0001104659-21-111128.txt : 20210830 0001104659-21-111128.hdr.sgml : 20210830 20210830172429 ACCESSION NUMBER: 0001104659-21-111128 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210830 DATE AS OF CHANGE: 20210830 EFFECTIVENESS DATE: 20210830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOUCHSTONE STRATEGIC TRUST CENTRAL INDEX KEY: 0000711080 IRS NUMBER: 311276717 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03651 FILM NUMBER: 211224587 BUSINESS ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202-4203 BUSINESS PHONE: 5133628000 MAIL ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202-4203 FORMER COMPANY: FORMER CONFORMED NAME: COUNTRYWIDE STRATEGIC TRUST DATE OF NAME CHANGE: 19970303 FORMER COMPANY: FORMER CONFORMED NAME: MIDWEST STRATEGIC TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FINANCIAL INDEPENDENCE TRUST DATE OF NAME CHANGE: 19900604 0000711080 S000035678 Touchstone Anti-Benchmark US Core Equity Fund C000109234 A TDEAX C000109235 C TDECX C000109236 Institutional TDELX C000109237 Y TDEYX 0000711080 S000035688 Touchstone Dynamic Global Allocation Fund C000109274 A TSMAX C000109275 C TSMCX C000109277 Y TSMYX 0000711080 S000071202 Touchstone Sands Capital International Growth Fund C000225994 Institutional Class TCDIX C000225995 Class R6 TCDRX C000225996 Class Y TCDYX N-CSRS 1 tm2125999d3_ncsrs.htm N-CSRS

 

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 – December Funds

 

(Exact name of registrant as specified in charter)

 

303 Broadway, Suite 1100
Cincinnati, Ohio 45202-4203

 

(Address of principal executive offices) (Zip code)

 

E. Blake Moore, Jr.
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: December 31

 

Date of reporting period: June 30, 2021

 

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.

 

(a)The Report to Shareholders is attached herewith.

 

June 30, 2021 (Unaudited)
Semi-Annual Report
Touchstone Strategic Trust
Touchstone Anti-Benchmark® US Core Equity Fund
Touchstone Dynamic Global Allocation Fund
Touchstone Sands Capital International Growth Fund

Table of Contents
This report identifies the Funds' investments on June 30, 2021. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.
2

Tabular Presentation of Portfolio of Investments (Unaudited)
June 30, 2021
The tables below provide each Fund’s geographic allocation and/or sector allocation. We hope it will be useful to shareholders as it summarizes key information about each Fund’s investments.
Touchstone Anti-Benchmark® US Core Equity Fund

Sector Allocation*(% of Net Assets)
Consumer Staples 22.4%
Health Care 18.4
Consumer Discretionary 15.2
Information Technology 10.4
Communication Services 10.0
Real Estate 8.1
Financials 4.4
Materials 3.3
Utilities 3.1
Energy 2.5
Industrials 1.4
Short-Term Investment Funds 1.6
Other Assets/Liabilities (Net) (0.8)
Total 100.0%
Touchstone Dynamic Global Allocation Fund

Sector Allocation(% of Net Assets)
Affiliated Mutual Funds  
Equity Funds 52.6%
Fixed Income Funds 23.6
Exchange-Traded Funds 23.0
Short-Term Investment Funds 9.2
Other Assets/Liabilities (Net) (8.4)
Total 100.0%
Touchstone Sands Capital International Growth Fund

Geographic Allocation(% of Net Assets)
Common Stocks  
China 12.6%
Japan 11.7
Taiwan 10.4
Netherlands 9.4
Canada 8.2
Switzerland 6.7
Germany 5.6
United States 5.6
United Kingdom 5.0
India 4.2
Argentina 3.4
Denmark 3.0
Sweden 2.7
Australia 2.2
Hong Kong 2.1
France 1.7
Brazil 1.7
Short-Term Investment Fund 3.9
Other Assets/Liabilities (Net) (0.1)
Total 100.0%
 
* Sector classifications are based upon the Global Industry Classification Standard (GICS®).
3

Portfolio of Investments
Touchstone Anti-Benchmark® US Core Equity Fund – June 30, 2021 (Unaudited)
Shares       Market
Value
  Common Stocks — 99.2%  
  Consumer Staples — 22.4%  
    499 Boston Beer Co., Inc. (The) - Class A* $   509,379
 31,474 Campbell Soup Co.  1,434,900
  2,067 Church & Dwight Co., Inc.    176,150
  8,904 Clorox Co. (The)  1,601,919
 38,960 Conagra Brands, Inc.  1,417,365
 20,550 General Mills, Inc.  1,252,111
 11,081 Hormel Foods Corp.    529,118
 11,513 J M Smucker Co. (The)  1,491,739
 15,966 Kellogg Co.  1,027,093
 14,227 Keurig Dr Pepper, Inc.    501,359
 40,522 Kroger Co. (The)  1,552,398
  3,758 Lamb Weston Holdings, Inc.    303,120
        11,796,651
  Health Care — 18.4%  
  3,068 10X Genomics, Inc. - Class A*    600,776
  4,400 ABIOMED, Inc.*  1,373,284
  1,370 Alnylam Pharmaceuticals, Inc.*    232,242
    762 Becton Dickinson & Co.    185,311
  2,199 Biogen, Inc.*    761,448
  1,486 DENTSPLY SIRONA, Inc.     94,004
  2,114 Eli Lilly & Co.    485,205
  1,529 Exact Sciences Corp.*    190,070
 22,711 Gilead Sciences, Inc.  1,563,880
    985 Insulet Corp.*    270,392
  2,794 Jazz Pharmaceuticals PLC*    496,326
  3,316 Moderna, Inc.*    779,194
  2,260 Neurocrine Biosciences, Inc.*    219,943
  2,023 Novavax, Inc.*    429,503
    560 Novocure Ltd.*    124,219
    399 Penumbra, Inc.*    109,350
    365 Regeneron Pharmaceuticals, Inc.*    203,867
  1,357 Seagen, Inc.*    214,243
  6,269 Teladoc Health, Inc.*  1,042,472
 22,023 Viatris, Inc.    314,709
         9,690,438
  Consumer Discretionary — 15.2%  
  8,909 Aramark    331,860
  1,309 Bright Horizons Family Solutions, Inc.*    192,567
 20,227 Carnival Corp.*    533,184
 11,654 Chegg, Inc.*    968,564
  8,837 Dollar Tree, Inc.*    879,281
  3,469 Domino's Pizza, Inc.  1,618,254
  2,677 Las Vegas Sands Corp.*    141,051
  3,903 Marriott International, Inc. - Class A*    532,838
  7,526 Peloton Interactive, Inc. - Class A*    933,374
  1,352 Royal Caribbean Cruises Ltd.*    115,299
    448 Target Corp.    108,300
    559 Vail Resorts, Inc.*    176,935
 22,622 Yum China Holdings, Inc. (China)  1,498,707
         8,030,214
  Information Technology — 10.4%  
  3,553 Citrix Systems, Inc.    416,660
  6,793 Cloudflare, Inc. - Class A*    718,971
  3,573 DocuSign, Inc.*    998,904
 54,865 NortonLifeLock, Inc.  1,493,425
  2,310 Zoom Video Communications, Inc. - Class A*    894,039
  4,447 Zscaler, Inc.*    960,819
         5,482,818
Shares       Market
Value
     
  Communication Services — 10.0%  
 34,190 Discovery, Inc. - Class C* $   990,826
  6,987 Fox Corp. - Class A    259,428
 37,112 Lumen Technologies, Inc.    504,352
    910 Match Group, Inc.*    146,738
    301 Netflix, Inc.*    158,991
    917 Roku, Inc.*    421,132
 13,357 Snap, Inc. - Class A*    910,146
  4,068 Spotify Technology SA*  1,121,100
  5,870 Verizon Communications, Inc.    328,896
  9,916 ViacomCBS, Inc.    448,203
         5,289,812
  Real Estate — 8.1%  
  9,838 Extra Space Storage, Inc. REIT  1,611,661
  4,021 Federal Realty Investment Trust REIT    471,141
 26,276 Host Hotels & Resorts, Inc. REIT*    449,057
  2,348 Public Storage REIT    706,020
  7,004 Regency Centers Corp. REIT    448,746
  4,256 Simon Property Group, Inc. REIT    555,323
         4,241,948
  Financials — 4.4%  
 14,811 AGNC Investment Corp. REIT    250,158
 48,863 Annaly Capital Management, Inc. REIT    433,903
  5,311 Cboe Global Markets, Inc.    632,275
  3,661 Credicorp Ltd. (Peru)*    443,384
  6,960 Huntington Bancshares, Inc.     99,319
  3,262 M&T Bank Corp.    474,001
         2,333,040
  Materials — 3.3%  
 22,309 Newmont Corp.  1,413,944
  1,959 Vulcan Materials Co.    341,003
         1,754,947
  Utilities — 3.1%  
 13,561 Consolidated Edison, Inc.    972,595
 64,717 PG&E Corp.*    658,172
         1,630,767
  Energy — 2.5%  
 27,667 Cabot Oil & Gas Corp.    483,066
  8,780 Diamondback Energy, Inc.    824,354
         1,307,420
  Industrials — 1.4%  
  4,391 CH Robinson Worldwide, Inc.    411,305
  1,173 Watsco, Inc.    336,229
           747,534
  Total Common Stocks $52,305,589
  Short-Term Investment Funds — 1.6%  
401,188 Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω    401,189
426,726 Invesco Government & Agency Portfolio, Institutional Class, 0.03%∞Ω**    426,726
  Total Short-Term Investment Funds    $827,915
  Total Investment Securities—100.8%
(Cost $43,676,528)
$53,133,504
  Liabilities in Excess of Other Assets — (0.8%)   (441,328)
  Net Assets — 100.0% $52,692,176
* Non-income producing security.
 
4

Touchstone Anti-Benchmark® US Core Equity Fund (Unaudited) (Continued)
** 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 June 30, 2021 was $425,045.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2021.
Portfolio Abbreviations:
PLC – Public Limited Company
REIT – Real Estate Investment Trust
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $52,305,589 $— $— $52,305,589
Short-Term Investment Funds 827,915 827,915
Total $53,133,504 $— $— $53,133,504
See accompanying Notes to Financial Statements.
5

Portfolio of Investments
Touchstone Dynamic Global Allocation Fund – June 30, 2021 (Unaudited)
Shares       Market
Value
  Affiliated Mutual Funds^~ — 76.2%  
  Equity Funds — 52.6%  
  727,242 Touchstone Anti-Benchmark International Core Equity Fund $ 8,741,454
  154,067 Touchstone Growth Opportunities Fund  7,483,012
  281,713 Touchstone International Growth Fund*  4,476,419
   39,404 Touchstone Mid Cap Fund  1,910,285
  149,182 Touchstone Sands Capital Emerging Markets Growth Fund*  3,458,044
  208,324 Touchstone Sands Capital Select Growth Fund  4,581,048
   56,359 Touchstone Small Cap Value Fund  1,847,459
1,273,973 Touchstone Value Fund 14,561,512
        47,059,233
  Fixed Income Funds — 23.6%  
  166,019 Touchstone Credit Opportunities Fund  1,741,539
  205,255 Touchstone High Yield Fund  1,754,931
1,240,546 Touchstone Impact Bond Fund 13,236,627
  478,057 Touchstone Ultra Short Duration Fixed Income Fund  4,407,690
        21,140,787
  Total Affiliated Mutual Funds $68,200,020
  Exchange-Traded Funds~ — 23.0%  
   53,411 iShares Core MSCI Emerging Markets ETF  3,578,003
   99,046 iShares International Treasury Bond ETF*  5,175,153
   75,237 iShares MSCI EAFE Value ETF  3,894,267
   33,026 Vanguard Emerging Markets Government Bond ETF  2,636,466
   92,227 Vanguard Total International Bond ETF  5,266,162
  Total Exchange-Traded Funds $20,550,051
  Short-Term Investment Funds — 9.2%  
  834,477 Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω    834,477
7,405,250 Invesco Government & Agency Portfolio, Institutional Class, 0.03%∞Ω**  7,405,250
  Total Short-Term Investment Funds  $8,239,727
  Total Investment Securities—108.4%
(Cost $83,862,892)
$96,989,798
  Liabilities in Excess of Other Assets — (8.4%) (7,524,333)
  Net Assets — 100.0% $89,465,465
^ All affiliated funds are invested in the Institutional Class, unless otherwise indicated.
~ The financial statements of the underlying funds can be found on the SEC website.
* 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 June 30, 2021 was $7,249,615.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2021.
Portfolio Abbreviations:
ETF – Exchange-Traded Fund
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
Affiliated Mutual Funds $68,200,020 $— $— $68,200,020
Exchange-Traded Funds 20,550,051 20,550,051
Short-Term Investment Funds 8,239,727 8,239,727
Total $96,989,798 $— $— $96,989,798
See accompanying Notes to Financial Statements.
 
6

Portfolio of Investments
Touchstone Sands Capital International Growth Fund – June 30, 2021 (Unaudited)
Shares       Market
Value
  Common Stocks — 96.2%  
  China — 12.6%  
  Communication Services — 2.9%  
   10,700 Tencent Holdings Ltd. $   805,630
  Consumer Discretionary — 6.0%  
    2,635 Alibaba Group Holding Ltd. ADR*    597,565
   35,000 ANTA Sports Products Ltd.    821,475
   32,924 New Oriental Education & Technology Group, Inc. ADR*    269,648
  Health Care — 3.7%  
   56,000 Wuxi Biologics Cayman, Inc., 144a*  1,025,377
  Total China  3,519,695
  Japan — 11.7%  
  Consumer Staples — 1.6%  
   13,300 Welcia Holdings Co. Ltd.    434,891
  Industrials — 6.7%  
   22,500 MonotaRO Co. Ltd.    530,204
   23,800 Nihon M&A Center, Inc.    616,429
   14,500 Recruit Holdings Co. Ltd.    711,063
  Information Technology — 3.4%  
    1,900 Keyence Corp.    956,885
  Total Japan  3,249,472
  Taiwan — 10.4%  
  Communication Services — 5.7%  
    5,731 Sea Ltd. ADR*  1,573,732
  Information Technology — 4.7%  
   10,929 Taiwan Semiconductor Manufacturing Co. Ltd. ADR  1,313,229
  Total Taiwan  2,886,961
  Netherlands — 9.4%  
  Information Technology — 9.4%  
      512 Adyen NV, 144a*  1,255,594
    1,986 ASML Holding NV  1,372,008
  Total Netherlands  2,627,602
  Canada — 8.2%  
  Consumer Staples — 2.2%  
   16,548 Alimentation Couche-Tard, Inc. - Class B    608,068
  Information Technology — 6.0%  
    1,147 Shopify, Inc. - Class A*  1,675,744
  Total Canada  2,283,812
  Switzerland — 6.7%  
  Consumer Staples — 1.9%  
    1,392 Zur Rose Group AG*    533,330
  Health Care — 2.3%  
      912 Lonza Group AG    646,569
  Industrials — 2.5%  
    2,075 VAT Group AG, 144a    690,060
  Total Switzerland  1,869,959
  Germany — 5.6%  
  Consumer Discretionary — 5.6%  
    9,126 Auto1 Group SE, 144a*    400,924
    9,654 Zalando SE, 144a*  1,167,554
  Total Germany  1,568,478
  United States — 5.6%  
  Consumer Discretionary — 2.7%  
    4,819 Aptiv PLC*    758,173
Shares       Market
Value
     
  United States — (Continued)  
  Information Technology — 2.9%  
    3,113 Atlassian Corp. PLC - Class A* $   799,605
  Total United States  1,557,778
  United Kingdom — 5.0%  
  Communication Services — 1.4%  
   43,174 Rightmove PLC    388,057
  Consumer Discretionary — 3.6%  
   41,063 Entain PLC*    992,231
  Total United Kingdom  1,380,288
  India — 4.2%  
  Financials — 4.2%  
   16,150 HDFC Bank Ltd. ADR*  1,180,888
  Argentina — 3.4%  
  Consumer Discretionary — 3.4%  
      602 MercadoLibre, Inc.*    937,790
  Denmark — 3.0%  
  Health Care — 3.0%  
    2,048 Genmab A/S*    839,153
  Sweden — 2.7%  
  Information Technology — 2.7%  
   50,792 Hexagon AB - Class B    752,553
  Australia — 2.2%  
  Health Care — 2.2%  
    2,792 CSL Ltd.    597,121
  Hong Kong — 2.1%  
  Financials — 2.1%  
   46,400 AIA Group Ltd.    575,619
  France — 1.7%  
  Industrials — 1.7%  
    3,428 Safran SA    475,748
  Brazil — 1.7%  
  Information Technology — 1.7%  
    8,311 Pagseguro Digital Ltd. - Class A*    464,751
  Total Common Stocks $26,767,668
  Short-Term Investment Fund — 3.9%  
1,096,909 Dreyfus Government Cash Management, Institutional Shares, 0.03%∞Ω  1,096,909
  Total Investment Securities — 100.1%
(Cost $25,416,630)
$27,864,577
  Liabilities in Excess of Other Assets — (0.1)%    (25,435)
  Net Assets — 100.0% $27,839,142
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2021.
 
7

Touchstone Sands Capital International Growth Fund (Unaudited) (Continued)
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities were valued at $4,539,509 or 16.3% 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
Common Stocks        
China $867,213 $2,652,482 $— $3,519,695
Japan 3,249,472 3,249,472
Taiwan 2,886,961 2,886,961
Netherlands 1,372,008 1,255,594 2,627,602
Canada 2,283,812 2,283,812
Switzerland 533,330 1,336,629 1,869,959
Germany 400,924 1,167,554 1,568,478
United States 1,557,778 1,557,778
United Kingdom 1,380,288 1,380,288
India 1,180,888 1,180,888
Argentina 937,790 937,790
Denmark 839,153 839,153
Sweden 752,553 752,553
Australia 597,121 597,121
Hong Kong 575,619 575,619
France 475,748 475,748
Brazil 464,751 464,751
Short-Term Investment Fund 1,096,909 1,096,909
Total $14,334,917 $13,529,660 $— $27,864,577
See accompanying Notes to Financial Statements.
8

Statements of Assets and Liabilities
June 30, 2021 (Unaudited)
  Touchstone Anti-
Benchmark® US
Core Equity
Fund
Touchstone
Dynamic
Global
Allocation
Fund
Touchstone
Sands Capital
International
Growth
Fund
Assets      
Affiliated securities, at cost $$56,582,873 $
Non-affiliated securities, at cost 43,676,528 27,280,019 25,416,630
Affiliated securities, at market value $$68,200,020 $
Non-affiliated securities, at market value* 53,133,504 28,789,778 27,864,577
Cash deposits held at prime broker 107
Foreign currency 5,613
Dividends and interest receivable 28,480 8,117
Receivable for capital shares sold 4,350 10,530
Receivable for investments sold 60,278
Receivable for securities lending income 1,047 2,633
Tax reclaim receivable 1,683
Other assets 36,610 17,192
Total Assets 53,204,098 97,080,431 27,879,990
 
Liabilities      
Bank overdrafts 1,750
Payable for return of collateral for securities on loan 426,726 7,405,250
Payable for capital shares redeemed 18,426 107,277
Payable to Investment Advisor 10,990 5,758 7,056
Payable to other affiliates 6,540 10,638 3,715
Payable to Trustees 9,965 9,965 5,775
Payable for professional services 13,002 15,457 13,426
Payable for reports to shareholders 13,932 9,531 4,043
Payable for transfer agent services 8,045 46,824 655
Other accrued expenses and liabilities 2,546 4,266 6,178
Total Liabilities 511,922 7,614,966 40,848
Net Assets $52,692,176 $89,465,465 $27,839,142
Net assets consist of:      
Paid-in capital 41,037,216 75,582,000 25,328,897
Distributable earnings (deficit) 11,654,960 13,883,465 2,510,245
Net Assets $52,692,176 $89,465,465 $27,839,142
*Includes market value of securities on loan of: $425,045 $7,249,615 $
Cost of foreign currency: $ $ $5,747
See accompanying Notes to Financial Statements.
9

Statements of Assets and Liabilities  (Unaudited) (Continued)
  Touchstone Anti-
Benchmark® US
Core Equity
Fund
Touchstone
Dynamic
Global
Allocation
Fund
Touchstone
Sands Capital
International
Growth
Fund
Pricing of Class A Shares      
Net assets applicable to Class A shares $6,737,808 $81,786,072 $
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value)
431,168 5,850,053
Net asset value price per share* $15.63 $13.98 $
Maximum sales charge - Class A shares 5.00% 5.00%
Maximum offering price per share
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares
$16.45 $14.72 $
 
Pricing of Class C Shares      
Net assets applicable to Class C shares $1,728,798 $2,558,487 $
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value)
123,397 187,343
Net asset value and offering price per share** $14.01 $13.66 $
 
Pricing of Class Y Shares      
Net assets applicable to Class Y shares $18,534,029 $5,120,906 $338,070
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value)
1,171,540 362,555 30,747
Net asset value, offering price and redemption price per share $15.82 $14.12 $11.00
 
Pricing of Institutional Class Shares      
Net assets applicable to Institutional Class shares $25,691,541 $ $2,750
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value)
1,582,178 250
Net asset value, offering price and redemption price per share $16.24 $ $11.00
 
Pricing of Class R6 Shares      
Net assets applicable to Class R6 shares $ $ $27,498,322
Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value)
2,500,250
Net asset value, offering price and redemption price per share $ $ $11.00
* 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.
10

Statements of Operations
For the Six Months Ended June 30, 2021 (Unaudited)
  Touchstone Anti-
Benchmark® US
Core Equity
Fund
Touchstone
Dynamic
Global
Allocation
Fund
Touchstone
Sands Capital
International
Growth
Fund(A)
Investment Income      
Dividends from affiliated securities $$285,935 $
Dividends from non-affiliated securities* 406,054 111,676 51,011
Income from securities loaned 1,052 15,239
Total Investment Income 407,106 412,850 51,011
Expenses      
Investment advisory fees 87,633 111,160 64,170
Administration fees 33,853 60,123 10,809
Compliance fees and expenses 1,459 1,459 932
Custody fees 4,132 1,739 5,292
Professional fees 14,598 13,674 13,426
Transfer Agent fees, Class A 4,088 37,173
Transfer Agent fees, Class C 962 1,965
Transfer Agent fees, Class Y 6,641 2,188 192
Transfer Agent fees, Institutional Class 39 193
Transfer Agent fees, Class R6 192
Registration Fees, Class A 2,607 8,135
Registration Fees, Class C 2,600 6,566
Registration Fees, Class Y 2,557 4,552 1,256
Registration Fees, Institutional Class 1,263 1,256
Registration Fees, Class R6 1,256
Reports to Shareholders, Class A 2,149 4,524
Reports to Shareholders, Class C 1,808 1,846
Reports to Shareholders, Class Y 2,501 1,764 1,397
Reports to Shareholders, Institutional Class 1,707 1,323
Reports to Shareholders, Class R6 1,322
Distribution expenses, Class A 8,019 101,604
Distribution and shareholder servicing expenses, Class C 9,152 13,392
Trustee fees 10,073 10,073 5,775
Other expenses 10,882 28,724 4,399
Total Expenses 208,723 410,661 113,190
Fees waived and/or reimbursed by the Advisor and/or Affiliates(B) (68,383) (188,951) (47,323)
Net Expenses 140,340 221,710 65,867
Net Investment Income (Loss) 266,766 191,140 (14,856)
Realized and Unrealized Gains (Losses) on Investments      
Net realized gains(losses) on investments in non-affiliated securities 2,618,624 73,299 65,887
Net realized gains on investments in affiliated securities 776,990
Net realized gains on foreign currency transactions 11,445
Net change in unrealized appreciation(depreciation) on investments in non-affiliated securities 2,585,947 53,951 2,447,947
Net change in unrealized appreciation (depreciation) on investments in affiliated securities 3,987,405
Net change in unrealized appreciation (depreciation) on foreign currency transactions (178)
Net Realized and Unrealized Gains (Losses) on Investments 5,204,571 4,891,645 2,525,101
Change in Net Assets Resulting from Operations $5,471,337 $5,082,785 $2,510,245
*Net of foreign tax withholding of: $ $ $6,488
(A) Represents the period from commencement of operations (March 8, 2021) through June 30, 2021.
(B) See Note 4 in Notes to Financial Statements.
See accompanying Notes to Financial Statements.
11

Statements of Changes in Net Assets
  Touchstone
Anti-
Benchmark® US
Core Equity
Fund
Touchstone
Dynamic Global
Allocation
Fund
Touchstone
Sands Capital
International Growth Fund
  For the
Six Months Ended
June 30,
2021
(Unaudited)
For the Three
Months Ended
December 31,
2020(A)
For the
Year Ended
September 30,
2020
For the
Six Months Ended
June 30,
2021
(Unaudited)
For the
Year Ended
December 31,
2020
For the
Period Ended
June 30,
2021
(Unaudited)(B)
From Operations            
Net investment income (loss) $266,766 $106,753 $565,367 $191,140 $1,008,492 $(14,856)
Net realized gains (losses) on investments and foreign currency transactions 2,618,624 5,181,759 1,127,307 850,289 1,030,762 77,332
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions 2,585,947 (644,549) 2,259,173 4,041,356 8,115,933 2,447,769
Change in Net Assets from Operations 5,471,337 4,643,963 3,951,847 5,082,785 10,155,187 2,510,245
 
Distributions to Shareholders:            
Distributed earnings, Class A (65,466) (174,203) (2,320,966)
Distributed earnings, Class C (69,303)
Distributed earnings, Class Y (224,585) (4,992) (16,981) (139,672)
Distributed earnings, Institutional Class (3,121) (1,274,135)
Return of capital, Class Y (98)
Return of capital, Institutional Class (28,806)
Total Distributions (293,172) (1,308,031) (191,184) (2,529,941)
Change in Net Assets from Share Transactions(C) (1,403,257) 13,528,761 1,401,151 (4,800,180) (4,562,939) 25,328,897
 
Total Increase (Decrease) in Net Assets 4,068,080 17,879,552 4,044,967 91,421 3,062,307 27,839,142
 
Net Assets            
Beginning of period 48,624,096 30,744,544 26,699,577 89,374,044 86,311,737
End of period $52,692,176 $48,624,096 $30,744,544 $89,465,465 $89,374,044 $27,839,142
(A) The Fund changed its year end from September 30 to December 31.
(B) Represents the period from commencement of operations (March 8, 2021) through June 30, 2021.
(C) For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on page 14 to 15.
See accompanying Notes to Financial Statements.
12

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Statements of Changes in Net Assets - Capital Stock Activity
  Touchstone
Anti-
Benchmark® US
Core Equity
Fund
  For the Six Months
Ended
June 30, 2021
(Unaudited)
For the Three
Months Ended
December 31,
2020(A)
For the Year
Ended
September 30, 2020
  Shares Dollars Shares Dollars Shares Dollars
Class A            
Proceeds from Shares issued 26,448 $387,625 7,778 $109,618 $
Proceeds from Shares issued in connection with reorganization 452,453 5,867,004
Reinvestment of distributions 3,187 44,558
Cost of Shares redeemed (35,647) (529,802) (23,051) (310,179)
Change from Class A Share Transactions (9,199) (142,177) 440,367 5,711,001
Class C            
Proceeds from Shares issued 170 2,250 216 2,621
Proceeds from Shares issued in connection with reorganization 171,625 1,985,084
Reinvestment of distributions
Cost of Shares redeemed (32,566) (428,691) (16,048) (196,557)
Change from Class C Share Transactions (32,396) (426,441) 155,793 1,791,148
Class Y            
Proceeds from Shares issued 24,142 357,462 5,349 72,146 8,687 96,718
Proceeds from Shares issued in connection with reorganization 1,297,709 17,043,427
Net shares reduction due to reverse stock split (1,492)
Reinvestment of distributions 13,739 194,269 440 5,090
Cost of Shares redeemed (78,925) (1,176,323) (102,684) (1,408,744) (330) (3,598)
Change from Class Y Share Transactions (54,783) (818,861) 1,212,621 15,901,098 8,797 98,210
Institutional Class            
Proceeds from Shares issued 235 3,121
Proceeds from Shares issued in connection with reorganization 9,204 122,393
Net shares reduction due to reverse stock split (315,728)
Reinvestment of distributions 113,294 1,302,941
Cost of Shares redeemed (1,040) (15,778) (740,193) (10,000,000)
Change from Institutional Class Share Transactions (1,040) (15,778) (1,046,482) (9,874,486) 113,294 1,302,941
Class R6            
Proceeds from Shares issued
Cost of Shares redeemed
Change from Class R6 Share Transactions
Change from Share Transactions (97,418) $(1,403,257) 762,299 $13,528,761 122,091 $1,401,151
(A) The Fund changed its year end from September 30 to December 31.
(B) Represents the period from commencement of operations (March 8, 2021) through June 30, 2021.
See accompanying Notes to Financial Statements.
14

Statements of Changes in Net Assets - Capital Stock Activity (Continued)
Touchstone
Dynamic Global
Allocation
Fund
Touchstone
Sands Capital
International Growth Fund
For the Six Months
Ended
June 30, 2021
(Unaudited)
For the Year
Ended
December 31, 2020
For the Period
Ended
June 30, 2021
(Unaudited)(B)
Shares Dollars Shares Dollars Shares Dollars
           
88,604 $1,206,121 400,834 $4,843,914 $
11,157 155,394 160,456 2,050,596
(416,257) (5,673,597) (777,518) (9,250,675)
(316,496) (4,312,082) (216,228) (2,356,165)
           
18,800 250,689 64,738 682,216
5,481 69,832
(64,238) (853,624) (282,171) (3,264,988)
(45,438) (602,935) (211,952) (2,512,940)
           
36,161 500,008 73,255 890,900 30,747 323,901
1,137 15,928 10,235 131,691
(28,861) (401,099) (62,593) (716,425) (4)
8,437 114,837 20,897 306,166 30,747 323,897
           
252 2,516
(2) (16)
250 2,500
           
2,500,250 25,002,504
(4)
2,500,250 25,002,500
(353,497) $(4,800,180) (407,283) $(4,562,939) 2,531,247 $25,328,897
15

Financial Highlights
Touchstone Anti-Benchmark® US Core Equity Fund—Class A
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Period Ended
December 31,
2020(A)
 
Net asset value at beginning of period $14.04 $12.97
Income (loss) from investment operations:    
Net investment income 0.06(B) 0.02
Net realized and unrealized gains on investments 1.53 1.20
Total from investment operations: 1.59 1.22
Distributions from:    
Net investment income (0.15)
Net asset value at end of period $15.63 $14.04
Total return(C) 11.33%(D) 9.41%(D)
Ratios and supplemental data:    
Net assets at end of period (000's) $6,738 $6,184
Ratio to average net assets:    
Net expenses 0.79%(E) 0.79%(E)
Gross expenses 1.18%(E) 1.31%(E)
Net investment income 0.84%(E) 0.70%(E)
Portfolio turnover rate 28%(D) 54%(D)(F)
Touchstone Anti-Benchmark® US Core Equity Fund—Class C
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Period Ended
December 31,
2020(A)
 
Net asset value at beginning of period $12.64 $11.57
Income (loss) from investment operations:    
Net investment income 0.01(B) (G)
Net realized and unrealized gains on investments 1.36 1.07
Total from investment operations: 1.37 1.07
Net asset value at end of period $14.01 $12.64
Total return(C) 10.84%(D) 9.25%(D)
Ratios and supplemental data:    
Net assets at end of period (000's) $1,729 $1,969
Ratio to average net assets:    
Net expenses 1.54%(E) 1.54%(E)
Gross expenses 2.24%(E) 2.22%(E)
Net investment income (loss) 0.09%(E) (0.05%)(E)
Portfolio turnover rate 28%(D) 54%(D)(F)
(A) Represents the period from commencement of operations (October 2, 2020) through December 31, 2020.
(B) The net investment income per share was based on average shares outstanding for the period.
(C) Total return 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 excludes the purchases and sales of securities of the Touchstone Dynamic Equity Fund merger on October 2, 2020. If these transactions were included, portfolio turnover would have been higher.
(G) Less than $0.005 per share.
See accompanying Notes to Financial Statements.
16

Financial Highlights (Continued)
Touchstone Anti-Benchmark® US Core Equity Fund—Class Y
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Three Months
Ended
December 31,
2020(A)(B)
Year Ended September 30,
2020(A)
Period Ended
September 30,
2019(A)(C)
 
Net asset value at beginning of period $14.20 $13.05 $11.88 $11.22
Income (loss) from investment operations:        
Net investment income 0.08(D) 0.04 0.29 0.10
Net realized and unrealized gains on investments 1.54 1.30 1.44 0.63
Total from investment operations: 1.62 1.34 1.73 0.73
Distributions from:        
Net investment income (0.19) (0.38) (0.07)
Realized capital gains (0.17)
Return of capital (0.01)
Total distributions (0.19) (0.56) (0.07)
Net asset value at end of period $15.82 $14.20 $13.05 $11.88
Total return 11.41%(E) 10.23%(E) 14.63% 6.57%(E)
Ratios and supplemental data:        
Net assets at end of period (000's) $18,534 $17,411 $159 $52
Ratio to average net assets:        
Net expenses 0.54%(F) 0.54%(F) 0.54% 0.54%(F)
Gross expenses 0.78%(F) 1.04%(F) 9.63% 110.89%(F)
Net investment income 1.09%(F) 0.92%(F) 1.91% 2.10%(F)
Portfolio turnover rate 28%(E) 54%(E)(G) 73% 137%(E)(H)
(A) During the Three Months Ended December 31, 2020, the Fund effected the following reverse stock split effective the close of business October 2, 2020: 0.8911 for 1 for Class Y shares. All historical per share information has been retroactively adjusted to reflect this reverse stock split.
(B) The Fund changed its fiscal year end from September 30 to December 31.
(C) Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.
(D) The net investment income per share was based on average shares outstanding for the period.
(E) Not annualized.
(F) Annualized.
(G) Portfolio turnover excludes the purchases and sales of securities of the Touchstone Dynamic Equity Fund merger on October 2, 2020. If these transactions were included, portfolio turnover would have been higher.
(H) Portfolio turnover excludes securities received from processing a subscription-in-kind.
See accompanying Notes to Financial Statements.
17

Financial Highlights (Continued)
Touchstone Anti-Benchmark® US Core Equity Fund—Institutional Class
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Three Months
Ended
December 31,
2020(A)(B)
Year Ended September 30,
2020(A)
Period Ended
September 30,
2019(A)(C)
 
Net asset value at beginning of period $14.57 $13.22 $12.03 $11.36
Income (loss) from investment operations:        
Net investment income 0.09(D) 0.04 0.25 0.22
Net realized and unrealized gains on investments 1.58 1.31 1.53 0.52
Total from investment operations: 1.67 1.35 1.78 0.74
Distributions from:        
Net investment income (E) (0.41) (0.07)
Realized capital gains (0.17)
Return of capital (0.01)
Total distributions (0.59) (0.07)
Net asset value at end of period $16.24 $14.57 $13.22 $12.03
Total return 11.46%(F) 10.22%(F) 14.77% 6.59%(F)
Ratios and supplemental data:        
Net assets at end of period (000's) $25,692 $23,061 $30,585 $26,648
Ratio to average net assets:        
Net expenses 0.44%(G) 0.44%(G) 0.44% 0.44%(G)
Gross expenses 0.68%(G) 0.82%(G) 0.77% 0.85%(G)
Net investment income 1.19%(G) 1.02%(G) 2.01% 2.21%(G)
Portfolio turnover rate 28%(F) 54%(F)(H) 73% 137%(F)(I)
(A) During the Three Months Ended December 31, 2020, the Fund effected the following reverse stock split effective the close of business October 2, 2020: 0.8799 for 1 Institutional Class shares. All historical per share information has been retroactively adjusted to reflect this reverse stock split.
(B) The Fund changed its fiscal year end from September 30 to December 31.
(C) Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.
(D) The net investment income per share was based on average shares outstanding for the period.
(E) Less than $0.005 per share.
(F) Not annualized.
(G) Annualized.
(H) Portfolio turnover excludes the purchases and sales of securities of the Touchstone Dynamic Equity Fund merger on October 2, 2020. If these transactions were included, portfolio turnover would have been higher.
(I) Portfolio turnover excludes securities received from processing a subscription-in-kind.
See accompanying Notes to Financial Statements.
18

Financial Highlights (Continued)
Touchstone Dynamic Global Allocation Fund—Class A
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Year Ended December 31,
  2020 2019 2018 2017 2016
Net asset value at beginning of period $13.24 $12.06 $10.63 $12.56 $11.56 $12.01
Income (loss) from investment operations:            
Net investment income 0.03(A) 0.16 0.21 0.20 0.21 0.28
Net realized and unrealized gains (losses) on investments 0.74 1.41 1.68 (1.16) 1.39 0.06
Total from investment operations: 0.77 1.57 1.89 (0.96) 1.60 0.34
Distributions from:            
Net investment income (0.03) (0.19) (0.26) (0.26) (0.26) (0.28)
Realized capital gains (0.20) (0.20) (0.71) (0.34) (0.51)
Total distributions (0.03) (0.39) (0.46) (0.97) (0.60) (0.79)
Net asset value at end of period $13.98 $13.24 $12.06 $10.63 $12.56 $11.56
Total return(B) 5.82%(C) 13.09% 17.95% (7.91%) 13.96% 2.80%
Ratios and supplemental data:            
Net assets at end of period (000's) $81,786 $81,624 $77,001 $54,871 $67,562 $62,689
Ratio to average net assets:            
Net expenses(D) 0.49%(E) 0.49% 0.49% 0.49% 0.49% 0.49%
Gross expenses(D) 0.88%(E) 0.91% 0.94% 0.92% 0.91% 0.92%
Net investment income 0.44%(E) 1.26% 1.77% 1.57% 1.72% 2.26%
Portfolio turnover rate 5%(C) 33% 38% 40% 32% 39%
Touchstone Dynamic Global Allocation Fund—Class C
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Year Ended December 31,
  2020 2019 2018 2017 2016
Net asset value at beginning of period $12.95 $11.80 $10.38 $12.28 $11.31 $11.77
Income (loss) from investment operations:            
Net investment income (loss) (0.02)(A) 0.25 0.25 0.11 0.12 0.19
Net realized and unrealized gains (losses) on investments 0.73 1.20 1.51 (1.13) 1.35 0.05
Total from investment operations: 0.71 1.45 1.76 (1.02) 1.47 0.24
Distributions from:            
Net investment income (0.10) (0.14) (0.17) (0.16) (0.19)
Realized capital gains (0.20) (0.20) (0.71) (0.34) (0.51)
Total distributions (0.30) (0.34) (0.88) (0.50) (0.70)
Net asset value at end of period $13.66 $12.95 $11.80 $10.38 $12.28 $11.31
Total return(B) 5.48%(C) 12.28% 17.01% (8.55%) 13.10% 2.00%
Ratios and supplemental data:            
Net assets at end of period (000's) $2,558 $3,015 $5,250 $24,897 $33,039 $44,946
Ratio to average net assets:            
Net expenses(D) 1.24%(E) 1.24% 1.24% 1.24% 1.24% 1.24%
Gross expenses(D) 2.29%(E) 2.03% 1.90% 1.68% 1.66% 1.65%
Net investment income (loss) (0.31%)(E) 0.51% 1.02% 0.82% 0.97% 1.51%
Portfolio turnover rate 5%(C) 33% 38% 40% 32% 39%
(A) The net investment income per share was based on average shares outstanding for the period.
(B) Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(C) Not annualized.
(D) Ratio does not include expenses of the underlying funds.
(E) Annualized.
See accompanying Notes to Financial Statements.
19

Financial Highlights (Continued)
Touchstone Dynamic Global Allocation Fund—Class Y
Selected Data for a Share Outstanding Throughout Each Period
  Six Months
Ended
June 30,
2021
(Unaudited)
Year Ended December 31,
  2020 2019 2018 2017 2016
Net asset value at beginning of period $13.37 $12.19 $10.73 $12.67 $11.66 $12.11
Income (loss) from investment operations:            
Net investment income 0.05(A) 0.17 0.31 0.27 0.24 0.32
Net realized and unrealized gains (losses) on investments 0.75 1.42 1.64 (1.21) 1.40 0.05
Total from investment operations: 0.80 1.59 1.95 (0.94) 1.64 0.37
Distributions from:            
Net investment income (0.05) (0.21) (0.29) (0.29) (0.29) (0.31)
Realized capital gains (0.20) (0.20) (0.71) (0.34) (0.51)
Total distributions (0.05) (0.41) (0.49) (1.00) (0.63) (0.82)
Net asset value at end of period $14.12 $13.37 $12.19 $10.73 $12.67 $11.66
Total return 5.96%(B) 13.23% 18.35% (7.69%) 14.21% 3.03%
Ratios and supplemental data:            
Net assets at end of period (000's) $5,121 $4,735 $4,060 $5,525 $12,758 $14,678
Ratio to average net assets:            
Net expenses(C) 0.24%(D) 0.24% 0.24% 0.24% 0.24% 0.24%
Gross expenses(C) 0.85%(D) 0.88% 0.97% 0.85% 0.78% 0.75%
Net investment income 0.69%(D) 1.51% 2.02% 1.82% 1.97% 2.51%
Portfolio turnover rate 5%(B) 33% 38% 40% 32% 39%
Touchstone Sands Capital International Growth Fund—Class Y
Selected Data for a Share Outstanding Throughout the Period
  Period Ended
June 30,
2021
(Unaudited)(E)
 
Net asset value at beginning of period $10.00
Income (loss) from investment operations:  
Net investment loss (0.01)
Net realized and unrealized gains on investments 1.01
Total from investment operations: 1.00
Net asset value at end of period $11.00
Total return 10.00%(B)
Ratios and supplemental data:  
Net assets at end of period (000's) $338
Ratio to average net assets:  
Net expenses 0.98%(D)
Gross expenses 6.37%(D)
Net investment loss (0.34%)(D)
Portfolio turnover rate 2%(B)
(A) The net investment income per share was based on average shares outstanding for the period.
(B) Not annualized.
(C) Ratio does not include expenses of the underlying funds.
(D) Annualized.
(E) Represents the period from commencement of operations (March 8, 2021) through June 30, 2021.
See accompanying Notes to Financial Statements.
20

Financial Highlights (Continued)
Touchstone Sands Capital International Growth Fund—Institutional Class
Selected Data for a Share Outstanding Throughout the Period
  Period Ended
June 30,
2021
(Unaudited)(A)
 
Net asset value at beginning of period $10.00
Income (loss) from investment operations:  
Net investment loss (0.01)
Net realized and unrealized gains on investments 1.01
Total from investment operations: 1.00
Net asset value at end of period $11.00
Total return 10.00%(B)
Ratios and supplemental data:  
Net assets at end of period (000's) $3
Ratio to average net assets:  
Net expenses 0.88%(C)
Gross expenses 354.96%(C)
Net investment loss (0.24%)(C)
Portfolio turnover rate 2%(B)
Touchstone Sands Capital International Growth Fund—Class R6
Selected Data for a Share Outstanding Throughout the Period
  Period Ended
June 30,
2021
(Unaudited)(A)
 
Net asset value at beginning of period $10.00
Income (loss) from investment operations:  
Net investment loss (0.01)
Net realized and unrealized gains on investments 1.01
Total from investment operations: 1.00
Net asset value at end of period $11.00
Total return 10.00%(B)
Ratios and supplemental data:  
Net assets at end of period (000's) $27,498
Ratio to average net assets:  
Net expenses 0.82%(C)
Gross expenses 1.34%(C)
Net investment loss (0.18%)(C)
Portfolio turnover rate 2%(B)
(A) Represents the period from commencement of operations (March 8, 2021) through June 30, 2021.
(B) Not annualized.
(C) Annualized.
See accompanying Notes to Financial Statements.
21

Notes to Financial Statements
June 30, 2021 (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 eighteen funds, including the following four funds (individually, a “Fund”, and collectively,the “Funds”):
Touchstone Anti-Benchmark® US Core Equity Fund ("Anti-Benchmark® US Core Equity Fund”)
Touchstone Dynamic Global Allocation Fund ("Dynamic Global Allocation Fund”)
Touchstone Sands Capital International Growth Fund ("Sands Capital International Growth Fund”)
Each Fund is diversified. Additionally, the Dynamic Global Allocation Fund is a “Fund of Funds”, sub-advised by Wilshire Associates Incorporated, which seeks to achieve its investment goals by primarily investing in a diversified portfolio of affiliated and unaffiliated underlying equity and fixed income funds. These underlying funds (“Underlying Funds”), in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. Under normal circumstances, the Dynamic Global Allocation Fund expects to invest its assets among equity and fixed-income funds in the following ranges:
  Equity Fund
Allocation
Fixed Income
Fund Allocation
Dynamic Global Allocation Fund 45-75% 25-55%
The investment goal of each of the Underlying Funds that the Dynamic Global Allocation Fund invested in is as follows:
Fund Investment Goal
Touchstone Anti-Benchmark®
International Core Equity Fund
Seeks capital appreciation.
Touchstone Credit Opportunities Fund Seeks absolute total return, primarily from income and capital appreciation.
Touchstone Growth Opportunities Fund Seeks long-term growth of capital.
Touchstone High Yield Fund Seeks to achieve a high level of income as its main goal. Capital appreciation is a secondary consideration.
Touchstone Impact Bond Fund Seeks high current income. Capital appreciation is secondary goal.
Touchstone International Growth Fund Seeks to achieve long-term capital appreciation.
Touchstone Mid Cap Fund Seeks long-term capital growth.
Touchstone Sands Capital
Emerging Markets Growth
Fund
Seeks long-term capital appreciation.
Touchstone Sands Capital
Select Growth Fund
Seeks long-term capital appreciation.
Touchstone Small Cap Value Fund Seeks long-term capital growth.
Touchstone Ultra Short Duration
Fixed Income Fund
Seeks maximum total return consistent with the preservation of capital.
Touchstone Value Fund Seeks to provide investors with long-term capital growth.
Dreyfus Government Cash
Management
Seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.
iShares Core MSCI Emerging
Markets ETF
Seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities.
iShares International Treasury
Bond ETF
Seeks to track the investment results of an index composed of non-U.S. developed market government bonds.
iShares MSCI EAFE Value ETF Seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit value characteristics.
Vanguard Emerging Markets
Government Bond ETF
Seeks to track the performance of a benchmark index that measures the investment return of U.S. dollar-denominated bonds issued by governments and government related issuers in emerging market countries.
Vanguard Total International
Bond ETF
Seeks to track the performance of a benchmark index that measures the investment return of investment-grade bonds issued outside of the United States.
22

Notes to Financial Statements (Unaudited) (Continued)
The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. The Anti-Benchmark® US Core Equity Fund offers the following classes of shares: Class A shares, Class C shares, Class Y shares, and Institutional Class shares. The Dynamic Global Allocation Fund offers the following classes of shares: Class A shares, Class C shares and Class Y shares. The Sands Capital International Growth Fund offers the following classes of shares: Class Y shares, Institutional Class shares and Class R6 shares. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectus provides a description of each Fund’s investment goal, policies, and strategies along with information on the classes of shares currently being offered.
2. Significant Accounting Policies
The following is a summary of the Funds’ significant accounting policies:
Each Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
Security valuation and fair value measurements — U.S. generally accepted accounting principles (“U.S. GAAP”) defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their fair value. The Funds define the term “market value”, as used throughout this report, as the estimated fair value. The Funds use various methods to measure fair value of their portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:
•  Level 1 − quoted prices in active markets for identical securities
•  Level 2 − other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•  Level 3 − significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The aggregate value by input level, as of June 30, 2021, for each Fund’s investments, is included in each Funds' Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic or sector allocation. The Funds did not hold or transfer any Level 3 categorized securities during the six months ended June 30, 2021.
Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.
The Funds’ portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time or at the time as of which the NYSE establishes official closing prices). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the Underlying Funds and are categorized in Level 1.
Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others:
•  If the value of a security has been materially affected by events occurring before the Funds’ pricing time but after the close of the primary markets on which the security is traded.
•  If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds’ NAV calculation.
•  If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.
•  If the validity of market quotations is not reliable.
Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures approved by the Funds’ Board of Trustees (the “Board”) and are generally categorized in Level 3.
23

Notes to Financial Statements (Unaudited) (Continued)
Dynamic Global Allocation Fund— The Dynamic Global Allocation Fund invests in securities of affiliated and unaffiliated funds, the Underlying Funds. The value of an investment in the Dynamic Global Allocation Fund is based on the performance of the Underlying Funds in which it invests and the allocation of its assets among those funds. Because the Dynamic Global Allocation Fund invests in mutual funds, shareholders of the Dynamic Global Allocation Fund indirectly bear a proportionate share of the expenses charged by the Underlying Funds in which it invests as well as its share of the Dynamic Global Allocation Fund's fees and expenses. The principal risks of an investment in the Dynamic Global Allocation Fund include the principal risks of investing in the Underlying Funds.
Investment companies — The Funds may invest in securities of other investment companies, including exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”), 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. An ETN is an investment company that typically seeks to track the performance of an index, similar to an ETF, but it does not hold any securities that it tracks. ETF and ETN 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, ETNs and closed-end funds are subject to the additional risk that their shares may trade at a premium or discount to their NAV. Investments in ETNs are also subject to credit risk similar to other debt securities. 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.
Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars and translated into U.S. dollars on the following basis:
(1) market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and
(2) purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
Real Estate Investment Trusts — The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.
Portfolio securities loaned — The Funds may lend their portfolio securities. Lending portfolio securities exposes the Funds to the risk that the borrower may fail to return the loaned securities or may not be able to provide additional collateral or that the Funds may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain cash collateral with the Funds' custodian. The loaned securities are secured by collateral valued at least equal, at all times, to the market value of the loaned securities plus accrued interest, if any. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The cash collateral is reinvested by the Funds' custodian into an approved short-term investment vehicle. The approved short-term investment vehicle is subject to market risk.
As of June 30, 2021, the following Funds loaned securities and received collateral as follows:
Fund Security Type Market Value of
Securities Loaned*
Market Value of
Collateral Received**
Net
Amount***
Anti-Benchmark® US Core Equity Fund Common Stocks $425,045 $426,726 $1,681
Dynamic Global Allocation Fund Common Stocks 7,249,615 7,405,250 155,635
* 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 (receive from) the borrower in the event of default.
24

Notes to Financial Statements (Unaudited) (Continued)
All cash collateral is received, held, and administered by the Funds' custodian for the benefit of the lending Fund in its custody account or other account established for the purpose of holding collateral in cash equivalents.
Funds participating in securities lending receive compensation in the form of fees. Securities lending income is derived from lending long securities from the Funds to creditworthy approved borrowers at rates that are determined based on daily trading volumes, float, short-term interest rates and market liquidity and is shown net of fees on the Statements of Operations. When a 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 5.26% of the NAV (or 5.00% of the offering price). There is no sales load on purchases when aggregate purchases in all Touchstone funds equal at least $1 million. The maximum offering price per share of Classes C, Y, R6, and Institutional Class shares of the Funds is equal to the NAV per share.
The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least $1 million where a Finder’s Fee was paid 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 may be subject to a CDSC of 1.00% if redeemed within one year from the date of purchase. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.
Investment income — Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted.
Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. The Anti-Benchmark® US Core Equity Fund and the Sands Capital International Growth Fund declare and distribute net investment income, if any, annually as a dividend to shareholders. The Dynamic Global Allocation 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 Funds in the Trust, and, if applicable, Touchstone Funds Group Trust and Touchstone Variable Series Trust (collectively with the Trust, “Touchstone Fund Complex”), daily in relation to net assets of each Fund or another reasonable measure.
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.
LIBOR Transition — Many debt securities, derivatives and other financial instruments in which the Funds may invest, as well as any borrowings made by the Funds from banks or from other lenders, utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark index for interest rate calculations. LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Plans are underway to phase out the use of LIBOR by June 30, 2023. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and the remaining and most liquid US LIBOR maturities on June 30, 2023. Before then, it is expected that market participants will transition to the use of different reference or benchmark indices. However, there is
25

Notes to Financial Statements (Unaudited) (Continued)
currently no definitive information regarding the future utilization of LIBOR or of any particular replacement index. As such, the potential effect of a transition away from LIBOR on the Funds’ investments cannot yet be determined.
3. Investment Transactions
Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended June 30, 2021:
  Anti-
Benchmark®
US Core
Equity
Fund
Dynamic
Global
Allocation
Fund
Touchstone Sands Capital International Growth Fund
Purchases of investment securities $14,112,214 $4,233,575 $24,671,198
Proceeds from sales and maturities $15,438,814 $8,996,794 $407,251
There were no purchases or proceeds from sales and maturities of U.S. Government securities by the Funds for the six months ended June 30, 2021.
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 (“BNY Mellon”), the Sub-Administrator to the Funds. Such officers receive no compensation from the Trust. The Advisor and the Underwriter are each wholly-owned subsidiaries of Western & Southern Financial Group, Inc.
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 $25,921 for the six months ended June 30, 2021.
MANAGEMENT & EXPENSE LIMITATION AGREEMENTS
The Advisor provides general investment supervisory services for the Funds, under the terms of an advisory agreement (the “Advisory Agreement”). Under the Advisory Agreement, each Fund pays the 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.
Anti-Benchmark® US Core Equity Fund 0.35% on the first $1 billion
0.30% on such assets over $1 billion
Dynamic Global Allocation Fund 0.25% on the first $1 billion
0.225% on the next $1 billion
0.20% on the next $1 billion
0.175% on such assets over $3 billion
Sands Capital International Growth Fund 0.80% on all assets.
The Advisor has entered into investment sub-advisory agreements with the following parties (each, a “Sub-Advisor”):
TOBAM S.A.S. Wilshire Associates Incorporated Sands Capital Management, LLC
Anti-Benchmark® US Core Equity Fund Dynamic Global Allocation Fund Sands Capital International Growth Fund
The Advisor pays sub-advisory fees to each Sub-Advisor from its advisory fee.
The Advisor entered into an expense limitation agreement (the “Expense Limitation Agreement”) to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds’ liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of “Acquired Fund Fees and Expenses”, if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds.
26

Notes to Financial Statements (Unaudited) (Continued)
The Advisor has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:
  Class A Class C Class Y Institutional
Class
Class R6 Termination Date
Anti-Benchmark® US Core Equity Fund 0.79% 1.54% 0.54% 0.44% April 29, 2022
Dynamic Global Allocation Fund 0.49% 1.24% 0.24% April 29, 2022
Sands Capital International Growth Fund 0.98% 0.88% 0.82% April 29, 2022
The Expense Limitation Agreement can be terminated with respect to a Fund 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 June 30, 2021, the Advisor or its affiliates waived investment advisory fees, administration fees or other operating expenses, including distribution fees of the Funds, as follows:
Fund Investment
Advisory
Fees Waived
Administration
Fees Waived
Other Operating
Expenses
Reimbursed/
Waived
Total
Anti-Benchmark® US Core Equity Fund $$25,992 $42,391 $68,383
Dynamic Global Allocation Fund 6,006 6,181 176,764 188,951
Sands Capital International Growth Fund 3,502 10,809 33,012 47,323
Under the terms of the Expense Limitation Agreement, the Advisor is entitled to recover, subject to approval by the Funds’ Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Advisor reduced its compensation or assumed expenses for the Funds. A Fund will make repayments to the Advisor only if such repayment does not cause the Fund's operating expenses (after the repayment is taken into account) to exceed the Fund's expense limit in place when such amounts were waived or reimbursed by the Advisor and the Fund's current expense limitation.
As of June 30, 2021, the Advisor may seek recoupment of previously waived fees and reimbursed expenses as follows:
Fund Expires on
or before
December 31, 2021
Expires on
or before
September 30, 2022
Expires on
or before
December 31, 2022
Expires on
or before
September 30, 2023
Expires on
or before
December 31, 2023
Expires on
or before
December 31, 2024
Total
Anti-Benchmark® US Core Equity Fund $$99,022 $$102,369 $49,914 $53,994 $305,299
Dynamic Global Allocation Fund 145,152 273,307 189,693 73,955 682,107
Sands Capital International Growth Fund 47,323 47,323
The Advisor did not recoup any amounts it previously waived or reimbursed during the six months ended June 30, 2021.
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 Securities and Exchange Commission (“SEC”) and state securities authorities, as well as materials for meetings of the Board; calculating the daily NAV per share; and maintaining the financial books and records of each Fund.
For its services, the Advisor’s annual administrative fee is:
0.145% on the first $20 billion of the aggregate average daily net assets;
0.11% on the next $10 billion of aggregate average daily net assets;
0.09% on the next $10 billion of aggregate average daily net assets; and
0.07% on the aggregate average daily net assets over $40 billion.
The fee is computed and allocated among the Touchstone Fund Complex on the basis of relative daily net assets.
27

Notes to Financial Statements (Unaudited) (Continued)
The Advisor has engaged BNY Mellon as the Sub-Administrator to the Trust. BNY Mellon provides administrative and accounting services to the Trust and is compensated directly by the Advisor, not the Trust.
TRANSFER AGENT AGREEMENT
Under the terms of the Transfer Agent Agreement between the Trust and BNY Mellon Investment Servicing (U.S.) Inc. (“Transfer Agent”), the Transfer Agent maintains the records of each shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases and redemptions of each Fund’s shares, acts as dividend and distribution disbursing agent, and performs other shareholder service functions. For these services, the Transfer Agent receives a monthly fee from each Fund. In addition, each Fund pays out-of-pocket expenses incurred by the Transfer Agent, including, but not limited to, postage and supplies.
The Funds may reimburse the 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 not to exceed 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee).
UNDERWRITING AGREEMENT
The Underwriter is the Funds’ principal underwriter and, as such, acts as exclusive agent for distribution of the Funds’ shares. Under the terms of the Underwriting Agreement between the Trust and the Underwriter, the Underwriter earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Underwriter and the Advisor, also earned broker commissions on the sale of Class A shares of the Funds. Listed below are the total underwriting and broker commissions earned by the Underwriter and its affiliate during the six months ended June 30, 2021:
Fund Amount
Anti-Benchmark® US Core Equity Fund $ 61
Dynamic Global Allocation Fund 5,431
In addition, the Underwriter collected CDSC on the redemption of Class C shares of the Funds listed below during the six months ended June 30, 2021:
Fund Class C
Dynamic Global Allocation Fund $ 648
INTERFUND TRANSACTIONS
Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase and sale transactions with funds that have a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. During the six months ended June 30, 2021, the Funds did not engage in any Rule 17a-7 transactions.
28

Notes to Financial Statements (Unaudited) (Continued)
AFFILIATED INVESTMENTS
A summary of the Dynamic Global Allocation Fund’s transactions in affiliated Underlying Funds during the six months ended June 30, 2021 is as follows:
Underlying Fund* Market Value
12/31/2020
  Purchases at
cost
  Proceeds
from sales
  Net Realized
Gain (Loss)
  Net Change
in Unrealized
Appreciation
(Depreciation)
  Market Value
6/30/2021
  Dividend
Income
Shares
Touchstone Anti-Benchmark® International Core Equity Fund $9,082,029   $2,602   $(488,282)   $39,850   $105,255   $8,741,454   $727,242
Touchstone Credit Opportunities Fund 2,718,304   26,736   (1,099,310)   (52,024)   147,833   1,741,539   25,285 166,019
Touchstone Growth Opportunities Fund 7,255,842   1,335   (729,733)   69,352   886,216   7,483,012   154,067
Touchstone High Yield Fund 2,684,179   47,026   (987,543)   92,657   (81,388)   1,754,931   46,078 205,255
Touchstone Impact Bond Fund 12,318,055   1,513,562   (427,841)   (10,199)   (156,950)   13,236,627   105,179 1,240,546
Touchstone International Growth Fund 4,495,125   836   (217,957)   29,998   168,417   4,476,419   281,713
Touchstone Mid Cap Fund 1,787,292   10,334   (51,183)   3,162   160,680   1,910,285   39,404
Touchstone Sands Capital Emerging Markets Growth Fund 2,806,340   701,485   (190,144)   (2,636)   142,999   3,458,044   149,182
Touchstone Sands Capital Select Growth Fund 5,681,280   949   (1,487,546)   348,314   38,051   4,581,048   208,324
Touchstone Small Cap Value Fund 1,781,595   (4,210)   (321,183)   36,004   355,253   1,847,459   56,359
Touchstone Ultra Short Duration Fixed Income Fund 3,501,404   1,010,467   (98,371)   (709)   (5,101)   4,407,690   24,746 478,057
Touchstone Value Fund 14,261,275   427,319   (2,576,442)   223,221   2,226,139   14,561,512   84,647 1,273,973
Total: $68,372,720   $3,738,441   $(8,675,535)   $776,990   $3,987,404   $68,200,020   $285,935  
* All affiliated fund investments are invested in the Institutional Class shares, unless otherwise indicated.
5. Liquidity
ReFlow Fund LLC - The Funds may participate in the ReFlow Fund LLC liquidity program (“ReFlow”), which is designed to provide an alternative liquidity source for funds experiencing redemptions. In order to pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a Fund. ReFlow then generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.
During the six months ended June 30, 2021, the Funds did not utilize ReFlow.
Interfund Lending — Pursuant to an Exemptive Order issued by the SEC on March 28, 2017, the Funds, along with certain other funds in the Touchstone Fund Complex, may participate in an interfund lending program. The interfund lending program provides an alternate credit facility that allows the Funds to lend to or borrow from other participating funds in the Touchstone Fund Complex, subject to the conditions of the Exemptive Order. The Funds may not borrow under the facility for leverage purposes and the loans’ duration may be no more than 7 days.
During the six months ended June 30, 2021, the Funds did not utilize Interfund Lending.
29

Notes to Financial Statements (Unaudited) (Continued)
6. Federal Tax Information
Federal Income Tax — It is each Fund’s policy to continue to comply with the special provisions of the Internal Revenue Code applicable to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its investment company taxable income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. It is each Fund’s policy to distribute all of its taxable income and accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare and pay as dividends in each calendar year at least 98% of its investment company taxable income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ending October 31) plus undistributed amounts from prior years.
The Sands Capital International Growth Fund commenced operations on March 8, 2021 and has not paid any distributions. The tax character of distributions paid for the years ended December 31, 2020 and December 31, 2019 (for the Dynamic Global Allocation Fund) and for the three months ended December 31, 2020 and the years ended September 30, 2020 and 2019 (for the Anti-Benchmark® US Core Equity Fund) are as follows:
  Anti-Benchmark® US Core Equity Fund
  Three Months Ended
December 31,
2020
Year Ended
September 30,
2020
Period Ended
September 30,
2019(A)
From ordinary income $290,036 $905,831 $145,904
From long-term capital gains 373,296
From return of capital 28,904
Total distributions $290,036 $1,308,031 $145,904
(A) Represents the period from commencement of operations (November 19, 2018) through September 30,2019.
  Dynamic Global Allocation Fund
  Year Ended
December 31,
2020
Year Ended
December 31,
2019
From ordinary income $2,182,735 $1,978,959
From long-term capital gains 347,206 1,307,990
Total distributions $2,529,941 $3,286,949
The following information is computed on a tax basis for each item as of December 31, 2020:
  Anti-Benchmark® US
Core Equity Fund
Dynamic Global
Allocation Fund
Tax cost of portfolio investments $42,001,976 $84,906,958
Gross unrealized appreciation on investments 7,541,549 9,385,146
Gross unrealized depreciation on investments (825,384) (393,282)
Net unrealized appreciation (depreciation) on investments 6,716,165 8,991,864
Capital loss carryforwards (3,550,671)
Undistributed ordinary income 1,871,225
Undistributed capital gains 1,213,931
Other temporary differences (67,027)
Accumulated earnings (deficit) $6,183,623 $8,991,864
The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals and a non-taxable distribution basis outstanding.
As of December 31, 2020, the Funds had the following capital loss carryforwards for federal income tax purposes:
Fund No Expiration
Short Term
No Expiration
Long Term
Total
Anti-Benchmark® US Core Equity Fund* $ 536,249 $ 3,014,422 $ 3,550,671
* Future utilization is limited under current tax law.
30

Notes to Financial Statements (Unaudited) (Continued)
During the year ended December 31, 2020, the following Funds utilized capital loss carryforwards:
Fund Utilized
Anti-Benchmark® US Core Equity Fund* $ 52,298
Dynamic Global Allocation Fund 21,626
* Future utilization is limited under current tax law.
The Funds have analyzed their tax positions taken or to be taken on federal income tax returns for all open tax years (tax years ended December 31, 2017 through 2020) and have concluded that no provision for income tax is required in their financial statements.
As of June 30, 2021, the Trust had the following federal tax costs resulting in net appreciation (depreciation) as follows:
Fund Federal Tax
Cost
Gross
Unrealized
Appreciation
on Investments
Gross
Unrealized
Depreciation
on Investments
Gross
Unrealized
Appreciation
on Other
Gross
Unrealized
Depreciation
on Other
Net
Unrealized
Appreciation
(Depreciation)
Anti-Benchmark® US Core Equity Fund $43,676,528 $9,988,397 $(531,421) $— $$9,456,976
Dynamic Global Allocation Fund 83,862,892 13,154,171 (27,265) 13,126,906
Sands Capital International Growth Fund 25,416,630 3,292,897 (844,950) (44) 2,447,903
7. Commitments and Contingencies
The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.
8. Principal Risks
Risks Associated with Credit – An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer’s securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.
Risks Associated with Interest Rate Changes – The price of debt securities is generally linked to the prevailing market interest rates. In general, when interest rates rise, the price of debt securities falls, and when interest rates fall, the price of debt securities rises. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure of the expected life, taking into account any prepayment or call features of the security, that is used to determine the price sensitivity of the security for a given change in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. For example, as a general rule a 1% rise in interest rates means a 1% fall in value for every year of duration. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. The negative impact on fixed income securities if interest rates increase as a result could negatively impact a Fund’s NAV.
Risks Associated with Health Crises – An outbreak of respiratory disease caused by COVID-19 was first detected in China in December 2019 and subsequently spread internationally. As of the date of issuance of these financial statements, COVID-19 has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of COVID-19 may be short term or may last for an extended period of time and result in a substantial economic downturn. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual companies and the market in general in significant and unforeseen ways. Any such impact could adversely affect a Fund’s performance, the performance of the securities in which a Fund invests and may lead to losses on your investment in a Fund.
Please see the Funds’ prospectus for a complete discussion of these and other risks.
31

Notes to Financial Statements (Unaudited) (Continued)
9. Subsequent Events
Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events that necessitated recognition or disclosure in the Funds’ financial statements.
32

Other Items (Unaudited)
Proxy Voting Guidelines and Proxy Voting Records
The Sub-Advisors are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisors use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission’s (the “Commission”) website sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission’s website at sec.gov.
Quarterly Portfolio Disclosure
Each Fund’s holdings as of the end of the third month of every fiscal quarter will be disclosed on Form N-PORT within 60 days of the end of the fiscal quarter. The complete listing of each Fund’s portfolio holdings is available on the Commission’s website and will be made available to shareholders upon request by calling 1.800.543.0407.
Schedule of Shareholder Expenses
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) and (2) ongoing costs, including investment advisory fees; shareholder servicing fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 through June 30, 2021).
Actual Expenses
The first line for each share class of a Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended June 30, 2021” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class of a Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class of a Fund in the table below is useful in comparing ongoing costs only, and 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.
    Net Expense
Ratio
Annualized
June 30,
2021
Beginning
Account
Value
January 1,
2021
Ending
Account
Value
June 30,
2021
Expenses
Paid During
the Six Months
Ended
June 30,
2021*
Anti-Benchmark® US Core Equity Fund          
Class A Actual 0.79% $1,000.00 $1,113.30 $4.14
Class A Hypothetical 0.79% $1,000.00 $1,020.88 $3.96
Class C Actual 1.54% $1,000.00 $1,108.40 $8.05
Class C Hypothetical 1.54% $1,000.00 $1,017.16 $7.70
Class Y Actual 0.54% $1,000.00 $1,114.10 $2.83
33

Other Items (Unaudited) (Continued)
    Net Expense
Ratio
Annualized
June 30,
2021
Beginning
Account
Value
January 1,
2021
Ending
Account
Value
June 30,
2021
Expenses
Paid During
the Six Months
Ended
June 30,
2021*
Class Y Hypothetical 0.54% $1,000.00 $1,022.12 $2.71
Institutional Class Actual 0.44% $1,000.00 $1,114.60 $2.31
Institutional Class Hypothetical 0.44% $1,000.00 $1,022.61 $2.21
Dynamic Global Allocation Fund**          
Class A Actual 0.49% $1,000.00 $1,058.20 $2.50
Class A Hypothetical 0.49% $1,000.00 $1,022.36 $2.46
Class C Actual 1.24% $1,000.00 $1,054.80 $6.32
Class C Hypothetical 1.24% $1,000.00 $1,018.65 $6.21
Class Y Actual 0.24% $1,000.00 $1,059.60 $1.23
Class Y Hypothetical 0.24% $1,000.00 $1,023.60 $1.20
Sands Capital International Growth Fund          
Class Y(A) Actual 0.98% $1,000.00 $1,100.00 $3.24
Class Y(A) Hypothetical 0.98% $1,000.00 $1,012.67 $3.11
Institutional Class(A) Actual 0.88% $1,000.00 $1,100.00 $2.91
Institutional Class(A) Hypothetical 0.88% $1,000.00 $1,012.98 $2.79
Class R6(A) Actual 0.82% $1,000.00 $1,100.00 $2.71
Class R6(A) Hypothetical 0.82% $1,000.00 $1,013.17 $2.60
(A) Represents the period from commencement of operations (March 8, 2021) through June 30, 2021. Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 115/365.
* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
** The annualized expense ratios for the Dynamic Global Allocation Fund does not include fees and expenses of the Underlying Funds in which the Dynamic Global Allocation Fund invests.
Liquidity Risk Management
The Funds have adopted and implemented a written liquidity risk management program (the “LRM Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each Fund adopt a program that is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in a Fund.
Assessment and management of a Fund’s liquidity risk under the LRM Program takes into consideration certain factors, such as a Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the LRM Program includes policies and procedures for classification of Fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The Board of Trustees of the Trust approved the appointment of a LRM Program administrator responsible for administering the LRM Program and for carrying out the specific responsibilities set forth in the LRM Program, including reporting to the Board on at least an annual basis regarding the LRM Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The Board has reviewed the Program Administrator Report covering the period from May 15, 2020 through May 14, 2021 (the “Review Period”). The Program Administrator Report stated that during the Review Period the LRM Program operated and was implemented effectively to manage the Funds’ liquidity risk.
34

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 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.
35

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-54CC-TST-SAR-2106

 

 

 

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

 

(b)Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

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

 

 

 

 

Item 11. Controls and Procedures.

 

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

 

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

 

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

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1)Not applicable.

 

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

 

(a)(3)Not applicable.

 

(a)(4)Not applicable.

 

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

 

 

 

 

SIGNATURES

 

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

 

(Registrant) Touchstone Strategic Trust  

 

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

 

Date August 30, 2021  

 

 

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

 

 

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

 

Date August 30, 2021  

 

 

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

 

Date August 30, 2021  

 

 

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

 

 

 

 

EX-99.CERT 2 tm2125999d3_ex99-cert.htm CERTIFICATIONS

 

EX-99.CERT

 

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

 

I, E. Blake Moore, Jr., certify that:

 

1.I have reviewed this report on Form N-CSR of Touchstone Strategic Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: August 30, 2021 /s/ E. Blake Moore, Jr.
  E. Blake Moore, Jr., President
  (principal executive officer)

 

 

 

 

 

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

 

I, Terrie A. Wiedenheft, certify that:

 

1.I have reviewed this report on Form N-CSR of Touchstone Strategic Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: August 30, 2021 /s/ Terrie A. Wiedenheft
  Terrie A. Wiedenheft, Controller and Treasurer
  (principal financial officer)

 

 

 

EX-99.906CERT 3 tm2125999d3_ex99-906cert.htm CERTIFICATIONS

 

 

EX-99-906.CERT

 

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

 

I, E. Blake Moore, Jr., President of Touchstone Strategic Trust (the “Registrant”), certify that:

 

1.The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Date: August 30, 2021 /s/ E. Blake Moore, Jr.
  E. Blake Moore, Jr., President
  (principal executive officer)

 

 

I, Terrie A. Wiedenheft, Controller and Treasurer of Touchstone Strategic Trust (the “Registrant”), certify that:

 

1.The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Date: August 30, 2021 /s/ Terrie A. Wiedenheft
  Terrie A. Wiedenheft, Controller and Treasurer
  (principal financial officer)

 

 

 

 

 

 

 

 

 

 

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