		(944	)		(6,519	)		16,205			103,797			(1,541,421	)		(28,672,815	)		(1,485,401	)		(25,298,019	)
Class Y
Proceeds from Shares issued/		32,518			244,359			39,383			286,761			2,564,080			71,765,856			4,398,245			111,297,135
Reinvestment of distributions		3,927			30,410			36,361			250,337			—			—			317,429			8,018,203
Cost of Shares redeemed		(90,622	)		(672,937	)		(205,148	)		(1,515,781	)		(2,304,460	)		(64,487,798	)		(7,573,840	)		(190,634,337	)
Change from Class Y Share Transactions		(54,177	)		(398,168	)		(129,404	)		(978,683	)		259,620			7,278,058			(2,858,166	)		(71,318,999	)
Institutional Class
Proceeds from Shares issued		285,951			2,201,322			114,412			842,904			220,070			6,248,689			313,502			7,980,744
Reinvestment of distributions		34,357			264,090			284,299			1,942,357			—			—			39,334			1,000,658
Cost of Shares redeemed		(249,874	)		(1,861,389	)		(3,060,005	)		(22,380,381	)		(137,290	)		(3,875,555	)		(2,203,846	)		(54,433,754	)
Change from Institutional Class Share Transactions		70,434			604,023			(2,661,294	)		(19,595,120	)		82,780			2,373,134			(1,851,010	)		(45,452,352	)

Change from Share Transactions		(16,682	)	$	(42,101	)		(2,784,002	)	$	(20,565,880	)		(1,893,462	)	$	(38,089,418	)		(7,279,260	)	$	(167,892,838	)

^(A)Class B shares automatically convert to Class A shares after 8 years from the initial purchase. The conversion occurs in the month following the 8-year anniversary. During the year ended March 31, 2017, all Class B shares were converted to Class A shares as they reached their 8-year anniversary and are shown as share redemptions for Class B shares above.

See accompanying Notes to Financial Statements.

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

Touchstone Sands Capital												Touchstone Small Cap
Emerging Markets Growth Fund												Growth Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
September 30, 2017						Ended						September 30, 2017						Ended
(Unaudited)						March 31, 2017						(Unaudited)						March 31, 2017
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	—		$	—			—		$	—			601,468		$	3,158,618			3,614,218		$	18,626,271
	—			—			—			—			—			—			36,189			192,888
	—			—			—			—			(5,087,536	)		(26,572,992	)		(4,946,989	)		(25,080,223	)
	—			—			—			—			(4,486,068	)		(23,414,374	)		(1,296,582	)		(6,261,064	)

	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	—			—			—			—			26,530			115,059			487,377			2,069,131
	—			—			—			—			—			—			15,604			68,655
	—			—			—			—			(855,477	)		(3,725,618	)		(2,051,056	)		(8,714,326	)
	—			—			—			—			(828,947	)		(3,610,559	)		(1,548,075	)		(6,576,540	)

	3,444,313			41,361,339			5,971,278			60,060,093			13,384,440			78,540,016			35,362,616			202,195,473
	—			—			—			—			—			—			210,558			1,250,703
	(916,042	)		(11,120,536	)		(2,485,972	)		(24,267,752	)		(33,323,933	)		(196,644,447	)		(66,031,347	)		(374,886,480	)
	2,528,271			30,240,803			3,485,306			35,792,341			(19,939,493	)		(118,104,431	)		(30,458,173	)		(171,440,304	)

	8,196,477			97,110,592			9,707,380			96,179,684			1,247,569			7,341,897			1,293,710			7,420,009
	—			—			—			—			—			—			10,078			60,366
	(2,560,175	)		(30,328,465	)		(3,479,384	)		(34,592,124	)		(1,084,668	)		(6,433,663	)		(2,755,432	)		(15,973,671	)
	5,636,302			66,782,127			6,227,996			61,587,560			162,901			908,234			(1,451,644	)		(8,493,296	)

	8,164,573		$	97,022,930			9,713,302		$	97,379,901			(25,091,607	)	$	(144,221,130	)		(34,754,474	)	$	(192,771,204	)

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

	Touchstone Sustainability
	and Impact Equity Fund
	For the Six Months
	Ended						For the Year
	September 30, 2017						Ended
	(Unaudited)						March 31, 2017
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		585,097		$	13,328,492			345,879		$	6,944,695
Reinvestment of distributions		—			—			29,039			585,151
Cost of Shares redeemed		(481,548	)		(11,035,523	)		(2,355,115	)		(47,349,366	)
Change from Class A Share Transactions		103,549			2,292,969			(1,980,197	)		(39,819,520	)
Class B^(A)
Cost of Shares redeemed		—			—			(27,123	)		(470,493	)
Change from Class B Share Transactions		—			—			(27,123	)		(470,493	)
Class C
Proceeds from Shares issued		144,973			2,914,572			149,007			2,569,234
Reinvestment of distributions		—			—			1,120			19,562
Cost of Shares redeemed		(738,927	)		(14,584,980	)		(996,552	)		(17,254,366	)
Change from Class C Share Transactions		(593,954	)		(11,670,408	)		(846,425	)		(14,665,570	)
Class Y
Proceeds from Shares issued		1,560,344			36,857,664			3,242,442			66,535,198
Reinvestment of distributions		—			—			31,446			650,605
Cost of Shares redeemed		(716,975	)		(16,880,119	)		(1,642,723	)		(33,852,465	)
Change from Class Y Share Transactions		843,369			19,977,545			1,631,165			33,333,338
Institutional Class
Proceeds from Shares issued		267,392			6,456,798			1,064,008			22,131,021
Reinvestment of distributions		—			—			7,533			155,934
Cost of Shares redeemed		(32,901	)		(801,739	)		(81,168	)		(1,637,170	)
Change from Institutional Class Share Transactions		234,491			5,655,059			990,373			20,649,785

Change from Share Transactions		587,455		$	16,255,165			(232,207	)	$	(972,460	)

See accompanying Notes to Financial Statements.

Financial Highlights

Touchstone Flexible Income Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)			2012
Net asset value at beginning of period	$	10.71		$	10.58		$	10.67		$	10.60		$	10.94		$	10.76		$	10.47
Income (loss) from investment operations:
Net investment income		0.15			0.30			0.32			0.43			0.51			0.35	^(B)		0.49	^(C)
Net realized and unrealized gains (losses) on investments		0.23			0.11			(0.10	)		0.11			(0.37	)		0.16			0.31
Total from investment operations		0.38			0.41			0.22			0.54			0.14			0.51			0.80
Distributions from:
Net investment income		(0.14	)		(0.28	)		(0.31	)		(0.47	)		(0.48	)		(0.33	)		(0.51	)
Net asset value at end of period	$	10.95		$	10.71		$	10.58		$	10.67		$	10.60		$	10.94		$	10.76
Total return^(D)		3.52	%^(E)		3.93	%		2.13	%		5.22	%		1.45	%		4.77	%^(E)		7.86	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	51,314		$	49,544		$	57,671		$	32,695		$	25,928		$	41,301		$	49,458
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		1.09	%^(F)(G)		1.10	%^(G)		1.09	%		1.09	%		0.98	%		0.94	%^(F)		0.95	%
Gross expenses (including dividend and interest expense on securities sold short)		1.26	%^(F)(H)		1.30	%^(H)		1.32	%		1.35	%		1.35	%		1.37	%^(F)		1.60	%
Net investment income		2.58	%^(F)		2.74	%		3.19	%		3.95	%		4.82	%		4.76	%^(B)(F)		4.65	%
Portfolio turnover rate		50	%^(E)		127	%		122	%		102	%		44	%		41	%^(E)		47	%

^(A)

The Fund changed its fiscal year end from July 31 to March 31.

^(B)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, Class A net investment income per share and ratio of net investment income to average net assets would have been lower by $0.01 and 0.13%, respectively.

^(C)

The net investment income per share is based on average shares outstanding for the period.

^(D)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(E)

Not annualized.

^(F)

Annualized.

^(G)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short for Class A is 1.09% and 1.09% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

^(H)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short for Class A is 1.26% and 1.29% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Flexible Income Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)			2012
Net asset value at beginning of period	$	10.57		$	10.44		$	10.54		$	10.47		$	10.82		$	10.65		$	10.36
Income (loss) from investment operations:
Net investment income		0.09			0.20			0.26			0.34			0.43			0.29	^(B)		0.40	^(C)
Net realized and unrealized gains (losses) on investments		0.24			0.13			(0.12	)		0.12			(0.37	)		0.15			0.32
Total from investment operations		0.33			0.33			0.14			0.46			0.06			0.44			0.72
Distributions from:
Net investment income		(0.09	)		(0.20	)		(0.24	)		(0.39	)		(0.41	)		(0.27	)		(0.43	)
Net asset value at end of period	$	10.81		$	10.57		$	10.44		$	10.54		$	10.47		$	10.82		$	10.65
Total return^(D)		3.17	%^(E)		3.22	%		1.32	%		4.52	%		0.61	%		4.20	%^(E)		7.16	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	52,161		$	55,043		$	45,079		$	25,853		$	21,043		$	26,087		$	25,115
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		1.84	%^(F)(G)		1.85	%^(G)		1.84	%		1.84	%		1.74	%		1.69	%^(F)		1.70	%
Gross expenses (including dividend and interest expense on securities sold short)		1.98	%^(F)(H)		2.00	%^(H)		2.05	%		2.10	%		2.09	%		2.16	%^(F)		2.35	%
Net investment income		1.83	%^(F)		1.99	%		2.44	%		3.20	%		4.07	%		4.01	%^(B)(F)		3.82	%
Portfolio turnover rate		50	%^(E)		127	%		122	%		102	%		44	%		41	%^(E)		47	%

^(A)

The Fund changed its fiscal year end from July 31 to March 31.

^(B)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, Class C net investment income per share and ratio of net investment income to average net assets would have been lower by $0.01 and 0.13%, respectively.

^(C)

The net investment income per share is based on average shares outstanding for the period.

^(D)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(E)

Not annualized.

^(F)

Annualized.

^(G)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short for Class C is 1.84% and 1.84% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

^(H)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short for Class C is 1.98% and 1.99% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Flexible Income Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)(B)			2012
Net asset value at beginning of period	$	10.75		$	10.61		$	10.70		$	10.62		$	10.97		$	10.79		$	10.49
Income (loss) from investment operations:
Net investment income		0.15			0.32			0.36			0.46			0.54			0.37	^(C)		0.50	^(D)
Net realized and unrealized gains (losses) on investments		0.24			0.13			(0.11	)		0.12			(0.38	)		0.16			0.33
Total from investment operations		0.39			0.45			0.25			0.58			0.16			0.53			0.83
Distributions from:
Net investment income		(0.15	)		(0.31	)		(0.34	)		(0.50	)		(0.51	)		(0.35	)		(0.53	)
Net asset value at end of period	$	10.99		$	10.75		$	10.61		$	10.70		$	10.62		$	10.97		$	10.79
Total return		3.63	%^(E)		4.28	%		2.38	%		5.58	%		1.63	%		4.96	%^(E)		8.21	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	555,946		$	464,002		$	358,423		$	238,081		$	151,652		$	199,293		$	200,325
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		0.84	%^(F)(G)		0.85	%^(G)		0.84	%		0.84	%		0.71	%		0.64	%^(F)		0.70	%
Gross expenses (including dividend and interest expense on securities sold short)		0.97	%^(F)(H)		1.00	%^(H)		1.05	%		1.01	%		1.00	%		1.05	%^(F)		1.35	%
Net investment income		2.83	%^(F)		2.99	%		3.44	%		4.21	%		5.10	%		5.06	%^(C)(F)		4.80	%
Portfolio turnover rate		50	%^(E)		127	%		122	%		102	%		44	%		41	%^(E)		47	%

^(A)

Effective September 10, 2012, Institutional Class shares were renamed Class Y shares.

^(B)

The Fund changed its fiscal year end from July 31 to March 31.

^(C)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class Y net investment income per share and ratio of net investment income to average net assets would have been lower by $0.01 and 0.13%, respectively.

^(D)

The net investment income per share is based on average shares outstanding for the period.

^(E)

Not annualized.

^(F)

Annualized.

^(G)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short for Class Y is 0.84% and 0.84% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

^(H)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short for Class Y is 0.97% and 0.99% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Flexible Income Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,															Period Ended
	2017			Year Ended March 31,												March 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)
Net asset value at beginning of period	$	10.74		$	10.60		$	10.69		$	10.62		$	10.96		$	10.86
Income (loss) from investment operations:
Net investment income		0.16			0.33			0.36			0.46			0.54			0.30	^(B)
Net realized and unrealized gains (losses) on investments		0.23			0.13			(0.10	)		0.12			(0.36	)		0.12
Total from investment operations		0.39			0.46			0.26			0.58			0.18			0.42
Distributions from:
Net investment income		(0.15	)		(0.32	)		(0.35	)		(0.51	)		(0.52	)		(0.32	)
Net asset value at end of period	$	10.98		$	10.74		$	10.60		$	10.69		$	10.62		$	10.96
Total return		3.68	%^(C)		4.28	%		2.57	%		5.58	%		1.81	%		3.93	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	98,666		$	104,631		$	82,286		$	44,732		$	41,361		$	20,589
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)		0.74	%^(D)(E)		0.75	%^(E)		0.74	%		0.74	%		0.65	%		0.59	%^(D)
Gross expenses (including dividend and interest expense on securities sold short)		0.90	%^(D)(F)		0.92	%^(F)		0.94	%		0.95	%		0.95	%		1.03	%^(D)
Net investment income		2.93	%^(D)		3.09	%		3.54	%		4.30	%		5.16	%		5.11	%^(B)(D)
Portfolio turnover rate		50	%^(C)		127	%		122	%		102	%		44	%		41	%^(C)

^(A)

Represents the period from commencement of operations (September 10, 2012) through March 31, 2013.

^(B)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Institutional Class net investment income per share and ratio of net investment income to average net assets would have been lower by $0.01 and 0.13%, respectively.

^(C)

Not annualized.

^(D)

Annualized.

^(E)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short for Institutional Class is 0.74% and 0.74% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

^(F)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short for institutional Class is 0.90% and 0.91% for the six months ended September 30, 2017 and year ended March 31, 2017, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Focused Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	41.47		$	36.68		$	37.19		$	34.87		$	27.55		$	23.63
Income from investment operations:
Net investment income^(A)		0.08			0.15			0.16			0.20			0.11			0.16
Net realized and unrealized gains on investments		2.02			5.12			0.38			2.23			7.46			3.79	^(B)
Total from investment operations		2.10			5.27			0.54			2.43			7.57			3.95
Distributions from:
Net investment income		—			(0.14	)		(0.20	)		(0.11	)		(0.25	)		(0.03	)
Realized capital gains		—			(0.34	)		(0.85	)		—			—			—
Total distributions		—			(0.48	)		(1.05	)		(0.11	)		(0.25	)		(0.03	)
Net asset value at end of period	$	43.57		$	41.47		$	36.68		$	37.19		$	34.87		$	27.55
Total return^(C)		5.07	%^(D)		14.45	%		1.47	%		6.99	%		27.67	%		16.75	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	178,052		$	425,366		$	405,458		$	297,072		$	233,841		$	8,497
Ratio to average net assets:
Net expenses		1.20	%^(E)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.29	%^(E)		1.28	%		1.31	%		1.37	%		1.46	%		1.90	%
Net investment income		0.36	%^(E)		0.39	%		0.43	%		0.57	%		0.35	%		0.66	%
Portfolio turnover rate		4	%^(D)(F)		20	%		28	%		33	%		27	%^(G)		189	%

Touchstone Focused Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Period Ended
	30, 2017			Year Ended March 31,												March 31,
	(Unaudited)			2017			2016			2015			2014			2013^(H)
Net asset value at beginning of period	$	39.90		$	35.54		$	36.34		$	34.32		$	27.33		$	22.61
Income (loss) from investment operations:
Net investment loss^(A)		(0.08	)		(0.13	)		(0.11	)		(0.06	)		(0.13	)		(0.02	)
Net realized and unrealized gains on investments		1.95			4.94			0.37			2.18			7.38			4.80	^(B)
Total from investment operations		1.87			4.81			0.26			2.12			7.25			4.78
Distributions from:
Net investment income		—			(0.11	)		(0.21	)		(0.10	)		(0.26	)		(0.06	)
Realized capital gains		—			(0.34	)		(0.85	)		—			—			—
Total distributions		—			(0.45	)		(1.06	)		(0.10	)		(0.26	)		(0.06	)
Net asset value at end of period	$	41.77		$	39.90		$	35.54		$	36.34		$	34.32		$	27.33
Total return^(C)		4.69	%^(D)		13.56	%		0.73	%		6.18	%		26.72	%		21.19	%^(B)(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	45,700		$	53,776		$	44,338		$	9,617		$	5,626		$	60
Ratio to average net assets:
Net expenses		1.95	%^(E)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%^(E)
Gross expenses		1.96	%^(E)		1.97	%		2.00	%		2.09	%		2.84	%		258.39	%^(E)
Net investment loss		(0.39	)%^(E)		(0.36	)%		(0.32	)%		(0.18	)%		(0.40	)%		(0.09	)%^(E)
Portfolio turnover rate		4	%^(D)(F)		20	%		28	%		33	%		27	%^(G)		189	%

^(A)

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

^(B)

Net realized gains (losses) on investments per share and total return reflect non-recurring litigation settlements. These resulted in an increase in net realized gains per share of $0.18 and an increase in total return of 0.76% and 0.78% for Class A and Class C, respectively.

^(C)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

^(G)

Portfolio turnover excludes the purchases and sales of the Touchstone Focused Equity Fund acquired on May 17, 2013. If these transactions were included, portfolio turnover would have been higher.

^(H)

Represents the period from commencement of operations (April 16, 2012) through March 31, 2013.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Focused Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	42.21		$	37.29		$	37.76		$	35.34		$	27.86		$	23.85
Income from investment operations:
Net investment income^(A)		0.14			0.27			0.26			0.31			0.19			0.22
Net realized and unrealized gains on investments		2.06			5.22			0.39			2.26			7.54			3.84	^(B)
Total from investment operations		2.20			5.49			0.65			2.57			7.73			4.06
Distributions from:		—			(0.23	)		(0.27	)		(0.15	)		(0.25	)		(0.05	)
Net investment income
Realized capital gains		—			(0.34	)		(0.85	)		—			—			—
Total distributions		—			(0.57	)		(1.12	)		(0.15	)		(0.25	)		(0.05	)
Net asset value at end of period	$	44.41		$	42.21		$	37.29		$	37.76		$	35.34		$	27.86
Total return		5.21	%^(C)		14.77	%		1.75	%		7.29	%		27.95	%		17.07	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	971,623		$	974,660		$	853,900		$	756,579		$	736,023		$	578,006
Ratio to average net assets:		0.92	%^(D)		0.92	%		0.93	%		0.92	%		0.94	%		0.95	%
Net expenses
Gross expenses		0.92	%^(D)		0.92	%		0.94	%		0.97	%		1.02	%		1.05	%
Net investment income		0.64	%^(D)		0.68	%		0.70	%		0.85	%		0.61	%		0.91	%
Portfolio turnover rate		4	%^(C)(E)		20	%		28	%		33	%		27	%^(F)		189	%

Touchstone Focused Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	42.38		$	37.45		$	37.91		$	35.47		$	27.96		$	23.91
Income from investment operations:
Net investment income^(A)		0.16			0.30			0.31			0.35			0.24			0.25
Net realized and unrealized gains on investments		2.07			5.24			0.39			2.28			7.57			3.86	^(B)
Total from investment operations		2.23			5.54			0.70			2.63			7.81			4.11
Distributions from:
Net investment income		—			(0.27	)		(0.31	)		(0.19	)		(0.30	)		(0.06	)
Realized capital gains		—			(0.34	)		(0.85	)		—			—			—
Total distributions		—			(0.61	)		(1.16	)		(0.19	)		(0.30	)		(0.06	)
Net asset value at end of period	$	44.61		$	42.38		$	37.45		$	37.91		$	35.47		$	27.96
Total return		5.26	%^(C)		14.84	%		1.89	%		7.40	%		28.19	%		17.24	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	23,510		$	41,389		$	48,805		$	51,765		$	30,446		$	589
Ratio to average net assets:
Net expenses		0.83	%^(D)		0.83	%		0.82	%		0.80	%		0.80	%		0.80	%
Gross expenses		0.92	%^(D)		0.88	%		0.90	%		0.88	%		1.00	%		1.16	%
Net investment income		0.73	%^(D)		0.76	%		0.81	%		0.97	%		0.75	%		1.06	%
Portfolio turnover rate		4	%^(C)(E)		20	%		28	%		33	%		27	%^(F)		189	%

^(A)

The net investment income per share is based on average shares outstanding for the period.

^(B)

^(C)

Not annualized.

^(D)

Annualized.

^(E)

Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

^(F)

Portfolio turnover excludes the purchases and sales of the Touchstone Focused Equity Fund acquired on May 17, 2013. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Growth Opportunities Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	30.20		$	27.35		$	33.29		$	32.61		$	27.05		$	25.64
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(—	)^(A)		(0.08	)		(0.15	)		0.01			(0.01	)
Net realized and unrealized gains (losses) on investments		3.31			3.86			(2.90	)		4.82			6.91			3.35
Total from investment operations		3.29			3.86			(2.98	)		4.67			6.92			3.34
Distributions from:
Realized capital gains		—			(1.01	)		(2.96	)		(3.99	)		(1.36	)		(1.93	)
Net asset value at end of period	$	33.49		$	30.20		$	27.35		$	33.29		$	32.61		$	27.05
Total return^(B)		10.90	%^(C)		14.38	%		(9.12	)%		14.99	%		25.84	%		14.08	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	39,291		$	38,752		$	38,297		$	49,162		$	47,552		$	74,588
Ratio to average net assets:
Net expenses		1.24	%^(D)		1.24	%		1.24	%		1.24	%		1.22	%		1.22	%
Gross expenses		1.38	%^(D)		1.39	%		1.38	%		1.40	%		1.43	%		1.37	%
Net investment income (loss)		(0.12	)%^(D)		(0.01	)%		(0.24	)%		(0.47	)%		0.09	%		(0.06	)%
Portfolio turnover rate		41	%^(C)		90	%		137	%		87	%		79	%		95	%^(E)

Touchstone Growth Opportunities Fund — Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	25.60		$	23.51		$	29.27		$	29.32		$	24.62		$	23.68
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.23	)		(0.24	)		(0.33	)		(0.18	)		(0.17	)
Net realized and unrealized gains (losses) on investments		2.81			3.33			(2.56	)		4.27			6.24			3.04
Total from investment operations		2.69			3.10			(2.80	)		3.94			6.06			2.87
Distributions from:
Realized capital gains		—			(1.01	)		(2.96	)		(3.99	)		(1.36	)		(1.93	)
Net asset value at end of period	$	28.29		$	25.60		$	23.51		$	29.27		$	29.32		$	24.62
Total return^(B)		10.51	%^(C)		13.49	%		(9.78	)%		14.11	%		24.92	%		13.24	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	8,644		$	8,574		$	11,665		$	13,813		$	12,498		$	10,375
Ratio to average net assets:
Net expenses		1.99	%^(D)		1.99	%		1.99	%		1.99	%		1.97	%		1.97	%
Gross expenses		2.31	%^(D)		2.26	%		2.20	%		2.21	%		2.25	%		2.37	%
Net investment loss		(0.87	)%^(D)		(0.76	)%		(0.99	)%		(1.22	)%		(0.66	)%		(0.81	)%
Portfolio turnover rate		41	%^(C)		90	%		137	%		87	%		79	%		95	%^(E)

^(A)

Less than $(0.005) per share.

^(B)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(C)

Not annualized.

^(D)

Annualized.

^(E)

Portfolio turnover excludes the purchases and sales of the Fifth Third Mid Cap Growth Fund acquired on September 10, 2012. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Growth Opportunities Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	30.87		$	27.90		$	33.81		$	32.97		$	27.27		$	25.80
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.10			—	^(A)		(0.06	)		0.11			0.03
Net realized and unrealized gains (losses) on investments		3.39			3.91			(2.95	)		4.90			6.96			3.40
Total from investment operations		3.41			4.01			(2.95	)		4.84			7.07			3.43
Distributions from:
Net investment income		—			(0.03	)		—			(0.01	)		(0.01	)		(0.03	)
Realized capital gains		—			(1.01	)		(2.96	)		(3.99	)		(1.36	)		(1.93	)
Total distributions		—			(1.04	)		(2.96	)		(4.00	)		(1.37	)		(1.96	)
Net asset value at end of period	$	34.28		$	30.87		$	27.90		$	33.81		$	32.97		$	27.27
Total return		11.05	%^(B)		14.64	%		(8.88	)%		15.32	%		26.23	%		14.38	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	49,750		$	47,222		$	83,721		$	107,295		$	92,063		$	35,354
Ratio to average net assets:
Net expenses		0.99	%^(C)		0.99	%		0.99	%		0.94	%		0.92	%		0.96	%
Gross expenses		1.08	%^(C)		1.07	%		1.07	%		1.01	%		1.03	%		1.16	%
Net investment income (loss)		0.13	%^(C)		0.24	%		0.01	%		(0.17	)%		0.39	%		0.19	%
Portfolio turnover rate		41	%^(B)		90	%		137	%		87	%		79	%		95	%^(D)

Touchstone Growth Opportunities Fund—Institutional Class

Selected data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30, 2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	31.16		$	28.15		$	34.05		$	33.18		$	27.42		$	25.92
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.12			0.01			(0.04	)		0.14			0.07
Net realized and unrealized gains (losses) on investments		3.42			3.96			(2.95	)		4.92			7.01			3.41
Total from investment operations		3.46			4.08			(2.94	)		4.88			7.15			3.48
Distributions from:
Net investment income		—			(0.06	)		—			(0.02	)		(0.03	)		(0.05	)
Realized capital gains		—			(1.01	)		(2.96	)		(3.99	)		(1.36	)		(1.93	)
Total distributions		—			(1.07	)		(2.96	)		(4.01	)		(1.39	)		(1.98	)
Net asset value at end of period	$	34.62		$	31.16		$	28.15		$	34.05		$	33.18		$	27.42
Total return		11.14	%^(B)		14.77	%		(8.79	)%		15.39	%		26.34	%		14.50	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	174,224		$	150,038		$	176,191		$	134,795		$	115,769		$	93,800
Ratio to average net assets:
Net expenses		0.89	%^(C)		0.89	%		0.89	%		0.87	%		0.84	%		0.84	%
Gross expenses		1.01	%^(C)		1.00	%		0.98	%		0.97	%		0.98	%		1.00	%
Net investment income (loss)		0.23	%^(C)		0.34	%		0.11	%		(0.10	)%		0.47	%		0.31	%
Portfolio turnover rate		41	%^(B)		90	%		137	%		87	%		79	%		95	%^(D)

^(A)

Less than $0.005 per share.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone International Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Year Ended
	2017			March 31,
	(Unaudited)			2017^(A)
Net asset value at beginning of period	$	10.80		$	10.00
Income from investment operations:
Net investment income		0.03			0.02
Net realized and unrealized gains on investments		1.59			0.80
Total from investment operations		1.62			0.82
Distributions from:
Net investment income		—			(0.02	)
Net asset value at end of period	$	12.42		$	10.80
Total return^(B)		15.00	%^(C)		8.26	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	79		$	39
Ratio to average net assets:
Net expenses		1.32	%^(D)		1.32	%
Gross expenses		18.60	%^(D)		190.56	%
Net investment income		0.89	%^(D)		0.57	%
Portfolio turnover rate		28	%^(C)		63	%

Touchstone International Growth Fund— Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Year Ended
	2017			March 31,
	(Unaudited)			2017^(A)
Net asset value at beginning of period	$	10.74		$	10.00
Income from investment operations:
Net investment income (loss)		0.02			(0.02	)
Net realized and unrealized gains on investments		1.55			0.76
Total from investment operations		1.57			0.74
Net asset value at end of period	$	12.31		$	10.74
Total return^(B)		14.62	%^(C)		7.40	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	35		$	3
Ratio to average net assets:
Net expenses		2.07	%^(D)		2.07	%
Gross expenses		161.79	%^(D)		291.55	%
Net investment income (loss)		0.12	%^(D)		(0.18	)%
Portfolio turnover rate		28	%^(C)		63	%

^(A)

Represents the period from commencement of operations (April 1, 2016) through March 31, 2017.

^(B)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(C)

Not annualized.

^(D)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone International Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Year Ended
	2017			March 31,
	(Unaudited)			2017^(A)
Net asset value at beginning of period	$	10.79		$	10.00
Income from investment operations:
Net investment income		0.07			0.08
Net realized and unrealized gains on investments		1.56			0.76
Total from investment operations		1.63			0.84
Distributions from:
Net investment income		—			(0.05	)
Net asset value at end of period	$	12.42		$	10.79
Total return		15.11	%^(B)		8.39	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	4		$	4
Ratio to average net assets:
Net expenses		1.07	%^(C)		1.07	%
Gross expenses		192.58	%^(C)		276.18	%
Net investment income		1.14	%^(C)		0.82	%
Portfolio turnover rate		28	%^(B)		63	%

Touchstone International Growth Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Year Ended
	2017			March 31,
	(Unaudited)			2017^(A)
Net asset value at beginning of period	$	10.80		$	10.00
Income from investment operations:
Net investment income		0.06			0.08
Net realized and unrealized gains on investments		1.57			0.77
Total from investment operations		1.63			0.85
Distributions from:
Net investment income		—			(0.05	)
Net asset value at end of period	$	12.43		$	10.80
Total return		15.09	%^(B)		8.56	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	15,605		$	11,874
Ratio to average net assets:
Net expenses		0.97	%^(C)		0.97	%
Gross expenses		1.58	%^(C)		1.86	%
Net investment income		1.23	%^(C)		0.92	%
Portfolio turnover rate		28	%^(B)		63	%

^(A)

Represents the period from commencement of operations (April 1, 2016) through March 31, 2017.

^(B)

Not annualized.

^(C)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone International Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)			2012
Net asset value at beginning of period	$	7.20		$	7.37		$	8.41		$	9.12		$	7.62		$	7.06		$	8.42
Income (loss) from investment operations:
Net investment income		0.07			0.16	^(B)		0.14	^(B)		0.18			0.24			0.06	^(B)		0.14	^(B)
Net realized and unrealized gains (losses) on investments		0.78			0.57			(0.97	)		(0.63	)		1.35			0.73			(1.30	)
Total from investment operations		0.85			0.73			(0.83	)		(0.45	)		1.59			0.79			(1.16	)
Distributions from:
Net investment income		(0.12	)		(0.90	)		(0.21	)		(0.26	)		(0.09	)		(0.23	)		(0.20	)
Net asset value at end of period	$	7.93		$	7.20		$	7.37		$	8.41		$	9.12		$	7.62		$	7.06
Total return^(C)		11.81	%^(D)		10.80	%		(9.97	)%		(4.95	)%		20.90	%		11.15	%^(D)		(13.67	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,653		$	3,548		$	3,700		$	5,280		$	6,032		$	6,394		$	7,266
Ratio to average net assets:
Net expenses		1.34	%^(E)		1.34	%		1.36	%		1.39	%		1.37	%		1.36	%^(E)(F)		1.40	%^(F)
Gross expenses		2.67	%^(E)		2.56	%		2.10	%		1.97	%		1.79	%		2.22	%^(E)		1.68	%
Net investment income		2.59	%^(E)		2.16	%		1.78	%		1.89	%		2.32	%		1.21	%^(E)		2.00	%
Portfolio turnover rate		28	%^(D)		23	%		38	%		26	%		31	%		133	%^(D)		121	%

Touchstone International Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)			2012
Net asset value at beginning of period	$	6.67		$	6.83		$	7.77		$	8.46		$	7.10		$	6.59		$	7.85
Income (loss) from investment operations:
Net investment income		0.05			0.09	^(B)		0.08	^(B)		0.07			0.15			0.02	(B)		0.08	^(B)
Net realized and unrealized gains (losses) on investments		0.70			0.54			(0.90	)		(0.55	)		1.27			0.67			(1.21	)
Total from investment operations		0.75			0.63			(0.82	)		(0.48	)		1.42			0.69			(1.13	)
Distributions from:
Net investment income		(0.09	)		(0.79	)		(0.12	)		(0.21	)		(0.06	)		(0.18	)		(0.13	)
Net asset value at end of period	$	7.33		$	6.67		$	6.83		$	7.77		$	8.46		$	7.10		$	6.59
Total return^(C)		11.30	%^(D)		10.01	%		(10.61	)%		(5.72	)%		20.05	%		10.53	%^(D)		(14.37	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	242		$	227		$	122		$	233		$	216		$	217		$	169
Ratio to average net assets:
Net expenses		2.09	%^(E)		2.09	%		2.11	%		2.14	%		2.12	%		2.11	%^(E)(F)		2.15	%^(F)
Gross expenses		9.14	%^(E)		11.75	%		9.23	%		8.35	%		6.04	%		9.33	%^(E)		2.43	%
Net investment income		1.84	%^(E)		1.41	%		1.03	%		1.14	%		1.57	%		0.46	%^(E)		1.24	%
Portfolio turnover rate		28	%^(D)		23	%		38	%		26	%		31	%		133	%^(D)		121	%

^(A)

The Fund changed its fiscal year end from July 31 to March 31.

^(B)

The net investment income per share is based on average shares outstanding for the period.

^(C)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Includes interest expense relating to settlement of foreign futures. Interest expense was less than 0.005% for the eight months ended March 31, 2013 and 0.02% for the year ended July 31, 2012.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone International Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)(B)			2012
Net asset value at beginning of period	$	7.21		$	7.39		$	8.41		$	9.13		$	7.62		$	7.07		$	8.44
Income (loss) from investment operations:
Net investment income		0.19			0.18	^(C)		0.17	^(C)		0.23			0.19			0.07	^(C)		0.16	^(C)
Net realized and unrealized gains (losses) on investments		0.67			0.58			(0.98	)		(0.66	)		1.43			0.73			(1.31	)
Total from investment operations		0.86			0.76			(0.81	)		(0.43	)		1.62			0.80			(1.15	)
Distributions from:
Net investment income		(0.13	)		(0.94	)		(0.21	)		(0.29	)		(0.11	)		(0.25	)		(0.22	)
Net asset value at end of period	$	7.94		$	7.21		$	7.39		$	8.41		$	9.13		$	7.62		$	7.07
Total return		11.93	%^(D)		11.11	%		(9.77	)%		(4.72	)%		21.32	%		11.33	%^(D)		(13.47	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,467		$	3,540		$	4,583		$	35,108		$	43,794		$	31,527		$	123,607
Ratio to average net assets:
Net expenses		1.09	%^(E)		1.09	%		1.12	%		1.09	%		1.04	%		1.08	%^(E)(F)		1.15	%^(F)
Gross expenses		2.31	%^(E)		2.02	%		1.56	%		1.36	%		1.33	%		1.51	%^(E)		1.43	%
Net investment income		2.84	%^(E)		2.41	%		2.02	%		2.19	%		2.65	%		1.49	%^(E)		2.27	%
Portfolio turnover rate		28	%^(D)		23	%		38	%		26	%		31	%		133	%^(D)		121	%

Touchstone International Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,															Period Ended
	2017			Year Ended March 31,												March 31,
	(Unaudited)			2017			2016			2015			2014			2013^(G)
Net asset value at beginning of period	$	7.15		$	7.35		$	8.42		$	9.14		$	7.62		$	7.43
Income (loss) from investment operations:
Net investment income		0.11			0.18	^(C)		0.17	^(C)		0.24			0.28			0.08	^(C)
Net realized and unrealized gains (losses) on investments		0.74			0.59			(0.98	)		(0.66	)		1.36			0.36
Total from investment operations		0.85			0.77			(0.81	)		(0.42	)		1.64			0.44
Distributions from:
Net investment income		(0.13	)		(0.97	)		(0.26	)		(0.30	)		(0.12	)		(0.25	)
Net asset value at end of period	$	7.87		$	7.15		$	7.35		$	8.42		$	9.14		$	7.62
Total return		11.95	%^(D)		11.31	%		(9.74	)%		(4.66	)%		21.51	%		5.94	%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	16,796		$	14,753		$	34,742		$	72,607		$	83,628		$	88,931
Ratio to average net assets:
Net expenses		0.99	%^(E)		0.99	%		0.99	%		0.99	%		0.97	%		0.96	%^(E)
Gross expenses		1.74	%^(E)		1.60	%		1.29	%		1.28	%		1.29	%		1.36	%^(E)
Net investment income		2.94	%^(E)		2.51	%		2.15	%		2.29	%		2.72	%		1.61	%^(E)
Portfolio turnover rate		28	%^(D)		23	%		38	%		26	%		31	%		133	%^(D)

^(A)

Effective September 10, 2012, Institutional Class shares were renamed Class Y shares.

^(B)

The Fund changed its fiscal year end from July 31 to March 31.

^(C)

The net investment income per share is based on average shares outstanding for the period.

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Includes interest expense relating to settlement of foreign futures. Interest expense was less than 0.005% for the eight months ended March 31, 2013 and 0.02% for the year ended July 31, 2012.

^(G)

Represents the period from commencement of operations (September 10, 2012) through March 31, 2013.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	25.91		$	23.28		$	27.06		$	26.50		$	23.61		$	22.41
Income (loss) from investment operations:
Net investment loss		(—	)^(A)		(0.06	)		(0.10	)		(0.14	)		(0.10	)		(0.05	)
Net realized and unrealized gains (losses) on investments		2.51			3.31			(1.62	)		4.19			5.74			2.71
Total from investment operations		2.51			3.25			(1.72	)		4.05			5.64			2.66
Distributions from:
Realized capital gains		—			(0.62	)		(2.06	)		(3.49	)		(2.75	)		(1.46	)
Net asset value at end of period	$	28.42		$	25.91		$	23.28		$	27.06		$	26.50		$	23.61
Total return^(B)		9.69	%^(C)		14.13	%		(6.34	)%		16.34	%		24.82	%		12.73	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	227,456		$	225,381		$	226,201		$	267,421		$	308,316		$	299,834
Ratio to average net assets:
Net expenses		1.30	%^(D)		1.30	%		1.31	%		1.34	%		1.38	%		1.40	%
Gross expenses		1.30	%^(D)		1.30	%		1.31	%		1.34	%		1.38	%		1.40	%
Net investment Income (loss)		0.03	%^(D)		(0.26	)%		(0.42	)%		(0.55	)%		(0.41	)%		(0.21	)%
Portfolio turnover rate		41	%^(C)		95	%		92	%		73	%		79	%		70	%

Touchstone Mid Cap Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	17.84		$	16.33		$	19.78		$	20.39		$	18.84		$	18.31
Income (loss) from investment operations:
Net investment loss		(0.18	)		(0.22	)		(0.21	)		(0.24	)		(0.22	)		(0.18	)
Net realized and unrealized gains (losses) on investments		1.83			2.35			(1.18	)		3.12			4.52			2.17
Total from investment operations		1.65			2.13			(1.39	)		2.88			4.30			1.99
Distributions from:
Realized capital gains		—			(0.62	)		(2.06	)		(3.49	)		(2.75	)		(1.46	)
Net asset value at end of period	$	19.49		$	17.84		$	16.33		$	19.78		$	20.39		$	18.84
Total return^(B)		9.25	%^(C)		13.28	%		(7.02	)%		15.51	%		23.90	%		11.90	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	93,577		$	113,153		$	127,852		$	157,315		$	149,927		$	141,485
Ratio to average net assets:
Net expenses		2.08	%^(D)		2.06	%		2.06	%		2.07	%		2.11	%		2.15	%
Gross expenses		2.08	%^(D)		2.06	%		2.06	%		2.07	%		2.11	%		2.15	%
Net investment loss		(0.75	)%^(D)		(1.02	)%		(1.17	)%		(1.29	)%		(1.14	)%		(0.95	)%
Portfolio turnover rate		41	%^(C)		95	%		92	%		73	%		79	%		70	%

^(A)

Less than $(0.005) per share.

^(B)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(C)

Not annualized.

^(D)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	26.70		$	23.92		$	27.71		$	27.00		$	23.93		$	22.63
Income (loss) from investment operations:
Net investment income (loss)		0.04			(—	)^(A)		(0.04	)		(0.08	)		(0.05	)		0.01
Net realized and unrealized gains (losses) on investments		2.58			3.40			(1.65	)		4.28			5.87			2.75
Total from investment operations		2.62			3.40			(1.69	)		4.20			5.82			2.76
Distributions from:
Net investment income		—			—			(0.04	)		—			—			—
Realized capital gains		—			(0.62	)		(2.06	)		(3.49	)		(2.75	)		(1.46	)
Total distributions		—			(0.62	)		(2.10	)		(3.49	)		(2.75	)		(1.46	)
Net asset value at end of period	$	29.32		$	26.70		$	23.92		$	27.71		$	27.00		$	23.93
Total return		9.81	%^(B)		14.38	%		(6.08	)%		16.69	%		25.17	%		13.05	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	350,107		$	311,865		$	347,706		$	299,247		$	263,578		$	164,267
Ratio to average net assets:
Net expenses		1.03	%^(C)		1.06	%		1.05	%		1.07	%		1.07	%		1.16	%
Gross expenses		1.03	%^(C)		1.06	%		1.05	%		1.07	%		1.07	%		1.16	%
Net investment income (loss)		0.30	%^(C)		(0.02	)%		(0.16	)%		(0.29	)%		(0.11	)%		0.04	%
Portfolio turnover rate		41	%^(B)		95	%		92	%		73	%		79	%		70	%

Touchstone Mid Cap Growth Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	26.90		$	24.07		$	27.85		$	27.10		$	23.99		$	22.65
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.10			(0.02	)		(0.03	)		0.03			0.04
Net realized and unrealized gains (losses) on investments		2.61			3.35			(1.65	)		4.27			5.83			2.76
Total from investment operations		2.65			3.45			(1.67	)		4.24			5.86			2.80
Distributions from:
Net investment income		—			—			(0.05	)		—			—			—
Realized capital gains		—			(0.62	)		(2.06	)		(3.49	)		(2.75	)		(1.46	)
Total distributions		—			(0.62	)		(2.11	)		(3.49	)		(2.75	)		(1.46	)
Net asset value at end of period	$	29.55		$	26.90		$	24.07		$	27.85		$	27.10		$	23.99
Total return		9.85	%^(B)		14.50	%		(5.97	)%		16.73	%		25.32	%		13.23	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	51,040		$	44,236		$	84,152		$	102,420		$	35,097		$	38,821
Ratio to average net assets:
Net expenses		0.99	%^(C)		0.99	%		0.95	%		0.98	%		0.97	%		0.98	%
Gross expenses		1.00	%^(C)		1.00	%		0.95	%		0.98	%		0.97	%		0.98	%
Net investment income (loss)		0.34	%^(C)		0.05	%		(0.05	)%		(0.20	)%		0.00	%^(D)		0.21	%
Portfolio turnover rate		41	%^(B)		95	%		92	%		73	%		79	%		70	%

^(A)

Less than $(0.005) per share.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

Less than 0.005%.

See accompanying Notes to Financial Statements.

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
	2017			Year Ended March 31,						March 31,
	(Unaudited)			2017			2016			2015^(A)
Net asset value at beginning of period	$	10.70		$	9.40		$	10.37		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.03	)		(0.04	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.80			1.33			(0.93	)		0.40
Total from investment operations		1.79			1.30			(0.97	)		0.37
Net asset value at end of period	$	12.49		$	10.70		$	9.40		$	10.37
Total return		16.73	%^(B)		13.83	%		(9.35	)%		3.70	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	152,286		$	103,467		$	58,106		$	39,541
Ratio to average net assets:
Net expenses		1.49	%^(C)		1.49	%		1.49	%		1.49	%^(C)
Gross expenses		1.49	%^(C)		1.55	%		1.59	%		1.68	%^(C)
Net investment loss		(0.21	)%^(C)		(0.49	)%		(0.52	)%		(0.46	)%^(C)
Portfolio turnover rate		18	%^(B)		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
	2017			Year Ended March 31,						March 31,
	(Unaudited)			2017			2016			2015^(A)
Net asset value at beginning of period	$	10.73		$	9.41		$	10.37		$	10.00
Income (loss) from investment operations:
Net investment loss		(—	)^(D)		(0.03	)		(0.02	)		(0.03	)
Net realized and unrealized gains (losses) on investments		1.79			1.35			(0.94	)		0.40
Total from investment operations		1.79			1.32			(0.96	)		0.37
Net asset value at end of period	$	12.52		$	10.73		$	9.41		$	10.37
Total return		16.68	%^(B)		14.03	%		(9.26	)%		3.70	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	283,495		$	182,402		$	101,401		$	32,743
Ratio to average net assets:
Net expenses		1.39	%^(C)		1.39	%		1.39	%		1.39	%^(C)
Gross expenses		1.41	%^(C)		1.46	%		1.51	%		1.59	%^(C)
Net investment loss		(0.11	)%^(C)		(0.39	)%		(0.42	)%		(0.36	)%^(C)
Portfolio turnover rate		18	%^(B)		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)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Cap Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)			2012
Net asset value at beginning of period	$	5.23		$	4.98		$	5.70		$	5.24		$	4.84		$	4.25		$	4.24
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.04	)		(0.04	)		(0.04	)		(0.01	)		—	^(B)(C)		(—	)^(B)(C)
Net realized and unrealized gains (losses) on investments		0.39			0.32			(0.62	)		0.63			1.02			0.85			0.01
Total from investment operations		0.33			0.28			(0.66	)		0.59			1.01			0.85			0.01
Distributions from:
Net investment income		—			—			—			—			—			(0.02	)		—
Realized capital gains		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.24	)		—
Total distributions		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.26	)		—
Net asset value at end of period	$	5.56		$	5.23		$	4.98		$	5.70		$	5.24		$	4.84		$	4.25
Total return^(D)		6.31	%^(E)		5.51	%		(11.68	)%		11.52	%		22.63	%		20.93	%^(E)		0.24	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	22,171		$	44,278		$	48,650		$	34,017		$	35,303		$	14,243		$	15,010
Ratio to average net assets:
Net expenses		1.44	%^(F)		1.44	%		1.44	%		1.44	%		1.45	%		1.60	%^(F)		1.60	%
Gross expenses		1.68	%^(F)		1.60	%		1.66	%		1.69	%		1.81	%		2.13	%^(F)		2.01	%
Net investment income (loss)		(0.81	)%^(F)		(0.74	)%		(0.94	)%		(0.71	)%		(0.48	)%		0.15	%^(F)		(0.07	)%
Portfolio turnover rate		42	%^(E)		58	%		36	%		46	%		195	%^(G)		45	%^(E)(H)		48	%

Touchstone Small Cap Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)			2012
Net asset value at beginning of period	$	4.31		$	4.14		$	4.78		$	4.45		$	4.22		$	3.75		$	3.77
Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.10	)		(0.07	)		(0.05	)		(0.04	)		(0.02	)^(C)		(0.03	)^(C)
Net realized and unrealized gains (losses) on investments		0.35			0.30			(0.51	)		0.51			0.88			0.74			0.01
Total from investment operations		0.26			0.20			(0.58	)		0.46			0.84			0.72			(0.02	)
Distributions from:
Net investment income		—			—			—			—			—			(0.01	)		—
Realized capital gains		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.24	)		—
Total distributions		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.25	)		—
Net asset value at end of period	$	4.57		$	4.31		$	4.14		$	4.78		$	4.45		$	4.22		$	3.75
Total return^(D)		6.03	%^(E)		4.70	%		(12.26	)%		10.64	%		21.85	%		20.17	%^(E)		(0.53	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	9,265		$	12,312		$	18,237		$	12,651		$	7,429		$	3,509		$	3,830
Ratio to average net assets:
Net expenses		2.19	%^(F)		2.19	%		2.19	%		2.19	%		2.20	%		2.35	%^(F)		2.35	%
Gross expenses		2.61	%^(F)		2.51	%		2.46	%		2.55	%		2.65	%		3.16	%^(F)		2.76	%
Net investment loss		(1.56	)%^(F)		(1.49	)%		(1.69	)%		(1.46	)%		(1.23	)%		(0.60	)%^(F)		(0.82	)%
Portfolio turnover rate		42	%^(E)		58	%		36	%		46	%		195	%^(G)		45	%^(E)(H)		48	%

^(A)

The Fund changed its fiscal year end from July 31 to March 31.

^(B)

Less than $0.005 per share.

^(C)

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

^(D)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(E)

Not annualized.

^(F)

Annualized.

^(G)

Portfolio turnover excludes the purchases and sales of the Touchstone Diversified Small Cap Growth Fund acquired on August 23, 2013. If these transactions were included, portfolio turnover would have been higher.

^(H)

Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Cap Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September															Eight Months
	30,															Ended			Year Ended
	2017			Year Ended March 31,												March 31,			July 31,
	(Unaudited)			2017			2016			2015			2014			2013^(A)(B)			2012
Net asset value at beginning of period	$	5.84		$	5.55		$	6.33		$	5.78		$	5.27		$	4.61		$	4.58
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.03	)		(0.03	)		(0.01	)		(0.01	)		0.01	^(C)		0.01	^(C)
Net realized and unrealized gains (losses) on investments		0.40			0.35			(0.69	)		0.69			1.13			0.92			0.02
Total from investment operations		0.38			0.32			(0.72	)		0.68			1.12			0.93			0.03
Distributions from:
Net investment income		—			—			—			—			—			(0.03	)		—
Realized capital gains		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.24	)		—
Total distributions		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.27	)		—
Net asset value at end of period	$	6.22		$	5.84		$	5.55		$	6.33		$	5.78		$	5.27		$	4.61
Total return		6.51	%^(E)		5.67	%		(11.46	)%		12.01	%		22.88	%		20.94	%^(E)		0.66	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	256,411		$	357,216		$	508,450		$	314,062		$	37,030		$	18,123		$	23,232
Ratio to average net assets:
Net expenses		1.19	%^(F)		1.19	%		1.19	%		1.19	%		1.20	%		1.35	%^(F)		1.35	%
Gross expenses		1.36	%^(F)		1.34	%		1.31	%		1.36	%		1.50	%		1.77	%^(F)		1.76	%
Net investment income (loss)		(0.56	)%^(F)		(0.49	)%		(0.69	)%		(0.46	)%		(0.23	)%		0.40	%^(F)		0.17	%
Portfolio turnover rate		42	%^(E)		58	%		36	%		46	%		195	%^(G)		45	%^(E)(H)		48	%

Touchstone Small Cap Growth Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,															Period Ended
	2017			Year Ended March 31,												March 31,
	(Unaudited)			2017			2016			2015			2014			2013^(I)
Net asset value at beginning of period	$	5.89		$	5.58		$	6.35		$	5.80		$	5.28		$	4.92
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.03	)		(0.03	)		(0.02	)		(—	)^(D)		0.02	^(C)
Net realized and unrealized gains (losses) on investments		0.39			0.37			(0.68	)		0.70			1.13			0.61
Total from investment operations		0.38			0.34			(0.71	)		0.68			1.13			0.63
Distributions from:
Net investment income		—			—			—			—			—			(0.03	)
Realized capital gains		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.24	)
Total distributions		—			(0.03	)		(0.06	)		(0.13	)		(0.61	)		(0.27	)
Net asset value at end of period	$	6.27		$	5.89		$	5.58		$	6.35		$	5.80		$	5.28
Total return		6.45	%^(E)		6.00	%		(11.27	)%		11.97	%		23.04	%		13.56	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	17,606		$	15,558		$	22,863		$	12,285		$	12,372		$	3
Ratio to average net assets:
Net expenses		1.04	%^(F)		1.04	%		1.04	%		1.04	%		1.04	%		1.25	%^(F)
Gross expenses		1.31	%^(F)		1.24	%		1.23	%		1.31	%		1.40	%		945.43	%^(F)
Net investment income (loss)		(0.41	)%^(F)		(0.35	)%		(0.54	)%		(0.32	)%		(0.07	)%		0.50	%^(F)
Portfolio turnover rate		42	%^(E)		58	%		36	%		46	%		195	%^(G)		45	%^(E)(H)

^(A)

Effective September 10, 2012, Institutional Class shares were renamed Class Y shares.

^(B)

The Fund changed its fiscal year end from July 31 to March 31.

^(C)

The net investment income per share is based on average shares outstanding for the period.

^(D)

Less than $0.005 per share.

^(E)

Not annualized.

^(F)

Annualized.

^(G)

^(H)

Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

^(I)

Represents the period from commencement of operations (September 10, 2012) through March 31, 2013.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Sustainability and Impact Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	21.52		$	18.98		$	30.96		$	31.81		$	28.74		$	27.74
Income (loss) from investment operations:
Net investment income		0.11			0.18			0.06	^(A)		0.11			0.02			0.11
Net realized and unrealized gains (losses) on investments		2.40			2.47			(1.99	)		4.87			5.96			1.00
Total from investment operations		2.51			2.65			(1.93	)		4.98			5.98			1.11
Distributions from:
Net investment income		—			(0.11	)		(0.03	)		(0.05	)		(0.05	)		(0.11	)
Realized capital gains		—			—			(10.02	)		(5.78	)		(2.86	)		—
Total distributions		—			(0.11	)		(10.05	)		(5.83	)		(2.91	)		(0.11	)
Net asset value at end of period	$	24.03		$	21.52		$	18.98		$	30.96		$	31.81		$	28.74
Total return^(B)		11.66	%^(C)		14.01	%		(8.73	)%		17.17	%		21.27	%		4.05	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	128,756		$	113,062		$	137,306		$	257,273		$	287,813		$	286,572
Ratio to average net assets:
Net expenses		1.24	%^(D)		1.24	%		1.24	%		1.25	%		1.23	%		1.22	%
Gross expenses		1.34	%^(D)		1.36	%		1.39	%		1.28	%		1.29	%		1.32	%
Net investment income		0.95	%^(D)		0.83	%		0.31	%		0.35	%		0.06	%		0.47	%
Portfolio turnover rate		11	%^(C)		53	%		304	%		98	%		92	%		109	%^(E)

Touchstone Sustainability and Impact Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	18.62		$	16.47		$	28.32		$	29.72		$	27.17		$	26.31
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.01			(0.08	)^(A)		(0.12	)		(0.21	)		(0.08	)
Net realized and unrealized gains (losses) on investments		2.08			2.15			(1.75	)		4.50			5.62			0.94
Total from investment operations		2.10			2.16			(1.83	)		4.38			5.41			0.86
Distributions from:
Net Investment Income		—			(0.01	)		(10.02	)		(5.78	)		(2.86	)		—
Net asset value at end of period	$	20.72		$	18.62		$	16.47		$	28.32		$	29.72		$	27.17
Total return^(B)		11.28	%^(C)		13.12	%		(9.41	)%		16.30	%		20.35	%		3.27	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	41,158		$	48,055		$	56,435		$	103,861		$	111,631		$	107,572
Ratio to average net assets:
Net expenses		1.99	%^(D)		1.99	%		1.99	%		2.00	%		1.98	%		1.97	%
Gross expenses		2.12	%^(D)		2.12	%		2.15	%		2.03	%		2.04	%		2.08	%
Net investment income (loss)		0.20	%^(D)		0.08	%		(0.44	)%		(0.40	)%		(0.69	)%		(0.28	)%
Portfolio turnover rate		11	%^(C)		53	%		304	%		98	%		92	%		109	%^(E)

^(A)

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

^(B)

Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.

^(C)

Not annualized.

^(D)

Annualized.

^(E)

Portfolio turnover excludes the purchases and sales of the Fifth Third Quality Growth Fund acquired on September 10, 2012. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Sustainability and Impact Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September
	30,
	2017			Year Ended March 31,
	(Unaudited)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	22.11		$	19.49		$	31.49		$	32.23		$	29.07		$	28.09
Income (loss) from investment operations:
Net investment income		0.13			0.20			0.13	^(A)		0.22			0.09			0.18
Net realized and unrealized gains (losses) on investments		2.48			2.58			(2.06	)		5			6.06			1.00
Total from investment operations		2.61			2.78			(1.93	)		5.14			6.15			1.18
Distributions from:
Net investment income		—			(0.16	)		(0.05	)		(0.10	)		(0.13	)		(0.20	)
Realized capital gains		—			—			(10.02	)		(5.78	)		(2.86	)		—
Total distributions		—			(0.16	)		(10.07	)		(5.88	)		(2.99	)		(0.20	)
Net asset value at end of period	$	24.72		$	22.11		$	19.49		$	31.49		$	32.23		$	29.07
Total return		11.80	%^(B)		14.30	%		(8.54	)%		17.48	%		21.62	%		4.32	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	146,972		$	112,790		$	67,638		$	416,741		$	577,708		$	523,413
Ratio to average net assets:
Net expenses		0.99	%^(C)		0.99	%		0.99	%		0.99	%		0.97	%		0.96	%
Gross expenses		1.04	%^(C)		1.09	%		1.14	%		1.00	%		1.05	%		1.08	%
Net investment income		1.20	%^(C)		1.08	%		0.56	%		0.61	%		0.32	%		0.72	%
Portfolio turnover rate		11	%^(B)		53	%		304	%		98	%		92	%		109	%^(D)

Touchstone Sustainability and Impact Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	September 30,			Year Ended			Period Ended
	2017			March 31,			March 31,
	(Unaudited)			2017			2016^(E)
Net asset value at beginning of period	$	22.13		$	19.50		$	31.44
Income (loss) from investment operations:
Net Investment income		0.14			0.19			0.11	^(A)
Net realized and unrealized gains (losses) on investments		2.48			2.61			(1.98	)
Total from investment operations		2.62			2.80			(1.87	)
Distributions from:
Net investment income		—			(0.17	)		(0.05	)
Realized capital gains		—			—			(10.02	)
Total distributions		—			(0.17	)		(10.07	)
Net asset value at end of period	$	24.75		$	22.13		$	19.50
Total return		11.84	%^(B)		14.41	%		(8.49	)%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	39,008		$	29,679		$	6,843
Ratio to average net assets:
Net expenses		0.89	%^(C)		0.89	%		0.89	%^(C)
Gross expenses		1.05	%^(C)		1.11	%		1.48	%^(C)
Net investment income		1.30	%^(C)		1.18	%		0.66	%^(C)
Portfolio turnover rate		11	%^(B)		53	%		304	%

^(A)

The net investment income per share is based on average shares outstanding for the period.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

^(E)

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

See accompanying Notes to Financial Statements.

Notes to Financial Statements

September 30, 2017 (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 twenty one funds, including the following nine funds (individually, a “Fund”, and collectively, the “Funds”):

Touchstone Flexible Income Fund (“Flexible Income Fund”)

Touchstone Focused Fund (“Focused Fund”)

Touchstone Growth Opportunities Fund (“Growth Opportunities Fund”)

Touchstone International Growth Fund (“International Growth Fund”)

Touchstone International Value Fund (“International Value Fund”)

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

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

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

Touchstone Sustainability and Impact Equity Fund (“Sustainability and Impact Equity 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:

	Class A	Class C	Class Y	Institutional Class
Flexible Income Fund	X	X	X	X
Focused Fund	X	X	X	X
Growth Opportunities Fund	X	X	X	X
International Growth Fund	X	X	X	X
International Value Fund	X	X	X	X
Mid Cap Growth Fund	X	X	X	X
Sands Capital Emerging Markets Growth Fund	—	—	X	X
Small Cap Growth Fund	X	X	X	X
Sustainability and Impact Equity 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 goals, policies, and strategies along with information on the classes of shares currently being offered.

2. Significant Accounting Policies

The following is a summary of the Funds’ significant accounting policies:

Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) define fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:

•

Level 1 –

quoted prices in active markets for identical securities

Notes to Financial Statements (Unaudited) (Continued)

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

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

The aggregate value by input level, as of September 30, 2017, 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 any Level 3 categorized securities during the six months ended September 30, 2017.

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy. All transfers in and out of the levels are recognized at the value at the end of the period. At September 30, 2017, there were no transfers between Levels 1, 2 and 3 for all Funds, except as discussed in the Portfolio of Investments for the International Value Fund, Sands Capital Emerging Markets Growth Fund and Sustainability and Impact Equity Fund.

During the six months ended September 30, 2017, there were no material changes to the valuation policies and techniques.

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). 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 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 values (“NAV”) as reported by the underlying funds (“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. 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

Notes to Financial Statements (Unaudited) (Continued)

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 generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV.

The Funds may use fair value pricing under the following circumstances, among others:

•

If the value of a security has been materially affected by events occurring before the Funds’ pricing time but after the close of the primary markets on which the security is traded.

•

If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds’ NAV calculation.

•

If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.

•

If the validity of market quotations is not reliable.

Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures 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, 2017, 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

Notes to Financial Statements (Unaudited) (Continued)

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 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. As of September 30, 2017, 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 market value of the futures position will be marked to market 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, 2017, the Flexible Income Fund held futures contracts as shown in the Portfolio of Investments and had cash in the amount of $2,321,603 held as collateral for futures contracts.

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

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

Notes to Financial Statements (Unaudited) (Continued)

counterparty’s creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, bilateral swap agreements, OTC swaps, have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, the Fund may not be able to recover the money it expected to receive under the contract.

Cleared swaps are transacted through futures commission merchants that are members of central clearinghouses with the clearinghouses serving as a central counterparty. Pursuant to rules promulgated under the Dodd-Frank Act, central clearing of swap agreements is currently required for certain market participants trading certain instruments, and central clearing for additional instruments is expected to be implemented by regulators until the majority of the swaps market is ultimately subject to central clearing.

Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. For OTC swaps, any upfront premiums paid or received are recorded as assets or liabilities, respectively, and are shown as premium paid on swap agreements or premium received on swap agreements in the Statements of Assets and Liabilities. For swaps that are centrally cleared, initial margins, determined by each relevant clearing agency, are posted and segregated at a broker account registered with the Commodity Futures Trading Commission (“CFTC”), or the applicable regulator. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in the value of centrally cleared swaps are recorded on the Statements of Assets and Liabilities as receivable or payable for variation margin on swap agreements and settled daily. Upfront premiums and liquidation payments received or paid are recorded as realized gains or losses at the termination or maturity of the swap. Net periodic payments received or paid by the Fund are recorded as realized gain or loss.

A swap agreement can be a form of leverage, which can magnify the Fund’s gains or losses. In order to reduce the risk associated with leveraging, the Fund may cover its current obligations under swap agreements according to guidelines established by the SEC. If the Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of the Fund’s accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If the Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of the Fund’s accrued obligations under the agreement.

As of September 30, 2017, the Flexible Income Fund did not hold any swap 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.

Notes to Financial Statements (Unaudited) (Continued)

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 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.

During the six months ended September 30, 2017, the Flexible Income Fund used forward foreign currency contracts to enhance potential gains, hedge against anticipated currency exchange rates, maintain diversity and liquidity of the portfolio and/or adjust exposure to foreign currencies. As of September 30, 2017, 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 include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

Derivative instruments and hedging activities — The 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 instrument’s 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 (foreign currency exchange contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statement

Notes to Financial Statements (Unaudited) (Continued)

of Assets and Liabilities as cash pledged as collateral and cash received as collateral, 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 Statement of Assets and Liabilities.

As of September 30, 2017, the Flexible Income Fund’s assets and liabilities that were subject to a MNA on a gross basis were as follows:

	Assets		Liabilities
Flexible Income Fund
Futures Contracts	$	336,049	$	(162,023	)

The following table presents the Flexible Income Fund’s assets net of amounts available for offset under a MNA and net of the related collateral pledged to the Fund as of September 30, 2017:

Gross
Amount

Gross Amount Available

Non-Cash

Cash

Derivative

Recognized

for Offset in Statement of

Collateral

Net

Counterparty

Type

Assets

Assets and Liabilities

Received

Amount^(A)

Wells Fargo

Futures Contracts

336,049

(162,023

)

—

174,026

—

(A)

Net amount represents the net amount receivable from the counterparty in the event of default.

The following table presents the Flexible Income Fund’s liabilities net of amounts available for offset under a MNA and net of the related collateral pledged by the Fund as of September 30, 2017:

Gross

Amount

Gross Amount Available

Non-Cash

Cash

Derivative

Recognized

for Offset in Statement of

Collateral

Net

Counterparty

Type

Liabilities

Assets and Liabilities

Pledged

Amount^(A)

Wells Fargo

Futures Contracts

162,023

(162,023

)

—

(A)

Net amount represents the net amount payable due to the counterparty in the event of default.

The following table sets forth the fair value of the Flexible Income Fund’s derivative financial instruments by primary risk exposure as of September 30, 2017:

	Fair Value of Derivative Investments
	As of September 30, 2017
	Derivatives not accounted for as hedging	Asset		Liability
Fund	instruments under ASC 815	Derivatives		Derivatives
Flexible Income Fund	Futures - Interest Rate Contracts*	$	336,049	$	—
	Futures - Equity Contracts*		—		162,023

* Statements of Assets and Liabilities Location: Payable/Receivable for variation margin on futures contracts.

Notes to Financial Statements (Unaudited) (Continued)

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, 2017:

The Effect of Derivative Investments on the Statement of Operations
for the Six Months Ended September 30, 2017
					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	Purchased Options - Equity Contracts*	$	(276,256	)	$	(82,466	)
	Written Options - Equity Contracts**		194,741			(54,435	)
	Written Options - Foreign Currency Contracts***		140,755			(44,872	)
	Forward - Foreign Currency Contracts***		(191,033	)		93,426
	Futures - Equity Contracts****		(377,486	)		310,345
	Futures - Interest Rate Conracts****		(457,356	)		(240,305	)

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

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

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

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

For the six months ended September 30, 2017, the average quarterly balance of outstanding derivative financial instruments for the Flexible Income Fund was as follows:

	Flexible
	Income
	Fund
Equity contracts:
Purchased Options - Cost	$	104,042
Written Options - Premiums received	$	32,957
Futures - Average notional value	$	2,061,505
Interest rate contracts:
Futures - Average notional value	$	44,460,456
Foreign currency exchange contracts:
Written Options - Premiums received	$	28,606
Forward foreign currency contracts:
Average U.S. dollar amount delivered	$	2,295,963
Average U.S. dollar amount received	$	2,264,821

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.

Notes to Financial Statements (Unaudited) (Continued)

As of September 30, 2017, the following Funds loaned securities and received collateral as follows:

		Market
		Value of		Market Value
		Securities		of Collateral		Net
Fund	Security Type	Loaned^*		Received^**		Amount^***
Flexible Income Fund	Corporate Bonds	$	10,654,256	$	10,955,680	$	301,424
	Common Stocks		2,861,917		2,917,810		55,893
	Preferred Stocks		126,894		127,290		396
Total Flexible Income Fund			13,643,067		14,000,780		357,713
Focused Fund	Common Stocks		21,335,219		21,940,191		604,972
Growth Opportunities Fund	Common Stock		354,551		378,527		23,976
International Growth Fund	Common Stocks		403,206		410,793		7,587
International Value Fund	Common Stocks		376,640		392,719		16,079
Mid Cap Growth Fund	Common Stocks		2,394,124		2,424,150		30,026
Sands Capital Emerging Markets Growth Fund	Common Stocks		10,234,799		10,412,256		177,457
Small Cap Growth Fund	Common Stocks		7,379,978		7,561,187		181,209

* 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.

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 Funds is equal to the NAV per share plus a sales load equal to 6.10% of the NAV (or 5.75% of the offering price). There is no sales load on purchases of $1 million or more of Class A shares. The maximum offering price per share of Classes C, 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 $1 million subscription may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% 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, if redeemed within a one-year period from the date of purchase.

Notes to Financial Statements (Unaudited) (Continued)

Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal paydowns on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issues discount (“OID”) and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds’ policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. Each Fund, except for the Flexible Income Fund and the International Value 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. The International Value Fund declares and distributes net investment income, if any, quarterly 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, 2017:

	Flexible				Growth
	Income		Focused		Opportunities
	Fund		Fund*		Fund
Purchases of investment securities	$	244,926,517	$	49,372,965	$	106,637,853
Proceeds from sales and maturities	$	210,532,474	$	338,977,799	$	103,974,865

Notes to Financial Statements (Unaudited) (Continued)

	International		International		Mid Cap
	Growth		Value		Growth
	Fund		Fund		Fund
Purchases of investment securities	$	5,994,688	$	6,063,109	$	281,367,422
Proceeds from sales and maturities	$	3,669,366	$	6,294,176	$	321,677,663

	Sands Capital
	Emerging				Sustainability
	Markets		Small Cap		and Impact
	Growth		Growth		Equity
	Fund		Fund		Fund
Purchases of investment securities	$	149,998,299	$	145,996,424	$	54,993,479
Proceeds from sales and maturities	$	63,598,928	$	271,962,485	$	35,477,556

* Touchstone Focused Fund had a redemption-in-kind on April 07, 2017, which resulted in a redemption out of the Fund of $196,427,222 and is excluded from the proceeds from sales and maturities. The redemption was comprised of securities and cash in the amount of $196,424,472 and $2,750, respectively.

For the six months ended September 30, 2017, purchases and proceeds from sales and maturities in U.S. Government securities were $152,598,333 and $132,245,246, respectively, for the Flexible Income Fund.

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, indirect 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 $70,551 for the six months ended September 30, 2017.

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	0.70% on the first $500 million
	0.60% 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
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

Notes to Financial Statements (Unaudited) (Continued)

International Growth Fund	0.90% on the first $500 million
	0.85% on the next $1 billion
	0.80% on such assets in excess of $1.5 billion
International Value Fund	1.00%
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	1.15%
Small Cap Growth Fund	1.00% on the first $300 million
	0.95% on such assets in excess of $300 million
Sustainability and Impact Equity Fund	0.75% on the first $200 million
	0.70% on the next $800 million
	0.65% on such assets in excess of $1 billion

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

Barrow, Hanley, Mewhinney & Strauss, LLC	Rockefeller & Co., Inc.
International Value Fund	Sustainability and Impact Equity Fund
ClearArc Capital, Inc.	Sands Capital Management, LLC
Flexible Income Fund	Sands Capital Emerging Markets Growth Fund
Fiera Capital Inc.*	Westfield Capital Management Company, L.P.
International Growth Fund	Growth Opportunities Fund
Small Cap Growth Fund	Mid Cap Growth Fund
Fort Washington Investment Advisors, Inc.**
Focused Fund

*Formerly known as Apex Capital Management.

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

The Advisor, not the Funds, pays sub-advisory fees to each Sub-Advisor.

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 sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses; 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 separately waive class-level expenses, advisory fees and administration fees, and to reimburse expenses in order to maintain the following expense limitations for the Funds:

										Institutional
	Class A			Class C			Class Y			Class
Flexible Income Fund		1.09	%		1.84	%		0.84	%		0.74	%
Focused Fund		1.20	%		1.95	%		0.95	%		0.83	%
Growth Opportunities Fund		1.24	%		1.99	%		0.99	%		0.89	%
International Growth Fund		1.32	%		2.07	%		1.07	%		0.97	%
International Value Fund		1.34	%		2.09	%		1.09	%		0.99	%
Mid Cap Growth Fund		1.39	%		2.14	%		1.14	%		0.99	%
Sands Capital Emerging Markets Growth Fund		—			—			1.49	%		1.39	%
Small Cap Growth Fund		1.44	%		2.19	%		1.19	%		1.04	%

Notes to Financial Statements (Unaudited) (Continued)

										Institutional
	Class A			Class C			Class Y			Class
Sustainability and Impact Equity Fund		1.24	%		1.99	%		0.99	%		0.89	%

These expense limitations will remain in effect for all Funds through at least July 29, 2018, but can be terminated by a vote of the Funds’ Board if it deems the termination to be beneficial to the Fund’s shareholders.

During the six months ended September 30, 2017, the Advisor or its affiliates waived investment advisory fees and administration fees or reimbursed 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	$	—	$	371,194	$	114,296	$	485,490
Focused Fund		—		—		101,802		101,802
Growth Opportunities Fund		—		57,014		102,102		159,116
International Growth Fund		27,736		9,924		16,111		53,771
International Value Fund		59,374		16,365		34,578		110,317
Mid Cap Growth Fund		—		—		2,019		2,019
Sands Capital Emerging Markets Growth Fund		—		—		30,914		30,914
Small Cap Growth Fund		—		227,254		114,276		341,530
Sustainability and Impact Equity Fund		—		65,164		89,132		154,296

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 year in which the Advisor reduced its compensation or assumed expenses for the Funds. No recoupment will occur unless a Fund’s operating expenses are below the expense limitation amount in effect at the time of waiver or reimbursement. As of September 30, 2017, the Advisor may seek recoupment of previously waived fees and reimbursed expenses as follows:

	Expiration		Expiration		Expiration		Expiration
	March 31,		March 31,		March 31,		March 31,
Fund	2018		2019		2020		2021		Total
Flexible Income Fund	$	506,352	$	775,043	$	988,671	$	457,658	$	2,727,724
Focused Fund		502,116		178,123		23,692		12,820		716,751
Growth Opportunities Fund		223,185		227,669		262,643		127,765		841,262
International Growth Fund		—		—		109,155		53,684		162,839
International Value Fund		357,335		327,638		205,902		104,646		995,521
Mid Cap Growth Fund		—		—		3,217		2,019		5,236
Sands Capital Emerging Markets Growth Fund		119,351		105,154		148,454		30,914		403,873
Small Cap Growth Fund		313,619		583,974		732,807		309,112		1,939,512
Sustainability and Impact Equity Fund		65,536		358,635		218,763		95,376		738,310

The Advisor did not recoup any amounts it previously waived or reimbursed during the six months ended September 30, 2017.

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:

Notes to Financial Statements (Unaudited) (Continued)

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 theTrust. 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 pays an annual fee of up to 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 of up to 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 affiliates during the six months ended September 30, 2017:

Fund	Amount
Flexible Income Fund	$	9,120
Focused Fund		20,374
Growth Opportunities Fund		2,778
International Growth Fund		262
International Value Fund		82

Notes to Financial Statements (Unaudited) (Continued)

Fund	Amount
Mid Cap Growth Fund	$	35,824
Small Cap Growth Fund		1,973
Sustainability and Impact Equity Fund		17,317

In addition, the Underwriter collected CDSC on the redemption of Class C shares of the Funds listed below during the six months ended September 30, 2017:

Fund	Class C
Flexible Income Fund	$	1,996
Focused Fund		109
Growth Opportunities Fund		9
Mid Cap Growth Fund		172
Sustainability and Impact Equity Fund		98

INTERFUND TRANSACTIONS

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, 2017, the Funds did not engage in any Rule 17a-7 transactions, as defined under the 1940 Act.

5. 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, 2017 and March 31, 2016 are as follows:

	Flexible								Growth
	Income Fund				Focused Fund				Opportunities 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,
	2017		2016		2017		2016		2017		2016
From ordinary income	$	18,697,931	$	12,216,849	$	7,223,956	$	8,434,874	$	6,735,141	$	1,772,322
From long-term capital gains		—		—		12,445,614		27,791,755		1,718,652		23,776,825
Total distributions	$	18,697,931	$	12,216,849	$	19,669,570	$	36,226,629	$	8,453,793	$	25,549,147

	International		International				Mid Cap
	Growth Fund		Value Fund				Growth Fund
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	March 31,		March 31,		March 31,		March 31,		March 31,
	2017*		2017		2016		2017		2016
From ordinary income	$	54,008	$	2,828,829	$	3,765,519	$	—	$	8,520,663
From long-term capital gains		—		—		—		19,400,314		61,652,123
Total distributions	$	54,008	$	2,828,829	$	3,765,519	$	19,400,314	$	70,172,786

Notes to Financial Statements (Unaudited) (Continued)

	Sands Capital								Sustainability
	Emerging Markets				Small Cap				and Impact Equity
	Growth Fund				Growth Fund				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,
	2017		2016		2017		2016		2017		2016
From ordinary income	$	—	$	—	$	—	$	870,393	$	1,573,282	$	54,125,427
From long-term capital gains		—		—		1,973,248		3,899,710		—		116,661,558
Total distributions	$	—	$	—	$	1,973,248	$	4,770,103	$	1,573,282	$	170,786,985

* Represents the period from commencement of operations (April 1, 2016) through March 31, 2017.

The following information is computed on a tax basis for each item as of March 31, 2017:

	Flexible						Growth
	Income			Focused			Opportunities
	Fund			Fund			Fund
Tax cost of portfolio investments	$	661,995,083		$	1,181,368,111		$	199,159,500
Gross unrealized appreciation		15,587,620			337,186,152			46,388,187
Gross unrealized depreciation		(7,757,253	)		(28,808,130	)		(2,392,259	)
Net unrealized appreciation (depreciation) on investments		7,830,367			308,378,022			43,995,928
Net unrealized appreciation (depreciation) on written options, futures contracts, foreign currency contracts and translation of other assets and liabilities denominated in foreign currency		198,957			—			—
Post-October and Qualified Late-Year Losses		(6,092,860	)		—			—
Capital loss carryforwards		(6,355,592	)		—			—
Other temporary differences		(2,895	)		—			—
Undistributed ordinary income		971,298			28,449,688			—
Undistributed capital gains		—			24,377,152			—
Accumulated earnings (deficit)	$	(3,450,725	)	$	361,204,862		$	43,995,928

	International			International			Mid Cap
	Growth			Value			Growth
	Fund			Fund			Fund
Tax cost of portfolio investments	$	11,713,754		$	23,788,463		$	578,300,409
Gross unrealized appreciation		1,038,389			1,152,534			137,701,943
Gross unrealized depreciation		(200,427	)		(2,908,955	)		(6,141,967	)
Net unrealized appreciation (depreciation) on investments		837,962			(1,756,421	)		131,559,976
Net unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currency		—			(2,711	)		—
Post-October and Qualified Late-Year Losses		—			—			(866,767	)
Capital loss carryforwards		(242,452	)		(80,654,517	)		—
Undistributed ordinary income		37,593			162,466			—
Undistributed capital gains		—			—			39,723,289
Accumulated earnings (deficit)	$	633,103		$	(82,251,183	)	$	170,416,498

Notes to Financial Statements (Unaudited) (Continued)

	Sands Capital
	Emerging Markets			Small Cap			Sustainability
	Growth			Growth			and Impact Equity
	Fund			Fund			Fund
Tax cost of portfolio investments	$	250,994,098		$	412,985,249		$	280,583,746
Gross unrealized appreciation		46,258,436			51,524,944			39,026,413
Gross unrealized depreciation		(9,689,295	)		(18,572,452	)		(10,404,286	)
Net unrealized appreciation (depreciation) on investments		36,569,141			32,952,492			28,622,127
Net unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currency		21,365			—			(634	)
Net unrealized appreciation (depreciation) on deferred foreign capital gains tax		(1,962,995	)		—			—
Post-October and Qualified Late-Year Losses		(310,110	)		(462,497	)		—
Capital loss carryforwards		(12,013,525	)		(24,155,339	)		(11,335,434	)
Undistributed ordinary income		—			—			1,374,762
Accumulated earnings (deficit)	$	22,303,876		$	8,334,656		$	18,660,821

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, mark to market adjustments, non-REIT return of capital and investments in passive foreign investment company (“PFIC”) adjustments.

As of March 31, 2017, the Funds had the following capital loss carryforwards for federal income tax purposes:

					No		No
	Short Term Expiring in*				Expiration		Expiration
Fund	2018		2019		Short Term ^*		Long Term ^*		Total
Flexible Income Fund	$	—	$	6,355,592	$	—	$	—	$	6,355,592
International Growth Fund		—		—		242,452		—		242,452
International Value Fund		70,912,135		—		3,193,862		6,548,520		80,654,517
Sands Capital Emerging Markets Growth Fund		—		—		9,534,285		2,479,240		12,013,525
Small Cap Growth Fund		—		—		8,474,434		15,680,905		24,155,339
Sustainability and Impact Equity Fund		—		—		10,982,150		353,284		11,335,434

* The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act made changes to several tax rules impacting the Funds. The provisions of the Act first became effective for the Funds’ fiscal year ended March 31, 2012 and are applicable to all subsequent fiscal years. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each Fund’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers may be utilized. Under the Act, new capital losses may now be carried forward indefinitely, and retain the character of the original loss as compared with pre-enactment law, where capital losses could be carried forward for up to eight years, and carried forward as short-term capital losses, irrespective of the character of the original loss.

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, 2017, the Trust had the following federal tax costs resulting in net unrealized appreciation (depreciation) as follows:

			Gross		Gross			Gross		Gross
			Unrealized		Unrealized			Unrealized		Unrealized			Net
			Appreciation		Depreciation			Appreciation		Depreciation			Unrealized
	Federal Tax		on		on			on		on			Appreciation
Fund	Cost		Investments		Investments			Derivatives		Derivatives			(Depreciation)
Flexible Income Fund	$	747,679,684	$	23,156,035	$	(4,346,768	)	$	336,049	$	(162,023	)	$	18,983,293
Focused Fund		979,479,366		295,355,422		(33,636,565	)		—		—			261,718,857

Notes to Financial Statements (Unaudited) (Continued)

			Gross		Gross			Gross		Gross
			Unrealized		Unrealized			Unrealized		Unrealized		Net
			Appreciation		Depreciation			Appreciation		Depreciation		Unrealized
	Federal Tax		on		on			on		on		Appreciation
Fund	Cost		Investments		Investments			Derivatives		Derivatives		(Depreciation)
Growth Opportunities Fund	$	210,419,006	$	60,836,182	$	(1,780,313	)	$	—	$	—	$	59,055,869
International Growth Fund		13,679,667		2,570,159		(95,902	)		—		—		2,474,257
International Value Fund		23,776,203		2,315,534		(1,836,444	)		—		—		479,090
Mid Cap Growth Fund		561,511,161		171,121,033		(5,840,657	)		—		—		165,280,376
Sands Capital Emerging Markets Growth Fund		357,279,173		98,950,301		(12,161,515	)		—		—		86,788,786
Small Cap Growth Fund		266,923,107		53,907,778		(6,815,037	)		—		—		47,092,741
Sustainability and Impact Equity Fund		294,511,726		70,178,428		(9,012,405	)		—		—		61,166,023

The Funds have analyzed their tax positions taken on federal income tax returns for all open tax years (tax years ended March 31, 2014 through 2017) and have concluded that no provision for income tax is required in their financial statements.

6. 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.

7. 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 Concentration — Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may

Notes to Financial Statements (Unaudited) (Continued)

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 — As interest rates rise, the value of fixed-income securities a Fund owns will likely decrease. 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.

8. 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.

At a meeting of the Board of Trustees (the “Board”) of the Trust held on April 18, 2017, the Board approved an Agreement and Plan of Reorganization for the Touchstone Flexible Income Fund to acquire the assets of the Sentinel Multi-Asset Income Fund and the Touchstone Sustainability and Impact Equity Fund to acquire the assets of the Sentinel Sustainable Core Opportunities Fund, collectively the “Reorganization”. The Reorganization occurred on October 27, 2017.

There were no other subsequent events that necessitated recognition or disclosure in the Funds’ financial statements.

Other Items (Unaudited)

Proxy Voting Guidelines

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 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-Q. The complete listing (i) is available on the Commission’s website; (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; or (iii) will be made available to shareholders upon request by calling 1.800.543.0407. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions; and (2) ongoing costs, including investment advisory fees; distribution (12b-1) 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, 2017 through September 30, 2017).

Actual Expenses

The first line of the table below for each share class of a Fund 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, 2017” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each share class of a Fund 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), redemption fees, or exchange fees. Therefore, the second line for each share class of a Fund in the table below is useful in comparing ongoing costs only, and

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (continued)

will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

									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,
		2017			2017		2017		2017*
Touchstone Flexible Income Fund
Class A	Actual		1.09	%	$	1,000.00	$	1,035.20	$	5.56	**
Class A	Hypothetical		1.09	%	$	1,000.00	$	1,019.60	$	5.52	**

Class C	Actual		1.84	%	$	1,000.00	$	1,031.70	$	9.37	**
Class C	Hypothetical		1.84	%	$	1,000.00	$	1,015.84	$	9.30	**

Class Y	Actual		0.84	%	$	1,000.00	$	1,036.30	$	4.29	**
Class Y	Hypothetical		0.84	%	$	1,000.00	$	1,020.86	$	4.26	**

Institutional Class	Actual		0.74	%	$	1,000.00	$	1,036.80	$	3.78	**
Institutional Class	Hypothetical		0.74	%	$	1,000.00	$	1,021.36	$	3.75	**

Touchstone Focused Fund
Class A	Actual		1.20	%	$	1,000.00	$	1,050.70	$	6.17
Class A	Hypothetical		1.20	%	$	1,000.00	$	1,019.05	$	6.07

Class C	Actual		1.95	%	$	1,000.00	$	1,046.90	$	10.01
Class C	Hypothetical		1.95	%	$	1,000.00	$	1,015.29	$	9.85

Class Y	Actual		0.92	%	$	1,000.00	$	1,052.10	$	4.73
Class Y	Hypothetical		0.92	%	$	1,000.00	$	1,020.46	$	4.66

Institutional Class	Actual		0.83	%	$	1,000.00	$	1,052.60	$	4.27
Institutional Class	Hypothetical		0.83	%	$	1,000.00	$	1,020.91	$	4.20

Touchstone Growth Opportunities Fund
Class A	Actual		1.24	%	$	1,000.00	$	1,109.00	$	6.56
Class A	Hypothetical		1.24	%	$	1,000.00	$	1,018.85	$	6.28

Class C	Actual		1.99	%	$	1,000.00	$	1,105.10	$	10.50
Class C	Hypothetical		1.99	%	$	1,000.00	$	1,015.09	$	10.05

Class Y	Actual		0.99	%	$	1,000.00	$	1,110.50	$	5.24
Class Y	Hypothetical		0.99	%	$	1,000.00	$	1,020.10	$	5.01

Institutional Class	Actual		0.89	%	$	1,000.00	$	1,111.40	$	4.71
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.61	$	4.51

Touchstone International Growth Fund
Class A	Actual		1.32	%	$	1,000.00	$	1,150.00	$	7.11
Class A	Hypothetical		1.32	%	$	1,000.00	$	1,018.45	$	6.68

Class C	Actual		2.07	%	$	1,000.00	$	1,146.20	$	11.14
Class C	Hypothetical		2.07	%	$	1,000.00	$	1,014.69	$	10.45

Class Y	Actual		1.07	%	$	1,000.00	$	1,151.10	$	5.77
Class Y	Hypothetical		1.07	%	$	1,000.00	$	1,019.70	$	5.42

Institutional Class	Actual		0.97	%	$	1,000.00	$	1,150.90	$	5.23
Institutional Class	Hypothetical		0.97	%	$	1,000.00	$	1,020.21	$	4.91

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (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,
		2017			2017		2017		2017*
Touchstone International Value Fund
Class A	Actual		1.34	%	$	1,000.00	$	1,118.10	$	7.12
Class A	Hypothetical		1.34	%	$	1,000.00	$	1,018.35	$	6.78

Class C	Actual		2.09	%	$	1,000.00	$	1,113.00	$	11.07
Class C	Hypothetical		2.09	%	$	1,000.00	$	1,014.59	$	10.56

Class Y	Actual		1.09	%	$	1,000.00	$	1,119.30	$	5.79
Class Y	Hypothetical		1.09	%	$	1,000.00	$	1,019.60	$	5.52

Institutional Class	Actual		0.99	%	$	1,000.00	$	1,119.50	$	5.26
Institutional Class	Hypothetical		0.99	%	$	1,000.00	$	1,020.10	$	5.01

Touchstone Mid Cap Growth Fund
Class A	Actual		1.30	%	$	1,000.00	$	1,096.90	$	6.83
Class A	Hypothetical		1.30	%	$	1,000.00	$	1,018.55	$	6.58

Class C	Actual		2.08	%	$	1,000.00	$	1,092.50	$	10.91
Class C	Hypothetical		2.08	%	$	1,000.00	$	1,014.64	$	10.50

Class Y	Actual		1.03	%	$	1,000.00	$	1,098.10	$	5.42
Class Y	Hypothetical		1.03	%	$	1,000.00	$	1,019.90	$	5.22

Institutional Class	Actual		0.99	%	$	1,000.00	$	1,098.50	$	5.21
Institutional Class	Hypothetical		0.99	%	$	1,000.00	$	1,020.10	$	5.01

Touchstone Sands Capital Emerging Markets Growth Fund
Class Y	Actual		1.49	%	$	1,000.00	$	1,167.30	$	8.10
Class Y	Hypothetical		1.49	%	$	1,000.00	$	1,017.60	$	7.54

Institutional Class	Actual		1.39	%	$	1,000.00	$	1,166.80	$	7.55
Institutional Class	Hypothetical		1.39	%	$	1,000.00	$	1,018.10	$	7.03

Touchstone Small Cap Growth Fund
Class A	Actual		1.44	%	$	1,000.00	$	1,063.10	$	7.45
Class A	Hypothetical		1.44	%	$	1,000.00	$	1,017.85	$	7.28

Class C	Actual		2.19	%	$	1,000.00	$	1,060.30	$	11.31
Class C	Hypothetical		2.19	%	$	1,000.00	$	1,014.09	$	11.06

Class Y	Actual		1.19	%	$	1,000.00	$	1,065.10	$	6.16
Class Y	Hypothetical		1.19	%	$	1,000.00	$	1,019.10	$	6.02

Institutional Class	Actual		1.04	%	$	1,000.00	$	1,064.50	$	5.38
Institutional Class	Hypothetical		1.04	%	$	1,000.00	$	1,019.85	$	5.27

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (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,
		2017			2017		2017		2017*
Touchstone Sustainability and Impact Equity Fund
Class A	Actual		1.24	%	$	1,000.00	$	1,116.60	$	6.58
Class A	Hypothetical		1.24	%	$	1,000.00	$	1,018.85	$	6.28

Class C	Actual		1.99	%	$	1,000.00	$	1,112.80	$	10.54
Class C	Hypothetical		1.99	%	$	1,000.00	$	1,015.09	$	10.05

Class Y	Actual		0.99	%	$	1,000.00	$	1,118.00	$	5.26
Class Y	Hypothetical		0.99	%	$	1,000.00	$	1,020.10	$	5.01

Institutional Class	Actual		0.89	%	$	1,000.00	$	1,118.40	$	4.73
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.61	$	4.51

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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 $5.56, $9.37, $4.29 and $3.78, respectively, and your hypothetical cost of investment in Class A, Class C, ClassY and Institutional Class would be $5.52, $9.30, $4.26 and $3.75, respectively.

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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.

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-1710

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 registrant’s last fiscal quarter 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 11/22/2017

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 11/22/2017

By (Signature and Title)* /s/ Terrie A. Wiedenheft

Terrie A. Wiedenheft, Controller and Treasurer

(principal financial officer)

Date 11/22/2017

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

Touchstone Large Company Growth Fund (TSAGX) N-CSRSCertified semi-annual shareholder report (management investment company)