Touchstone Global ESG Equity Fund - NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-03651

Touchstone Strategic Trust - June Funds

(Exact name of registrant as specified in charter)

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

(Address of principal executive offices) (Zip code)

Jill T. McGruder

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

(Name and address of agent for service)

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

Date of fiscal year end:June 30

Date of reporting period:December 31, 2018

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

December 31, 2018

(Unaudited)

Semi-Annual Report

Touchstone Strategic Trust

Touchstone Balanced Fund

Touchstone Credit Opportunities Fund

Touchstone International Equity Fund

Touchstone International Growth Opportunities Fund

Touchstone International Small Cap Fund

Touchstone Large Cap Focused Fund

Touchstone Large Cap Fund

Touchstone Large Company Growth Fund

Touchstone Ohio Tax-Free Bond Fund

Touchstone Small Company Fund

Touchstone Value Fund

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

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

Table of Contents

This report identifies the Funds' investments on December 31, 2018. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

Tabular Presentation of Portfolios of Investments (Unaudited)

December 31, 2018

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

Touchstone Balanced Fund

Credit Quality*	(% of Fixed Income Securities)
AAA/Aaa		53.7	%
AA/Aa		4.4
A/A		12.3
BBB/Baa		24.8
BB/Ba		1.0
Not Rated		3.8
		100.0	%

Sector Allocation**	(% of Net Assets)
Fixed Income Securities		35.0	%
Common Stocks
Information Technology		12.4
Health Care		11.0
Financials		9.0
Industrials		6.6
Consumer Discretionary		6.6
Communication Services		5.9
Consumer Staples		5.5
Energy		3.5
Materials		1.3
Real Estate		0.7
Exchange-Traded Fund		1.7
Preferred Stock		0.0
Short-Term Investment Fund		0.5
Other Assets/Liabilities (Net)		0.3
Total		100.0	%

Touchstone Credit Opportunities Fund

Credit Quality*	(% of Fixed Income Securities)
BBB/Baa		2.0	%
BB/Ba		40.8
B/B		38.7
CCC		11.8
Not Rated		3.4
Cash equivalents		3.3
		100.0	%

Sector Allocation**	(% of Net Assets)
Long Positions
Corporate Bonds
Communication Services		15.1	%
Consumer Discretionary		11.1
Industrials		9.8
Energy		9.3
Health Care		8.4
Materials		5.5
Information Technology		4.0
Financials		3.3
Real Estate		2.9
Consumer Staples		1.7
Utilities		1.6
Bank Loans		16.8
Asset-Backed Securities		3.8
Common Stocks		2.0
Warrants		0.0
Purchased Call Options		0.1
Short-Term Investment Funds		11.0
Other Assets/Liabilities (Net)		(6.4	)
		100.0	%
Short Positions
Written Call Options		(0.0	)
		(0.0	)
Total		100.0	%

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

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

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

Touchstone International Equity Fund

Geographic Allocation	(% of Net Assets)
Common Stocks
United Kingdom		27.8	%
Switzerland		9.1
Germany		6.7
India		6.6
Canada		6.6
France		5.1
China		4.9
Japan		4.8
Denmark		3.3
Greece		3.1
Ireland		2.9
Brazil		2.5
Mexico		2.0
Spain		1.9
Jersey		1.9
Australia		1.8
Netherlands		1.7
United States		1.6
Hong Kong		1.5
Short-Term Investment Funds		8.8
Other Assets/Liabilities (Net)		(4.6	)
Total		100.0	%

Touchstone International Growth Opportunities Fund

Geographic Allocation	(% of Net Assets)
Common Stocks
China		38.5	%
France		10.5
India		8.6
Canada		7.4
Japan		6.9
Switzerland		5.3
Singapore		5.2
Germany		4.0
Israel		3.7
Brazil		2.8
Sweden		2.8
Argentina		2.2
Indonesia		1.8
Short-Term Investment Funds		1.4
Other Assets/Liabilities (Net)		(1.1	)
Total		100.0	%

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

Touchstone International Small Cap Fund

Geographic Allocation	(% of Net Assets)
Common Stocks
Japan		27.8	%
United Kingdom		11.0
Australia		8.1
Canada		6.3
Germany		6.0
France		5.6
Switzerland		5.4
Netherlands		3.6
Italy		3.1
Denmark		2.6
Norway		2.6
Sweden		2.5
Luxembourg		2.2
Ireland		1.9
India		1.7
New Zealand		1.6
Argentina		1.3
Jordan		1.3
Spain		1.3
Singapore		1.2
Hong Kong		1.2
South Korea		1.1
Finland		1.1
Short-Term Investment Funds		3.7
Other Assets/Liabilities (Net)		(4.2	)
Total		100.0	%

Touchstone Large Cap Focused Fund

Sector Allocation*	(% of Net Assets)
Information Technology		20.9	%
Financials		14.6
Health Care		14.0
Consumer Discretionary		12.5
Communication Services		10.8
Industrials		7.7
Consumer Staples		6.4
Energy		4.7
Real Estate		1.7
Materials		0.9
Exchange-Traded Funds		5.0
Short-Term Investment Funds		2.0
Other Assets/Liabilities (Net)		(1.2	)
Total		100.0	%

Touchstone Large Cap Fund
Sector Allocation*	(% of Net Assets)
Financials		24.7	%
Consumer Discretionary		20.0
Information Technology		13.4
Industrials		13.0
Materials		8.4
Consumer Staples		8.0
Communication Services		7.0
Energy		2.2
Health Care		1.9
Short-Term Investment Fund		2.4
Other Assets/Liabilities (Net)		(1.0	)
Total		100.0	%

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

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

Touchstone Large Company Growth Fund

Sector Allocation*	(% of Net Assets)
Information Technology		33.1	%
Communication Services		18.7
Health Care		18.1
Consumer Discretionary		16.5
Financials		7.3
Consumer Staples		3.7
Industrials		2.5
Short-Term Investment Fund		0.2
Other Assets/Liabilities (Net)		(0.1	)
Total		100.0	%

Touchstone Small Company Fund

Sector Allocation*	(% of Net Assets)
Information Technology		24.3	%
Industrials		23.2
Health Care		20.0
Consumer Discretionary		14.1
Financials		10.3
Communication Services		2.9
Consumer Staples		2.2
Real Estate		1.5
Short-Term Investment Fund		2.3
Other Assets/Liabilities (Net)		(0.8	)
Total		100.0	%

Touchstone Ohio Tax-Free Bond Fund

Credit Quality**	(% of Fixed Income Securities)
AAA/Aaa		8.8	%
AA/Aa		68.6
A/A		18.0
BBB/Baa		3.7
Not Rated		0.9
Total		100.0	%

Portfolio Allocation	(% of Net Assets)
Fixed Rate Revenue Bonds		65.8	%
General Obligation Bonds		18.2
Pre-refunded/Escrowed to Maturity		11.8
Variable Rate Demand Notes		3.8
Other Assets/Liabilities (Net)		0.4
Total		100.0	%

Touchstone Value Fund

Sector Allocation*	(% of Net Assets)
Health Care		19.6	%
Financials		17.2
Energy		14.2
Information Technology		12.3
Consumer Discretionary		9.1
Industrials		7.5
Materials		6.5
Utilities		3.9
Communication Services		3.7
Consumer Staples		3.6
Short-Term Investment Fund		2.3
Other Assets/Liabilities (Net)		0.1
Total		100.0	%

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

Portfolio of Investments

Touchstone Balanced Fund – December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 62.5%

Information Technology — 12.4%
Accenture PLC (Ireland) - Class A		30,000	$	4,230,300
Apple, Inc.		48,000		7,571,520
Microsoft Corp.		123,000		12,493,110
Oracle Corp.		11,308		510,556
salesforce.com, Inc.*		3,733		511,309
Texas Instruments, Inc.		60,000		5,670,000
Visa, Inc. - Class A		53,000		6,992,820
				37,979,615

Health Care — 11.0%
AmerisourceBergen Corp.		23,954		1,782,178
Amgen, Inc.		15,000		2,920,050
Becton Dickinson and Co.		13,000		2,929,160
Biogen, Inc.*		5,000		1,504,600
Bristol-Myers Squibb Co.		45,000		2,339,100
CVS Health Corp.		10,000		655,200
Johnson & Johnson		23,000		2,968,150
Merck & Co., Inc.		70,000		5,348,700
Novartis AG (Switzerland) ADR		28,756		2,467,552
Stryker Corp.		15,000		2,351,250
UnitedHealth Group, Inc.		20,000		4,982,400
Zoetis, Inc.		40,000		3,421,600
				33,669,940

Financials — 9.0%
American Express Co.		25,000		2,383,000
Berkshire Hathaway, Inc. - Class B*		27,693		5,654,357
CME Group, Inc.		18,000		3,386,160
JPMorgan Chase & Co.		39,000		3,807,180
Morgan Stanley		100,000		3,965,000
PNC Financial Services
Group, Inc. (The)		27,000		3,156,570
S&P Global, Inc.		20,000		3,398,800
Signature Bank/NewYork NY		17,239		1,772,342
				27,523,409

Industrials — 6.6%
Boeing Co. (The)		20,000		6,450,000
Canadian National Railway Co.
(Canada)		32,000		2,371,520
General Dynamics Corp.		14,000		2,200,940
Honeywell International, Inc.		35,000		4,624,200
Resideo Technologies, Inc.*		5,833		119,868
United Technologies Corp.		22,000		2,342,560
Verisk Analytics, Inc.*		20,000		2,180,800
				20,289,888

Consumer Discretionary — 6.6%
Amazon.com, Inc.*		1,301		1,954,063
Carnival Corp.		18,121		893,365
Garrett Motion, Inc. (Switzerland)*		3,500		43,190
Home Depot, Inc. (The)		8,683		1,491,913
JD.com, Inc. (China) ADR*		59,294		1,241,023
Marriott International, Inc. - Class A		31,100		3,376,216
McDonald's Corp.		33,000		5,859,810
Starbucks Corp.		20,393		1,313,309
TJX Cos., Inc. (The)		90,000		4,026,600
				20,199,489

Communication Services — 5.9%
Alphabet, Inc. - Class C*		6,000		6,213,660
AT&T, Inc.		28,740		820,240
Comcast Corp. - Class A		120,000		4,086,000
Facebook, Inc. - Class A*		22,420		2,939,038
Verizon Communications, Inc.		75,000		4,216,500
				18,275,438

Consumer Staples — 5.5%
Kraft Heinz Co. (The)		30,000		1,291,200
Monster Beverage Corp.*		18,792		924,942
PepsiCo, Inc.		40,000		4,419,200
Philip Morris International, Inc.		40,000		2,670,400
Procter & Gamble Co. (The)		40,000		3,676,800
Unilever NV (United Kingdom)		70,000		3,766,000
				16,748,542

Energy — 3.5%
Chevron Corp.		20,000		2,175,800
EOG Resources, Inc.		25,000		2,180,250
Exxon Mobil Corp.		38,000		2,591,220
Marathon Petroleum Corp.		40,000		2,360,400
Schlumberger Ltd.		37,700		1,360,216
				10,667,886

Materials — 1.3%
DowDuPont, Inc.		38,460		2,056,841
Linde PLC (United Kingdom)		12,000		1,872,480
				3,929,321

Real Estate — 0.7%
Jones Lang LaSalle, Inc.		7,564		957,602
Simon Property Group, Inc. REIT		6,587		1,106,550
				2,064,152
Total Common Stocks			$	191,347,680

Principal
Amount

			Corporate Bonds — 13.2%

			Financials — 3.5%
$	78,000		Allstate Corp. (The), Ser B, 5.750%, 8/15/53	76,050
	440,000		American Express Co., 3.000%, 10/30/24	421,054
	355,000		Bank of America Corp., 3.705%, 4/24/28	340,540
	535,000		Bank of America Corp. MTN, 4.000%, 1/22/25	521,168
	390,000		Bank of Montreal (Canada), 3.803%, 12/15/32	361,140
	449,000	��	Bank of New York Mellon Corp. (The) MTN, 2.950%, 1/29/23	441,933

Touchstone Balanced Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 13.2% (Continued)

		Financials — (Continued)
$	435,000	Barclays PLC (United Kingdom), 4.610%, 2/15/23	$	431,329
	380,000	BB&T Corp. MTN, 2.850%, 10/26/24		365,091
	330,000	Citigroup, Inc., 3.300%, 4/27/25		313,387
	197,000	Citigroup, Inc., 4.750%, 5/18/46		182,118
	305,000	Credit Suisse AG/New York NY (Switzerland) MTN, 3.625%, 9/9/24		299,263
	345,000	Fifth Third Bancorp, 2.875%, 7/27/20		343,010
	385,000	General Motors Financial Co., Inc., 3.200%, 7/13/20		380,221
	440,000	Goldman Sachs Group, Inc. (The), (3M LIBOR +1.000%), 3.487%, 7/24/23^(A)		427,543
	150,000	Goldman Sachs Group, Inc. (The), 3.691%, 6/5/28		139,406
	350,000	Goldman Sachs Group, Inc. (The), 5.250%, 7/27/21		363,332
	335,000	HSBC Holdings PLC (United Kingdom), 3.900%, 5/25/26		320,999
	562,000	Huntington Bancshares, Inc., 4.000%, 5/15/25		564,936
	350,000	JPMorgan Chase & Co., (3M LIBOR +0.730%), 3.207%, 4/23/24^(A)		338,151
	270,000	JPMorgan Chase & Co., 3.250%, 9/23/22		267,856
	425,000	JPMorgan Chase & Co., 3.509%, 1/23/29		402,434
	416,000	Lloyds Banking Group PLC (United Kingdom), 3.574%, 11/7/28		370,042
	148,000	Morgan Stanley, 3.737%, 4/24/24		146,740
	470,000	Morgan Stanley, 3.950%, 4/23/27		443,113
	300,000	Northwestern Mutual Life Insurance Co. (The), 144a, 3.850%, 9/30/47		271,666
	370,000	PNC Bank NA, 2.700%, 11/1/22		359,548
	339,000	Prudential Financial, Inc., 5.625%, 6/15/43		331,993
	434,000	Royal Bank of Canada (Canada) MTN, 3.200%, 4/30/21		433,955
	380,000	SunTrust Banks, Inc., 4.000%, 5/1/25		381,221
	285,000	Wells Fargo & Co., 2.100%, 7/26/21		276,102
	270,000	Wells Fargo & Co., 4.125%, 8/15/23		271,595
	63,000	Wells Fargo & Co. MTN, 4.100%, 6/3/26		61,521
				10,648,457

		Health Care — 1.2%
	114,000	Abbott Laboratories, 3.750%, 11/30/26		112,586
	365,000	AbbVie, Inc., 4.450%, 5/14/46		319,280
	260,000	Allergan Funding SCS (Luxembourg), 3.800%, 3/15/25		253,818
	322,000	Allergan Sales LLC, 144a, 5.000%, 12/15/21		331,306
	299,000	Celgene Corp., 5.000%, 8/15/45		276,480
	312,000	Cigna Corp., 144a, 4.375%, 10/15/28		313,741
	475,000	CVS Health Corp., 4.300%, 3/25/28		464,364
	230,000	CVS Health Corp., 5.125%, 7/20/45		223,884
	327,000	Express Scripts Holding Co., 3.300%, 2/25/21		325,800
	270,000	Thermo Fisher Scientific, Inc., 3.600%, 8/15/21		270,794
	442,000	UnitedHealth Group, Inc., 2.375%, 10/15/22		428,433
	287,000	Zimmer Biomet Holdings, Inc., 3.150%, 4/1/22		280,603
	139,000	Zoetis, Inc., 3.250%, 2/1/23		136,900
				3,737,989

		Energy — 1.2%
	224,000	Boardwalk Pipelines LP, 4.450%, 7/15/27		206,820
	333,000	Cenovus Energy, Inc. (Canada), 4.250%, 4/15/27		303,304
	350,000	Cheniere Corpus Christi Holdings LLC, 7.000%, 6/30/24		369,250
	301,000	Columbia Pipeline Group, Inc., 4.500%, 6/1/25		303,168
	418,000	Enbridge, Inc. (Canada), (3M LIBOR +0.700%), 3.488%, 6/15/20^(A)		416,554
	243,000	Energy Transfer Partners LP, 4.950%, 6/15/28		237,754
	264,000	EOG Resources, Inc., 3.900%, 4/1/35		249,244
	440,000	Kinder Morgan Energy Partners LP, 3.500%, 9/1/23		427,403
	106,000	Midcontinent Express Pipeline LLC, 144a, 6.700%, 9/15/19		106,994
	324,000	Newfield Exploration Co., 5.375%, 1/1/26		317,520
	89,000	NGPL PipeCo LLC, 144a, 7.768%, 12/15/37		101,460
	307,000	Petroleos Mexicanos (Mexico), 4.500%, 1/23/26		264,634
	53,000	Petroleos Mexicanos (Mexico), 144a, 5.350%, 2/12/28		46,242
	100,000	Shell International Finance BV (Netherlands), 1.875%, 5/10/21		97,399
	286,000	Valero Energy Corp., 4.350%, 6/1/28		283,329
				3,731,075

		Consumer Staples — 1.2%
	379,620	Anheuser-Busch InBev Finance, Inc., 4.900%, 2/1/46		352,054
	242,000	Ashtead Capital, Inc., 144a, 4.375%, 8/15/27		217,800
	438,000	Cargill, Inc., 144a, 3.050%, 4/19/21		437,566
	336,000	Conagra Brands, Inc., 4.850%, 11/1/28		330,413
	205,000	General Mills, Inc., 3.200%, 4/16/21		203,874
	380,000	Grupo Bimbo SAB de CV (Mexico), 144a, 4.500%, 1/25/22		387,031
	475,000	Imperial Brands Finance PLC (United Kingdom), 144a, 4.250%, 7/21/25		467,202
	255,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		284,512
	140,000	Kroger Co. (The), 5.000%, 4/15/42		133,256
	374,000	Moody's Corp., 2.750%, 12/15/21		366,781

Touchstone Balanced Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 13.2% (Continued)

		Consumer Staples — (Continued)
$	351,000	Reynolds American, Inc., 4.450%, 6/12/25	$	338,446
	200,000	Tyson Foods, Inc., 3.900%, 9/28/23		199,722
				3,718,657

		Industrials — 1.1%
	103,649	Air Canada 2015-1 Class A Pass Through Trust (Canada), 144a, 3.600%, 3/15/27		99,629
	418,000	Burlington Northern Santa Fe LLC, 5.750%, 5/1/40		489,506
	370,000	CRH America Finance, Inc., 144a, 4.500%, 4/4/48		328,882
	377,000	Eagle Materials, Inc., 4.500%, 8/1/26		374,308
	166,000	Embraer Netherlands Finance BV (Netherlands), 5.050%, 6/15/25		167,869
	167,000	Embraer Netherlands Finance BV (Netherlands), 5.400%, 2/1/27		172,429
	280,000	FedEx Corp., 5.100%, 1/15/44		275,649
	500,000	General Electric Co., 4.125%, 10/9/42		390,671
	330,000	Vulcan Materials Co., 4.500%, 4/1/25		327,814
	400,000	Wabtec Corp., 4.700%, 9/15/28		375,143
	420,000	Westrock Co., 144a, 4.650%, 3/15/26		426,418
				3,428,318

		Communication Services — 1.1%
	254,000	Activision Blizzard, Inc., 4.500%, 6/15/47		227,861
	552,000	AT&T, Inc., 3.800%, 3/15/22		554,407
	88,000	AT&T, Inc., 4.350%, 6/15/45		74,366
	368,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45		378,281
	232,000	Comcast Corp., 4.000%, 3/1/48		211,405
	267,000	Cox Communications, Inc., 144a, 3.350%, 9/15/26		246,334
	267,000	Interpublic Group of Cos., Inc. (The), 3.750%, 10/1/21		268,666
	250,000	Qwest Corp., 6.750%, 12/1/21		255,613
	426,000	Telecom Italia SpA/Milano (Italy), 144a, 5.303%, 5/30/24		404,700
	130,000	Verizon Communications, Inc., 4.672%, 3/15/55		119,379
	285,000	Verizon Communications, Inc., 5.012%, 4/15/49		283,975
	287,000	Warner Media LLC, 3.800%, 2/15/27		269,293
				3,294,280

		Consumer Discretionary — 1.0%
	105,000	Aptiv PLC (Jersey), 3.150%, 11/19/20		103,950
	89,000	AutoNation, Inc., 5.500%, 2/1/20		90,940
	658,000	BMW US Capital LLC, 144a, 3.100%, 4/12/21		651,676
	410,000	Booking Holdings, Inc., 3.600%, 6/1/26		398,334
	434,000	Dollar Tree, Inc., (3M LIBOR +0.700%), 3.149%, 4/17/20^(A)		431,232
	118,000	Ford Motor Co., 4.750%, 1/15/43		91,000
	217,000	Ford Motor Credit Co. LLC, 4.140%, 2/15/23		206,261
	150,000	General Motors Financial Co., Inc., 3.950%, 4/13/24		142,456
	279,000	General Motors Financial Co., Inc., 4.350%, 4/9/25		264,340
	285,000	Home Depot, Inc. (The), 5.950%, 4/1/41		349,726
	434,000	Toyota Motor Credit Corp. MTN, 2.950%, 4/13/21		434,065
				3,163,980

		Real Estate — 0.9%
	390,000	Boston Properties LP REIT, 3.200%, 1/15/25		372,401
	403,000	Crown Castle International Corp. REIT, 3.650%, 9/1/27		373,597
	202,000	Kimco Realty Corp. REIT, 3.125%, 6/1/23		195,374
	288,000	Mid-America Apartments LP, REIT, 3.750%, 6/15/24		285,284
	149,000	Sabra Health Care LP REIT, 5.125%, 8/15/26		138,089
	110,000	SL Green Operating Partnership LP REIT, 3.250%, 10/15/22		106,282
	244,000	Spirit Realty LP REIT, 4.450%, 9/15/26		234,405
	795,000	VEREIT Operating Partnership LP REIT, 4.600%, 2/6/24		803,744
	309,000	Welltower, Inc. REIT, 4.250%, 4/1/26		308,450
				2,817,626

		Information Technology — 0.9%
	899,000	Apple, Inc., 2.750%, 1/13/25		866,869
	110,000	Apple, Inc., 4.650%, 2/23/46		116,439
	235,000	Dell International LLC / EMC Corp., 144a, 6.020%, 6/15/26		236,063
	210,000	Microsoft Corp., 3.500%, 2/12/35		200,425
	430,000	NXP BV / NXP Funding LLC (Netherlands), 144a, 5.350%, 3/1/26		437,310
	351,000	Oracle Corp., 2.650%, 7/15/26		325,293
	340,000	QUALCOMM, Inc., 3.450%, 5/20/25		327,125
	297,000	Visa, Inc., 4.150%, 12/14/35		307,160
				2,816,684

		Materials — 0.6%
	250,000	Braskem America Finance Co., 144a, 7.125%, 7/22/41		271,125
	520,000	DowDuPont, Inc., 4.493%, 11/15/25		535,380
	398,000	Sherwin-Williams Co. (The), 4.500%, 6/1/47		358,902
	470,000	Suzano Austria GmbH (Austria), 144a, 5.750%, 7/14/26		479,400
				1,644,807

Touchstone Balanced Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 13.2% (Continued)

		Utilities — 0.5%
$	105,000	DTE Energy Co., 3.700%, 8/1/23	$	104,265
	237,000	Duke Energy Progress LLC, 4.150%, 12/1/44		230,083
	329,000	Electricite de France SA (France), 144a, 4.500%, 9/21/28		318,879
	250,000	NextEra Energy Capital Holdings, Inc., 2.800%, 1/15/23		241,259
	76,000	Oncor Electric Delivery Co. LLC, 3.800%, 9/30/47		71,871
	125,000	Pacific Gas & Electric Co., 144a, 4.650%, 8/1/28		114,596
	125,000	PacifiCorp., 5.750%, 4/1/37		149,222
	170,000	WEC Energy Group, Inc., (3M LIBOR +2.113%), 4.729%, 5/15/67^(A)		138,705
				1,368,880
		Total Corporate Bonds	$	40,370,753

		U.S. Treasury Obligations — 10.1%
	164,000	U.S. Treasury Bond, 3.000%, 8/15/48		163,225
	120,000	U.S. Treasury Bond, 3.125%, 5/15/48		122,278
	4,870,000	U.S. Treasury Inflation Indexed Bonds, 1.000%, 2/15/48		4,732,429
	5,845,000	U.S. Treasury Inflation Indexed Notes, 0.750%, 7/15/28		5,763,300
	2,365,000	U.S. Treasury Note, 2.500%, 5/31/20		2,362,875
	14,194,000	U.S. Treasury Note, 2.500%, 3/31/23		14,195,663
	3,500,000	U.S. Treasury Note, 2.875%, 8/15/28		3,554,141
		Total U.S. Treasury Obligations	$	30,893,911

		U.S. Government Mortgage-Backed Obligations — 6.7%
	3,591	FHLMC, Pool #G08062, 5.000%, 6/1/35		3,813
	565,242	FHLMC, Pool #G08637, 4.000%, 4/1/45		577,577
	532	FHLMC, Pool #G18091, 6.000%, 12/1/20		538
	7,470	FHLMC, Pool #P00020, 6.500%, 10/1/22		7,468
	2,401,183	FHLMC, Pool #Q02664, 4.500%, 8/1/41		2,514,157
	3,366,093	FHLMC, Pool #Q29056, 4.000%, 10/1/44		3,440,371
	1,595,616	FHLMC, Pool #Q29260, 4.000%, 10/1/44		1,630,889
	380	FNMA, Pool #255273, 4.500%, 6/1/19		387
	156	FNMA, Pool #255358, 5.000%, 9/1/19		159
	32	FNMA, Pool #687301, 6.000%, 11/1/32		34
	1,220	FNMA, Pool #690305, 5.500%, 3/1/33		1,290
	672,461	FNMA, Pool #725423, 5.500%, 5/1/34		724,075
	634,408	FNMA, Pool #725610, 5.500%, 7/1/34		683,272
	68,523	FNMA, Pool #748895, 6.000%, 12/1/33		71,006
	345,660	FNMA, Pool #AD9193, 5.000%, 9/1/40		366,912
	750,857	FNMA, Pool #AH8925, 4.500%, 3/1/41		785,785
	957,880	FNMA, Pool #AL2860, 3.000%, 12/1/42		942,187
	423,023	FNMA, Pool #AL5718, 3.500%, 9/1/44		425,014
	620,201	FNMA, Pool #AR9195, 3.000%, 3/1/43		609,832
	1,184,654	FNMA, Pool #AS4707, 3.500%, 4/1/45		1,189,133
	1,455,886	FNMA, Pool #AS8703, 2.500%, 2/1/32		1,422,374
	1,850,385	FNMA, Pool #AZ7347, 3.000%, 11/1/45		1,809,238
	1,953,691	FNMA, Pool #BC1809, 3.500%, 5/1/46		1,959,566
	1,191,863	GNMA, Pool #5175, 4.500%, 9/20/41		1,250,438
		Total U.S. Government Mortgage-Backed Obligations	$	20,415,515

	Shares

Exchange-Traded Fund — 1.7%
iShares JP Morgan USD Emerging Markets Bond ETF		49,202	$	5,112,580

Principal Amount

		Non-Agency Collateralized Mortgage Obligations — 1.6%
$	777,523	Agate Bay Mortgage Trust, Ser 2015-7, Class B1, 144a, 3.766%, 10/25/45^(A)(B)		784,077
	778,521	CSMC Trust, Ser 2015-1, Class B3, 144a, 3.941%, 1/25/45^(A)(B)		761,383
	883,908	CSMC Trust, Ser 2015-WIN1, Class B3, 144a, 3.858%, 12/25/44^(A)(B)		880,012
	828,171	CSMC Trust, Ser 2018-RPL9, Class A, 144a, 3.850%, 9/25/57^(A)(B)		838,236
	758,232	PMT Loan Trust, Ser 2013-J1, Class A11, 144a, 3.500%, 9/25/43^(A)(B)		750,170
	853,427	Sequoia Mortgage Trust 2015-2, Ser 2015-2, Class A19, 144a, 3.500%, 5/25/45^(A)(B)		832,324
		Total Non-Agency Collateralized Mortgage Obligations	$	4,846,202

		Asset-Backed Securities — 1.2%
	399,523	Adams Outdoor Advertising LP, Ser 2018-1, Class A, 144a, 4.810%, 11/15/48		410,897
	1,350,000	Hertz Vehicle Financing II LP, Ser 2016-4A, Class A, 144a, 2.650%, 7/25/22		1,321,739
	839,375	Jimmy Johns Funding LLC, Ser 2017-1A, Class A2I, 144a, 3.610%, 7/30/47		837,000
	1,336,508	Wendy's Funding LLC, Ser 2018-1A, Class A2I, 144a, 3.573%, 3/15/48		1,280,830
		Total Asset-Backed Securities	$	3,850,466

		Agency Collateralized Mortgage Obligations — 1.0%
	1,181,402	FHLMC REMIC, Ser 3859 Class JB, 5.000%, 5/15/41		1,251,181
	900,000	FNMA REMIC, Ser 2013-111, Class BA, 3.000%, 11/25/33		882,075

Touchstone Balanced Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Agency Collateralized Mortgage Obligations — 1.0% (Continued)
$	750,000	GNMA, Ser 2010-169, Class AW, 4.500%, 12/20/40	$	782,615
	7,420,103	GNMA, Ser 2012-147, Class IO, 0.563%, 4/16/54^(A)(B)(C)		255,276
		Total Agency Collateralized Mortgage Obligations	$	3,171,147

		Commercial Mortgage-Backed Securities — 0.7%
	1,400,000	GS Mortgage Securities Trust, Ser 2017-FARM, Class B, 144a, 3.541%, 1/10/43^(A)(B)		1,357,132
	800,000	STWD 2018-URB Mortgage Trust, Ser 2018-URB, Class C, 144a, (1M LIBOR + 1.550%), 4.005%, 5/15/35^(A)		793,551
		Total Commercial Mortgage-Backed Securities	$	2,150,683

		Sovereign Government Obligations — 0.5%
	238,000	Colombia Government International Bond, 5.000%, 6/15/45		226,576
	345,000	Mexico Government International Bond, 4.350%, 1/15/47		295,665
	359,000	Province of Alberta Canada, 2.200%, 7/26/22		350,961
	417,000	Province of Ontario Canada, 1.875%, 5/21/20		412,264
	140,000	Uruguay Government International Bond, 4.975%, 4/20/55		133,141
		Total Sovereign Government Obligations	$	1,418,607

	Shares

Preferred Stock — 0.0%

Utilities — 0.0%
Integrys Holding, Inc., 6.000%, 8/1/73		2,052	$	48,530

Short-Term Investment Fund — 0.5%
Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		1,534,841	$	1,534,841

Total Investment Securities —99.7%
(Cost $204,736,226)			$	305,160,915

Other Assets in Excess of Liabilities — 0.3%				879,898

Net Assets — 100.0%			$	306,040,813

^(A)

Variable rate security - Rate reflected is the rate in effect as of December 31, 2018.

^(B)

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

^(C)

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

Non-income producing security.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

USD - United States Dollar

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities were valued at $17,543,371 or 5.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone Balanced Fund (Unaudited) (Continued)

Other Information:

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

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	191,347,680	$	—	$	—	$	191,347,680
Corporate Bonds		—		40,370,753		—		40,370,753
U.S. Treasury Obligations		—		30,893,911		—		30,893,911
U.S. Government Mortgage-Backed Obligations		—		20,415,515		—		20,415,515
Exchange-Traded Fund		5,112,580		—		—		5,112,580
Non-Agency Collateralized Mortgage Obligations		—		4,846,202		—		4,846,202
Asset-Backed Securities		—		3,850,466		—		3,850,466
Agency Collateralized Mortgage Obligations		—		3,171,147		—		3,171,147
Commercial Mortgage-Backed Securities		—		2,150,683		—		2,150,683
Sovereign Government Obligations		—		1,418,607		—		1,418,607
Preferred Stock		48,530		—		—		48,530
Short-Term Investment Fund		1,534,841		—		—		1,534,841
Total	$	198,043,631	$	107,117,284	$	—	$	305,160,915

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Credit Opportunities Fund– December 31, 2018 (Unaudited)

Principal			Market
Amount			Value

		Corporate Bonds — 72.7%

		Communication Services — 15.1%
$	524,000	Altice Luxembourg SA (Luxembourg), 144a, 7.625%, 2/15/25†	$	391,690
	480,000	Altice Luxembourg SA (Luxembourg), 144a, 7.750%, 5/15/22		436,800
	255,000	AMC Networks, Inc., 4.750%, 8/1/25		231,413
	350,000	Block Communications, Inc., 144a, 6.875%, 2/15/25		350,875
	300,000	Cablevision Systems Corp., 5.875%, 9/15/22		294,750
	315,000	CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.000%, 2/1/28^(A)		289,800
	190,000	CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 5.125%, 5/1/27		176,966
	58,000	CSC Holdings LLC, 5.250%, 6/1/24		53,143
	500,000	CSC Holdings LLC, 144a, 5.375%, 7/15/23		487,600
	133,000	Digicel Group Ltd. (Bermuda), 144a, 8.250%, 9/30/20		89,775
	230,000	Frontier Communications Corp., 11.000%, 9/15/25		143,164
	60,000	Frontier Communications Corp., 144a, 8.500%, 4/1/26		52,500
	74,000	Gray Escrow, Inc., 144a, 7.000%, 5/15/27		72,015
	285,000	Gray Television, Inc., 144a, 5.125%, 10/15/24		262,770
	240,000	Inmarsat Finance PLC (United Kingdom), 144a, 6.500%, 10/1/24		224,400
	210,000	Intelsat Jackson Holdings SA (Luxembourg), 5.500%, 8/1/23		182,700
	120,000	Intelsat Jackson Holdings SA (Luxembourg), 144a, 8.000%, 2/15/24		123,600
	500,000	Level 3 Financing, Inc., 5.375%, 1/15/24		476,250
	385,000	Netflix, Inc., 4.875%, 4/15/28		351,312
	404,000	Nexstar Broadcasting, Inc., 144a, 5.625%, 8/1/24		377,740
	262,000	Sinclair Television Group, Inc., 144a, 5.125%, 2/15/27		231,215
	300,000	Sinclair Television Group, Inc., 144a, 5.625%, 8/1/24		281,250
	5,000	Sirius XM Radio, Inc., 144a, 5.000%, 8/1/27		4,569
	300,000	Sirius XM Radio, Inc., 144a, 5.375%, 7/15/26^(A)		280,500
	443,000	Sprint Corp., 7.625%, 2/15/25		443,000
	350,000	T-Mobile USA, Inc., 4.750%, 2/1/28		316,750
	215,000	Townsquare Media, Inc., 144a, 6.500%, 4/1/23		197,800
	250,000	Tribune Media Co., 5.875%, 7/15/22^(A)		251,250
	125,000	Videotron Ltd. (Canada), 144a, 5.125%, 4/15/27		118,125
				7,193,722

		Consumer Discretionary — 11.1%
	230,000	Boyd Gaming Corp., 6.375%, 4/1/26		222,525
	110,000	Carlson Travel, Inc., 144a, 6.750%, 12/15/23		106,013
	100,000	Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 6/1/24		97,750
	95,000	Delphi Technologies PLC (Jersey), 144a, 5.000%, 10/1/25		79,800
	185,000	Enterprise Development Authority (The), 144a, 12.000%, 7/15/24		168,350
	140,000	Golden Nugget, Inc., 144a, 6.750%, 10/15/24		131,950
	379,000	Group 1 Automotive, Inc., 5.000%, 6/1/22		359,102
	590,000	Hillman Group, Inc. (The), 144a, 6.375%, 7/15/22		477,900
	600,000	IRB Holding Corp., 144a, 6.750%, 2/15/26		525,000
	33,000	JELD-WEN, Inc., 144a, 4.625%, 12/15/25		28,875
	575,000	JELD-WEN, Inc., 144a, 4.875%, 12/15/27		485,875
	385,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144a, 4.750%, 6/1/27		358,050
	140,000	L Brands, Inc., 6.875%, 11/1/35		116,928
	145,000	MGM Resorts International, 5.750%, 6/15/25		139,925
	119,000	Penske Automotive Group, Inc., 5.500%, 5/15/26		110,670
	77,000	PetSmart, Inc., 144a, 5.875%, 6/1/25		55,632
	714,000	Sabre GLBL, Inc., 144a, 5.250%, 11/15/23^(A)		705,075
	34,000	Scientific Games International, Inc., 144a, 5.000%, 10/15/25		30,345
	557,000	Six Flags Entertainment Corp., 144a, 4.875%, 7/31/24		524,972
	250,000	Six Flags Entertainment Corp., 144a, 5.500%, 4/15/27		235,625
	380,000	Station Casinos LLC, 144a, 5.000%, 10/1/25		343,900
				5,304,262

		Industrials — 9.8%
	462,000	Air Medical Group Holdings, Inc., 144a, 6.375%, 5/15/23		390,390
	159,000	Avolon Holdings Funding Ltd. (Cayman Islands), 144a, 5.125%, 10/1/23		151,845
	185,000	Berry Global, Inc., 144a, 4.500%, 2/15/26		169,275
	50,000	Bombardier, Inc. (Canada), 144a, 6.000%, 10/15/22		46,875
	289,000	Bombardier, Inc. (Canada), 144a, 7.500%, 12/1/24		272,383

Touchstone Credit Opportunities Fund(Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 72.7% (Continued)

		Industrials — (Continued)
$	201,000	BWX Technologies, Inc., 144a, 5.375%, 7/15/26	$	193,402
	141,000	Core & Main LP, 144a, 6.125%, 8/15/25		124,080
	30,000	DAE Funding LLC, 144a, 4.500%, 8/1/22		28,800
	250,000	DAE Funding LLC, 144a, 5.750%, 11/15/23		247,500
	132,000	GFL Environmental, Inc. (Canada), 144a, 5.375%, 3/1/23		115,500
	171,000	HD Supply, Inc., 144a, 5.375%, 10/15/26		165,870
	250,000	KAR Auction Services, Inc., 144a, 5.125%, 6/1/25		225,625
	320,000	Multi-Color Corp., 144a, 4.875%, 11/1/25		275,200
	191,000	Novelis Corp., 144a, 5.875%, 9/30/26		169,035
	326,000	OI European Group BV (Netherlands), 144a, 4.000%, 3/15/23		304,810
	273,000	RBS Global, Inc. / Rexnord LLC, 144a, 4.875%, 12/15/25		247,748
	54,000	Refinitiv US Holdings, Inc., 144a, 8.250%, 11/15/26		49,342
	474,000	Sensata Technologies BV (Netherlands), 144a, 5.000%, 10/1/25		445,560
	69,000	TransDigm, Inc., 6.000%, 7/15/22		67,965
	250,000	TransDigm, Inc., 6.500%, 5/15/25		238,750
	405,000	Tutor Perini Corp., 144a, 6.875%, 5/1/25		376,650
	375,000	United Rentals North America, Inc., 5.875%, 9/15/26		353,438
				4,660,043

		Energy — 9.3%
	81,000	Calfrac Holdings LP, 144a, 8.500%, 6/15/26		57,510
	114,000	California Resources Corp., 144a, 8.000%, 12/15/22†		77,235
	33,000	Carrizo Oil & Gas, Inc., 6.250%, 4/15/23		30,525
	226,000	Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25		216,960
	348,000	Extraction Oil & Gas, Inc., 144a, 5.625%, 2/1/26		254,040
	63,000	Extraction Oil & Gas, Inc., 144a, 7.375%, 5/15/24		51,975
	387,000	FTS International, Inc., 6.250%, 5/1/22		342,495
	106,000	Great Western Petroleum LLC / Great Western Finance Corp., 144a, 9.000%, 9/30/21		96,460
	191,000	Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 144a, 5.625%, 2/15/26		184,792
	69,000	Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.000%, 12/1/24		61,065
	73,000	Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 5.750%, 10/1/25		64,970
	110,000	Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.250%, 11/1/28		96,800
	198,000	Murphy Oil Corp., 6.875%, 8/15/24		196,930
	27,000	Murray Energy Corp., 144a, 11.250%, 4/15/21		16,841
	168,475	Murray Energy Corp., 144a, 12.000%, 4/15/24^(B)		90,976
	99,000	Parsley Energy LLC / Parsley Finance Corp., 144a, 5.375%, 1/15/25		91,080
	500,000	Parsley Energy LLC / Parsley Finance Corp., 144a, 6.250%, 6/1/24		485,000
	230,000	Peabody Energy Corp., 144a, 6.000%, 3/31/22		223,100
	195,000	Rowan Cos., Inc., 7.375%, 6/15/25		156,488
	200,000	Seven Generations Energy Ltd. (Canada), 144a, 5.375%, 9/30/25		179,000
	220,000	SRC Energy, Inc., 6.250%, 12/1/25		182,600
	207,000	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.500%, 8/15/22		196,650
	347,000	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.750%, 4/15/25		319,240
	89,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 144a, 5.875%, 4/15/26		86,552
	78,000	TerraForm Power Operating LLC, 144a, 4.250%, 1/31/23		72,735
	45,000	TerraForm Power Operating LLC, 144a, 5.000%, 1/31/28		39,600
	188,000	Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 144a, 9.750%, 4/15/23		150,400
	40,000	Weatherford International LLC, 144a, 9.875%, 3/1/25		24,300
	60,000	Weatherford International Ltd. (Bermuda), 5.875%, 7/1/21		37,617
	35,000	Weatherford International Ltd. (Bermuda), 9.875%, 2/15/24†		21,350
	50,000	Whiting Petroleum Corp., 5.750%, 3/15/21		47,500
	239,000	Whiting Petroleum Corp., 6.250%, 4/1/23		217,490
	80,000	Whiting Petroleum Corp., 6.625%, 1/15/26		68,600
				4,438,876

		Health Care — 8.4%
	92,000	Acadia Healthcare Co., Inc., 5.125%, 7/1/22		87,860
	320,000	Acadia Healthcare Co., Inc., 5.625%, 2/15/23		303,200
	18,000	Acadia Healthcare Co., Inc., 6.500%, 3/1/24		17,370

Touchstone Credit Opportunities Fund(Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 72.7% (Continued)

		Health Care — (Continued)
$	444,000	Bausch Health Cos, Inc. (Canada), 144a, 5.500%, 3/1/23	$	406,260
	4,000	Bausch Health Cos, Inc. (Canada), 144a, 5.625%, 12/1/21		3,940
	100,000	Bausch Health Cos, Inc. (Canada), 144a, 6.125%, 4/15/25		87,250
	100,000	Bausch Health Cos, Inc. (Canada), 144a, 6.500%, 3/15/22		100,500
	443,000	BioScrip, Inc., 8.875%, 2/15/21†		413,098
	160,000	Centene Corp., 4.750%, 1/15/25		152,800
	95,000	Centene Corp., 6.125%, 2/15/24^(A)		97,256
	410,000	DJO Finance LLC / DJO Finance Corp., 144a, 8.125%, 6/15/21		422,300
	100,000	HCA, Inc., 7.690%, 6/15/25		106,500
	222,000	Hill-Rom Holdings, Inc., 144a, 5.000%, 2/15/25		210,900
	23,000	Immucor, Inc., 144a, 11.125%, 2/15/22		23,000
	295,000	Molina Healthcare, Inc., 5.375%, 11/15/22		284,675
	100,000	Molina Healthcare, Inc., 144a, 4.875%, 6/15/25		91,250
	157,000	RegionalCare Hospital Partners Holdings, Inc., 144a, 8.250%, 5/1/23		158,570
	356,000	Sotera Health Holdings LLC, 144a, 6.500%, 5/15/23		340,870
	220,000	Tenet Healthcare Corp., 4.625%, 7/15/24		204,600
	424,000	Tenet Healthcare Corp., 7.000%, 8/1/25†		392,200
	85,000	WellCare Health Plans, Inc., 144a, 5.375%, 8/15/26		82,025
				3,986,424

		Materials — 5.5%
	145,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland), 144a, 6.000%, 2/15/25		133,852
	214,000	Constellium NV (Netherlands), 144a, 5.750%, 5/15/24		196,880
	95,000	Constellium NV (Netherlands), 144a, 5.875%, 2/15/26		84,550
	530,000	Crown Americas LLC / Crown Americas Capital Corp. VI, 144a, 4.750%, 2/1/26		499,525
	135,000	First Quantum Minerals Ltd. (Canada), 144a, 6.875%, 3/1/26		108,338
	109,000	Freeport-McMoRan, Inc., 4.000%, 11/14/21		106,002
	210,000	Freeport-McMoRan, Inc., 5.400%, 11/14/34^(A)		165,375
	160,000	Freeport-McMoRan, Inc., 5.450%, 3/15/43		121,800
	93,000	HB Fuller Co., 4.000%, 2/15/27		78,120
	223,000	Kraton Polymers LLC / Kraton Polymers Capital Corp., 144a, 7.000%, 4/15/25		205,160
	625,000	New Gold, Inc. (Canada), 144a, 6.250%, 11/15/22		525,000
	100,000	New Gold, Inc. (Canada), 144a, 6.375%, 5/15/25		76,000
	105,000	Olin Corp., 5.000%, 2/1/30		92,006
	91,000	Starfruit Finco BV / Starfruit US Holdco LLC, 144a, 8.000%, 10/1/26†		84,175
	101,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. (Luxembourg), 144a, 5.375%, 9/1/25		88,274
	100,000	Tronox Finance PLC (United Kingdom), 144a, 5.750%, 10/1/25		81,000
				2,646,057

		Information Technology — 4.0%
	245,000	Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 SARL/Greeneden US Ho, 144a, 10.000%, 11/30/24		256,638
	526,000	NCR Corp., 5.000%, 7/15/22		495,755
	395,000	Nielsen Co. Luxembourg SARL (The) (Luxembourg), 144a, 5.000%, 2/1/25^(A)†		369,325
	325,000	Nielsen Finance LLC / Nielsen Finance Co., 144a, 5.000%, 4/15/22		310,375
	320,000	Radiate Holdco LLC / Radiate Finance, Inc., 144a, 6.625%, 2/15/25		276,800
	200,000	Solera LLC / Solera Finance, Inc., 144a, 10.500%, 3/1/24		213,000
				1,921,893

		Financials — 3.3%
	313,000	Acrisure LLC / Acrisure Finance, Inc., 144a, 7.000%, 11/15/25		266,833
	611,000	ASP AMC Merger Sub, Inc., 144a, 8.000%, 5/15/25		323,830
	750,000	Blue Racer Midstream LLC / Blue Racer Finance Corp., 144a, 6.125%, 11/15/22^(A)		723,750
	315,000	Quicken Loans, Inc., 144a, 5.250%, 1/15/28		278,775
				1,593,188

		Real Estate — 2.9%
	521,000	ESH Hospitality, Inc. REIT, 144a, 5.250%, 5/1/25		484,530
	40,000	GEO Group, Inc. (The) REIT, 5.125%, 4/1/23		36,000
	135,000	GEO Group, Inc. (The) REIT, 6.000%, 4/15/26		118,462

Touchstone Credit Opportunities Fund(Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 72.7% (Continued)

		Real Estate — (Continued)
$	351,000	Iron Mountain, Inc. REIT, 144a, 5.250%, 3/15/28	$	309,758
	498,000	Realogy Group LLC / Realogy Co.-Issuer Corp., 144a, 4.875%, 6/1/23†		433,260
				1,382,010

		Consumer Staples — 1.7%
	380,000	B&G Foods, Inc., 5.250%, 4/1/25^(A)		353,400
	100,000	Clearwater Seafoods, Inc. (Canada), 144a, 6.875%, 5/1/25		95,750
	115,000	Cott Holdings, Inc., 144a, 5.500%, 4/1/25		108,388
	245,000	Simmons Foods, Inc., 144a, 5.750%, 11/1/24		173,950
	70,000	Simmons Foods, Inc., 144a, 7.750%, 1/15/24		70,350
				801,838

		Utilities — 1.6%
	306,000	NGL Energy Partners LP / NGL Energy Finance Corp., 7.500%, 11/1/23		293,760
	31,000	Pacific Gas & Electric Co., 3.300%, 3/15/27		25,519
	31,000	Pacific Gas & Electric Co., 3.500%, 6/15/25		26,568
	60,000	Pacific Gas & Electric Co., 144a, 4.250%, 8/1/23		55,593
	200,000	Vistra Energy Corp., 7.625%, 11/1/24		211,000
	151,000	Vistra Operations Co. LLC, 144a, 5.500%, 9/1/26		145,338
				757,778
		Total Corporate Bonds	$	34,686,091

		Bank Loans^(C) — 16.8%

		Consumer Discretionary — 3.6%
	239,756	Caesars Resort Collection LLC, Term B Loan (LIBOR +2.750%), 5.272%, 12/23/24^(D)		229,823
	174,230	GOBP Holdings, Inc., First Lien Initial Term Loan ( LIBOR + 3.750%), 6.553%, 10/22/25		169,583
	259,526	Golden Nugget, Inc., B Team Loan (LIBOR +2.750%), 5.237%, 10/4/23^(D)		249,145
	109,716	Houghton Mifflin Harcourt Publishers, Inc., Term Loan (LIBOR +3.000%), 5.522%, 5/28/21		99,156
	227,211	IRB Holding Corp., Team B Loan (LIBOR +3.250%), 5.682%, 2/5/25		216,191
	125,752	Jeld-Wen, Inc., Term B-4 Loan (LIBOR +2.000%), 4.803%, 12/14/24		119,360
	112,206	Mohegan Tribal Gaming Authority, Team B Loan (LIBOR + 4.000%), 6.522%, 10/13/23		99,639
	327,799	Petco Animal Supplies Inc, Term Loan (LIBOR +3.250%), 5.777%, 1/26/23		238,746
	216,827	Scientific Games International, Inc., Initial Term B-5 Loan (LIBOR+2.750%), 5.250%, 8/14/24^(D)		202,966
	99,742	Station Casinos LLC, Team B Facility Loan (LIBOR +2.500%), 5.030%, 6/8/23^(D)		95,539
				1,720,148

		Industrials — 3.2%
	298,021	Air Medical Group Holdings Inc, 2018 Term Loan (LIBOR +3.250%), 5.682%, 4/28/22		277,624
	33,978	Avolon TLB Borrower 1 US LLC, Term B-3 Loan (LIBOR +2.000%), 1/15/25^(D)		32,591
	265,733	Cumulus Media New Holdings Inc., Exit Term Loan (LIBOR +4.500%), 7.030%, 5/13/22		248,128
	83,420	Engility Corporation, New Term B-2 Loan (LIBOR +2.750%), 5.272%, 8/14/23		82,769
	56,549	Envigo Laboratories Inc, First Lien Dollar Term Loan (LIBOR +8.500%), 10.930%, 10/28/21		55,531
	471,157	Forterra Finance LLC, Replacement Term Loan (LIBOR +3.000%), 5.522%, 10/25/23		423,872
	199,644	Gardner Denver, Inc., Tranche B-1 Dollar Term Loan (LIBOR +2.750%), 7/30/24^(D)		192,345
	238,325	Sequa Mezzanine Holdings LLC, Initial Term Loan (First Lien) (LIBOR +5.000%), 7.408%, 11/28/21		226,706
				1,539,566

		Health Care — 2.4%
	150,000	Air Methods Corporation, Initial Term Loan (LIBOR +3.500%), 6.303%, 4/21/24		118,071
	101,408	Bausch Health Companies, Inc., Initial Term Loan (LIBOR +3.000%), 5.379%, 6/2/25^(D)		96,648
	352,985	BPA Laboratories, Inc., Term Loan (Second Lien) (LIBOR +7.750%), 10.553%, 4/29/20		324,746
	247,457	DJO Finance LLC, Initial Term Loan (LIBOR +3.250%), 5.709%, 6/8/20		243,869
	117,372	General Nutrition Center, Inc., First in last Out Term Loan (LIBOR +7.000%), 9.530%, 12/31/22		115,611

Touchstone Credit Opportunities Fund(Unaudited) (Continued)

Principal			Market
Amount			Value

		Bank Loans^(C) — 16.8% (Continued)

		Health Care — (Continued)
$	208,860	LifePoint Health, Inc., First Lien Term B Loan (LIBOR +4.500%), 7.129%, 11/14/25	$	197,633
	63,131	Universal Hospital Services, Inc., Delayed Draw Team Loan B (LIBOR +3.000%), 10/20/25^(D)		60,922
				1,157,500

		Energy — 2.2%
	155,385	California Resources Corp., Term Loan (LIBOR +10.375%), 12.897%, 12/31/21^(D)		151,888
	96,739	California Resources Corp., Term Loan (LIBOR +4.750%), 7.256%, 12/31/22		93,514
	88,000	Equitrans Midstream Corp., Term Loan (LIBOR +4.500%), 12/13/23^(D)		85,873
	35,096	FTS International Inc, Initial Term Loan (LIBOR +4.750%), 7.272%, 4/16/21		34,453
	118,428	Gulf Finance LLC, Tranche B Term Loan (LIBOR +5.250%), 7.885%, 8/25/23		89,857
	124,687	Murray Energy Corporation, Superpriority Term B-2 Loan (LIBOR +7.250%), 9.777%, 10/17/22		105,049
	202,281	Traverse Midstream Partners LLC, Advance (LIBOR +4.000%), 6.600%, 9/27/24^(D)		193,684
	116,410	Ultra Resources, Inc., Senior Secured Term Loan (LIBOR +4.000%), 6.469%, 4/12/24		103,459
	179,371	Woodford Express LLC, Initial Term Loan (LIBOR +5.000%), 7.522%, 1/27/25		170,253
				1,028,030

		Communication Services — 1.9%
	42,151	Applied Systems Inc, Second Lien Initial Term Loan (LIBOR +7.000%), 9.522%, 9/19/25		40,991
	99,748	CenturyLink, Inc., Initial Team B Loan (LIBOR +2.750%), 5.272%, 1/31/25		92,865
	239,395	Charter Communications Operating LLC, Term B Loan (LIBOR +2.000%), 4/30/25^(D)		228,953
	80,000	Nielsen Finance LLC, Class B-4 Team Loan (LIBOR +2.000%), 10/4/23^(D)		77,500
	496,231	WideOpenWest Finance LLC, Refinancing Term B Loan (LIBOR +3.250%), 5.720%, 8/18/23		458,394
				898,703

		Information Technology — 1.4%
	51,652	Diebold Nixdorf Incorporated, New Dollar Term B Loan (PRIME +1.750%), 5.188%, 11/6/23^(D)		43,388
	135,866	Diebold Nixdorf Incorporated, Term Loan A1 (LIBOR +9.250%), 11.813%, 8/30/22		139,179
	186,672	Evergreen Skills Lux SARL, First Lien Initial Term Loan (Luxembourg) (LIBOR +4.750%), 7.272%, 4/28/21		150,426
	103,877	Infoblox, Inc., Refinancing Term Loan (LIBOR +4.500%), 7.022%, 11/7/23		103,164
	191,138	Iron Mountain Information Management LLC, Term Loan A (LIBOR +1.750%), 4.182%, 6/5/23		188,271
	48,144	Optiv Inc, Initial Term Loan (First Lien) (LIBOR +3.250%), 5.772%, 2/1/24		44,473
				668,901

		Financials — 1.2%
	130,345	Acrisure LLC, 1st Lien 2018-1 Additional Term Loan (LIBOR +3.750%), 6.272%, 11/22/23		122,850
	227,946	Asurion LLC, Second Lien Replacement B-2 Term Loan (LIBOR +6.500%), 9.022%, 8/4/25		224,955
	233,494	HUB International Ltd., Initial Term Loan (LIBOR +3.000%), 5.240%, 4/25/25		219,996
				567,801

		Materials — 0.5%
	278,233	BWay Holding Company, Initial Term Loan (LIBOR +3.250%), 5.658%, 4/3/24^(D)		261,074

		Utilities — 0.3%
	137,871	Vistra Operations Company LLC, 2018 Incremental Term Loan (LIBOR +2.000%), 4.473%, 12/31/25		132,375

		Consumer Staples — 0.1%
	46,533	Energizer Holdings, Inc., Term B Loan (LIBOR+2.250%), 12/17/25^(D)		44,847
		Total Bank Loans	$	8,018,945

		Asset-Backed Securities — 3.8%
	250,000	Dryden 45 Senior Loan Fund, Ser 2016-45A, Class ER, (Cayman Islands), 144a, (3M LIBOR +5.850%), 8.286% 10/15/30^(E)		227,459
	300,000	Madison Park Funding XII Ltd., Ser 2014-12A, Class SUB, (Cayman Islands), 144a, 7/20/26^(F)		151,470
	250,000	Madison Park Funding XXXI Ltd., Ser 2018-31A, Class SUB, (Cayman Islands), 144a, 1/23/48^(F)		230,776

Touchstone Credit Opportunities Fund(Unaudited) (Continued)

Principal			Market
Amount			Value

		Asset-Backed Securities — 3.8% (Continued)
$	500,000	Oaktree CLO Ltd., Ser 2018-1A, Class SUB, (Cayman Islands), 144a, 10/20/30^(F)	$	445,554
	500,000	OZLM XXI, Ser 2017-21A, Class SUB, (Cayman Islands), 144a, 1/20/31^(F)		390,468
	250,000	Venture XVIII CLO Ltd., Ser 2014-18A, Class SUB, (Cayman Islands), 144a, 10/15/29^(F)		157,802
	250,000	Wellfleet CLO Ltd., Ser 2018-3A, Class SUB, (Cayman Islands), 144a, 1/20/32^(F)		215,892
		Total Asset-Backed Securities	$	1,819,421

Shares

		Common Stocks — 2.0%

		Information Technology — 1.9%
	692,722	Eagle Topco Ltd.*		233,097
	8,386	MModal LLC*		645,722
				878,819

		Industrials — 0.0%
	1,299	Cumulus Media New Holdings*		12,016

		Energy — 0.1%
	74,381	Trident, Class A Templar Restructure*		18,595
	11,748	Trident, Templar Restructure*		29,370
				47,965
		Total Common Stocks	$	938,800

Number

Notional

Contracts

Amount

Purchased Call Options — 0.1%

VIX, Strike @20.00, Exp 1/19^(A)

162,688

28,800

Shares

		Warrants — 0.0%

		Health Care — 0.0%
	1,179	Envigo Laboratories, Inc. (Fka Bpa Laboratories Inc.) Series A Warrant^(G)*		—
	1,890	Envigo Laboratories, Inc. (Fka Bpa Laboratories Inc.) Series B Warrant^(G)*		—
		Total Warrants	$	—

		Short-Term Investment Funds — 11.0%
	3,546,294	Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		3,546,294
	1,694,164	Invesco Government & Agency Portfolio, Institutional Class, 2.30%**^∞Ω		1,694,164
		Total Short-Term Investment Funds	$	5,240,458

	Market
	Value

Total Long Positions —106.4%
(Cost $53,415,273)	$	50,732,515

	Number
	of			Notional
	Contracts			Amount

Written Call Options — (0.0%)
VIX, Strike @25.00, Exp 1/19		(64	)	$	(162,688	)		(10,560	)
(Premiums received $7,621)							$	(10,560	)

Total — 106.4%							$	50,721,955

Liabilities in Excess of Other Assets — (6.4%)								(3,014,566	)

Net Assets — 100.0%							$	47,707,389

^(A)

All or a portion of these securities are pledged as collateral for written options. The total value of the securities pledged as collateral as of December 31, 2018 was $2,058,444.

^(B)

Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amounts.

^(C)

Bank loans pay interest at rates which adjust periodically unless otherwise indicated. The interest rates shown are the current interest rates as of December 31, 2018.

^(D)

All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

^(E)

Variable rate security - Rate reflected is the rate in effect as of December 31, 2018.

^(F)

Security has no stated coupon and is considered an equity position in the collateralized loan obligation (“CLO”). CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses.

^(G)

Level3 - 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.

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2018 was $1,615,787.

Touchstone Credit Opportunities Fund(Unaudited) (Continued)

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

CLO - Collateral Loan Obligations

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Pay-in-Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144a - This is a restricted security that was sold in a transaction exempt from Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities were valued at $ 25,836,956 or 54.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1			Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—		$	34,686,091	$	—	$	34,686,091
Bank Loans		—			8,018,945		—		8,018,945
Asset-Backed Securities		—			1,819,421		—		1,819,421
Common Stocks		938,800			—		—		938,800
Purchased Call Options Equity Contracts		28,800			—		—		28,800
Warrants		—			—		—		—
Short-Term Investment Funds		5,240,458			—		—		5,240,458
Total Assets	$	6,208,058		$	44,524,457	$	—	$	50,732,515

Liabilities:
Written Call Options Equity Contracts	$	(10,560	)	$	—	$	—	$	(10,560	)
Total Liabilities	$	(10,560	)	$	—	$	—	$	(10,560	)
Total	$	6,197,498		$	44,524,457	$	—	$	50,721,955

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International Equity Fund– December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 95.8%

United Kingdom — 27.8%

Communication Services — 7.2%
Auto Trader Group PLC, 144a		530,000	$	3,075,799
ITV PLC		2,610,000		4,154,244
WPP PLC		310,000		3,373,728

Consumer Discretionary — 8.4%
BCA Marketplace PLC		1,616,766		4,528,724
Compass Group PLC		174,000		3,659,377
InterContinental Hotels Group PLC		76,000		4,111,057

Consumer Staples — 3.3%
Reckitt Benckiser Group PLC		62,500		4,786,021

Health Care — 0.4%
Indivior PLC*		431,000		617,526

Industrials — 2.4%
Experian PLC		148,000		3,587,806

Information Technology — 2.1%
AVEVA Group PLC		100,000		3,084,943

Real Estate — 4.0%
Foxtons Group PLC		1,750,000		1,186,653
Savills PLC		520,000		4,687,977
Total United Kingdom				40,853,855

Switzerland — 9.1%

Consumer Staples — 3.8%
Nestle SA		68,000		5,519,069

Health Care — 2.4%
Novartis AG		42,000		3,597,059

Industrials — 2.9%
Adecco Group AG		91,000		4,277,220
Total Switzerland				13,393,348

Germany — 6.7%

Industrials — 3.5%
Brenntag AG		120,000		5,237,907

Information Technology — 3.2%
SAP SE		47,000		4,664,740
Total Germany				9,902,647

India — 6.6%

Consumer Discretionary — 2.2%
PC Jeweller Ltd.		2,600,000		3,202,139

Financials — 4.4%
Indian Energy Exchange Ltd., 144a		848,898		2,015,031
Shriram Transport Finance Co. Ltd.		255,000		4,526,604
Total India				9,743,774

Canada — 6.6%

Consumer Discretionary — 2.3%
Uni-Select, Inc.†		240,000	$	3,412,247

Information Technology — 2.0%
BlackBerry Ltd.*		419,000		2,979,090

Materials — 2.3%
Pretium Resources, Inc.*†		389,000		3,287,050
Total Canada				9,678,387

France — 5.1%

Communication Services — 4.0%
Eutelsat Communications SA		125,000		2,462,647
JCDecaux SA		121,000		3,399,351

Industrials — 1.1%
Edenred		43,000		1,583,647
Total France				7,445,645

China — 4.9%

Communication Services — 3.4%
Baidu, Inc. ADR*		16,500		2,616,900
Tencent Holdings Ltd.		60,000		2,404,821

Consumer Discretionary — 1.5%
Alibaba Group Holding Ltd. ADR*		16,000		2,193,120
Total China				7,214,841

Japan — 4.8%

Consumer Discretionary — 2.5%
USS Co. Ltd.		222,000		3,724,806

Industrials — 2.3%
FANUC Corp.		22,000		3,338,713
Total Japan				7,063,519

Denmark — 3.3%

Industrials — 3.3%
ISS A/S		172,000		4,815,450

Greece — 3.1%

Consumer Discretionary — 3.1%
OPAP SA		520,000		4,525,029

Ireland — 2.9%

Health Care — 2.9%
Medtronic PLC		46,000		4,184,160

Brazil — 2.5%

Health Care — 2.5%
Qualicorp Consultoria e Corretora de Seguros SA		1,095,000		3,641,760

Touchstone International Equity Fund(Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 95.8% (Continued)

Mexico — 2.0%

Consumer Staples — 2.0%
Gruma SAB de CV - Class B		265,000	$	2,991,873

Spain — 1.9%

Utilities — 1.9%
Red Electrica Corp. SA		127,000		2,832,132

Jersey — 1.9%

Materials — 1.9%
Randgold Resources Ltd.		33,500		2,811,907

Australia — 1.8%

Materials — 1.8%
Northern Star Resources Ltd.		400,000		2,611,023

Netherlands — 1.7%

Energy — 1.7%
Core Laboratories NV		41,000		2,446,060

United States — 1.6%

Information Technology — 1.6%
Mastercard, Inc. - Class A		12,500		2,358,125

Hong Kong — 1.5%

Consumer Discretionary — 1.5%
Galaxy Entertainment Group Ltd.		350,000		2,210,828
Total Common Stocks			$	140,724,363

Short-Term Investment Funds — 8.8%
Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		6,921,476		6,921,476
Invesco Government & Agency Portfolio, Institutional Class, 2.30%**^∞Ω		5,935,346		5,935,346
Total Short-Term Investment Funds			$	12,856,822

Total Investment Securities —104.6%
(Cost $160,335,323)			$	153,581,185

Liabilities in Excess of Other Assets — (4.6%)				(6,696,267	)

Net Assets — 100.0%			$	146,884,918

Non-income producing security.

^**

Represents collateral for securities loaned.

^†

All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2018 was $5,859,782.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

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 December 31, 2018, these securities were valued at $5,090,830 or 3.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone International Equity Fund(Unaudited) (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
United Kingdom	$	4,846,030	$	36,007,825	$	—	$	40,853,855
Switzerland		—		13,393,348		—		13,393,348
Germany		—		9,902,647		—		9,902,647
India		—		9,743,774		—		9,743,774
Canada		9,678,387		—		—		9,678,387
France		3,399,351		4,046,294		—		7,445,645
China		4,810,020		2,404,821		—		7,214,841
Japan		—		7,063,519		—		7,063,519
Denmark		—		4,815,450		—		4,815,450
Greece		4,525,029		—		—		4,525,029
Ireland		4,184,160		—		—		4,184,160
Brazil		3,641,760		—		—		3,641,760
Mexico		2,991,873		—		—		2,991,873
Spain		—		2,832,132		—		2,832,132
Jersey		—		2,811,907		—		2,811,907
Australia		—		2,611,023		—		2,611,023
Netherlands		2,446,060		—		—		2,446,060
United States		2,358,125		—		—		2,358,125
Hong Kong		—		2,210,828		—		2,210,828
Short-Term Investment Funds		12,856,822		—		—		12,856,822
Total	$	55,737,617	$	97,843,568	$	—	$	153,581,185

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International Growth Opportunities Fund – December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 99.7%

China — 38.5%

Communication Services — 22.4%
58.com, Inc. ADR*		13,390	$	725,872
Autohome, Inc. ADR*		15,075		1,179,317
Baidu, Inc. ADR*		5,645		895,297
Tencent Holdings Ltd.		61,125		2,449,911
Tencent Music Entertainment Group ADR*†		24,450		323,229
Weibo Corp. ADR*		29,500		1,723,685

Consumer Discretionary — 12.4%
Alibaba Group Holding Ltd. ADR*		18,135		2,485,764
Ctrip.com International Ltd. ADR*		23,705		641,457
New Oriental Education &
Technology Group, Inc. ADR*		16,590		909,298

Consumer Staples — 3.7%
Kweichow Moutai Co. Ltd. - Class A		7,300		630,565
Wuliangye Yibin Co. Ltd. - Class A		80,528		598,828
Total China				12,563,223

France — 10.5%

Communication Services — 2.4%
Ubisoft Entertainment SA*		9,585		772,187

Industrials — 5.2%
Safran SA		14,140		1,695,883

Information Technology — 2.9%
Capgemini SE		9,625		957,352
Total France				3,425,422

India — 8.6%

Financials — 8.6%
HDFC Bank Ltd. ADR		19,210		1,989,964
IndusInd Bank Ltd.		35,540		813,785
Total India				2,803,749

Canada — 7.4%

Financials — 4.1%
Toronto-Dominion Bank (The)		27,055		1,344,823

Industrials — 3.3%
Canadian Pacific Railway Ltd.		6,025		1,070,160
Total Canada				2,414,983

Japan — 6.9%

Communication Services — 2.2%
Nexon Co. Ltd.*		56,200		725,516

Consumer Discretionary — 1.3%
Suzuki Motor Corp.		8,000		403,292

Industrials — 3.4%
Recruit Holdings Co. Ltd.		45,800	$	1,106,470
Total Japan				2,235,278

Switzerland — 5.3%

Consumer Staples — 3.0%
Coca-Cola HBC AG		31,120		973,984

Health Care — 2.3%
Sonova Holding AG		4,625		760,564
Total Switzerland				1,734,548

Singapore — 5.2%

Financials — 5.2%
DBS Group Holdings Ltd.		96,500		1,678,121

Germany — 4.0%

Information Technology — 4.0%
SAP SE		12,995		1,289,751

Israel — 3.7%

Information Technology — 3.7%
Nice Ltd. ADR*		11,205		1,212,493

Brazil — 2.8%

Consumer Discretionary — 2.1%
Magazine Luiza SA		14,700		686,765

Information Technology — 0.7%
Pagseguro Digital Ltd. - Class A*		12,325		230,847
Total Brazil				917,612

Sweden — 2.8%

Information Technology — 2.8%
Hexagon AB		19,405		897,046

Argentina — 2.2%

Information Technology — 2.2%
Globant SA*		12,585		708,787

Indonesia — 1.8%

Communication Services — 1.8%
Telekomunikasi Indonesia Persero Tbk PT		2,285,900		597,611
Total Common Stocks			$	32,478,624

Touchstone International Growth Opportunities Fund (Unaudited) (Continued)

			Market
	Shares		Value

Short-Term Investment Funds — 1.4%
Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		138,735	$	138,735
Invesco Government & Agency Portfolio, Institutional Class, 2.30%**^∞Ω		331,609		331,609
Total Short-Term Investment Funds			$	470,344

Total Investment Securities — 101.1%
(Cost $35,275,757)			$	32,948,968

Liabilities in Excess of Other Assets — (1.1%)				(358,339	)

Net Assets — 100.0%			$	32,590,629

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2018 was $319,990.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
China	$	8,883,919	$	3,679,304	$	—	$	12,563,223
France		—		3,425,422		—		3,425,422
India		1,989,964		813,785		—		2,803,749
Canada		2,414,983		—		—		2,414,983
Japan		—		2,235,278		—		2,235,278
Switzerland		—		1,734,548		—		1,734,548
Singapore		—		1,678,121		—		1,678,121
Germany		—		1,289,751		—		1,289,751
Israel		1,212,493		—		—		1,212,493
Brazil		917,612		—		—		917,612
Sweden		—		897,046		—		897,046
Argentina		708,787		—		—		708,787
Indonesia		—		597,611		—		597,611
Short-Term Investment Funds		470,344		—		—		470,344
Total	$	16,598,102	$	16,350,866	$	—	$	32,948,968

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International Small Cap Fund – December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 100.5%

Japan — 27.8%

Communication Services — 1.2%
Capcom Co. Ltd.		130,400	$	2,585,509

Consumer Discretionary — 4.1%
Kyoritsu Maintenance Co. Ltd.		62,300		2,724,505
Marui Group Co. Ltd.		171,400		3,321,718
Sega Sammy Holdings, Inc.		177,300		2,471,695

Consumer Staples — 4.7%
Lion Corp.		157,100		3,246,867
Morinaga & Co. Ltd.		63,000		2,703,198
Nippon Suisan Kaisha Ltd.		682,500		3,806,640

Financials — 1.8%
Fukuoka Financial Group, Inc.		72,700		1,473,885
Zenkoku Hosho Co. Ltd.		73,200		2,295,579

Health Care — 3.8%
Medipal Holdings Corp.		103,500		2,214,299
Rohto Pharmaceutical Co. Ltd.		90,400		2,467,484
Takara Bio, Inc.		138,200		3,230,840

Industrials — 6.5%
Japan Airport Terminal Co. Ltd.		61,300		2,119,110
Kamigumi Co. Ltd.		138,000		2,823,309
Kandenko Co. Ltd.		280,900		2,722,660
Seino Holdings Co. Ltd.		155,200		2,031,938
TechnoPro Holdings, Inc.		52,400		2,152,707
Toda Corp.		283,500		1,766,774

Information Technology — 3.1%
Azbil Corp.		99,100		1,958,591
Nihon Unisys Ltd.		140,200		3,124,848
Taiyo Yuden Co. Ltd.		91,200		1,352,892

Materials — 0.7%
Sumitomo Bakelite Co. Ltd.		45,000		1,548,499

Real Estate — 0.9%
Katitas Co. Ltd.†		82,800		1,961,782

Utilities — 1.0%
Hokkaido Electric Power Co., Inc.		313,700		2,167,460
Total Japan				58,272,789

United Kingdom — 11.0%

Consumer Discretionary — 1.2%
SSP Group PLC		302,235		2,494,910

Consumer Staples — 1.3%
Britvic PLC		271,694		2,767,155

Energy — 1.6%
Petrofac Ltd.		267,245		1,622,217
Premier Oil PLC*		1,983,198		1,673,661

Financials — 0.7%
Intermediate Capital Group PLC		122,648		1,462,972

Health Care — 2.0%
Abcam PLC		122,724		1,708,257
Dechra Pharmaceuticals PLC		89,504		2,364,795

Industrials — 2.2%
HomeServe PLC		237,606		2,624,571
Pagegroup PLC		359,883		2,067,326

Information Technology — 0.8%
Electrocomponents PLC		254,374		1,643,097

Utilities — 1.2%
Pennon Group PLC		292,015		2,581,401
Total United Kingdom				23,010,362

Australia — 8.1%

Energy — 2.5%
Beach Energy Ltd.		2,568,287		2,426,544
WorleyParsons Ltd.		344,700		2,768,582

Health Care — 1.1%
Ansell Ltd.		150,243		2,333,979

Industrials — 1.2%
Cleanaway Waste Management Ltd.		2,065,294		2,422,067

Materials — 1.2%
St Barbara Ltd.		771,860		2,556,664

Real Estate — 2.1%
Charter Hall Group REIT		853,555		4,462,980
Total Australia				16,970,816

Canada — 6.3%

Consumer Discretionary — 1.4%
Great Canadian Gaming Corp.*		83,001		2,910,385

Energy — 1.9%
Enerplus Corp.		185,890		1,446,053
Parkland Fuel Corp.		96,496		2,497,926

Industrials — 1.9%
Boyd Group Income Fund		28,124		2,326,843
Finning International, Inc.		95,530		1,665,407

Utilities — 1.1%
Capital Power Corp.		117,690		2,292,248
Total Canada				13,138,862

Germany — 6.0%

Communication Services — 1.0%
Stroeer SE & Co. KGaA		43,389		2,102,988

Touchstone International Small Cap Fund (Unaudited) (Continued)

	Shares		Market Value

Common Stocks — 100.5% (Continued)

Germany — (Continued)

Consumer Discretionary — 0.9%
HUGO BOSS AG		30,007	$	1,849,762

Financials — 0.8%
Deutsche Pfandbriefbank AG, 144a		166,962		1,669,477

Industrials — 1.0%
Rheinmetall AG		24,774		2,196,933

Information Technology — 1.0%
Dialog Semiconductor PLC*		79,859		2,069,442

Real Estate — 1.3%
TAG Immobilien AG		117,940		2,686,298
Total Germany				12,574,900

France — 5.6%

Communication Services — 1.2%
Lagardere SCA		96,905		2,445,435

Health Care — 1.1%
Korian SA		63,593		2,263,313

Industrials — 2.0%
Air France-KLM*		186,878		2,029,448
Rexel SA		214,668		2,286,668

Information Technology — 1.3%
Alten SA		31,702		2,643,165
Total France				11,668,029

Switzerland — 5.4%

Communication Services — 1.6%
Sunrise Communications Group AG, 144a		38,962		3,430,342

Consumer Discretionary — 1.4%
Forbo Holding AG		2,046		2,879,587

Health Care — 0.8%
Galenica AG, 144a		37,353		1,645,384

Industrials — 1.6%
Sulzer AG		6,785		540,740
Wizz Air Holdings PLC, 144a*		77,320		2,762,337
Total Switzerland				11,258,390

Netherlands — 3.6%

Financials — 2.7%
ASR Nederland NV		75,363		2,982,038
Euronext NV, 144a		44,786		2,580,461

Materials — 0.9%
AMG Advanced Metallurgical Group NV		61,174		1,973,816
Total Netherlands				7,536,315

Italy — 3.1%

Energy — 0.9%
Saras SpA		970,490		1,880,290

Health Care — 1.2%
Amplifon SpA		158,501		2,559,146

Utilities — 1.0%
Italgas SpA		375,813		2,155,113
Total Italy				6,594,549

Denmark — 2.6%

Financials — 1.4%
Topdanmark A/S		63,364		2,957,138

Information Technology — 1.2%
SimCorp A/S		37,281		2,556,778
Total Denmark				5,513,916

Norway — 2.6%

Consumer Staples — 1.2%
Leroy Seafood Group ASA		337,894		2,571,537

Financials — 1.4%
Storebrand ASA		395,631		2,822,361
Total Norway				5,393,898

Sweden — 2.5%

Consumer Discretionary — 0.7%
Dometic Group AB, 144a		236,269		1,473,975

Industrials — 1.1%
Loomis AB		72,304		2,330,712

Real Estate — 0.7%
Hemfosa Fastigheter AB		187,590		1,480,319
Total Sweden				5,285,006

Luxembourg — 2.2%

Materials — 0.9%
Orion Engineered Carbons SA		77,324		1,954,751

Real Estate — 1.3%
Grand City Properties SA		119,997		2,608,139
Total Luxembourg				4,562,890

Ireland — 1.9%

Consumer Staples — 1.1%
Greencore Group PLC†		1,013,397		2,301,766

Touchstone International Small Cap Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 100.5% (Continued)

Ireland — (Continued)

Health Care — 0.8%
UDG Healthcare PLC		217,553	$	1,656,279
Total Ireland				3,958,045

India — 1.7%

Information Technology — 1.7%
WNS Holdings Ltd. ADR*		86,391		3,564,493

New Zealand — 1.6%

Communication Services — 1.6%
Spark New Zealand Ltd.		1,230,597		3,432,657

Argentina — 1.3%

Information Technology — 1.3%
Globant SA*		50,093		2,821,238

Jordan — 1.3%

Health Care — 1.3%
Hikma Pharmaceuticals PLC		125,999		2,755,351

Spain — 1.3%

Health Care — 1.3%
Almirall SA		174,714		2,674,748

Singapore — 1.2%

Industrials — 1.2%
ComfortDelGro Corp. Ltd.		1,615,600		2,551,913

Hong Kong — 1.2%

Consumer Discretionary — 1.2%
Melco International Development Ltd.		1,225,000		2,484,044
Studio City International Holdings Ltd. ADR*		306		5,121
Total Hong Kong				2,489,165

South Korea — 1.1%

Consumer Staples — 1.1%
Orion Corp./Republic of Korea		22,340		2,395,901

Finland — 1.1%

Industrials — 1.1%
Valmet Oyj		110,729		2,280,686
Total Common Stocks			$	210,704,919

Short-Term Investment Funds — 3.7%
Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		1,082,681	$	1,082,681
Invesco Government & Agency Portfolio, Institutional Class, 2.30%**^∞Ω		6,677,154		6,677,154
Total Short-Term Investment Funds			$	7,759,835

Total Investment Securities —104.2%
(Cost $230,227,643)			$	218,464,754

Liabilities in Excess of Other Assets — (4.2%)				(8,778,185	)

Net Assets — 100.0%			$	209,686,569

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2018 was $3,742,461.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT- Real Estate Investment Trust

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, these securities were valued at $13,561,976 or 6.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone International Small Cap Fund (Unaudited) (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Japan	$	—	$	58,272,789	$	—	$	58,272,789
United Kingdom		—		23,010,362		—		23,010,362
Australia		—		16,970,816		—		16,970,816
Canada		13,138,862		—		—		13,138,862
Germany		—		12,574,900		—		12,574,900
France		—		11,668,029		—		11,668,029
Switzerland		—		11,258,390		—		11,258,390
Netherlands		—		7,536,315		—		7,536,315
Italy		1,880,290		4,714,259		—		6,594,549
Denmark		—		5,513,916		—		5,513,916
Norway		—		5,393,898		—		5,393,898
Sweden		—		5,285,006		—		5,285,006
Luxembourg		1,954,751		2,608,139		—		4,562,890
Ireland		2,301,766		1,656,279		—		3,958,045
India		3,564,493		—		—		3,564,493
New Zealand		—		3,432,657		—		3,432,657
Argentina		2,821,238		—		—		2,821,238
Jordan		—		2,755,351		—		2,755,351
Spain		—		2,674,748		—		2,674,748
Singapore		—		2,551,913		—		2,551,913
Hong Kong		5,121		2,484,044		—		2,489,165
South Korea		—		2,395,901		—		2,395,901
Finland		—		2,280,686		—		2,280,686
Short-Term Investment Funds		7,759,835		—		—		7,759,835
Total	$	33,426,356	$	185,038,398	$	—	$	218,464,754

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Large Cap Focused Fund– December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 94.2%

Information Technology — 20.9%
Accenture PLC (Ireland) - Class A		223,043	$	31,451,293
Apple, Inc.		340,315		53,681,288
Cisco Systems, Inc.		584,365		25,320,535
Microsoft Corp.		905,572		91,978,948
Oracle Corp.		413,559		18,672,189
salesforce.com, Inc.*		166,328		22,781,946
Texas Instruments, Inc.		164,701		15,564,245
Visa, Inc. - Class A		475,920		62,792,885
				322,243,329

Financials — 14.6%
American Express Co.		156,332		14,901,566
Berkshire Hathaway, Inc. - Class B*		251,854		51,423,550
CME Group, Inc.		182,926		34,412,039
Goldman Sachs Group, Inc. (The)		38,247		6,389,161
JPMorgan Chase & Co.		325,000		31,726,500
Morgan Stanley		527,914		20,931,790
PNC Financial Services Group, Inc. (The)		262,000		30,630,420
S&P Global, Inc.		123,089		20,917,745
Signature Bank/NewYork NY		127,757		13,134,697
				224,467,468

Health Care — 14.0%
AmerisourceBergen Corp.		312,267		23,232,665
Amgen, Inc.		91,644		17,840,337
Becton Dickinson and Co.		82,860		18,670,015
Biogen, Inc.*		54,698		16,459,722
Bristol-Myers Squibb Co.		244,323		12,699,910
Johnson & Johnson		100,337		12,948,490
Merck & Co., Inc.		536,551		40,997,862
Novartis AG (Switzerland) ADR		191,666		16,446,859
Stryker Corp.		48,156		7,548,453
UnitedHealth Group, Inc.		138,540		34,513,085
Zoetis, Inc.		155,835		13,330,126
				214,687,524

Consumer Discretionary — 12.5%
Amazon.com, Inc.*		26,751		40,179,199
Booking Holdings, Inc.*		7,878		13,569,225
Carnival Corp.		231,991		11,437,156
Garrett Motion, Inc. (Switzerland)*		23,989		296,019
Home Depot, Inc. (The)		73,353		12,603,512
JD.com, Inc. (China) ADR*		466,788		9,769,873
Marriott International, Inc. - Class A		50,834		5,518,539
McDonald's Corp.		186,095		33,044,889
Starbucks Corp.		284,475		18,320,190
TJX Cos, Inc. (The)		776,438		34,737,836
Yum China Holdings, Inc. (China)		362,791		12,164,382
				191,640,820

Communication Services — 10.8%
Alphabet, Inc. - Class C*		57,000		59,029,770
AT&T, Inc.		140,021		3,996,207
Baidu, Inc. (China) ADR*		106,623		16,910,408
Comcast Corp. - Class A		947,256		32,254,067
Facebook, Inc. - Class A*		270,892		35,511,232
Verizon Communications, Inc.		327,594		18,417,335
				166,119,019

Industrials — 7.7%
Boeing Co. (The)		82,793		26,700,743
Canadian National Railway Co. (Canada)		217,247		16,100,175
Deere & Co.		26,692		3,981,646
FedEx Corp.		19,742		3,184,977
Honeywell International, Inc.		226,295		29,898,095
Resideo Technologies, Inc.*		39,981		821,610
United Technologies Corp.		208,281		22,177,761
Verisk Analytics, Inc.*		148,725		16,216,974
				119,081,981

Consumer Staples — 6.4%
Estee Lauder Cos., Inc. (The) - Class A		120,785		15,714,129
Kraft Heinz Co. (The)		183,288		7,888,716
Monster Beverage Corp.*		170,309		8,382,609
PepsiCo, Inc.		116,115		12,828,385
Philip Morris International, Inc.		275,000		18,359,000
Procter & Gamble Co. (The)		173,277		15,927,622
Unilever NV (United Kingdom)		370,454		19,930,425
				99,030,886

Energy — 4.7%
Chevron Corp.		172,149		18,728,090
Exxon Mobil Corp.		455,000		31,026,450
Marathon Petroleum Corp.		215,607		12,722,969
Schlumberger Ltd.		248,127		8,952,422
				71,429,931

Real Estate — 1.7%
Jones Lang LaSalle, Inc.		133,496		16,900,594
Simon Property Group, Inc. REIT		58,609		9,845,726
				26,746,320

Materials — 0.9%
DowDuPont, Inc.		270,314		14,456,393
Total Common Stocks			$	1,449,903,671

Exchange-Traded Funds — 5.0%
SPDR S&P 500 ETF Trust		230,000		57,481,600
Utilities Select Sector SPDR Fund†		385,000		20,374,200
Total Exchange-Traded Funds			$	77,855,800

Touchstone Large Cap Focused Fund(Unaudited) (Continued)

	Shares		Market Value

Short-Term Investment Funds — 2.0%
Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		13,357,729	$	13,357,729
Invesco Government & Agency Portfolio, Institutional Class, 2.30%**^∞Ω		17,172,000		17,172,000
Total Short-Term Investment Funds			$	30,529,729

Total Investment Securities —101.2%
(Cost $829,395,395)			$	1,558,289,200

Liabilities in Excess of Other Assets — (1.2%)				(19,222,895	)

Net Assets — 100.0%			$	1,539,066,305

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2018 was $16,828,560.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SPDR - Standard & Poor's Depositary Receipt

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,449,903,671	$	—	$	—	$	1,449,903,671
Exchange-Traded Funds		77,855,800		—		—		77,855,800
Short-Term Investment Funds		30,529,729		—		—		30,529,729
Total	$	1,558,289,200	$	—	$	—	$	1,558,289,200

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Large Cap Fund – December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.6%

Financials — 24.7%
Alleghany Corp.		15,259	$	9,511,240
Bank of America Corp.		172,755		4,256,683
Berkshire Hathaway, Inc. - Class B*		106,432		21,731,286
BlackRock, Inc.		24,003		9,428,858
Progressive Corp. (The)		251,179		15,153,629
Wells Fargo & Co.		175,246		8,075,336
				68,157,032

Consumer Discretionary — 20.0%
CarMax, Inc.*		168,187		10,550,371
Carnival Corp.		203,676		10,041,227
Dollar Tree, Inc.*		139,113		12,564,686
Home Depot, Inc. (The)		50,492		8,675,535
Lowe's Cos., Inc.		43,700		4,036,132
O'Reilly Automotive, Inc.*		27,189		9,361,988
				55,229,939

Information Technology — 13.4%
Apple, Inc.		88,471		13,955,416
Cisco Systems, Inc.		200,199		8,674,623
Visa, Inc. - Class A		109,118		14,397,029
				37,027,068

Industrials — 13.0%
Deere & Co.		27,189		4,055,783
FedEx Corp.		35,862		5,785,616
General Dynamics Corp.		43,987		6,915,196
Norfolk Southern Corp.		77,942		11,655,447
Southwest Airlines Co.		158,820		7,381,954
				35,793,996

Materials — 8.4%
Albemarle Corp.		89,759		6,917,726
Martin Marietta Materials, Inc.		44,363		7,624,669
NewMarket Corp.		20,728		8,541,802
				23,084,197

Consumer Staples — 8.0%
Altria Group, Inc.		146,213		7,221,460
Coca-Cola Co. (The)		115,803		5,483,272
Nestle SA (Switzerland) ADR		114,316		9,255,023
				21,959,755

Communication Services — 7.0%
Alphabet, Inc. - Class C*		13,820		14,312,130
Verizon Communications, Inc.		88,863		4,995,878
				19,308,008

Energy — 2.2%
Chevron Corp.		54,170		5,893,154

Health Care — 1.9%
Bristol-Myers Squibb Co.		102,617		5,334,032
Total Common Stocks			$	271,787,181

Short-Term Investment Fund — 2.4%
Dreyfus Government Cash Management, Institutional Shares,2.29%^∞Ω		6,698,321	$	6,698,321

Total Investment Securities —101.0%
(Cost $232,846,909)			$	278,485,502

Liabilities in Excess of Other Assets — (1.0%)				(2,742,337	)

Net Assets — 100.0%			$	275,743,165

Non-income producing security.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	271,787,181	$	—	$	—	$	271,787,181
Short-Term Investment Fund		6,698,321		—		—		6,698,321
Total	$	278,485,502	$	—	$	—	$	278,485,502

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Large Company Growth Fund – December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 99.9%

Information Technology — 33.1%
Adobe, Inc.*		57,350	$	12,974,864
Automatic Data Processing, Inc.		42,725		5,602,102
Intuit, Inc.		32,750		6,446,838
Microsoft Corp.		150,825		15,319,295
PayPal Holdings, Inc.*		92,575		7,784,632
Visa, Inc. - Class A		102,200		13,484,268
				61,611,999

Communication Services — 18.7%
Alphabet, Inc. - Class A*		12,075		12,617,892
Facebook, Inc. - Class A*		83,275		10,916,520
Tencent Holdings Ltd. (China) ADR		283,175		11,176,917
				34,711,329

Health Care — 18.1%
Abbott Laboratories		114,875		8,308,909
Becton Dickinson and Co.		26,300		5,925,916
Regeneron Pharmaceuticals, Inc.*		15,050		5,621,175
Thermo Fisher Scientific, Inc.		26,075		5,835,324
Zoetis, Inc.		94,025		8,042,898
				33,734,222

Consumer Discretionary — 16.5%
Alibaba Group Holding Ltd. (China) ADR*		84,850		11,630,389
Amazon.com, Inc.*		3,000		4,505,910
Booking Holdings, Inc.*		3,850		6,631,317
Burlington Stores, Inc.*		23,850		3,879,680
Royal Caribbean Cruises Ltd.		42,425		4,148,741
				30,796,037

Financials — 7.3%
Charles Schwab Corp. (The)		88,300		3,667,099
MSCI, Inc.		48,300		7,120,869
Toronto-Dominion Bank (The) (Canada)		55,400		2,754,488
				13,542,456

Consumer Staples — 3.7%
Monster Beverage Corp.*		139,300		6,856,346

Industrials — 2.5%
Canadian Pacific Railway Ltd. (Canada)		26,300		4,671,406
Total Common Stocks			$	185,923,795

Short-Term Investment Fund — 0.2%
Dreyfus Government Cash Management, Institutional Shares,2.29%^∞Ω		426,660	$	426,660

Total Investment Securities —100.1%
(Cost $122,441,990)			$	186,350,455

Liabilities in Excess of Other Assets — (0.1%)				(172,075	)

Net Assets — 100.0%			$	186,178,380

Non-income producing security.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	185,923,795	$	—	$	—	$	185,923,795
Short-term Investment Fund		426,660		—		—		426,660
Total	$	186,350,455	$	—	$	—	$	186,350,455

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Ohio Tax-Free Bond Fund – December 31, 2018 (Unaudited)

Principal			Interest			Maturity	Market
Amount			Rate			Date	Value

		Fixed Rate Revenue Bonds — 65.8%
$	500,000	New Albany OH Cmnty Auth (Ref) Ser C		5.000	%	10/01/24	$	548,905
	375,000	Univ of Akron OH (Ref) Ser A		5.000		01/01/28		418,762
	650,000	Greene Co OH Hosp Fac Rev (Kettering Health Network)		5.125		04/01/29		655,206
	650,000	Montgomery Co OH Rev (Unrefunded Catholic Hlth Initiatives)		5.250		05/01/29		717,802
	750,000	Cleveland OH Income Tax Rev (Ref Sub Lien) Ser B 2		5.000		10/01/29		860,662
	500,000	Hamilton Co OH Hosp Facs Rev (Uc Hlth)		5.000		02/01/30		552,715
	1,000,000	Butler Co OH Hosp Facs (Ref Cincinnati Children's Hosp)		5.000		05/15/30		1,212,880
	1,000,000	Hamilton Co OH Student Rev (Ref Stratford Heights Proj)		5.000		06/01/30		1,039,530
	200,000	Dayton OH Wtr Sys Rev		4.000		12/01/30		215,302
	1,000,000	Green OH Cmnty Learning Ctr (Ref)		4.000		12/01/30		1,055,920
	500,000	Butler Co OH Hosp Facs (Kettering Health Network Oblig)		5.250		04/01/31		529,250
	1,000,000	Wright OH St Univ (Gen Recpts) Ser A		5.000		05/01/31		1,030,270
	750,000	Middleburg Heights OH Hosp Rev (Facs Southwest Gen)		5.125		08/01/31		805,065
	1,000,000	Kent OH St Univ Rev (Gen Recpts) Ser A		4.500		05/01/32		1,056,890
	1,000,000	Hamilton Co OH Hlth Care Facs (Christ Hosp Proj)		5.250		06/01/32		1,085,260
	1,000,000	Cuyahoga Co OH COP (Convention Hotel Proj)		5.000		12/01/32		1,098,140
	1,060,000	OH St EDR (Enterprise Bd Fd) Ser 7		4.750		12/01/32		1,109,078
	500,000	OH St Univ Ser A		4.000		12/01/32		527,165
	150,000	OH Univ Gen Recpts Athens (Ref) Ser A		5.000		12/01/32		173,601
	265,000	OH St Hgr Edl Fac Commis (Ref Xavier Univ) Ser C		5.000		05/01/33		292,276
	1,080,000	Hamilton Co OH Hosp Facs Rev (Ref Cincinnati Childrens Hosp)		5.000		05/15/33		1,201,576
	970,000	Franklin Co OH Sales Tax Rev (Various Purpose)		4.000		06/01/33		1,048,997
	1,000,000	Hamilton Co OH EDR (Ref King Highland Cmnty Urban)		5.000		06/01/33		1,128,270
	250,000	Warren Co OH Hlth Care Facs Rev (Ref & Impt Otterbein Homes)		5.000		07/01/33		269,762
	2,000,000	Cincinnati OH EDR (U Square The Loop Proj)		5.000		11/01/33		2,143,540
	525,000	OH St Univ Ser A		4.000		12/01/33		552,069
	265,000	Cleveland OH Wtr Rev (Ref) Ser Y		4.000		01/01/34		275,958
	625,000	Hamilton Co OH Hosp Facs Rev (Ref Cincinnati Childrens Hosp)		5.000		05/15/34		693,056
	250,000	Warren Co OH Hlth Care Facs Rev (Ref & Impt Otterbein Homes)		5.000		07/01/34		268,985
	500,000	Cuyahoga Co OH Sales Tax Rev (Ref)		5.000		12/01/34		563,885
	570,000	Miami Univ OH (Ref)		5.000		09/01/35		650,837
	1,085,000	Cincinnati OH Urban Redev Rev (Mercer Commons Phase 2 Proj) Ser B		5.000		11/01/35		1,226,614
	500,000	Polaris Career Ctr OH COP		5.000		11/01/35		560,320
	475,000	Cincinnati OH Wtr Sys Rev Ser A		5.000		12/01/35		548,953
	200,000	Clermont Co OH Port Auth Lease (W Clermont Local Sch Dist Proj)		5.000		12/01/35		225,460
	290,000	OH St Hgr Edl Fac Commis (University Of Dayton 2018 Pro) Ser A		4.000		12/01/35		303,430
	500,000	OH St Hgr Edl Fac Commis (Ref Higher Eductnl Fac John Ca)		5.000		04/01/36		547,590
	350,000	Warren Co OH Hlth Care Facs Rev (Ref Otterbein Homes) Ser A		5.000		07/01/36		380,499
	550,000	Franklin Co OH Hosp Facs Rev (Ref Nationwide Childrens Hosp)		4.000		11/01/36		568,596
	1,000,000	OH St Parks & Recreation Cap (Lease Approp Impt Fund Projs S)		5.000		12/01/36		1,162,890
	500,000	Cleveland OH Arpt Sys Rev (Ser B)		5.000		01/01/37		568,800
	1,000,000	Univ Of Cincinnati OH Recpts (Ref) Ser A		5.000		06/01/37		1,153,150
		Total Fixed Rate Revenue Bonds					$	31,027,916

		General Obligation Bonds — 18.2%
	840,000	Licking Heights OH LSD UTGO		6.400		12/01/28		1,023,809
	1,000,000	Toledo OH CSD (Ref Sch Facs Impt) UTGO		5.000		12/01/32		1,114,350
	300,000	Upper Arlington OH (Ref Various Purpose) LTGO		4.000		12/01/32		318,978
	345,000	Bowling Green OH CSD (Ref) UTGO		5.000		12/01/34		390,116
	700,000	Miami Vly Career Tech Center O UTGO		4.000		12/01/34		738,766
	500,000	Three Rivers OH LSD (Ref) UTGO		5.000		12/01/34		563,010
	500,000	Dublin OH (Ser A) LTGO		5.000		12/01/35		591,765

Touchstone Ohio Tax-Free Bond Fund (Unaudited) (Continued)

Principal			Interest			Maturity	Market
Amount			Rate			Date	Value

		General Obligation Bonds — 18.2% (Continued)
$	435,000	Miami Trace OH LSD UTGO		5.000	%	12/01/35	$	492,407
	200,000	Milford OH Exempt Vlg Sch Dist (Ref) UTGO		5.000		12/01/35		226,030
	500,000	Lakewood OH (Ref) LTGO		5.000		12/01/36		568,815
	1,000,000	Hamilton Co OH (Ref) LTGO Ser A		5.000		12/01/37		1,157,040
	1,250,000	Brecksville-Broadview Heights OH CSD (Sch Facs Impt) UTGO		5.000		12/01/38		1,375,338
		Total General Obligation Bonds					$	8,560,424

		Pre-refunded/Escrowed to Maturity^(A) — 11.8%
	1,000,000	Columbus OH CSD (Sch Facs Constr & Impt) UTGO Pre-refunded @ $100		4.500		06/01/19		1,011,490
	1,000,000	Franklin Co OH Hosp Rev (Nationwide Childrens Hosp Impt) Pre-refunded @ $100		4.750		11/01/19		1,023,270
	895,000	Milton Union OH Exempt Vlg Sch Dist (Sch Impt) Pre-refunded @ $100		4.875		12/01/19		919,254
	1,500,000	Cincinnati OH CSD (Ref Sch Impt) LTGO Pre-refunded @$100 Pre-refunded @ $100		5.000		06/01/20		1,563,555
	345,000	Univ of Toledo OH Ser B Pre-refunded @ $100		5.000		06/01/21		370,675
	250,000	Lakewood OH CSD (Sch Facs Impt) UTGO Ser A Pre-refunded @ $100		5.000		11/01/22		278,378
	350,000	Montgomery Co OH Rev (Prerefunded Catholic Hlth Initiatives) Pre-refunded @ $100		5.250		11/12/23		395,986
		Total Pre-refunded/Escrowed to Maturity					$	5,562,608

		Variable Rate Demand Notes^(B)(C) — 3.8%

	400,000	Allen Co OH Hosp Facs Rev (Adj Catholic Healthcare) Ser C (LOC: Union Bank NA)^(D)		1.350		06/01/34		400,000
	900,000	OH St Hgr Edl Fac Commis (Variable Cleveland Clinic Hosp) Ser B 3 (LIQ: U.S. Bank N.A.)^(D)		1.380		01/01/39		900,000
	200,000	Montgomery Co OH Hosp Rev (Ref Premier Health Miami V) (LOC: Barclays Bank PLC)^(D)		1.300		11/15/39		200,000
	300,000	Montgomery Co OH Hosp Rev (Ref Premier Health Miami V) (LOC: Barclays Bank PLC)^(D)		1.300		11/15/45		300,000
		Total Variable Rate Demand Notes					$	1,800,000

		Total Investment Securities —99.6%
		(Cost $45,434,923)					$	46,950,948

		Other Assets in Excess of Liabilities — 0.4%						175,461

		Net Assets — 100.0%					$	47,126,409

^(A)

Bonds denoted as pre-refunded are anticipated to be redeemed prior to their scheduled maturity. The dates indicated are the stipulated pre-refunded dates.

^(B)

Floating and variable rate demand notes (“put bonds”) earn interest at a coupon rate which fluctuates at specified intervals, usually daily, monthly or semi-annually. The interest rates shown are the coupon rates in effect at December 31, 2018. Put bonds may be redeemed at the discretion of the holder on specified dates prior to maturity. Mandatory put bonds are automatically redeemed at a specified put date unless action is taken by the holder to prevent redemption.

^(C)

Demand Feature - Maturities shown are the final maturities, not the date on which principal could be recovered through the demand feature.

Touchstone Ohio Tax-Free Bond Fund(Unaudited) (Continued)

^(D)

As of December 31, 2018, the Touchstone Ohio Tax-Free Bond Fund was invested exclusively in debt obligations issued by the State of Ohio and its political subdivisions, agencies, authorities and instrumentalities and by other issuers, the interest from which is exempt from Ohio personal income tax. The Touchstone Ohio Tax-Free Bond Fund is a non-diversified Fund under the Investment Company Act of 1940. Thus, the Fund may invest in fewer issuers than those of a diversified fund. As of December 31, 2018, there were no investments of 10% or greater in any one issuer held by the Fund.

Portfolio Abbreviations:

COP – Certificates of Participation

CSD – City School District

EDR – Economic Development Revenue

LIQ - Liquidity Agreement

LOC – Letter of Credit

LSD – Local School District

LTGO – Limited Tax General Obligation

UTGO – Unlimited Tax General Obligation

Other Information:

*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	46,950,948	$	—	$	46,950,948

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Small Company Fund– December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.5%

Information Technology — 24.3%
8x8, Inc.*		879,761	$	15,870,888
Aspen Technology, Inc.*		194,900		16,016,882
Avaya Holdings Corp.*		1,455,007		21,184,902
Bottomline Technologies de, Inc.*		285,149		13,687,152
Carbonite, Inc.*		638,895		16,138,488
Cision Ltd.*		1,238,725		14,493,083
CommVault Systems, Inc.*		268,104		15,842,265
j2 Global, Inc.		228,419		15,847,710
MAXIMUS, Inc.		243,601		15,855,989
NetScout Systems, Inc.*		641,457		15,157,629
Nice Ltd. ADR (Israel)*		143,620		15,541,120
Nuance Communications, Inc.*		1,207,118		15,970,171
ON Semiconductor Corp.*		611,380		10,093,884
Open Text Corp. (Canada)		333,320		10,866,232
Plantronics, Inc.		455,025		15,061,328
Verint Systems, Inc.*		646,477		27,352,442
				254,980,165

Industrials — 23.2%
Clean Harbors, Inc.*		323,794		15,979,234
Crane Co.		311,452		22,480,605
EnerSys, Inc.		314,234		24,387,701
Genesee & Wyoming, Inc. - Class A*		208,519		15,434,576
Hillenbrand, Inc.		416,512		15,798,300
ITT, Inc.		450,544		21,747,759
Knight-Swift Transportation Holdings, Inc.		577,776		14,484,844
Mobile Mini, Inc.		481,142		15,276,259
Quanta Services, Inc.		869,945		26,185,345
Regal Beloit Corp.		384,435		26,929,672
SkyWest, Inc.		475,801		21,158,870
Trex Co., Inc.*		126		7,479
Woodward, Inc.		310,418		23,060,953
				242,931,597

Health Care — 20.0%
Allscripts Healthcare Solutions, Inc.*		2,845,154		27,427,285
AngioDynamics, Inc.*		760,720		15,313,294
Bio-Rad Laboratories, Inc. - Class A*		51,964		12,067,080
Bio-Techne Corp.		85,276		12,341,143
Encompass Health Corp.		208,700		12,876,790
Globus Medical, Inc. - Class A*		365,751		15,829,703
Haemonetics Corp.*		161,248		16,132,862
MEDNAX, Inc.*		482,945		15,937,185
NuVasive, Inc.*		442,554		21,932,976
Omnicell, Inc.*		238,742		14,620,560
Orthofix Medical, Inc.*		299,485		15,719,968
Tactile Systems Technology, Inc.*		312,802		14,248,131
Tivity Health, Inc.*		607,781		15,079,047
				209,526,024

Consumer Discretionary — 14.1%
Aaron's, Inc.		381,026		16,022,143
Adtalem Global Education, Inc.*		331,416		15,682,605
Bloomin' Brands, Inc.		1,294,603		23,160,448
Brunswick Corp.		75,700		3,516,265
Dave & Buster's Entertainment, Inc.		350,179		15,603,976
Dick's Sporting Goods, Inc.		514,228		16,043,914
G-III Apparel Group Ltd.*		114,000		3,179,460
Movado Group, Inc.		104,000		3,288,480
Oxford Industries, Inc.		49,500		3,516,480
Steven Madden Ltd.		113,900		3,446,614
Texas Roadhouse, Inc.		261,659		15,621,042
TopBuild Corp.*		570,226		25,660,170
Williams-Sonoma, Inc.		66,200		3,339,790
				148,081,387

Financials — 10.3%
Chemical Financial Corp.		581,786		21,299,185
Glacier Bancorp, Inc.		286,814		11,363,571
Heartland Financial USA, Inc.		356,507		15,668,483
Webster Financial Corp.		445,614		21,964,314
Western Alliance Bancorp*		551,396		21,774,628
WSFS Financial Corp.		422,506		16,017,202
				108,087,383

Communication Services — 2.9%
Care.com, Inc.*		380,000		7,337,800
Cogent Communications Holdings, Inc.		349,951		15,821,285
QuinStreet, Inc.*		469,000		7,611,870
				30,770,955

Consumer Staples — 2.2%
Sprouts Farmers Market, Inc.*		962,428		22,626,682

Real Estate — 1.5%
Corporate Office Properties Trust REIT		721,657		15,176,447
Total Common Stocks			$	1,032,180,640

Short-Term Investment Fund — 2.3%
Dreyfus Government Cash Management, Institutional Shares,2.29%^∞Ω		24,375,156	$	24,375,156

Total Investment Securities —100.8%
(Cost $989,681,962)			$	1,056,555,796

Liabilities in Excess of Other Assets — (0.8%)				(7,880,215	)

Net Assets — 100.0%			$	1,048,675,581

Non-income producing security.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Touchstone Small Company Fund(Unaudited) (Continued)

Portfolio Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,032,180,640	$	—	$	—	$	1,032,180,640
Short-Term Investment Fund		24,375,156		—		—		24,375,156
Total	$	1,056,555,796	$	—	$	—	$	1,056,555,796

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Value Fund – December 31, 2018 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.6%

Health Care — 19.6%
Anthem, Inc.		26,520	$	6,964,948
Cardinal Health, Inc.		56,312		2,511,515
Cigna Corp.		15,468		2,937,742
CVS Health Corp.		140,017		9,173,914
Johnson & Johnson		35,627		4,597,664
Medtronic PLC (Ireland)		114,288		10,395,637
Merck & Co., Inc.		48,511		3,706,726
Pfizer, Inc.		237,197		10,353,649
Sanofi (France) ADR		160,195		6,954,065
				57,595,860

Financials — 17.2%
American Express Co.		73,823		7,036,808
American International Group, Inc.		186,213		7,338,654
Bank of New York Mellon Corp. (The)		123,646		5,820,017
JPMorgan Chase & Co.		86,013		8,396,589
New York Community Bancorp, Inc.		322,141		3,031,347
State Street Corp.		52,381		3,303,670
US Bancorp		133,223		6,088,291
Wells Fargo & Co.		208,584		9,611,551
				50,626,927

Energy — 14.2%
BP PLC (United Kingdom) ADR		199,501		7,565,078
Chevron Corp.		66,981		7,286,863
ConocoPhillips		151,496		9,445,776
Occidental Petroleum Corp.		68,430		4,200,233
Phillips 66		109,142		9,402,583
Schlumberger Ltd.		103,650		3,739,692
				41,640,225

Information Technology — 12.3%
Broadcom, Inc.		12,620		3,209,014
Microsoft Corp.		86,242		8,759,600
Oracle Corp.		202,416		9,139,082
QUALCOMM, Inc.		148,934		8,475,834
Texas Instruments, Inc.		69,168		6,536,376
				36,119,906

Consumer Discretionary — 9.1%
Advance Auto Parts, Inc.		26,056		4,102,778
Dollar General Corp.		109,373		11,821,034
Lowe's Cos., Inc.		115,251		10,644,582
				26,568,394

Industrials — 7.5%
General Dynamics Corp.		19,876		3,124,706
General Electric Co.		566,692		4,289,859
Johnson Controls International PLC		256,616		7,608,664
United Technologies Corp.		67,056		7,140,123
				22,163,352

Materials — 6.5%
Air Products & Chemicals, Inc.		66,706		10,676,295
DowDuPont, Inc.		155,331		8,307,102
				18,983,397

Utilities — 3.9%
Dominion Energy, Inc.		92,636		6,619,769
Exelon Corp.		109,302		4,929,520
				11,549,289

Communication Services — 3.7%
Comcast Corp. - Class A		315,428		10,740,323

Consumer Staples — 3.6%
Altria Group, Inc.		93,542		4,620,039
Philip Morris International, Inc.		87,247		5,824,610
				10,444,649
Total Common Stocks			$	286,432,322

Short-Term Investment Fund — 2.3%
Dreyfus Government Cash Management, Institutional Shares, 2.29%^∞Ω		6,623,448	$	6,623,448

Total Investment Securities —99.9%
(Cost $263,810,851)			$	293,055,770

Other Assets in Excess of Liabilities — 0.1%				404,625

Net Assets — 100.0%			$	293,460,395

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of December 31, 2018.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

Touchstone Value Fund(Unaudited) (Continued)

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	286,432,322	$	—	$	—	$	286,432,322
Short-Term Investment Fund		6,623,448		—		—		6,623,448
Total	$	293,055,770	$	—	$	—	$	293,055,770

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities

December 31, 2018 (Unaudited)

									Touchstone
			Touchstone			Touchstone			International
	Touchstone		Credit			International			Growth
	Balanced		Opportunities			Equity			Opportunities
	Fund		Fund			Fund			Fund
Assets
Investments, at cost	$	204,736,226	$	53,415,273		$	160,335,323		$	35,275,757
Investments, at market value^(A)	$	305,160,915	$	50,732,515		$	153,581,185		$	32,948,968
Cash		190		39,056			—			—
Foreign currency^(B)		—		24,548			—			—
Dividends and interest receivable		920,988		638,121			189,649			2,685
Receivable for capital shares sold		856,496		110,395			340,588			—
Receivable for investments sold		—		117,297			—			—
Loan receivable from affiliates^(C)		—		—			—			—
Receivable for securities lending income		—		2,532			7,963			807
Tax reclaim receivable		—		—			256,457			5,433
Other assets		29,314		7,961			26,497			18,072
Total Assets		306,967,903		51,672,425			154,402,339			32,975,965

Liabilities
Written options, at market value^(D)		—		10,560			—			—
Dividends and interest payable on securities sold short		—		768			—			411
Bank overdrafts		—		—			306			1
Due to prime broker		—		734,111			887			24
Dividends payable		—		—			—			—
Payable for return of collateral for securities on loan		—		1,694,164			5,935,346			331,609
Payable for capital shares redeemed		586,270		31,186			1,347,609			3,730
Payable for investments purchased		—		1,405,681			—			—
Loan payable to affiliates^(C)		—		—			—			—
Payable to Investment Advisor		139,665		40,100			84,434			12,574
Payable to other affiliates		95,927		114			34,344			114
Payable to Trustees		3,836		3,372			3,836			3,372
Payable to Transfer Agent		77,901		292			68,770			4,037
Payable for professional services		15,366		21,307			18,869			18,148
Payable for pricing services		7,434		14,636			17,310			4,985
Other accrued expenses and liabilities		691		8,745			5,710			6,331
Total Liabilities		927,090		3,965,036			7,517,421			385,336
Net Assets	$	306,040,813	$	47,707,389		$	146,884,918		$	32,590,629

Net assets consist of:
Paid-in capital	$	206,140,616	$	50,869,293		$	154,449,932		$	37,527,636
Distributable earnings (deficit)		99,900,197		(3,161,904	)		(7,565,014	)		(4,937,007	)
Net Assets	$	306,040,813	$	47,707,389		$	146,884,918		$	32,590,629
^(A) Includes market value of securities on loan of:	$	—	$	1,615,787		$	5,859,782		$	319,990
^(B) Cost of foreign currency:	$	—	$	22,722		$	—		$	—
^(C) See Note 5 in Notes to Financial Statements.
^(D) Premiums received for written options:	$	—	$	7,621		$	—		$	—

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities(Unaudited) (Continued)

Touchstone			Touchstone				Touchstone		Touchstone		Touchstone
International			Large Cap		Touchstone		Large Company		Ohio Tax-Free		Small		Touchstone
Small Cap			Focused		Large Cap		Growth		Bond		Company		Value
Fund			Fund		Fund		Fund		Fund		Fund		Fund
$	230,227,643		$	829,395,395	$	232,846,909	$	122,441,990	$	45,434,923	$	989,681,962	$	263,810,851
$	218,464,754		$	1,558,289,200	$	278,485,502	$	186,350,455	$	46,950,948	$	1,056,555,796	$	293,055,770
	122			—		—		25		87,503		684		—
	446,177			—		—		—		—		—		—
	302,349			1,715,936		257,178		79,658		316,789		512,742		658,409
	296,319			3,149,200		326,680		327,179		5,082		2,864,733		1,230,185
	3,321,969			—		—		—		—		20,894,331		—
	—			5,250,292		—		—		—		—		—
	12,216			11,205		—		—		—		—		1,459
	279,170			141,925		—		—		—		8,003		—
	30,587			62,823		33,206		22,745		9,075		75,499		26,160
	223,153,663			1,568,620,581		279,102,566		186,780,062		47,369,397		1,080,911,788		294,971,983

	—			—		—		—		—		—		—
	—			—		—		—		—		—		—
	—			2,623		—		—		—		—		352
	—			—		—		—		—		—		—
	—			—		—		—		29,025		—		—
	6,677,154			17,172,000		—		—		—		—		—
	1,181,813			10,895,560		634,070		430,258		154,490		10,053,003		1,253,858
	—			—		2,436,935		—		—		20,918,979		—
	5,250,292			—		—		—		—		—		—
	166,697			795,034		166,192		108,967		14,557		614,611		156,650
	20,840			321,406		10,931		15,202		9,655		244,085		7,838
	3,372			3,836		3,372		3,372		3,366		3,836		3,372
	79,007			306,085		80,949		24,567		7,661		346,395		63,257
	33,507			23,606		14,141		13,012		12,827		22,176		14,300
	24,077			1,596		646		556		5,177		1,849		939
	30,335			32,530		12,165		5,748		6,230		31,273		11,022
	13,467,094			29,554,276		3,359,401		601,682		242,988		32,236,207		1,511,588
$	209,686,569		$	1,539,066,305	$	275,743,165	$	186,178,380	$	47,126,409	$	1,048,675,581	$	293,460,395

$	232,547,954		$	790,255,923	$	221,233,989	$	121,710,149	$	45,644,561	$	991,940,242	$	241,369,311
	(22,861,385	)		748,810,382		54,509,176		64,468,231		1,481,848		56,735,339		52,091,084
$	209,686,569		$	1,539,066,305	$	275,743,165	$	186,178,380	$	47,126,409	$	1,048,675,581	$	293,460,395
$	3,742,461		$	16,828,560	$	—	$	—	$	—	$	—	$	—
$	443,006		$	—	$	—	$	—	$	—	$	—	$	—

$	—		$	—	$	—	$	—	$	—	$	—	$	—

Statements of Assets and Liabilities(Unaudited) (Continued)

										Touchstone
				Touchstone			Touchstone			International
	Touchstone			Credit			International			Growth
	Balanced			Opportunities			Equity			Opportunities
	Fund			Fund			Fund			Fund

Pricing of Class A Shares
Net assets applicable to Class A shares	$	214,909,689		$	108,528		$	99,008,505		$	657,241
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		10,974,097			11,705			7,064,948			38,178
Net asset value price per share*	$	19.58		$	9.27		$	14.01		$	17.22
Maximum sales charge - Class A shares		5.00	%		5.00	%		5.00	%		5.00	%
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares	$	20.61		$	9.76		$	14.75		$	18.13

Pricing of Class C Shares
Net assets applicable to Class C shares	$	35,533,961		$	90,957		$	5,024,966		$	154,319
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		1,805,823			9,784			380,987			9,153
Net asset value and offering price per share**	$	19.68		$	9.30		$	13.19		$	16.86

Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	55,597,163		$	968,039		$	40,546,025		$	2,258,703
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		2,860,346			104,465			2,937,373			130,750
Net asset value, offering price and redemption price per share	$	19.44		$	9.27		$	13.80		$	17.27

Pricing of Institutional Class Shares
Net assets applicable to Institutional Class shares	$	—		$	46,539,865		$	2,305,422		$	29,520,366
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		—			5,021,052			167,339			1,703,547
Net asset value, offering price and redemption price per share	$	—		$	9.27		$	13.78		$	17.33

Pricing of Class R6 Shares
Net assets applicable to Class R6 shares	$	—		$	—		$	—		$	—
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		—			—			—			—
Net asset value, offering price and redemption price per share	$	—		$	—		$	—		$	—

There is no sales load on subscriptions of $1 million or more for all funds except for Ohio Tax-Free Bond Fund. There is no sales load on subscriptions of $500,000 or more for Ohio Tax-Free Bond Fund. Redemptions that were part of a $500,000 or $1million or more subscription, as applicable, may be subject to a contingent deferred sales load if redeemed within a one-year period from the date of purchase.

Redemption price per share varies by length of time shares are held due to the terms of the contingent deferred sales charge.

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities(Unaudited) (Continued)

Touchstone			Touchstone						Touchstone			Touchstone			Touchstone
International			Large Cap			Touchstone			Large Company			Ohio Tax-Free			Small			Touchstone
Small Cap			Focused			Large Cap			Growth			Bond			Company			Value
Fund			Fund			Fund			Fund			Fund			Fund			Fund

$	3,462,694		$	1,048,690,938		$	2,829,349		$	1,075,556		$	32,673,417		$	525,768,084		$	30,086,495
	266,980			28,419,253			227,350			31,245			2,889,409			125,052,905			3,642,470
$	12.97		$	36.90		$	12.44		$	34.42		$	11.31		$	4.20		$	8.26
	5.00	%		5.00	%		5.00	%		5.00	%		2.00	%		5.00	%		5.00	%

$	13.65		$	38.84		$	13.09		$	36.23		$	11.54		$	4.42		$	8.69

$	1,581,094		$	57,523,174		$	7,847,033		$	713,632		$	4,976,977		$	77,375,548		$	2,947,389

	124,514			1,659,895			639,950			21,142			440,129			35,130,556			357,952
$	12.70		$	34.65		$	12.26		$	33.75		$	11.31		$	2.20		$	8.23

$	95,769,837		$	363,006,620		$	207,833,532		$	14,658,328		$	5,678,521		$	322,638,439		$	78,599,549

	7,230,322			9,879,093			16,692,763			423,183			502,169			69,537,093			9,476,933
$	13.25		$	36.74		$	12.45		$	34.64		$	11.31		$	4.64		$	8.29

$	108,872,944		$	69,845,573		$	57,233,251		$	169,730,864		$	3,797,494		$	721,450		$	181,826,963

	8,175,406			1,898,474			4,592,289			4,887,052			335,824			155,815			21,987,435
$	13.32		$	36.79		$	12.46		$	34.73		$	11.31		$	4.63		$	8.27

$	—		$	—		$	—		$	—		$	—		$	122,172,060		$	—

	—			—			—			—			—			28,355,019			—
$	—		$	—		$	—		$	—		$	—		$	4.31		$	—

Statements of Operations

For the Six Months Ended December 31, 2018 (Unaudited)

										Touchstone
				Touchstone			Touchstone			International
	Touchstone			Credit			International			Growth
	Balanced			Opportunities			Equity			Opportunities
	Fund			Fund			Fund			Fund
Investment Income
Dividends^(A)	$	2,310,843		$	22,777		$	1,365,378		$	110,360
Interest		1,699,665			1,842,234			—			—
Income from securities loaned		43			12,770			32,217			977
Total Investment Income		4,010,551			1,877,781			1,397,595			111,337
Expenses
Investment advisory fees		854,551			278,357			601,783			149,593
Administration fees		233,201			36,692			124,655			27,114
Compliance fees and expenses		710			710			710			710
Custody fees		5,614			12,739			17,828			6,696
Professional fees		20,241			21,857			22,391			18,492
Transfer Agent fees, Class A		90,900			197			63,453			662
Transfer Agent fees, Class C		16,297			31			5,296			242
Transfer Agent fees, Class Y		17,052			151			29,192			2,162
Transfer Agent fees, Institutional Class		—			40			45			4,376
Transfer Agent fees, Class R6		—			—			—			—
Pricing Expense		11,297			20,456			9,186			3,085
Registration Fees, Class A		7,831			1,920			7,704			7,194
Registration Fees, Class C		5,990			1,753			2,660			2,272
Registration Fees, Class Y		5,177			2,749			8,057			4,728
Registration Fees, Institutional Class		—			1,630			1,995			2,889
Registration Fees, Class R6		—			—			—			—
Interest expense on securities sold short		—			24,413			—			—
Reports to Shareholders, Class A		4,144			1,361			4,635			1,389
Reports to Shareholders, Class C		2,625			1,347			2,052			1,358
Reports to Shareholders, Class Y		2,255			1,355			3,859			1,405
Reports to Shareholders, Institutional Class		—			1,346			1,711			1,372
Reports to Shareholders, Class R6		—			—			—			—
Distribution expenses, Class A		293,644			167			139,631			922
Distribution and shareholder servicing expenses, Class C		197,981			273			31,319			1,480
Trustee fees		7,203			7,282			7,203			7,282
Other expenses		48,932			6,313			38,545			6,107
Total Expenses		1,825,645			423,139			1,123,910			251,530
Fees waived by the Advisor and/or Affiliates^(B)		(95,970	)		(58,807	)		(76,319	)		(80,309	)
Net Expenses		1,729,675			364,332			1,047,591			171,221
Net Investment Income (Loss)		2,280,876			1,513,449			350,004			(59,884	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments^(C)		9,679,094			(436,987	)		1,153,835			(2,526,214	)
Net realized gains (losses) on foreign currency transactions		—			87			(26,392	)		(2,205	)
Net realized gains on written options		—			1,767			—			—
Net realized gains on securities sold short		—			18,375			—			—
Net realized gains on swap agreements		—			10,208			—			—
Net change in unrealized appreciation (depreciation) on investments^(D)(E)		(23,175,623	)		(2,454,938	)		(20,975,779	)		(6,287,889	)
Net change in unrealized appreciation (depreciation) on foreign currency transactions		—			(473	)		7,623			(42	)
Net change in unrealized appreciation (depreciation) on securities sold short		—			(1,750	)		—			—
Net change in unrealized appreciation (depreciation) on written options		—			(1,521	)		—			—
Net Realized and Unrealized Gains (Losses) on Investments		(13,496,529	)		(2,865,232	)		(19,840,713	)		(8,816,350	)
Change in Net Assets Resulting from Operations	$	(11,215,653	)	$	(1,351,783	)	$	(19,490,709	)	$	(8,876,234	)
^(A) Net of foreign tax withholding of:	$	12,688		$	—		$	55,059		$	4,365
^(B) See Note 4 in Notes to Financial Statements.

^(C) For the six month ended December 31, 2018, Large Cap Focused Fund, Large Cap Fund, Small Company Fund and the Value Fund had redemptions-in-kind of securities in the amount of $10,207,890, $39,892,784, $2,695,518, and $63,282,300 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $8,149,494, $12,036,019, $71,802, and $22,735,531 respectively, which will not be realized by the Fund for tax purposes.

^(D)Includes change in deferred foreign capital gains tax of $11,192 for the International Growth Opportunities Fund.

^(E) Change in unrealized appreciation (depreciation) does not include net appreciation of $24,471,563 for the Small Company Fund in connection with the Fund's merger. See Note 9 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Statements of Operations(Unaudited) (Continued)

Touchstone			Touchstone						Touchstone			Touchstone
International			Large Cap			Touchstone			Large Company			Ohio			Touchstone			Touchstone
Small Cap			Focused			Large Cap			Growth			Tax-Free Bond			Small Company			Value
Fund			Fund			Fund			Fund			Fund			Fund			Fund
$	2,120,968		$	16,279,611		$	2,615,754		$	752,299		$	290		$	5,549,256		$	4,839,507
	—			680			—			—			911,395			20,455			—
	60,800			25,209			—			4,431			—			19,764			1,513
	2,181,768			16,305,500			2,615,754			756,730			911,685			5,589,475			4,841,020

	1,290,811			5,219,469			1,258,751			847,795			120,385			3,986,895			1,187,245
	197,125			1,272,430			260,741			163,907			34,912			914,983			264,847
	710			710			710			710			709			710			710
	47,569			13,582			4,781			3,868			2,000			11,450			5,116
	30,748			45,142			17,767			15,290			13,285			37,293			18,106
	9,826			355,899			1,559			2,343			9,302			387,218			22,783
	1,618			28,983			1,585			116			1,282			49,953			1,720
	76,204			214,247			99,653			7,312			695			202,548			38,058
	31,915			13,114			6,526			51,524			199			107			55,330
	—			—			—			—			—			239			—
	14,566			1,483			643			584			6,253			1,617			913
	7,943			10,729			4,769			4,714			3,918			8,199			8,907
	4,779			6,692			5,965			2,154			2,912			6,602			4,274
	7,557			20,043			12,371			6,628			1,749			11,966			8,465
	9,245			5,200			6,968			8,991			1,749			4,326			8,942
	—			—			—			—			—			9,251			—
	—			—			—			—			—			—			—
	2,032			10,269			1,536			1,500			1,770			14,172			2,437
	1,531			3,458			1,515			1,352			1,450			5,437			1,488
	6,732			8,050			8,865			1,535			1,363			13,100			3,300
	2,222			2,704			1,412			1,864			1,352			1,795			4,487
	—			—			—			—			—			1,882			—
	10,976			1,519,865			3,640			3,674			42,973			814,930			45,913
	10,851			337,144			42,114			1,181			26,282			493,113			17,324
	7,282			7,203			7,282			7,282			7,277			7,203			7,282
	41,508			159,926			47,206			12,364			8,644			102,798			22,055
	1,813,750			9,256,342			1,796,359			1,146,688			290,461			7,087,787			1,729,702
	(100,879	)		(1,101,532	)		(240,224	)		(133,763	)		(77,613	)		(467,547	)		(343,065	)
	1,712,871			8,154,810			1,556,135			1,012,925			212,848			6,620,240			1,386,637
	468,897			8,150,690			1,059,619			(256,195	)		698,837			(1,030,765	)		3,454,383

	(4,893,909	)		150,071,021			23,149,619			4,986,492			(16,067	)		82,576,480			47,340,494
	(92,442	)		—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—

	(53,377,950	)		(255,618,855	)		(38,702,052	)		(26,730,400	)		(98,195	)		(257,319,724	)		(62,417,038	)

	4,567			—			—			—			—			—			—

	—			—			—			—			—			—			—

	—			—			—			—			—			—			—
	(58,359,734	)		(105,547,834	)		(15,552,433	)		(21,743,908	)		(114,262	)		(174,743,244	)		(15,076,544	)
$	(57,890,837	)	$	(97,397,144	)	$	(14,492,814	)	$	(22,000,103	)	$	584,575		$	(175,774,009	)	$	(11,622,161	)
$	158,046		$	85,875		$	—		$	21,918		$	—		$	15,283		$	2,215

Statements of Changes in Net Assets

	Touchstone Balanced Fund
	For the
	Six Months			For the
	Ended			Seven Months			For the Year
	December 31,			Ended			Ended
	2018			June 30,			November 30,
	(Unaudited)			2018^(A)			2017^(B)
From Operations
Net investment income	$	2,280,876		$	2,180,528		$	3,034,376
Net realized gains (losses) on investments, foreign currency transactions, written options, securities sold short and swap agreements		9,679,094			6,347,607			15,905,893
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions, securities sold short, written options and unfunded loan commitments		(23,175,623	)		(3,085,132	)		30,193,699
Change in Net Assets from Operations		(11,215,653	)		5,443,003			49,133,968

Distributions to Shareholders from^(C):
Distributed earnings, Class A		(13,240,615	)		—			—
Distributed earnings, Class C		(2,057,508	)		—			—
Distributed earnings, Class Y		(3,501,474	)		—			—
Distributed earnings, Institutional Class		—			—			—
Net investment income, Class A		—			(2,042,843	)		(3,241,942	)
Net investment income, Class C		—			(98,271	)		(199,892	)
Net investment income, Class Y		—			(306,197	)		(283,053	)
Net investment income, Institutional Class		—			—			—
Net realized gains, Class A		—			(11,994,902	)		(1,736,894	)
Net realized gains, Class C		—			(1,997,013	)		(284,357	)
Net realized gains, Class Y		—			(1,470,918	)		(102,948	)
Net realized gains, Institutional Class		—			—			—
Total Distributions		(18,799,597	)		(17,910,144	)		(5,849,086	)

Net Increase (Decrease) from Share Transactions^(D)		26,618,135			(10,388,249	)		(33,445,071	)

Total Increase (Decrease) in Net Assets		(3,397,115	)		(22,855,390	)		9,839,811

Net Assets
Beginning of period		309,437,928			332,293,318			322,453,507
End of period	$	306,040,813		$	309,437,928		$	332,293,318
Undistributed (Distributions in excess of) Net Investment Income^(C)		N/A		$	224,126		$	306,053

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

See Note 9 in Notes to Financial Statements.

^(C)

The presentation of Distributions to Shareholders and Undistributed (Distributions in excess of) Net Investment Income have been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018. The June 30, 2018 and November 30, 2017 presentations were not revised.

^(D)

For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 52 - 54.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets(Continued)

Touchstone
Credit Opportunities Fund						Touchstone International Equity Fund
For the						For the
Six Months						Six Months			For the
Ended						Ended			Seven Months				For the Year
December 31,			For the Year			December 31,			Ended				Ended
2018			Ended			2018			June 30,				November 30,
(Unaudited)			June 30, 2018			(Unaudited)			2018^(A)				2017^(B)
$	1,513,449		$	2,745,337		$	350,004		$	3,776,017		$	1,894,495
	(406,550	)		883,277			1,127,443			15,613,501			7,249,972
	(2,458,682	)		(1,700,810	)		(20,968,156	)		(25,665,271	)		35,716,910
	(1,351,783	)		1,927,804			(19,490,709	)		(6,275,753	)		44,861,377

	(5,240	)		—			(13,527,353	)		—			—
	(3,066	)		—			(697,755	)		—			—
	(26,448	)		—			(5,855,380	)		—			—
	(2,049,142	)		—			(322,138	)		—			—
	—			(4,696	)		—			(1,381,745	)		(764,365)
	—			(971	)		—			—			—
	—			(19,128	)		—			(927,040	)		(486,213)
	—			(2,779,367	)		—			(52	)		—
	—			(1,263	)		—			(4,565,200	)		—
	—			(590	)		—			(262,489	)		—
	—			(8,581	)		—			(2,274,644	)		—
	—			(1,323,281	)		—			(117	)		—
	(2,083,896	)		(4,137,877	)		(20,402,626	)		(9,411,287	)		(1,250,578)

	(1,191,475	)		1,013,131			1,951,773			1,127,073			(5,244,715)

	(4,627,154	)		(1,196,942	)		(37,941,562	)		(14,559,967	)		38,366,084

	52,334,543			53,531,485			184,826,480			199,386,447			161,020,363
$	47,707,389		$	52,334,543		$	146,884,918		$	184,826,480		$	199,386,447
	N/A		$	15,138			N/A		$	1,889,327		$	1,037,307

Statements of Changes in Net Assets(Continued)

	Touchstone
	International						Touchstone
	Growth						International
	Opportunities Fund						Small Cap Fund
	For the						For the
	Six Months						Six Months
	Ended			For the Year			Ended			For the Year
	December 31,			Ended			December 31,			Ended
	2018			June 30,			2018			June 30,
	(Unaudited)			2018			(Unaudited)			2018
From Operations
Net investment income (loss)	$	(59,884	)	$	79,627		$	468,897		$	2,676,704
Net realized gains (losses) on investments and foreign currency transactions		(2,528,419	)		5,136,283			(4,986,351	)		35,096,340
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(6,287,931	)		(1,526,328	)		(53,373,383	)		(6,560,538	)
Change in Net Assets from Operations		(8,876,234	)		3,689,582			(57,890,837	)		31,212,506

Distributions to Shareholders from^(C):
Distributed earnings, Class A		(96,097	)		—			(348,193	)		—
Distributed earnings, Class C		(23,262	)		—			(157,412	)		—
Distributed earnings, Class Y		(327,856	)		—			(9,166,622	)		—
Distributed earnings, Institutional Class		(4,250,656	)		—			(10,641,768	)		—
Net investment income, Class A		—			—			—			(224,474	)
Net investment income, Class C		—			—			—			(35,220	)
Net investment income, Class Y		—			—			—			(4,356,261	)
Net investment income, Institutional Class		—			—			—			(5,229,613	)
Net realized gains, Class A		—			(10,467	)		—			—
Net realized gains, Class C		—			(4,915	)		—			—
Net realized gains, Class Y		—			(5,274	)		—			—
Net realized gains, Institutional Class		—			(500,804	)		—			—
Total Distributions		(4,697,871	)		(521,460	)		(20,313,995	)		(9,845,568	)

Net Increase (Decrease) from Share Transactions^(D)		12,098,458			6,637,894			(28,009,078	)		(20,494,615	)

Total Increase (Decrease) in Net Assets		(1,475,647	)		9,806,016			(106,213,910	)		872,323

Net Assets
Beginning of period		34,066,276			24,260,260			315,900,479			315,028,156
End of period	$	32,590,629		$	34,066,276		$	209,686,569		$	315,900,479

Undistributed (Distributions in excess of) Net Investment Income^(C)		N/A		$	77,010			N/A		$	(2,101,065	)

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

See Note 9 in Notes to Financial Statements.

^(C)

^(D)

For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 55 - 57.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets(Continued)

Touchstone Large Cap Focused Fund									Touchstone Large Cap Fund
For the									For the
Six Months			For the						Six Months
Ended			Seven Months			For the Year			Ended				For the Year
December 31,			Ended			Ended			December 31,				Ended
2018			June 30,			November 30,			2018				June 30,
(Unaudited)			2018^(A)			2017^(B)			(Unaudited)				2018

$	8,150,690		$	9,480,909		$	20,628,747		$	1,059,619			$	2,650,765

	150,071,021			131,863,649			326,286,157			23,149,619				4,594,631

	(255,618,855	)		(54,861,111	)		77,569,795			(38,702,052	)			30,816,488
	(97,397,144	)		86,483,447			424,484,699			(14,492,814	)			38,061,884


	(118,893,074	)		—			—			(17,881	)			—
	(6,543,243	)		—			—			—				—
	(41,722,772	)		—			—			(2,046,031	)			—
	(7,761,440	)		—			—			(635,594	)			—
	—			(1,856,543	)		(15,710,842	)		—				(15,190	)
	—			—			(349,488	)		—				—
	—			(1,927,798	)		(7,901,170	)		—				(1,521,043	)
	—			(218,011	)		(519,211	)		—				(811,456	)
	—			(183,755,594	)		(77,329,736	)		—				—
	—			(10,906,303	)		(5,018,041	)		—				—
	—			(64,798,741	)		(31,927,617	)		—				—
	—			(6,199,833	)		(1,506,542	)		—				—
	(174,920,529	)		(269,662,823	)		(140,262,647	)		(2,699,506	)			(2,347,689	)

	84,303,291			31,161,686			(421,767,332	)		(74,631,415	)			(1,585,818	)

	(188,014,382	)		(152,017,690	)		(137,545,280	)		(91,823,735	)			34,128,377


	1,727,080,687			1,879,098,377			2,016,643,657			367,566,900		��		333,438,523
$	1,539,066,305		$	1,727,080,687		$	1,879,098,377		$	275,743,165			$	367,566,900

	N/A		$	5,226,183		$	2,586,763			N/A			$	1,637,893

Statements of Changes in Net Assets(Continued)

	Touchstone						Touchstone
	Large Company						Ohio Tax-Free
	Growth Fund						Bond Fund
	For the						For the
	Six Months						Six Months
	Ended			For the Year			Ended			For the Year
	December 31,			Ended			December 31,			Ended
	2018			June 30,			2018			June 30,
	(Unaudited)			2018			(Unaudited)			2018
From Operations
Net investment income (loss)	$	(256,195	)	$	(664,338	)	$	698,837		$	1,331,678
Net realized gains (losses) on investments		4,986,492			11,427,420			(16,067	)		22,620
Net change in unrealized appreciation (depreciation) on investments		(26,730,400	)		28,941,080			(98,195	)		(945,346	)
Change in Net Assets from Operations		(22,000,103	)		39,704,162			584,575			408,952

Distributions to Shareholders from^(C):
Distributed earnings, Class A		(73,858	)		—			(505,400	)		—
Distributed earnings, Class C		(12,084	)		—			(57,485	)		—
Distributed earnings, Class Y		(1,058,842	)		—			(79,925	)		—
Distributed earnings, Institutional Class		(12,527,470	)		—			(56,066	)		—
Distributed earnings, Class R6		—			—			—			—
Net investment income, Class A		—			—			—			(1,129,730	)
Net investment income, Class C		—			—			—			(123,927	)
Net investment income, Class Y		—			—			—			(63,307	)
Net investment income, Institutional Class		—			—			—			(14,365	)
Net realized gains, Class A		—			(79,495	)		—			—
Net realized gains, Class C		—			(4,037	)		—			—
Net realized gains, Class Y		—			(334,448	)		—			—
Net realized gains, Institutional Class		—			(5,903,548	)		—			—
Net realized gains, Class R6		—			—			—			—
Total Distributions		(13,672,254	)		(6,321,528	)		(698,876	)		(1,331,329	)

Net Increase (Decrease) from Share Transactions^(D)		(22,142,506	)		11,058,131			994,362			(2,169,116	)

Total Increase (Decrease) in Net Assets		(57,814,863	)		44,440,765			880,061			(3,091,493	)

Net Assets
Beginning of period		243,993,243			199,552,478			46,246,348			49,337,841
End of period	$	186,178,380		$	243,993,243		$	47,126,409		$	46,246,348

Undistributed (Distributions in excess of) Net Investment Income^(C)		N/A		$	—			N/A		$	(18,071	)

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

See Note 9 in Notes to Financial Statements.

^(C)

^(D)

For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 57-60.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets(Continued)

									Touchstone
Touchstone Small Company Fund									Value Fund
For the									For the
Six Months			For the						Six Months
Ended			Seven Months			For the Year			Ended			For the Year
December 31,			Ended			Ended			December 31,			Ended
2018			June 30,			November 30,			2018			June 30,
(Unaudited)			2018^(A)			2017^(B)			(Unaudited)			2018

$	(1,030,765	)	$	(1,601,393	)	$	(5,229,124	)	$	3,454,383		$	6,774,255
	82,576,480			59,511,081			125,291,363			47,340,494			27,488,737

	(257,319,724	)		25,431,940			72,290,088			(62,417,038	)		(7,210,659	)
	(175,774,009	)		83,341,628			192,352,327			(11,622,161	)		27,052,333


	(70,438,346	)		—			—			(4,110,162	)		—
	(18,479,476	)		—			—			(374,489	)		—
	(40,694,612	)		—			—			(10,005,506	)		—
	(92,997	)		—			—			(23,932,877	)		—
	(15,325,342	)		—			—			—			—
	—			—			—			—			(552,960	)
	—			—			—			—			(28,376	)
	—			—			—			—			(1,461,974	)
	—			—			—			—			(4,807,215	)
	—			(55,816,413	)		(54,250,628	)		—			(2,904,492	)
	—			(13,671,576	)		(13,229,732	)		—			(312,663	)
	—			(29,679,392	)		(20,710,154	)		—			(6,143,348	)
	—			(203	)		—			—			(18,521,160	)
	—			(5,534,630	)		(1,025,672	)		—			—
	(145,030,773	)		(104,702,214	)		(89,216,186	)		(38,423,034	)		(34,732,188	)

	151,174,863			3,102,430			66,295,636			(41,571,240	)		11,638,173

	(169,629,919	)		(18,258,156	)		169,431,777			(91,616,435	)		3,958,318


	1,218,305,500			1,236,563,656			1,067,131,879			385,076,830			381,118,512
$	1,048,675,581		$	1,218,305,500		$	1,236,563,656		$	293,460,395		$	385,076,830

	N/A		$	—		$	—			N/A		$	90,275

Statements of Changes in Net Assets - Capital Stock Activity

							Touchstone Balanced Fund
	For the Six Months
	Ended						For the Seven Months						For the Year
	December 31, 2018						Ended						Ended
	(Unaudited)						June 30, 2018^(A)						November 30, 2017^(B)
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		344,156		$	7,390,891			511,448		$	11,135,471			1,213,883		$	25,250,539
Reinvestment of distributions		623,168			12,712,537			624,673			13,440,191			232,528			4,719,857
Cost of Shares redeemed		(1,093,506	)		(23,784,324	)		(1,566,532	)		(34,116,123	)		(3,376,990	)		(71,336,387	)
Change from Class A Share Transactions		(126,182	)		(3,680,896	)		(430,411	)		(9,540,461	)		(1,930,579	)		(41,365,991	)
Class C
Proceeds from Shares issued		90,898			1,937,441			103,613			2,254,694			380,017			7,809,067
Reinvestment of distributions		95,123			1,943,516			91,678			1,983,483			22,578			454,129
Cost of Shares redeemed		(218,572	)		(4,696,043	)		(262,440	)		(5,705,271	)		(679,379	)		(14,377,072	)
Change from Class C Share Transactions		(32,551	)		(815,086	)		(67,149	)		(1,467,094	)		(276,784	)		(6,113,876	)
Class Y^(C)
Proceeds from Shares issued		1,735,536			37,611,798			191,050			4,149,196			1,036,380			21,843,739
Reinvestment of distributions		172,305			3,486,053			79,069			1,689,671			15,954			323,761
Cost of Shares redeemed		(478,805	)		(9,983,734	)		(240,934	)		(5,219,561	)		(390,115	)		(8,132,704	)
Change from Class Y Share Transactions		1,429,036			31,114,117			29,185			619,306			662,219			14,034,796
Institutional Class
Proceeds from Shares issued		—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—
Cost of Shares redeemed		—			—			—			—			—			—
Change from Institutional Class Share Transactions		—			—			—			—			—			—
Change from Share Transactions		1,270,303		$	26,618,135			(468,375	)	$	(10,388,249	)		(1,545,144	)	$	(33,445,071	)

^(A)The Fund changed its fiscal year from November 30 to June 30.

^(B)See Note 9 in Notes to Financial Statements.

^(C)Effective October 28, 2017, Class I shares of the Sentinel Balanced Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Touchstone Balanced Fund.

See accompanying Notes to Financial Statements.

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

Touchstone Credit Opportunities Fund
For the
Six Months Ended						For the
December 31, 2018						Year Ended
(Unaudited)						June 30, 2018
Shares			Dollars			Shares			Dollars

	5,335		$	51,788			11,643		$	118,995
	440			4,227			558			5,652
	(9,432	)		(93,232	)		(1,170	)		(11,882	)
	(3,657	)		(37,217	)		11,031			112,765

	9,113			90,215			—			—
	320			3,066			152			1,561
	(1,883	)		(18,658	)		—			—
	7,550			74,623			152			1,561

	70,545			676,730			22,305			226,981
	2,762			26,448			2,719			27,709
	(13,418	)		(133,521	)		(10,727	)		(108,970	)
	59,889			569,657			14,297			145,720

	158,863			1,570,700			621,437			6,398,512
	213,541			2,049,142			402,090			4,102,648
	(544,411	)		(5,418,380	)		(936,639	)		(9,748,075	)

	(172,007	)		(1,798,538	)		86,888			753,085
	(108,225	)	$	(1,191,475	)		112,368		$	1,013,131

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

	Touchstone International Equity Fund
	For the Six Months
	Ended						For the Seven Months						For the Year
	December 31, 2018						Ended						Ended
	(Unaudited)						June 30, 2018^(A)						November 30, 2017^(B)
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		282,691		$	4,823,262			473,654		$	9,152,679			1,311,801		$	23,285,877
Reinvestment of distributions		906,753			13,019,094			293,806			5,682,188			44,226			688,604
Cost of Shares redeemed		(645,879	)		(10,945,311	)		(822,238	)		(15,736,184	)		(2,162,637	)		(38,654,321	)
Change from Class A Share Transactions		543,565			6,897,045			(54,778	)		(901,317	)		(806,610	)		(14,679,840	)
Class C
Proceeds from Shares issued		11,691			190,617			70,047			1,268,035			133,628			2,213,614
Reinvestment of distributions		50,627			679,647			13,759			252,206			—			—
Cost of Shares redeemed		(74,764	)		(1,142,963	)		(65,387	)		(1,176,556	)		(159,419	)		(2,683,483	)
Change from Class C Share Transactions		(12,446	)		(272,699	)		18,419			343,685			(25,791	)		(469,869	)
Class Y^(C)
Proceeds from Shares issued		372,435			6,229,078			807,622			15,303,803			2,569,654			45,276,408
Reinvestment of distributions		408,231			5,783,890			164,684			3,143,813			30,455			468,087
Cost of Shares redeemed		(1,046,024	)		(17,339,905	)		(1,024,275	)		(19,283,081	)		(1,976,731	)		(35,842,676	)
Change from Class Y Share Transactions		(265,358	)		(5,326,937	)		(51,969	)		(835,465	)		623,378			9,901,819
Institutional Class^(D)
Proceeds from Shares issued		21,218			381,372			125,960			2,520,019			167			3,175
Reinvestment of distributions		22,775			322,138			9			169			—			—
Cost of Shares redeemed		(2,789	)		(49,146	)		(1	)		(18	)		—			—
Change from Institutional Class Share Transactions		41,204			654,364			125,968			2,520,170			167			3,175
Change from Share Transactions		306,965		$	1,951,773			37,640		$	1,127,073			(208,856	)	$	(5,244,715	)

^(A)The Fund changed its fiscal year from November 30 to June 30.

^(B)See Note 9 in Notes to Financial Statements.

^(C)Effective October 28, 2017, Class I shares of the Sentinel International Equity Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Touchstone International Equity Fund.

^(D)The International Equity Fund began issuing Institutional Class shares on October 30, 2017.

See accompanying Notes to Financial Statements.

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

Touchstone International Growth Opportunities Fund												Touchstone International Small Cap Fund
For the												For the
Six Months Ended						For the						Six Months Ended						For the
December 31, 2018						Year Ended						December 31, 2018						Year Ended
(Unaudited)						June 30, 2018						(Unaudited)						June 30, 2018
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	12,021		$	280,509			38,090		$	957,819			25,026		$	433,016			345,684		$	6,430,894
	5,357			96,098			421			10,400			19,506			263,989			9,187			169,676
	(15,749	)		(376,551	)		(8,258	)		(209,568	)		(433,042	)		(6,673,728	)		(684,584	)		(12,593,056	)
	1,629			56			30,253			758,651			(388,510	)		(5,976,723	)		(329,713	)		(5,992,486	)

	1,604			37,371			17,363			432,259			7,000			106,201			29,552			533,110
	1,323			23,263			201			4,915			10,792			143,043			1,567			28,533
	(11,392	)		(259,840	)		(79	)		(1,996	)		(35,399	)		(530,225	)		(60,140	)		(1,082,759	)
	(8,465	)		(199,206	)		17,485			435,178			(17,607	)		(280,981	)		(29,021	)		(521,116	)

	17,414			388,144			185,801			4,785,015			228,654			3,502,135			1,072,936			20,052,296
	18,201			327,855			214			5,274			645,591			8,930,258			221,715			4,176,429
	(85,639	)		(1,780,044	)		(12,498	)		(325,519	)		(1,531,997	)		(24,932,200	)		(1,932,134	)		(36,110,600	)
	(50,024	)		(1,064,045	)		173,517			4,464,770			(657,752	)		(12,499,807	)		(637,483	)		(11,881,875	)

	430,744			10,703,452			28,498			703,725			1,349,741			21,602,437			4,228,129			79,770,190
	234,395			4,238,825			20,134			498,928			764,467			10,631,410			274,388			5,194,163
	(75,754	)		(1,580,624	)		(8,538	)		(223,358	)		(2,512,837	)		(41,485,414	)		(4,534,311	)		(87,063,491	)

	589,385			13,361,653			40,094			979,295			(398,629	)		(9,251,567	)		(31,794	)		(2,099,138	)
	532,525		$	12,098,458			261,349		$	6,637,894			(1,462,498	)	$	(28,009,078	)		(1,028,011	)	$	(20,494,615	)

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

	Touchstone Large Cap Focused Fund
	For the Six Months
	Ended						For the Seven Months						For the Year
	December 31, 2018						Ended						Ended
	(Unaudited)						June 30, 2018^(A)						November 30, 2017^(B)
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		695,646		$	29,717,707			815,107		$	35,628,247			1,459,660		$	63,541,135
Reinvestment of distributions		2,715,788			106,532,964			3,889,740			165,033,926			1,998,894			82,231,470
Cost of Shares redeemed		(2,819,827	)		(122,329,293	)		(3,982,603	)		(177,279,849	)		(8,302,661	)		(368,083,987	)
Change from Class A Share Transactions		591,607			13,921,378			722,244			23,382,324			(4,844,107	)		(222,311,382	)
Class C
Proceeds from Shares issued		103,752			3,892,206			50,250			2,070,075			211,838			8,585,918
Reinvestment of distributions		171,148			6,291,421			260,648			10,467,621			130,769			5,107,041
Cost of Shares redeemed		(252,294	)		(9,811,346	)		(268,366	)		(11,164,662	)		(806,388	)		(34,030,006	)
Change from Class C Share Transactions		22,606			372,281			42,532			1,373,034			(463,781	)		(20,337,047	)
Class Y^(C)
Proceeds from Shares issued		1,255,097			54,759,358			1,429,384			64,702,421			2,583,052			111,976,965
Reinvestment of distributions		870,960			34,044,871			1,306,403			55,221,657			781,425			32,153,805
Cost of Shares redeemed		(1,267,880	)		(55,888,342	)		(2,719,325	)		(118,462,809	)		(7,436,364	)		(331,943,211	)
Change from Class Y Share Transactions		858,177			32,915,887			16,462			1,461,269			(4,071,887	)		(187,812,441	)
Institutional Class^(D)
Proceeds from Shares issued		1,226,413			53,888,167			3,028,530			135,629,681			1,083,816			49,314,099
Reinvestment of distributions		198,310			7,761,440			151,651			6,417,844			48,834			2,025,753
Cost of Shares redeemed		(593,328	)		(24,555,862	)		(3,029,751	)		(137,102,466	)		(923,130	)		(42,646,314	)
Change from Institutional Class Share Transactions		831,395			37,093,745			150,430			4,945,059			209,520			8,693,538
Change from Share Transactions		2,303,785		$	84,303,291			931,668		$	31,161,686			(9,170,255	)	$	(421,767,332	)

^(A)The Fund changed its fiscal year from November 30 to June 30.

^(B)See Note 9 in Notes to Financial Statements.

^(C)Effective October 28, 2017, Class I shares of the Sentinel Common Stock Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Touchstone Large Cap Focused Fund.

^(D)Effective October 30, 2017, Class R6 shares of the Sentinel Common Stock Fund (the “Predecessor Fund”) were reorganized into Institutional Class shares of the Touchstone Large Cap Focused Fund.

See accompanying Notes to Financial Statements.

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

Touchstone Large Cap Fund												Touchstone Large Company Growth Fund
For the												For the
Six Months Ended						For the						Six Months Ended						For the
December 31, 2018						Year Ended						December 31, 2018						Year Ended
(Unaudited)						June 30, 2018						(Unaudited)						June 30, 2018
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	29,051		$	371,626			95,560		$	1,247,461			43,551		$	1,846,968			123,690		$	4,870,568
	1,281			15,801			1,038			13,968			2,021			73,857			2,033			79,495
	(27,174	)		(376,120	)		(321,234	)		(4,203,183	)		(96,999	)		(4,019,016	)		(46,986	)		(1,908,742	)
	3,158			11,307			(224,636	)		(2,941,754	)		(51,427	)		(2,098,191	)		78,737			3,041,321

	89,339			1,186,320			71,811			933,646			16,823			565,325			4,822			193,954
	—			—			—			—			337			12,084			104			4,037
	(51,222	)		(659,977	)		(156,637	)		(2,005,538	)		(1,811	)		(73,375	)		—			—
	38,117			526,343			(84,826	)		(1,071,892	)		15,349			504,034			4,926			197,991

	625,674			8,236,782			1,543,884			20,431,285			46,202			1,830,445			137,093			5,592,515
	161,741			1,995,885			109,646			1,478,024			22,207			816,318			8,523			334,448
	(1,524,173	)		(20,721,564	)		(2,732,808	)		(35,729,564	)		(29,602	)		(1,136,249	)		(40,424	)		(1,666,941	)
	(736,758	)		(10,488,897	)		(1,079,278	)		(13,820,255	)		38,807			1,510,514			105,192			4,260,022

	594,371			8,293,709			1,489,272			19,874,004			399,656			15,847,394			926,758			37,540,549
	42,766			528,158			58,429			788,793			320,166			11,801,333			143,468			5,638,302
	(5,403,506	)		(73,502,035	)		(335,590	)		(4,414,714	)		(1,225,413	)		(49,707,590	)		(994,504	)		(39,620,054	)

	(4,766,369	)		(64,680,168	)		1,212,111			16,248,083			(505,591	)		(22,058,863	)		75,722			3,558,797
	(5,461,852	)	$	(74,631,415	)		(176,629	)	$	(1,585,818	)		(502,862	)	$	(22,142,506	)		264,577		$	11,058,131

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

	Touchstone Ohio Tax-Free Bond Fund
	For the
	Six Months Ended						For the
	December 31, 2018						Year Ended
	(Unaudited)						June 30, 2018
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued	$	96,747		$	1,082,449			407,502		$	4,689,822
Proceeds from Shares issued in connection with merger^(B)		—			—			—			—
Reinvestment of distributions		33,604			377,728			70,240			804,607
Cost of Shares redeemed		(394,520	)		(4,418,351	)		(1,030,455	)		(11,842,288	)
Change from Class A Share Transactions		(264,169	)		(2,958,174	)		(552,713	)		(6,347,859	)
Class C
Proceeds from Shares issued		57,127			639,748			24,400			279,406
Proceeds from Shares issued in connection with merger^(B)		—			—			—			—
Reinvestment of distributions		3,456			38,910			8,628			99,015
Cost of Shares redeemed		(93,790	)		(1,050,423	)		(122,815	)		(1,417,373	)
Change from Class C Share Transactions		(33,207	)		(371,765	)		(89,787	)		(1,038,952	)
Class Y^(C)
Proceeds from Shares issued		189,027			2,114,966			411,840			4,721,220
Proceeds from Shares issued in connection with merger^(B)		—			—			—			—
Reinvestment of distributions		5,683			63,906			4,519			51,370
Cost of Shares redeemed		(98,179	)		(1,100,285	)		(10,935	)		(124,361	)
Change from Class Y Share Transactions		96,531			1,078,587			405,424			4,648,229
Institutional Class^(D)
Proceeds from Shares issued		369,018			4,174,012			58,836			681,123
Proceeds from Shares issued in connection with merger^(B)		—			—			—			—
Reinvestment of distributions		4,111			46,214			1,256			14,365
Cost of Shares redeemed		(86,719	)		(974,512	)		(10,892	)		(126,022	)
Change from Institutional Class Share Transactions		286,410			3,245,714			49,200			569,466
Class R6
Proceeds from Shares issued		—			—			—			—
Reinvestment of distributions		—			—			—			—
Cost of Shares redeemed		—			—			—			—
Change from Class R6 Share Transactions		—			—			—			—
Change from Share Transactions		85,565		$	994,362			(187,876	)	$	(2,169,116	)

^(A)The Fund changed its fiscal year from November 30 to June 30.

^(B)See Note 9 in Notes to Financial Statements.

^(C)Effective October 28, 2017, Class I shares of the Sentinel Small Company Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Touchstone Small Company Fund.

^(D)The Small Company Fund began issuing Institutional Class shares on October 30, 2017.

See accompanying Notes to Financial Statements.

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

Touchstone Small Company Fund
For the Six Months
Ended						For the Seven Months						For the Year
December 31, 2018						Ended						Ended
(Unaudited)						June 30, 2018^(A)						November 30, 2017^(B)
Shares			Dollars			Shares			Dollars			Shares			Dollars

$	4,670,344		$	24,403,891			5,895,776		$	31,725,207			12,736,974		$	64,922,273
	3,572,822			21,326,954			—			—			—			—
	14,440,331			65,847,900			9,931,506			51,941,762			10,260,090			50,274,442
	(17,212,003	)		(92,540,331	)		(16,353,009	)		(88,164,421	)		(35,156,499	)		(181,071,810	)
	5,471,494			19,038,414			(525,727	)		(4,497,452	)		(12,159,435	)		(65,875,095	)

	848,607			2,469,893			1,201,762			3,809,548			4,275,835			13,492,231
	1,917,820			6,665,795			—			—			—			—
	7,546,781			18,036,807			4,368,606			13,367,905			4,154,959			12,714,176
	(5,271,789	)		(14,742,442	)		(5,246,225	)		(16,802,180	)		(11,339,284	)		(36,511,088	)
	5,041,419			12,430,053			324,143			375,273			(2,908,490	)		(10,304,681	)

	10,215,631			61,305,072			10,885,478			63,650,858			33,014,830			182,189,524
	11,284,528			73,494,700			—			—			—			—
	7,860,688			39,597,755			4,412,737			25,152,605			3,158,900			16,678,996
	(23,290,765	)		(139,007,613	)		(15,544,983	)		(91,507,813	)		(18,800,069	)		(104,298,111	)
	6,070,082			35,389,914			(246,768	)		(2,704,350	)		17,373,661			94,570,409

	325,993			2,005,521			878			5,183			431			2,500
	556,531			3,625,412			—			—			—			—
	17,201			86,450			36			203			—			—
	(745,255	)		(4,731,464	)		—			—			—			—
	154,470			985,919			914			5,386			431			2,500

	16,894,193			96,278,225			2,887,650			16,010,197			11,135,743			58,124,146
	1,780,528			8,323,538			1,038,392			5,534,630			206,788			1,025,672
	(3,814,936	)		(21,271,200	)		(2,127,109	)		(11,621,254	)		(2,126,522	)		(11,247,315	)
	14,859,785			83,330,563			1,798,933			9,923,573			9,216,009			47,902,503
	31,597,250		$	151,174,863			1,351,495		$	3,102,430			11,522,176		$	66,295,636

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

	Touchstone Value Fund
	For the
	Six Months Ended						For the
	December 31, 2018						Year Ended
	(Unaudited)						June 30, 2018
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		122,302		$	1,177,211			220,556		$	2,207,890
Reinvestment of distributions		444,058			3,876,751			327,947			3,256,583
Cost of Shares redeemed		(650,331	)		(5,849,454	)		(1,125,388	)		(11,384,407	)
Change from Class A Share Transactions		(83,971	)		(795,492	)		(576,885	)		(5,919,934	)
Class C
Proceeds from Shares issued		52,303			477,239			12,381			124,927
Reinvestment of distributions		36,869			319,659			27,913			275,950
Cost of Shares redeemed		(100,609	)		(962,689	)		(116,542	)		(1,169,914	)
Change from Class C Share Transactions		(11,437	)		(165,791	)		(76,248	)		(769,037	)
Class Y
Proceeds from Shares issued		983,092			9,540,881			1,420,393			14,432,337
Reinvestment of distributions		1,112,585			9,760,478			729,059			7,268,521
Cost of Shares redeemed		(852,234	)		(8,104,741	)		(2,172,809	)		(22,089,267	)
Change from Class Y Share Transactions		1,243,443			11,196,618			(23,357	)		(388,409	)
Institutional Class
Proceeds from Shares issued		1,669,154			16,697,681			4,724,179			47,634,334
Reinvestment of distributions		2,712,724			23,811,241			2,318,457			23,063,384
Cost of Shares redeemed		(8,820,076	)		(92,315,497	)		(5,164,702	)		(51,982,165	)
Change from Institutional Class Share Transactions		(4,438,198	)		(51,806,575	)		1,877,934			18,715,553
Change from Share Transactions		(3,290,163	)	$	(41,571,240	)		1,201,444		$	11,638,173

See accompanying Notes to Financial Statements.

Financial Highlights

Touchstone Balanced Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	21.54		$	22.40		$	19.68		$	19.87		$	20.98		$	20.23		$	18.03
Income (loss) from investment operations:
Net investment income		0.17			0.16			0.21			0.23	^(B)		0.43	^(B)		0.26	^(B)		0.23	^(B)
Net realized and unrealized gains (losses) on investments		(0.86	)		0.22			2.89			0.66			(0.35	)		1.50			2.91
Total from investment operations		(0.69	)		0.38			3.10			0.89			0.08			1.76			3.14
Distributions from:
Net investment income		(0.20	)		(0.18	)		(0.25	)		(0.44	)		(0.30	)		(0.26	)		(0.26	)
Realized capital gains		(1.07	)		(1.06	)		(0.13	)		(0.64	)		(0.89	)		(0.75	)		(0.68	)
Total distributions		(1.27	)		(1.24	)		(0.38	)		(1.08	)		(1.19	)		(1.01	)		(0.94	)
Net asset value at end of period	$	19.58		$	21.54		$	22.40		$	19.68		$	19.87		$	20.98		$	20.23
Total return^(C)		(3.43	%)^(D)		1.72	%^(D)		15.95	%		4.75	%		0.56	%		9.10	%		18.15	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	214,910		$	239,056		$	258,279		$	264,910		$	263,276		$	278,385		$	267,627
Ratio to average net assets:
Net expenses		1.01	%^(E)		1.01	%^(E)		1.03	%		1.01	%		1.04	%		1.07	%		1.06	%
Gross expenses		1.07	%^(E)		1.07	%^(E)		1.04	%		1.01	%		1.04	%		1.07	%		1.06	%
Net investment income		1.48	%^(E)		1.24	%^(E)		0.99	%		1.20	%		2.17	%^(F)		1.29	%		1.22	%
Portfolio turnover rate		40	%^(D)		119	%^(D)		46	%		45	%		86	%		94	%		154	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Includes the impact of special dividends resulting from an acquisition of Covidien plc by Medtronic, Inc. on January 26, 2015 through the formation of a new holding company, Medtronic plc, incorporated in Ireland. These special dividends enhanced the ratios of net investment income for Class A shares by 0.86% for the fiscal year ended November 30, 2015.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Balanced Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended December 31, 2018			Seven Months Ended June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	21.63		$	22.46		$	19.73		$	19.93		$	21.04		$	20.27		$	18.07
Income (loss) from investment operations:											0.08	^(B)		0.28	^(B)		0.11	^(B)		0.08	^(B)
Net investment income		0.08			0.06			0.04
Net realized and unrealized gains (losses) on investments		(0.85	)		0.22			2.91			0.66			(0.35	)		1.51			2.91
Total from investment operations		(0.77	)		0.28			2.95			0.74			(0.07	)		1.62			2.99
Distributions from:
Net investment income		(0.11	)		(0.05	)		(0.09	)		(0.30	)		(0.15	)		(0.10	)		(0.11	)
Realized capital gains		(1.07	)		(1.06	)		(0.13	)		(0.64	)		(0.89	)		(0.75	)		(0.68	)
Total distributions		(1.18	)		(1.11	)		(0.22	)		(0.94	)		(1.04	)		(0.85	)		(0.79	)
Net asset value at end of period	$	19.68		$	21.63		$	22.46		$	19.73		$	19.93		$	21.04		$	20.27
Total return^(C)		(3.75	%)^(D)		1.25	%^(D)		15.09	%		3.91	%		(0.23%	)		8.34	%		17.19	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	35,534		$	39,769		$	42,800		$	43,066		$	35,344		$	32,002		$	30,647
Ratio to average net assets:
Net expenses		1.78	%^(E)		1.78	%^(E)		1.79	%		1.78	%		1.82	%		1.82	%		1.86	%
Gross expenses		1.86	%^(E)		1.86	%^(E)		1.81	%		1.78	%		1.82	%		1.82	%		1.86	%
Net investment income		0.71	%^(E)		0.47	%^(E)		0.23	%		0.43	%		1.39	%^(F)		0.53	%		0.42	%
Portfolio turnover rate		40	%^(D)		119	%^(D)		46	%		45	%		86	%		94	%		154	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Includes the impact of special dividends resulting from an acquisition of Covidien plc by Medtronic, Inc. on January 26, 2015 through the formation of a new holding company, Medtronic plc, incorporated in Ireland. These special dividends enhanced the ratios of net investment income for Class C shares by 0.86% for the fiscal year ended November 30, 2015.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Balanced Fund—Class Y^(A)

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31, 2018			Ended June 30,			Year Ended November 30,
	(Unaudited)			2018^(B)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	21.39		$	22.26		$	19.57		$	19.78		$	20.90		$	20.15		$	17.95
Income (loss) from investment operations:
Net investment income		0.18			0.19			0.28			0.27	^(C)		0.47	^(C)		0.31	^(C)		0.28	^(C)
Net realized and unrealized gains (losses) on investments		(0.84	)		0.22			2.84			0.65			(0.34	)		1.50			2.89
Total from investment operations		(0.66	)		0.41			3.12			0.92			0.13			1.81			3.17
Distributions from:
Net investment income		(0.22	)		(0.22	)		(0.30	)		(0.49	)		(0.36	)		(0.31	)		(0.29	)
Realized capital gains		(1.07	)		(1.06	)		(0.13	)		(0.64	)		(0.89	)		(0.75	)		(0.68	)
Total distributions		(1.29	)		(1.28	)		(0.43	)		(1.13	)		(1.25	)		(1.06	)		(0.97	)
Net asset value at end of period	$	19.44		$	21.39		$	22.26		$	19.57		$	19.78		$	20.90		$	20.15
Total return		(3.30	%)^(D)		1.86	%^(D)		16.20	%		4.94	%		0.79	%		9.43	%		18.46	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	55,597		$	30,612		$	31,215		$	14,477		$	12,589		$	17,062		$	20,468
Ratio to average net assets:
Net expenses		0.81	%^(E)		0.81	%^(E)		0.78	%		0.81	%		0.81	%		0.80	%		0.77	%
Gross expenses		0.84	%^(E)		0.90	%^(E)		0.80	%		0.81	%		0.81	%		0.80	%		0.77	%
Net investment income		1.68	%^(E)		1.44	%^(E)		1.25	%		1.41	%		2.39	%^(F)		1.55	%		1.50	%
Portfolio turnover rate		40	%^(D)		119	%^(D)		46	%		45	%		86	%		94	%		154	%

^(A)

Effective October 28, 2017, Class I shares of the Sentinel Balanced Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Fund.

^(B)

The Fund changed its fiscal year end from November 30 to June 30.

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Includes the impact of special dividends resulting from an acquisition of Covidien plc by Medtronic, Inc. on January 26, 2015 through the formation of a new holding company, Medtronic plc, incorporated in Ireland. These special dividends enhanced the ratios of net investment income for Class Y shares by 0.86% for the fiscal year ended November 30, 2015.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Credit Opportunities Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Year Ended			Period Ended
	2018			June 30,			June 30,			June 30,
	(Unaudited)			2018			2017			2016^(A)
Net asset value at beginning of period	$	9.96		$	10.41		$	10.05		$	10.00
Income (loss) from investment operations:
Net investment income		0.26			0.49			0.45			0.22
Net realized and unrealized gains (losses) on investments		(0.55	)		(0.13	)		0.45			0.07
Total from investment operations		(0.29	)		0.36			0.90			0.29
Distributions from:
Net investment income		(0.29	)		(0.53	)		(0.47	)		(0.23	)
Realized capital gains		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.40	)		(0.81	)		(0.54	)		(0.24	)
Net asset value at end of period	$	9.27		$	9.96		$	10.41		$	10.05
Total return^(B)		(2.99	%)^(C)		3.50	%		9.08	%		2.95	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	109		$	153		$	45		$	43
Ratio to average net assets:
Net expenses (including dividend and interestexpense on securities sold short)^(D)		1.79	%^(E)		1.76	%		1.87	%		1.73	%^(E)
Gross expenses (including dividend and interestexpense on securities sold short)^(F)		7.08	%^(E)		10.00	%		16.01	%		38.32	%^(E)
Net investment income		5.63	%^(E)		5.00	%		4.44	%		3.53	%^(E)
Portfolio turnover rate		37	%^(C)		70	%		84	%		91	%^(C)

^(A)

Represents the period from commencement of operations (September 1, 2015) through June 30, 2016.

^(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)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 1.69%, 1.69%, 1.69% and 1.69% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

^(E)

Annualized.

^(F)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 6.98%, 9.93%, 15.83% and 38.28% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Credit Opportunities Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Year Ended			Period Ended
	2018			June 30,			June 30,			June 30,
	(Unaudited)			2018			2017			2016^(A)
Net asset value at beginning of period	$	10.00		$	10.44		$	10.08		$	10.00
Income (loss) from investment operations:
Net investment income		0.20			0.44			0.34			0.17
Net realized and unrealized gains (losses) on investments		(0.52	)		(0.15	)		0.48			0.08
Total from investment operations		(0.32	)		0.29			0.82			0.25
Distributions from:
Net investment income		(0.27	)		(0.45	)		(0.39	)		(0.16	)
Realized capital gains		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.38	)		(0.73	)		(0.46	)		(0.17	)
Net asset value at end of period	$	9.30		$	10.00		$	10.44		$	10.08
Total return^(B)		(3.20	%)^(C)		2.69	%		8.31	%		2.59	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	91		$	22		$	22		$	6
Ratio to average net assets:
Net expenses (including dividend and interestexpense on securities sold short)^(D)		2.54	%^(E)		2.51	%		2.62	%		2.48	%^(E)
Gross expenses (including dividend and interestexpense on securities sold short)^(F)		14.09	%^(E)		34.60	%		73.30	%		276.34	%^(E)
Net investment income		4.88	%^(E)		4.25	%		3.69	%		2.79	%^(E)
Portfolio turnover rate		37	%^(C)		70	%		84	%		91	%^(C)

^(A)

Represents the period from commencement of operations (September 1, 2015) through June 30, 2016.

^(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)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 2.44%, 2.44%, 2.44% and 2.44% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

^(E)

Annualized.

^(F)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 13.99%, 34.53%, 73.12% and 276.30% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Credit Opportunities Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Year Ended			Period Ended
	2018			June 30,			June 30,			June 30,
	(Unaudited)			2018			2017			2016^(A)
Net asset value at beginning of period	$	9.96		$	10.41		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income		0.32			0.50			0.39			0.31
Net realized and unrealized gains (losses) on investments		(0.59	)		(0.12	)		0.54			(0.02	)
Total from investment operations		(0.27	)		0.38			0.93			0.29
Distributions from:
Net investment income		(0.31	)		(0.55	)		(0.49	)		(0.24	)
Realized capital gains		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.42	)		(0.83	)		(0.56	)		(0.25	)
Net asset value at end of period	$	9.27		$	9.96		$	10.41		$	10.04
Total return		(2.77	%)^(B)		3.73	%		9.39	%		3.04	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	968		$	444		$	315		$	3
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)^(C)		1.54	%^(D)		1.51	%		1.62	%		1.48	%^(D)
Gross expenses (including dividend and interest expense on securities sold short)^(E)		3.06	%^(D)		4.29	%		8.25	%		355.77	%^(D)
Net investment income		5.88	%^(D)		5.25	%		4.69	%		3.79	%^(D)
Portfolio turnover rate		37	%^(B)		70	%		84	%		91	%^(B)

^(A)

Represents the period from commencement of operations (September 1, 2015) through June 30, 2016.

^(B)

Not annualized.

^(C)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 1.44%, 1.44%, 1.44% and 1.44% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

^(D)

Annualized.

^(E)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 2.96%, 4.22%, 8.07% and 355.73% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Credit Opportunities Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Year Ended			Period Ended
	2018			June 30,			June 30,			June 30,
	(Unaudited)			2018			2017			2016^(A)
Net asset value at beginning of period	$	9.96		$	10.41		$	10.05		$	10.00
Income (loss) from investment operations:
Net investment income		0.30			0.55			0.50			0.28
Net realized and unrealized gains (losses) on investments		(0.57	)		(0.16	)		0.43			0.03
Total from investment operations		(0.27	)		0.39			0.93			0.31
Distributions from:
Net investment income		(0.31	)		(0.56	)		(0.50	)		(0.25	)
Realized capital gains		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.42	)		(0.84	)		(0.57	)		(0.26	)
Net asset value at end of period	$	9.27		$	9.96		$	10.41		$	10.05
Total return		(2.82	%)^(B)		3.85	%		9.47	%		3.22	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	46,540		$	51,715		$	53,150		$	54,411
Ratio to average net assets:
Net expenses (including dividend and interestexpense on securities sold short)^(C)		1.44	%^(D)		1.41	%		1.52	%		1.38	%^(D)
Gross expenses (including dividend and interestexpense on securities sold short)^(E)		1.63	%^(D)		1.59	%		1.69	%		1.65	%^(D)
Net investment income		5.98	%^(D)		5.35	%		4.79	%		3.88	%^(D)
Portfolio turnover rate		37	%^(B)		70	%		84	%		91	%^(B)

^(A)

Represents the period from commencement of operations (September 1, 2015) through June 30, 2016.

^(B)

Not annualized.

^(C)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 1.34%, 1.34%, 1.34% and 1.34% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

^(D)

Annualized.

^(E)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 1.53%, 1.52%, 1.51% and 1.61% for the six months ended December 31, 2018 and years ended June 30, 2018, June 30, 2017 and for the period ended June 30, 2016, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31, 2018			Ended June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	18.15		$	19.64		$	15.52		$	16.92		$	19.61		$	20.18		$	16.03
Income (loss) from investment operations:
Net investment income		0.01			0.36	^(B)		0.17			0.18	^(C)		0.13	^(C)		0.25	^(C)		0.16	^(C)
Net realized and unrealized gains (losses) on investments		(2.02	)		(0.94	)		4.05			(0.97	)		0.47			(0.61	)		4.13
Total from investment operations		(2.01	)		(0.58	)		4.22			(0.79	)		0.60			(0.36	)		4.29
Distributions from:
Net investment income		(0.26	)		(0.21	)		(0.10	)		(0.12	)		(0.34	)		(0.21	)		(0.14	)
Realized capital gains		(1.87	)		(0.70	)		—			(0.49	)		(2.95	)		—			—
Total distributions		(2.13	)		(0.91	)		(0.10	)		(0.61	)		(3.29	)		(0.21	)		(0.14	)
Net asset value at end of period	$	14.01		$	18.15		$	19.64		$	15.52		$	16.92		$	19.61		$	20.18
Total return^(D)		(11.18	%)^(E)		(3.23	%)^(E)		27.39	%		(4.81	%)		4.49	%		(1.81	%)		26.93	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	99,009		$	118,391		$	129,139		$	114,616		$	113,212		$	115,216		$	122,646
Ratio to average net assets:
Net expenses		1.28	%^(F)		1.23	%^(F)		1.37	%		1.36	%		1.41	%		1.41	%		1.44	%
Gross expenses		1.34	%^(F)		1.30	%^(F)		1.39	%		1.36	%		1.41	%		1.41	%		1.44	%
Net investment income		0.35	%^(F)		3.22	%^(B)(F)		0.92	%		1.11	%		0.76	%		1.22	%		0.91	%
Portfolio turnover rate		20	%^(E)		26	%^(E)		37	%		36	%		55	%		50	%		52	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

Reflects the impact of a special dividend that resulted in a one-time increase to net investment income. If the special dividend had not occurred, the ratio of net investment income to average net assets would have been lower by 1.54% and the net investment income per share would have been lower by $0.17 for Class A.

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31, 2018			Ended June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	17.12		$	18.46		$	14.66		$	16.06		$	18.71		$	19.34		$	15.49
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		0.26	^(B)		(0.06	)		(0.01	)^(C)		(0.10	)^(C)		(0.04	)^(C)		(0.11	)^(C)
Net realized and unrealized gains (losses) on investments		(1.90	)		(0.90	)		3.86			(0.90	)		0.47			(0.59	)		3.97
Total from investment operations		(1.96	)		(0.64	)		3.80			(0.91	)		0.37			(0.63	)		3.86
Distributions from:
Net investment income		(0.10	)		—			—			—			(0.07	)		—			(0.01	)
Realized capital gains		(1.87	)		(0.70	)		—			(0.49	)		(2.95	)		—			—
Total distributions		(1.97	)		(0.70	)		—			(0.49	)		(3.02	)		—			(0.01	)
Net asset value at end of period	$	13.19		$	17.12		$	18.46		$	14.66		$	16.06		$	18.71		$	19.34
Total return^(D)		(11.59	%)^(E)		(3.72	%)^(E)		25.92	%		(5.82	%)		3.14	%		(3.26	%)		24.92	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	5,025		$	6,737		$	6,924		$	5,876		$	4,732		$	3,581		$	3,634
Ratio to average net assets:
Net expenses		2.21	%^(F)		2.18	%^(F)		2.45	%		2.49	%		2.70	%		2.86	%		3.04	%
Gross expenses		2.28	%^(F)		2.25	%^(F)		2.49	%		2.49	%		2.70	%		2.86	%		3.04	%
Net investment income (loss)		(0.58	%)^(F)		2.27	%^(B)(F)		(0.16	%)		(0.04	%)		(0.60	%)		(0.23	%)		(0.66	%)
Portfolio turnover rate		20	%^(E)		26	%(E)		37	%		36	%		55	%		50	%		52	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Equity Fund—Class Y^(A)

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31, 2018			Ended June 30,			Year Ended November 30,
	(Unaudited)			2018^(B)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	17.93		$	19.45		$	15.40		$	16.79		$	19.53		$	20.13		$	15.99
Income (loss) from investment operations:
Net investment income		0.07			0.40	^(C)		0.25			0.23	^(D)		0.18	^(D)		0.38	^(D)		0.26	^(D)
Net realized and unrealized gains (losses) on investments		(2.03	)		(0.93	)		3.98			(0.95	)		0.47			(0.65	)		4.11
Total from investment operations		(1.96	)		(0.53	)		4.23			(0.72	)		0.65			(0.27	)		4.37
Distributions from:
Net investment income		(0.30	)		(0.29	)		(0.18	)		(0.18	)		(0.44	)		(0.33	)		(0.23	)
Realized capital gains		(1.87	)		(0.70	)		—			(0.49	)		(2.95	)		—			—
Total distributions		(2.17	)		(0.99	)		(0.18	)		(0.67	)		(3.39	)		(0.33	)		(0.23	)
Net asset value at end of period	$	13.80		$	17.93		$	19.45		$	15.40		$	16.79		$	19.53		$	20.13
Total return		(11.05	%)^(E)		(3.05	%)^(E)		27.78	%		(4.41	%)		4.89	%		(1.39	%)		27.64	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	40,546		$	57,438		$	63,320		$	40,528		$	14,967		$	10,997		$	34,561
Ratio to average net assets:
Net expenses		0.99	%^(F)		0.99	%^(F)		1.01	%		0.99	%		1.02	%		0.92	%		0.89	%
Gross expenses		1.12	%^(F)		1.09	%^(F)		1.03	%		0.99	%		1.02	%		0.92	%		0.89	%
Net investment income		0.64	%^(F)		3.47	%^(C)(F)		1.28	%		1.45	%		1.05	%		1.91	%		1.48	%
Portfolio turnover rate		20	%^(E)		26	%^(E)		37	%		36	%		55	%		50	%		52	%

^(A)

Effective October 28, 2017, Class I shares of the Sentinel International Equity Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Fund.

^(B)

The Fund changed its fiscal year end from November 30 to June 30.

^(C)

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended			Period Ended
	2018			June 30,			November 30,
	(Unaudited)			2018^(A)			2017^(B)
Net asset value at beginning of period	$	17.92		$	19.46		$	18.91
Income (loss) from investment operations:
Net investment income		—	^(C)		0.56	^(D)		0.02
Net realized and unrealized gains (losses) on investments		(1.95	)		(1.09	)		0.53
Total from investment operations		(1.95	)		(0.53	)		0.55
Distributions from:
Net investment income		(0.32	)		(0.31	)		—
Realized capital gains		(1.87	)		(0.70	)		—
Total distributions		(2.19	)		(1.01	)		—
Net asset value at end of period	$	13.78		$	17.92		$	19.46
Total return		(10.98	%)^(E)		(3.02	%)^(E)		2.91	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,305		$	2,260		$	3
Ratio to average net assets:
Net expenses		0.89	%^(F)		0.89	%^(F)		0.89	%^(F)
Gross expenses		1.26	%^(F)		1.63	%^(F)		1921.18	%^(F)
Net investment income		0.74	%^(F)		3.57	%^(D)(F)		1.40	%^(F)
Portfolio turnover rate		20	%^(E)		26	%^(E)		37	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

Represents the period from commencement of operations (October 30, 2017) through November 30, 2017.

^(C)

Represents less than $0.005 per share.

^(D)

^(E)

Not annualized.

^(F)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Growth Opportunities Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	25.12		$	22.25		$	18.74	^(B)
Income (loss) from investment operations:
Net investment loss		(0.07	)^(C)		(0.01	)		(0.01	)
Net realized and unrealized gains (losses) on investments		(4.98	)		3.34			3.52
Total from investment operations		(5.05	)		3.33			3.51
Distributions from:
Realized capital gains		(2.85	)		(0.46	)		—
Net asset value at end of period	$	17.22		$	25.12		$	22.25
Total return^(D)		(20.56	%)^(E)		15.00	%		18.73	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	657		$	918		$	140
Ratio to average net assets:
Net expenses		1.24	%^(F)		1.36	%		1.41	%^(F)
Gross expenses		3.93	%^(F)		3.75	%		42.93	%^(F)
Net investment loss		(0.64	%)^(F)		(0.05	%)		(0.35	%)^(F)
Portfolio turnover rate		43	%^(E)		109	%		72	%^(G)

Touchstone International Growth Opportunities Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	24.76		$	22.10		$	18.74	^(B)
Income (loss) from investment operations:
Net investment loss		(0.16	)^(C)		(0.11	)		(0.19	)
Net realized and unrealized gains (losses) on investments		(4.89	)		3.23			3.55
Total from investment operations		(5.05	)		3.12			3.36
Distributions from:
Realized capital gains		(2.85	)		(0.46	)		—
Net asset value at end of period	$	16.86		$	24.76		$	22.10
Total return^(D)		(20.87	%)^(E)		14.14	%		17.93	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	154		$	436		$	3
Ratio to average net assets:
Net expenses		1.99	%^(F)		2.10	%		2.16	%^(F)
Gross expenses		4.79	%^(F)		5.06	%		237.46	%^(F)
Net investment loss		(1.39	%)^(F)		(0.79	%)		(1.11	%)^(F)
Portfolio turnover rate		43	%^(E)		109	%		72	%^(G)

^(A)

Represents the period from commencement of operations (August 15, 2016) through June 30, 2017.

^(B)

Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 15, 2016.

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

^(G)

Portfolio turnover excludes the purchases and sales of the DSM Global Growth & Income Fund merger on August 15, 2016. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Growth Opportunities Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	25.19		$	22.25		$	18.74	^(B)
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)^(C)		0.02			(—	)^(D)
Net realized and unrealized gains (losses) on investments		(5.01	)		3.38			3.51
Total from investment operations		(5.05	)		3.40			3.51
Distributions from:
Net investment income		(0.02	)		—			—
Realized capital gains		(2.85	)		(0.46	)		—
Total distributions		(2.87	)		(0.46	)		—
Net asset value at end of period	$	17.27		$	25.19		$	22.25
Total return		(20.50	%)^(E)		15.32	%		18.73	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,259		$	4,553		$	161
Ratio to average net assets:
Net expenses		0.99	%^(F)		1.03	%		1.16	%^(F)
Gross expenses		1.61	%^(F)		1.81	%		51.68	%^(F)
Net investment income (loss)		(0.39	%)^(F)		0.28	%		(0.10	%)^(F)
Portfolio turnover rate		43	%^(E)		109	%		72	%^(G)

Touchstone International Growth Opportunities Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31, 2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	25.27		$	22.30		$	17.60		$	19.75		$	20.26		$	16.38
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)^(C)		0.07			(0.02	)		(0.04	)^(C)		(0.02	)^(C)		0.07	^(C)
Net realized and unrealized gains (losses) on investments		(5.02	)		3.36			5.15			(0.73	)		1.56			4.48
Total from investment operations		(5.05	)		3.43			5.13			(0.77	)		1.54			4.55
Distributions from:
Net investment income		(0.04	)		—			—			—			(0.06	)		—
Realized capital gain		(2.85	)		(0.46	)		(0.43	)		(1.38	)		(1.99	)		(0.67	)
Total distributions		(2.89	)		(0.46	)		(0.43	)		(1.38	)		(2.05	)		(0.67	)
Net asset value at end of period	$	17.33		$	25.27		$	22.30		$	17.60		$	19.75		$	20.26
Total return		(20.42	%)^(E)		15.42	%		29.63	%		(4.06	%)		8.52	%		28.04	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	29,520		$	28,159		$	23,956		$	6,418		$	6,040		$	5,015
Ratio to average net assets:
Net expenses		0.89	%^(F)		1.02	%		1.06	%		1.15	%^(H)		1.20	%		1.20	%
Gross expenses		1.22	%^(F)		1.31	%		1.82	%		4.12	%		4.54	%		5.92	%
Net investment income (loss)		(0.29	%)^(F)		0.28	%		(0.14	%)		(0.23	%)		(0.10	%)		0.37	%
Portfolio turnover rate		43	%^(E)		109	%		72	%^(G)		57	%		91	%		82	%

^(A)

Represents the period from commencement of operations (August 15, 2016) through June 30, 2017.

^(B)

Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 15, 2016.

^(C)

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

^(D)

Less than $0.005 per share.

^(E)

Not annualized.

^(F)

Annualized.

^(G)

Portfolio turnover excludes the purchases and sales of the DSM Global Growth & Income Fund merger on August 15, 2016. If these transactions were included, portfolio turnover would have been higher.

^(H)

Expense cap was lowered to 1.10% from 1.20% on January 1, 2016.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Small Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31, 2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	17.89		$	16.78		$	14.98		$	16.52		$	15.48		$	12.58
Income (loss) from investment operations:
Net investment income		0.39			0.18			0.10			0.09			0.11			0.11	^(A)
Net realized and unrealized gains (losses) on investments		(4.03	)		1.32			1.84			(1.53	)		1.00			3.00
Total from investment operations		(3.64	)		1.50			1.94			(1.44	)		1.11			3.11
Distributions from:
Net investment income		(0.18	)		(0.39	)		(0.14	)		(0.10	)		(0.07	)		(0.21	)
Realized capital gains		(1.10	)		—			—			—			—			—
Total distributions		(1.28	)		—			—			—			—			—
Net asset value at end of period	$	12.97		$	17.89		$	16.78		$	14.98		$	16.52		$	15.48
Total return^(B)		(20.53	%)^(C)		8.85	%		13.13	%		(8.77	%)		7.29	%		24.74	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,463		$	11,727		$	16,529		$	23,095		$	24,635		$	10,721
Ratio to average net assets:
Net expenses		1.55	%^(D)		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Gross expenses		1.90	%^(D)		1.74	%		1.71	%		1.66	%		1.84	%		2.12	%
Net investment income		0.05	%^(D)		0.51	%		0.56	%		0.59	%		0.90	%		0.76	%
Portfolio turnover rate		55	%^(C)		94	%		89	%		90	%		84	%		60	%

Touchstone International Small Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31, 2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	17.58		$	16.47		$	14.67		$	16.28		$	15.33		$	12.54
Income (loss) from investment operations:
Net investment income (loss)		(0.09	)		(0.11	)		(0.12	)		(0.04	)		0.06			—	^(A)(E)
Net realized and unrealized gains (losses) on investments		(3.54	)		1.44			1.92			(1.49	)		0.92			2.99
Total from investment operations		(3.63	)		1.33			1.80			(1.53	)		0.98			2.99
Distributions from:
Net investment income		(0.15	)		(0.22	)		—			(0.08	)		(0.03	)		(0.20	)
Realized capital gains		(1.10	)		—			—			—			—			—
Total distributions		(1.25	)		—			—			—			—			(0.20	)
Net asset value at end of period	$	12.70		$	17.58		$	16.47		$	14.67		$	16.28		$	15.33
Total return^(B)		(20.83	%)^(C)		8.04	%		12.27	%		(9.43	%)		6.44	%		23.94	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,581		$	2,498		$	2,818		$	4,294		$	4,120		$	613
Ratio to average net assets:
Net expenses		2.30	%^(D)		2.30	%		2.30	%		2.30	%		2.30	%		2.30	%
Gross expenses		2.93	%^(D)		2.81	%		2.73	%		2.62	%		2.92	%		7.28	%
Net investment income (loss)		(0.70	%)^(D)		(0.25	%)		(0.19	%)		(0.16	%)		0.15	%		0.01	%
Portfolio turnover rate		55	%^(C)		94	%		89	%		90	%		84	%		60	%

^(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)

Annualized.

^(E)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone International Small Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.28		$	17.21		$	15.39		$	16.94		$	15.86		$	12.84
Income (loss) from investment operations:
Net investment income		0.03			0.13			0.17			0.13			0.14			0.16	^(A)
Net realized and unrealized gains (losses) on investments		(3.73	)		1.46			1.85			(1.57	)		1.04			3.07
Total from investment operations		(3.70	)		1.59			2.02			(1.44	)		1.18			3.23
Distributions from:
Net investment income		(0.23	)		(0.52	)		(0.20	)		(0.11	)		(0.10	)		(0.21	)
Realized capital gains		(1.10	)		—			—			—			—			—
Total distributions		(1.33	)		—			—			—			—			—
Net asset value at end of period	$	13.25		$	18.28		$	17.21		$	15.39		$	16.94		$	15.86
Total return		(20.39	%)^(B)		9.17	%		13.39	%		(8.56	%)		7.54	%		25.16	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	95,770		$	144,173		$	146,744		$	166,801		$	172,477		$	120,537
Ratio to average net assets:
Net expenses		1.30	%^(C)		1.30	%^(D)		1.30	%		1.30	%		1.30	%		1.25	%
Gross expenses		1.34	%^(C)		1.30	%		1.32	%		1.32	%		1.38	%		1.44	%
Net investment income		0.30	%^(C)		0.75	%		0.81	%		0.84	%		1.15	%		1.06	%
Portfolio turnover rate		55	%^(B)		94	%		89	%		90	%		84	%		60	%

Touchstone International Small Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.37		$	17.31		$	15.48		$	17.02		$	15.94		$	12.90
Income (loss) from investment operations:
Net investment income		0.02			0.12			0.16			0.12			0.18			0.18	^(A)
Net realized and unrealized gains (losses) on investments		(3.73	)		1.50			1.90			(1.55	)		1.02			3.09
Total from investment operations		(3.71	)		1.62			2.06			(1.43	)		1.20			3.27
Distributions from:
Net investment income		(0.24	)		(0.56	)		(0.23	)		(0.11	)		(0.12	)		(0.23	)
Realized capital gains		(1.10	)		—			—			—			—			—
Total distributions		(1.34	)		—			—			—			—			(0.23	)
Net asset value at end of period	$	13.32		$	18.37		$	17.31		$	15.48		$	17.02		$	15.94
Total return		(20.38	%)^(B)		9.25	%		13.56	%		(8.43	%)		7.65	%		25.38	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	108,873		$	157,502		$	148,937		$	197,693		$	47,319		$	30,223
Ratio to average net assets:
Net expenses		1.18	%^(C)		1.18	%		1.18	%		1.18	%		1.18	%		1.08	%
Gross expenses		1.26	%^(C)		1.22	%		1.23	%		1.23	%		1.30	%		1.33	%
Net investment income		0.42	%^(C)		0.87	%		0.93	%		0.96	%		1.27	%		1.23	%
Portfolio turnover rate		55	%^(B)		94	%		89	%		90	%		84	%		60	%

^(A)

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

^(B)

Not annualized.

^(C)

Annualized.

^(D)

Net expenses include amounts recouped by the Advisor.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Cap Focused Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	43.80		$	48.75		$	42.28		$	43.08		$	42.79		$	43.31		$	34.84
Income (loss) from investment operations:
Net investment income		0.19			0.23			0.45			0.53	^(B)		1.01	^(B)		0.56	^(B)		0.44	^(B)
Net realized and unrealized gains (losses) on investments		(2.56	)		1.85			8.99			2.43			(0.25	)		4.97			9.50
Total from investment operations		(2.37	)		2.08			9.44			2.96			0.76			5.53			9.94
Distributions from:
Net investment income		(0.27	)		(0.07	)		(0.51	)		(1.08	)		(0.45	)		(0.58	)		(0.43	)
Realized capital gains		(4.26	)		(6.96	)		(2.46	)		(2.68	)		(0.02	)		(5.47	)		(1.04	)
Total distributions		(4.53	)		(7.03	)		(2.97	)		(3.76	)		(0.47	)		(6.05	)		(1.47	)
Net asset value at end of period	$	36.90		$	43.80		$	48.75		$	42.28		$	43.08		$	42.79		$	43.31
Total return^(C)		(5.98	%)^(D)		4.74	%^(D)		23.67	%		7.53	%		1.79	%		13.30	%		29.53	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,048,691		$	1,218,721		$	1,321,506		$	1,350,861		$	1,416,147		$	1,577,546		$	1,454,446
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(E)		0.96	%^(F)		0.97	%^(F)		1.02	%		1.00	%		0.99	%		1.00	%		1.03	%
Gross expenses (including liquidity provider expenses)^(G)		1.07	%^(F)		1.09	%^(F)		1.02	%		1.00	%		0.99	%		1.00	%		1.03	%
Net investment income		0.89	%^(F)		0.88	%^(F)		0.98	%		1.32	%		2.36	%^(H)		1.28	%		1.15	%
Portfolio turnover rate		10	%^(D)(I)		9	%^(D)(I)		12	%^(I)		8	%		11	%		19	%		12	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 0.95% and 1.02% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.07% and 1.02% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(H)

^(I)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Cap Focused Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	41.29		$	46.48		$	40.44		$	41.36		$	41.15		$	41.82		$	33.70
Income (loss) from investment operations:								—	^(B)		0.21	^(C)		0.64	^(C)		0.21	^(C)		0.12	^(C)
Net investment income		0.02			0.03
Net realized and unrealized gains (losses) on investments		(2.40	)		1.74			8.67			2.33			(0.24	)		4.78			9.18
Total from investment operations		(2.38	)		1.77			8.67			2.54			0.40			4.99			9.30
Distributions from:
Net investment income		—			—			(0.17	)		(0.78	)		(0.17	)		(0.19	)		(0.14	)
Realized capital gains		(4.26	)		(6.96	)		(2.46	)		(2.68	)		(0.02	)		(5.47	)		(1.04	)
Total distributions		(4.26	)		(6.96	)		(2.63	)		(3.46	)		(0.19	)		(5.66	)		(1.18	)
Net asset value at end of period	$	34.65		$	41.29		$	46.48		$	40.44		$	41.36		$	41.15		$	41.82
Total return^(D)		(6.37	%)^(E)		4.24	%^(E)		22.69	%		6.71	%		0.98	%		12.40	%		28.47	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	57,523		$	67,599		$	74,122		$	83,246		$	89,890		$	90,784		$	78,259
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(F)		1.77	%^(G)		1.78	%^(G)		1.82	%		1.79	%		1.78	%		1.79	%		1.84	%
Gross expenses (including liquidity provider expenses)^(H)		1.88	%^(G)		1.89	%^(G)		1.82	%		1.79	%		1.78	%		1.79	%		1.84	%
Net investment income		0.09	%^(G)		0.07	%^(G)		0.18	%		0.54	%		1.57	%^(I)		0.50	%		0.32	%
Portfolio turnover rate		10	%^(E)(J)		9	%^(E)(J)		12	%^(J)		8	%		11	%		19	%		12	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

Represents less than $0.005 per share.

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.76% and 1.82% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(G)

Annualized.

^(H)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.87% and 1.82% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(I)

Includes the impact of special dividends resulting from an acquisition of Covidien plc by Medtronic, Inc. on January 26, 2015 through the formation of a new holding company, Medtronic plc, incorporated in Ireland. These special dividends enhanced the ratios of net investment income for Class C shares by 1.22% for the fiscal year ended November 30, 2015.

^(J)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Cap Focused Fund— Class Y^(A)

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(B)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	43.68		$	48.72		$	42.26		$	43.06		$	42.76		$	43.31		$	34.85
Income (loss) from investment operations:
Net investment income		0.24			0.29			0.56			0.64	^(C)		1.12	^(C)		0.68	^(C)		0.56	^(C)
Net realized and unrealized gains (losses) on investments		(2.55	)		1.84			8.99			2.43			(0.25	)		4.97			9.50
Total from investment operations		(2.31	)		2.13			9.55			3.07			0.87			5.65			10.06
Distributions from:
Net investment income		(0.37	)		(0.21	)		(0.63	)		(1.19	)		(0.55	)		(0.73	)		(0.56	)
Realized capital gains		(4.26	)		(6.96	)		(2.46	)		(2.68	)		(0.02	)		(5.47	)		(1.04	)
Total distributions		(4.63	)		(7.17	)		(3.09	)		(3.87	)		(0.57	)		(6.20	)		(1.60	)
Net asset value at end of period	$	36.74		$	43.68		$	48.72		$	42.26		$	43.06		$	42.76		$	43.31
Total return		(5.85	%)^(D)		4.85	%^(D)		24.03	%		7.84	%		2.07	%		13.61	%		29.93	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	363,007		$	394,077		$	438,732		$	552,611		$	689,502		$	932,941		$	941,223
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(E)		0.72	%^(F)		0.74	%^(F)		0.74	%		0.72	%		0.71	%		0.72	%		0.72	%
Gross expenses (including liquidity provider expenses)^(G)		0.88	%^(F)		0.90	%^(F)		0.75	%		0.72	%		0.71	%		0.72	%		0.72	%
Net investment income		1.13	%^(F)		1.11	%^(F)		1.26	%		1.60	%		2.63	%^(H)		1.55	%		1.45	%
Portfolio turnover rate		10	%^(D)(I)		9	%^(D)(I)		12	%^(I)		8	%		11	%		19	%		12	%

^(A)

Effective October 28, 2017, Class I shares of the Sentinel Common Stock Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Fund.

^(B)

The Fund changed its fiscal year end from November 30 to June 30.

^(C)

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

^(D)

Not annualized.

^(E)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 0.72% and 0.74% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 0.88% and 0.75% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(H)

Includes the impact of special dividends resulting from an acquisition of Covidien plc by Medtronic, Inc. on January 26, 2015 through the formation of a new holding company, Medtronic plc, incorporated in Ireland. These special dividends enhanced the ratios of net investment income for Class Y shares by 1.22%, for the fiscal year ended November 30, 2015.

^(I)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Cap Focused Fund — Institutional Class^(A)

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended									Period Ended
	2018			June 30,			Year Ended November 30,						November 30,
	(Unaudited)			2018^(B)			2017			2016			2015^(C)
Net asset value at beginning of period	$	43.75		$	48.81		$	42.32		$	43.11		$	43.01
Income (loss) from investment operations:
Net investment income		0.17			0.34			0.61			0.70	^(D)		1.07	^(D)
Net realized and unrealized gains (losses) on investments		(2.47	)		1.80			9.01			2.41			(0.51	)
Total from investment operations		(2.30	)		2.14			9.62			3.11			0.56
Distributions from:
Net investment income		(0.40	)		(0.24	)		(0.67	)		(1.22	)		(0.46	)
Realized capital gains		(4.26	)		(6.96	)		(2.46	)		(2.68	)		—
Total distributions		(4.66	)		(7.20	)		(3.13	)		(3.90	)		(0.46	)
Net asset value at end of period	$	36.79		$	43.75		$	48.81		$	42.32		$	43.11
Total return		(5.82	%)^(E)		4.93	%^(E)		24.14	%		7.92	%		1.31	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	69,846		$	46,683		$	44,738		$	29,927		$	18,225
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(F)		0.65	%^(G)		0.67	%^(G)		0.68	%		0.65	%		0.61	%^(G)
Gross expenses (including liquidity provider expenses)^(H)		0.83	%^(G)		0.88	%^(G)		0.70	%		0.72	%		1.76	%^(G)
Net investment income		1.20	%^(G)		1.18	%^(G)		1.32	%		1.72	%		2.65	%^(G)(I)
Portfolio turnover rate		10	%^(E)(J)		9	%^(E)(J)		12	%^(J)		8	%		11	%

^(A)

Effective October 30, 2017, Class R6 shares of the Predecessor Fund were reorganized into Institutional Class shares of the Fund.

^(B)

The Fund changed its fiscal year end from November 30 to June 30.

^(C)

Represents the period from commencement of operations (December 23, 2014) through November 30, 2015.

^(D)

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

^(E)

Not annualized.

^(F)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 0.65% and 0.68% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(G)

Annualized.

^(H)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 0.86% and 0.70% for the seven months ended June 30, 2018 and the year ended November 30, 2017, respectively. There were no liquidity provider expenses prior to 2017.

^(I)

Includes the impact of special dividends resulting from an acquisition of Covidien plc by Medtronic, Inc. on January 26, 2015 through the formation of a new holding company, Medtronic plc, incorporated in Ireland. These special dividends enhanced the ratios of net investment income for Institutional Class shares by 1.30%, for the fiscal year ended November 30, 2015.

^(J)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,												Period Ended
	2018			Year Ended June 30,									June 30,
	(Unaudited)			2018			2017			2016			2015^(A)
Net asset value at beginning of period	$	13.27		$	11.96		$	10.49		$	10.65		$	10.00
Income (loss) from investment operations:
Net investment income		0.02			0.09			0.06			0.08			0.09	^(B)
Net realized and unrealized gains (losses) on investments		(0.77	)		1.27			1.49			(0.18	)		0.57
Total from investment operations		(0.75	)		1.36			1.55			(0.10	)		0.66
Distributions from:
Net investment income		(0.08	)		(0.05	)		(0.08	)		(0.06	)		(0.01	)
Net asset value at end of period	$	12.44		$	13.27		$	11.96		$	10.49		$	10.65
Total return^(C)		(5.63	%)^(D)		11.35	%		14.82	%		(0.92	%)		6.57	%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,829		$	2,975		$	5,368		$	3,657		$	2,013
Ratio to average net assets:
Net expenses		1.12	%^(E)		1.12	%		1.12	%		1.12	%		1.12	%^(E)
Gross expenses		1.68	%^(E)		1.50	%		1.57	%		1.68	%		4.17	%^(E)
Net investment income		0.33	%^(E)		0.48	%		0.56	%		0.87	%		0.81	%^(E)
Portfolio turnover rate		9	%^(D)(F)		10	%		23	%		33	%		8	%^(D)(G)

Touchstone Large Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,												Period Ended
	2018			Year Ended June 30,									June 30,
	(Unaudited)			2018			2017			2016			2015^(A)
Net asset value at beginning of period	$	13.04		$	11.80		$	10.37		$	10.60		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.04	)		(0.02	)		0.02			0.01	^(B)
Net realized and unrealized gains (losses) on investments		(0.76	)		1.28			1.47			(0.20	)		0.59
Total from investment operations		(0.78	)		1.24			1.45			(0.18	)		0.60
Distributions from:
Net investment income		—			—			(0.02	)		(0.05	)		—
Net asset value at end of period	$	12.26		$	13.04		$	11.80		$	10.37		$	10.60
Total return^(C)		(5.98	%)^(D)		10.51	%		13.98	%		(1.72	%)		6.00	%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	7,847		$	7,849		$	8,102		$	6,124		$	1,370
Ratio to average net assets:
Net expenses		1.87	%^(E)		1.87	%		1.87	%		1.87	%		1.87	%^(E)
Gross expenses		2.10	%^(E)		2.12	%		2.12	%		2.39	%		4.34	%^(E)
Net investment income (loss)		(0.42	%)^(E)		(0.27	%)		(0.19	%)		0.12	%		0.06	%^(E)
Portfolio turnover rate		9	%^(D)(F)		10	%		23	%		33	%		8	%^(D)(G)

^(A)

Represents the period from commencement of operations (July 10, 2014) through June 30, 2015.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

^(G)

Portfolio turnover excludes the purchases and sales of the Touchstone Capital Growth Fund acquired on June 26, 2015. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,												Period Ended
	2018			Year Ended June 30,									June 30,
	(Unaudited)			2018			2017			2016			2015^(A)
Net asset value at beginning of period	$	13.31		$	12.00		$	10.52		$	10.67		$	10.00
Income (loss) from investment operations:
Net investment income		0.05			0.10			0.09			0.11			0.11	^(B)
Net realized and unrealized gains (losses) on investments		(0.78	)		1.30			1.49			(0.19	)		0.57
Total from investment operations		(0.73	)		1.40			1.58			(0.08	)		0.68
Distributions from:
Net investment income		(0.13	)		(0.09	)		(0.10	)		(0.07	)		(0.01	)
Net asset value at end of period	$	12.45		$	13.31		$	12.00		$	10.52		$	10.67
Total return		(5.51	%)^(C)		11.62	%		15.13	%		(0.70	%)		6.80	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	207,834		$	231,984		$	222,080		$	208,463		$	194,226
Ratio to average net assets:
Net expenses		0.87	%^(D)		0.87	%		0.87	%		0.87	%		0.87	%^(D)
Gross expenses		0.99	%^(D)		0.99	%		1.01	%		1.04	%		1.19	%^(D)
Net investment income		0.58	%^(D)		0.73	%		0.81	%		1.11	%		1.06	%^(D)
Portfolio turnover rate		9	%^(C)(E)		10	%		23	%		33	%		8	%^(C)(F)

Touchstone Large Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,												Period Ended
	2018			Year Ended June 30,									June 30,
	(Unaudited)			2018			2017			2016			2015^(A)
Net asset value at beginning of period	$	13.33		$	12.02		$	10.53		$	10.68		$	10.00
Income (loss) from investment operations:
Net investment income		0.19			0.10			0.11			0.13			0.12	^(B)
Net realized and unrealized gains (losses) on investments		(0.92	)		1.31			1.49			(0.20	)		0.57
Total from investment operations		(0.73	)		1.41			1.60			(0.07	)		0.69
Distributions from:
Net investment income		(0.14	)		(0.10	)		(0.11	)		(0.08	)		(0.01	)
Net asset value at end of period	$	12.46		$	13.33		$	12.02		$	10.53		$	10.68
Total return		(5.47	%)^(C)		11.70	%		15.31	%		(0.66	%)		6.92	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	57,233		$	124,759		$	97,888		$	87,032		$	98,889
Ratio to average net assets:
Net expenses		0.77	%^(D)		0.77	%		0.77	%		0.77	%		0.77	%^(D)
Gross expenses		0.91	%^(D)		0.91	%		0.91	%		0.93	%		0.98	%^(D)
Net investment income		0.68	%^(D)		0.83	%		0.91	%		1.21	%		1.16	%^(D)
Portfolio turnover rate		9	%^(C)(E)		10	%		23	%		33	%		8	%^(C)(F)

^(A)

Represents the period from commencement of operations (July 10, 2014) through June 30, 2015.

^(B)

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

^(C)

Not annualized.

^(D)

Annualized.

^(E)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

^(F)

Portfolio turnover excludes the purchases and sales of the Touchstone Capital Growth Fund acquired on June 26, 2015. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Company Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	41.33		$	35.52		$	31.38	^(B)
Income (loss) from investment operations:
Net investment loss		(0.12	)^(C)		(0.24	)		(0.19	)^(C)
Net realized and unrealized gains (losses) on investments		(4.10	)		7.19			5.41
Total from investment operations		(4.22	)		6.95			5.22
Distributions from:
Realized capital gains		(2.69	)		(1.14	)		(1.08	)
Net asset value at end of period	$	34.42		$	41.33		$	35.52
Total return^(D)		(10.60	%)^(E)		19.75	%		17.31	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,076		$	3,417		$	140
Ratio to average net assets:
Net expenses		1.23	%^(F)		1.23	%		1.23	%^(F)
Gross expenses		1.76	%^(F)		1.67	%		11.14	%^(F)
Net investment loss		(0.56	%)^(F)		(0.63	%)		(0.68	%)^(F)
Portfolio turnover rate		40	%^(E)		44	%		55	%

Touchstone Large Company Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	40.74		$	35.29		$	31.38	^(B)
Income (loss) from investment operations:
Net investment loss		(0.26	)^(C)		(0.30	)		(0.38	)^(C)
Net realized and unrealized gains (losses) on investments		(4.04	)		6.89			5.37
Total from investment operations		(4.30	)		6.59			4.99
Distributions from:
Realized capital gains		(2.69	)		(1.14	)		(1.08	)
Net asset value at end of period	$	33.75		$	40.74		$	35.29
Total return^(D)		(10.95	%)^(E)		18.88	%		16.52	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	714		$	236		$	31
Ratio to average net assets:
Net expenses		1.98	%^(F)		1.98	%		1.98	%^(F)
Gross expenses		4.99	%^(F)		8.12	%		257.02	%^(F)
Net investment loss		(1.31	%)^(F)		(1.38	%)		(1.43	%)^(F)
Portfolio turnover rate		40	%^(E)		44	%		55	%

^(A)

Represents the period from commencement of operations (August 15, 2016) through June 30, 2017.

^(B)

Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 15, 2016.

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights(Continued)

Touchstone Large Company Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	41.53		$	35.60		$	31.38	^(B)
Income (loss) from investment operations:
Net investment loss		(0.06	)^(C)		(0.13	)		(0.12	)^(C)
Net realized and unrealized gains (losses) on investments		(4.14	)		7.20			5.42
Total from investment operations		(4.20	)		7.07			5.30
Distributions from:
Realized capital gains		(2.69	)		(1.14	)		(1.08	)
Net asset value at end of period	$	34.64		$	41.53		$	35.60
Total return		(10.48	%)^(D)		20.02	%		17.57	%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	14,658		$	15,961		$	9,938
Ratio to average net assets:
Net expenses		0.98	%^(E)		0.98	%		0.98	%^(E)
Gross expenses		1.12	%^(E)		1.12	%		1.12	%^(E)
Net investment loss		(0.31	%)^(E)		(0.38	%)		(0.42	%)^(E)
Portfolio turnover rate		40	%^(D)		44	%		55	%

Touchstone Large Company Growth Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	41.61		$	35.63		$	29.15		$	33.17		$	29.67		$	24.25
Income (loss) from investment operations:
Net investment loss		(0.04	)^(C)		(0.11	)		(0.12	)^(C)		(0.14	)^(C)		(0.08	)^(C)		(0.01	)^(C)
Net realized and unrealized gains (losses) on investments		(4.15	)		7.23			7.68			(1.45	)		4.61			6.08
Total from investment operations		(4.19	)		7.12			7.56			(1.59	)		4.53			6.07
Distributions from:
Net investment income		—			—			—			—			—			(0.03	)
Realized capital gains		(2.69	)		(1.14	)		(1.08	)		(2.43	)		(1.03	)		(0.62	)
Total distributions		(2.69	)		(1.14	)		(1.08	)		(2.43	)		(1.03	)		(0.65	)
Proceeds from redemption fees collected	��	—			—			—			—	^(F)		—			—
Net asset value at end of period	$	34.73		$	41.61		$	35.63		$	29.15		$	33.17		$	29.67
Total return		(10.45	%)^(D)		20.17	%		26.67	%		(5.08	%)		15.59	%		25.19	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	169,731		$	224,379		$	189,444		$	180,104		$	196,084		$	152,569
Ratio to average net assets:
Net expenses		0.88	%^(E)		0.88	%		0.89	%		0.95	%		0.95	%		0.95	%
Gross expenses		0.99	%^(E)		0.98	%		1.02	%		1.00	%		1.00	%		1.07	%
Net investment loss		(0.21	%)^(E)		(0.28	%)		(0.39	%)		(0.46	%)		(0.25	%)		(0.04	%)
Portfolio turnover rate		40	%^(D)		44	%		55	%		57	%		80	%		56	%

^(A)

Represents the period from commencement of operations (August 15, 2016) through June 30, 2017.

^(B)

Net asset value at the beginning of period is based on the net asset value of Institutional Class shares on August 15, 2016.

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Proceeds from redemption fees are related to the DSM Large Cap Growth Fund, the Predecessor Fund, and are less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Ohio Tax-Free Bond Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	11.33		$	11.55		$	12.04		$	11.70		$	11.76		$	11.47
Income (loss) from investment operations:
Net investment income		0.17			0.33			0.35			0.36			0.38			0.39
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.22	)		(0.47	)		0.36			(0.06	)		0.33
Total from investment operations		0.15			0.11			(0.12	)		0.72			0.32			0.72
Distributions from:
Net investment income		(0.17	)		(0.33	)		(0.35	)		(0.36	)		(0.38	)		(0.39	)
Realized capital gains		—			—			(0.02	)		(0.02	)		—			(0.04	)
Total distributions		(0.17	)		(0.33	)		(0.37	)		(0.38	)		(0.38	)		(0.43	)
Net asset value at end of period	$	11.31		$	11.33		$	11.55		$	12.04		$	11.70		$	11.76
Total return^(A)		1.22	%^(B)		0.99	%		(1.03	%)		6.25	%		2.72	%		6.41	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	32,673		$	35,728		$	42,818		$	52,599		$	47,153		$	44,939
Ratio to average net assets:
Net expenses		0.85	%^(C)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses		1.14	%^(C)		1.13	%		1.13	%		1.13	%		1.09	%		1.10	%
Net investment income		2.94	%^(C)		2.91	%		2.98	%		3.05	%		3.20	%		3.42	%
Portfolio turnover rate		27	%^(B)		47	%		34	%		27	%		23	%		25	%

Touchstone Ohio Tax-Free Bond Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	11.33		$	11.57		$	12.06		$	11.72		$	11.78		$	11.48
Income (loss) from investment operations:
Net investment income		0.12			0.25			0.26			0.27			0.29			0.31
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.24	)		(0.47	)		0.36			(0.06	)		0.34
Total from investment operations		0.10			0.01			(0.21	)		0.63			0.23			0.65
Distributions from:
Net investment income		(0.12	)		(0.25	)		(0.26	)		(0.27	)		(0.29	)		(0.31	)
Realized capital gains		—			—			(0.02	)		(0.02	)		—			(0.04	)
Total distributions		(0.12	)		(0.25	)		(0.28	)		(0.29	)		(0.29	)		(0.35	)
Net asset value at end of period	$	11.31		$	11.33		$	11.57		$	12.06		$	11.72		$	11.78
Total return^(A)		0.93	%^(B)		0.06	%		(1.77	%)		5.45	%		1.96	%		5.70	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	4,977		$	5,363		$	6,515		$	7,320		$	7,266		$	7,333
Ratio to average net assets:
Net expenses		1.60	%^(C)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Gross expenses		2.02	%^(C)		2.01	%		2.03	%		2.09	%		1.93	%		2.01	%
Net investment income		2.19	%^(C)		2.16	%		2.23	%		2.30	%		2.45	%		2.67	%
Portfolio turnover rate		27	%^(B)		47	%		34	%		27	%		23	%		25	%

^(A)

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

^(B)

Not annualized.

^(C)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Ohio Tax-Free Bond Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	11.33		$	11.56		$	12.00	^(B)
Income (loss) from investment operations:
Net investment income		0.18			0.29			0.38
Net realized and unrealized losses on investments		(0.02	)		(0.16	)		(0.49	)
Total from investment operations		0.16			0.13			(0.11	)
Distributions from:
Net investment income		(0.18	)		(0.36	)		(0.31	)
Realized capital gains		—			—			(0.02	)
Total distributions		(0.18	)		(0.36	)		(0.33	)
Net asset value at end of period	$	11.31		$	11.33		$	11.56
Total return		1.44	%^(C)		1.15	%		(0.90	%)^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	5,679		$	4,596		$	2
Ratio to average net assets:
Net expenses		0.60	%^(D)		0.60	%		0.60	%^(D)
Gross expenses		0.96	%^(D)		1.16	%		298.27	%^(D)
Net investment income		3.19	%^(D)		3.16	%		4.00	%^(D)
Portfolio turnover rate		27	%^(C)		47	%		34	%

Touchstone Ohio Tax-Free Bond Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,			Year Ended			Period Ended
	2018			June 30,			June 30,
	(Unaudited)			2018			2017^(A)
Net asset value at beginning of period	$	11.33		$	11.56		$	12.00	^(B)
Income (loss) from investment operations:
Net investment income		0.18			0.30			0.39
Net realized and unrealized losses on investments		(0.02	)		(0.16	)		(0.50	)
Total from investment operations		0.16			0.14			(0.11	)
Distributions from:
Net investment income		(0.18	)		(0.37	)		(0.31	)
Realized capital gains		—			—			(0.02	)
Total distributions		(0.18	)		(0.37	)		(0.33	)
Net asset value at end of period	$	11.31		$	11.33		$	11.56
Total return		1.46	%^(C)		1.18	%		(0.90	%)^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,797		$	560		$	2
Ratio to average net assets:
Net expenses		0.55	%^(D)		0.55	%		0.55	%^(D)
Gross expenses		0.99	%^(D)		2.54	%		298.26	%^(D)
Net investment income		3.24	%^(D)		3.21	%		4.04	%^(D)
Portfolio turnover rate		27	%^(C)		47	%		34	%

^(A)

Represents the period from commencement of operations (August 31, 2016) through December 31, 2017.

^(B)

Net asset value at the beginning of period is based on the net asset value of Class A shares on August 31, 2016.

^(C)

Not annualized.

^(D)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Company Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	5.53		$	5.64		$	5.19		$	5.58		$	7.19		$	8.52		$	7.96
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.02	)		(0.02	)^(B)		(0.03	)^(B)		—	^(B)(C)		(0.02	)^(B)
Net realized and unrealized gains (losses) on investments		(0.70	)		0.37			0.89			0.57			0.26			0.38			2.25
Total from investment operations		(0.71	)		0.36			0.87			0.55			0.23			0.38			2.23
Distributions from:
Realized capital gains		(0.62	)		(0.47	)		(0.42	)		(0.94	)		(1.84	)		(1.71	)		(1.67	)
Net asset value at end of period	$	4.20		$	5.53		$	5.64		$	5.19		$	5.58		$	7.19		$	8.52
Total return^(D)		(13.68	%)^(E)		6.89	%^(E)		17.95	%		12.52	%		5.32	%		5.40	%		34.79	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	525,768		$	661,866		$	677,055		$	685,807		$	596,864		$	682,481		$	808,145
Ratio to average net assets:
Net expenses		1.11	%^(F)		1.10	%^(F)		1.18	%		1.22	%		1.25	%		1.20	%		1.21	%
Gross expenses		1.18	%^(F)		1.18	%^(F)		1.18	%		1.22	%		1.25	%		1.20	%		1.21	%
Net investment income (loss)		(0.22	%)^(F)		(0.26	%)^(F)		(0.49	%)		(0.38	%)		(0.61	%)		0.06	%		(0.24	%)
Portfolio turnover rate		47	%^(E)(G)(H)		30	%^(E)		82	%		61	%		70	%		59	%		23	%

Touchstone Small Company Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(A)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	3.23		$	3.50		$	3.39		$	4.01		$	5.72		$	7.17		$	6.99
Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.02	)		(0.10	)		(0.03	)^(B)		(0.05	)^(B)		(0.04	)^(B)		(0.06	)^(B)
Net realized and unrealized gains (losses) on investments		(0.40	)		0.22			0.63			0.35			0.18			0.30			1.91
Total from investment operations		(0.41	)		0.20			0.53			0.32			0.13			0.26			1.85
Distributions from:
Realized capital gains		(0.62	)		(0.47	)		(0.42	)		(0.94	)		(1.84	)		(1.71	)		(1.67	)
Net asset value at end of period	$	2.20		$	3.23		$	3.50		$	3.39		$	4.01		$	5.72		$	7.17
Total return^(D)		(14.14	%)^(E)		6.51	%^(E)		17.36	%		11.48	%		4.72	%		4.55	%		33.94	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	77,376		$	97,136		$	104,051		$	110,842		$	108,192		$	115,642		$	128,521
Ratio to average net assets:
Net expenses		1.86	%^(F)		1.85	%^(F)		1.92	%		1.95	%		1.94	%		1.91	%		1.93	%
Gross expenses		1.93	%^(F)		1.93	%^(F)		1.92	%		1.95	%		1.94	%		1.91	%		1.93	%
Net investment loss		(0.97	%)^(F)		(1.02	%)^(F)		(1.23	%)		(1.10	%)		(1.30	%)		(0.66	%)		(0.97	%)
Portfolio turnover rate		47	%^(E)(G)(H)		30	%^(E)		82	%		61	%		70	%		59	%		23	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

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

^(C)

Less than $0.005 per share.

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

^(G)

Portfolio turnover excludes the purchases and sales of securities by the Touchstone Small Cap Growth Fund acquired on September 21, 2018 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

^(H)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Company Fund—Class Y^(A)

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended
	2018			June 30,			Year Ended November 30,
	(Unaudited)			2018^(B)			2017			2016			2015			2014			2013
Net asset value at beginning of period	$	6.04		$	6.10		$	5.56		$	5.89		$	7.48		$	8.78		$	8.16
Income (loss) from investment operations:
Net investment income (loss)		—	^(C)		(—	)^(C)		(0.06	)		(—	)^(C)(D)		(0.01	)^(D)		0.03	^(D)		0.01	^(D)
Net realized and unrealized gains (losses) on investments		(0.78	)		0.41			1.02			0.61			0.28			0.38			2.32
Total from investment operations		(0.78	)		0.41			0.96			0.61			0.27			0.41			2.33
Distributions from:
Net investment income		(—	)^(C)		—			—			—			(0.02	)		—			(0.04	)
Realized capital gains		(0.62	)		(0.47	)		(0.42	)		(0.94	)		(1.84	)		(1.71	)		(1.67	)
Total distributions		(0.62	)		(0.47	)		(0.42	)		(0.94	)		(1.86	)		(1.71	)		(1.71	)
Net asset value at end of period	$	4.64		$	6.04		$	6.10		$	5.56		$	5.89		$	7.48		$	8.78
Total return		(13.63	%)^(E)		7.21	%^(E)		18.41	%		12.95	%		5.71	%		5.62	%		35.40	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	322,638		$	383,050		$	388,404		$	257,483		$	220,543		$	247,639		$	385,692
Ratio to average net assets:
Net expenses		0.84	%^(F)		0.84	%^(F)		0.85	%		0.89	%		0.87	%		0.85	%		0.81	%
Gross expenses		0.91	%^(F)		0.92	%^(F)		0.85	%		0.89	%		0.87	%		0.85	%		0.81	%
Net investment income (loss)		0.04	%^(F)		(0.01	%)^(F)		(0.16	%)		(0.04	%)		(0.24	%)		0.46	%		0.17	%
Portfolio turnover rate		47	%^(E)(G)(H)		30	%^(E)		82	%		61	%		70	%		59	%		23	%

^(A)

Effective October 28, 2017, Class I shares of the Sentinel Small Company Fund (the “Predecessor Fund”) were reorganized into Class Y shares of the Fund.

^(B)

The Fund changed its fiscal year end from November 30 to June 30.

^(C)

Less than $0.005 per share.

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

^(G)

^(H)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Company Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended			Period Ended
	2018			June 30,			November 30,
	(Unaudited)			2018^(A)			2017^(B)
Net asset value at beginning of period	$	6.04		$	6.10		$	5.80
Income (loss) from investment operations:
Net investment income (loss)		—	^(C)		—	^(C)		(—)	^(C)
Net realized and unrealized gains (losses) on investments		(0.79	)		0.41			0.30
Total from investment operations		(0.79	)		0.41			0.30
Distributions from:
Net investment income		_(—)^(C)			—			—
Realized capital gains		(0.62	)		(0.47	)		—
Total distributions		(0.62	)		—			—
Net asset value at end of period	$	4.63		$	6.04		$	6.10
Total return		(13.76	%)^(D)		7.21	%^(D)		5.17	%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	721		$	8		$	3
Ratio to average net assets:
Net expenses		0.79	%^(E)		0.79	%^(E)		0.79	%^(E)
Gross expenses		2.39	%^(E)		275.86	%^(E)		2069.15	%^(E)
Net investment income (loss)		0.10	%^(E)		0.05	%^(E)		(0.70	%)^(E)
Portfolio turnover rate		47	%^(D)(F)(G)		30	%^(D)		82	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

Represents the period from commencement of operations (October 30, 2017) through November 30, 2017.

^(C)

Less than $0.005 per share.

^(D)

Not annualized.

^(E)

Annualized.

^(F)

^(G)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Company Fund—Class R6

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Seven Months
	December 31,			Ended									Period Ended
	2018			June 30,			Year Ended November 30,						November 30,
	(Unaudited)			2018^(A)			2017			2016			2015^(B)
Net asset value at beginning of period	$	5.65		$	5.73		$	5.24		$	5.60		$	5.44
Income (loss) from investment operations:
Net investment income (loss)		0.01			—	^(C)		(0.03	)		0.01	^(D)		(0.01	)^(D)
Net realized and unrealized gains (losses) on investments		(0.72	)		0.39			0.94			0.57			0.17
Total from investment operations		(0.71	)		0.39			0.91			0.58			0.16
Distributions from:
Net investment income		(0.01	)		—			—			—			—
Realized capital gains		(0.62	)		(0.47	)		(0.42	)		(0.94	)		—
Total distributions		(0.63	)		(0.47	)		(0.42	)		(0.94	)		—
Net asset value at end of period	$	4.31		$	5.65		$	5.73		$	5.24		$	5.60
Total return		(13.44	%)^(E)		7.33	%^(E)		18.58	%		13.07	%		2.94	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	122,172		$	76,246		$	67,052		$	13,000		$	599
Ratio to average net assets:
Net expenses		0.73	%^(F)		0.73	%^(F)		0.75	%		0.73	%		0.73	%^(F)
Gross expenses		0.82	%^(F)		0.84	%^(F)		0.77	%		0.99	%		2.96	%^(F)
Net investment income (loss)		0.15	%^(F)		0.10	%^(F)		(0.07	%)		0.16	%		(0.18	%)^(F)
Portfolio turnover rate		47	%^(E)(G)(H)		30	%^(E)		82	%		61	%		70	%

^(A)

The Fund changed its fiscal year end from November 30 to June 30.

^(B)

Represents the period from commencement of operations (December 23, 2014) through November 30, 2015.

^(C)

Less than $0.005 per share.

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

^(G)

^(H)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.92		$	10.13		$	8.84		$	9.78		$	9.56		$	8.02
Income (loss) from investment operations:
Net investment income		0.08			0.14			0.19			0.16			0.16			0.19
Net realized and unrealized gains (losses) on investments		(0.58	)		0.55			1.30			(0.27	)		0.34			1.53
Total from investment operations		(0.50	)		0.69			1.49			(0.11	)		0.50			1.72
Distributions from:
Net investment income		(0.08	)		(0.14	)		(0.18	)		(0.16	)		(0.11	)		(0.18	)
Realized capital gains		(1.08	)		(0.76	)		(0.02	)		(0.67	)		(0.17	)		—
Total distributions		(1.16	)		(0.90	)		(0.20	)		(0.83	)		(0.28	)		(0.18	)
Net asset value at end of period	$	8.26		$	9.92		$	10.13		$	8.84		$	9.78		$	9.56
Total return^(A)		(5.53	%)^(B)		6.92	%		16.92	%		(0.89	%)		5.26	%		21.50	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	30,086		$	36,968		$	43,607		$	47,939		$	55,539		$	66,000
Ratio to average net assets:
Net expenses		1.08	%^(C)		1.08	%		1.08	%		1.08	%		1.08	%		1.07	%
Gross expenses		1.26	%^(C)		1.26	%		1.24	%		1.28	%		1.27	%		1.31	%
Net investment income		1.57	%^(C)		1.42	%		1.86	%		1.71	%		1.54	%		2.13	%
Portfolio turnover rate		16	%^(B)(D)		24	%		29	%		19	%^(E)		20	%		26	%

Touchstone Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.89		$	10.10		$	8.81		$	9.75		$	9.55		$	8.02
Income (loss) from investment operations:
Net investment income		0.04			0.08			0.12			0.09			0.07			0.11
Net realized and unrealized gains (losses) on investments		(0.58	)		0.54			1.29			(0.27	)		0.35			1.54
Total from investment operations		(0.54	)		0.62			1.41			(0.18	)		0.42			1.65
Distributions from:
Net investment income		(0.04	)		(0.07	)		(0.10	)		(0.09	)		(0.05	)		(0.12	)
Realized capital gains		(1.08	)		(0.76	)		(0.02	)		(0.67	)		(0.17	)		—
Total distributions		(1.12	)		(0.83	)		(0.12	)		(0.76	)		(0.22	)		(0.12	)
Net asset value at end of period	$	8.23		$	9.89		$	10.10		$	8.81		$	9.75		$	9.55
Total return^(A)		(5.93	%)^(B)		6.12	%		16.06	%		(1.65	%)		4.41	%		20.61	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,947		$	3,654		$	4,503		$	5,624		$	6,932		$	5,218
Ratio to average net assets:
Net expenses		1.83	%^(C)		1.83	%		1.83	%		1.83	%		1.83	%		1.82	%
Gross expenses		2.26	%^(C)		2.21	%		2.12	%		2.16	%		2.14	%		2.19	%
Net investment income		0.82	%^(C)		0.68	%		1.11	%		0.96	%		0.79	%		1.38	%
Portfolio turnover rate		16	%^(B)(D)		24	%		29	%		19	%^(E)		20	%		26	%

^(A)

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

^(B)

Not annualized.

^(C)

Annualized.

^(D)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

^(E)

Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.96		$	10.17		$	8.87		$	9.81		$	9.59		$	8.05
Income (loss) from investment operations:
Net investment income		0.09			0.17			0.20			0.18			0.18			0.21
Net realized and unrealized gains (losses) on investments		(0.58	)		0.55			1.32			(0.27	)		0.35			1.53
Total from investment operations		(0.49	)		0.72			1.52			(0.09	)		0.53			1.74
Distributions from:
Net investment income		(0.10	)		(0.17	)		(0.20	)		(0.18	)		(0.14	)		(0.20	)
Realized capital gains		(1.08	)		(0.76	)		(0.02	)		(0.67	)		(0.17	)		—
Total distributions		(1.18	)		(0.93	)		(0.22	)		(0.85	)		(0.31	)		(0.20	)
Net asset value at end of period	$	8.29		$	9.96		$	10.17		$	8.87		$	9.81		$	9.59
Total return		(5.47	%)^(A)		7.19	%		17.28	%		(0.64	%)		5.52	%		21.71	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	78,600		$	81,988		$	83,974		$	76,852		$	104,668		$	113,055
Ratio to average net assets:
Net expenses		0.80	%^(B)		0.81	%		0.83	%		0.83	%		0.82	%		0.80	%
Gross expenses		0.94	%^(B)		0.95	%		0.97	%		0.99	%		0.97	%		0.99	%
Net investment income		1.85	%^(B)		1.70	%		2.11	%		1.96	%		1.80	%		2.39	%
Portfolio turnover rate		16	%^(A)(C)		24	%		29	%		19	%^(D)		20	%		26	%

Touchstone Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	December 31,
	2018			Year Ended June 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.93		$	10.14		$	8.85		$	9.79		$	9.57		$	8.03
Income (loss) from investment operations:
Net investment income		0.10			0.19			0.22			0.19			0.18			0.21
Net realized and unrealized gains (losses) on investments		(0.58	)		0.55			1.31			(0.27	)		0.36			1.54
Total from investment operations		(0.48	)		0.74			1.53			(0.08	)		0.54			1.75
Distributions from:
Net investment income		(0.10	)		(0.19	)		(0.22	)		(0.19	)		(0.15	)		(0.21	)
Realized capital gains		(1.08	)		(0.76	)		(0.02	)		(0.67	)		(0.17	)		—
Total distributions		(1.18	)		(0.95	)		(0.24	)		(0.86	)		(0.32	)		(0.21	)
Net asset value at end of period	$	8.27		$	9.93		$	10.14		$	8.85		$	9.79		$	9.57
Total return		(5.33	%)^(A)		7.34	%		17.38	%		(0.49	%)		5.68	%		21.92	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	181,827		$	262,467		$	249,035		$	219,824		$	248,381		$	245,573
Ratio to average net assets:
Net expenses		0.68	%^(B)		0.68	%		0.68	%		0.68	%		0.68	%		0.67	%
Gross expenses		0.88	%^(B)		0.87	%		0.86	%		0.87	%		0.86	%		0.87	%
Net investment income		1.97	%^(B)		1.82	%		2.26	%		2.11	%		1.94	%		2.52	%
Portfolio turnover rate		16	%^(A)(C)		24	%		29	%		19	%^(D)		20	%		26	%

^(A)

Not annualized.

^(B)

Annualized.

^(C)

Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

^(D)

Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.

Notes to Financial Statements

December 31, 2018 (Unaudited)

1. Organization

The Touchstone Strategic Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated November 18, 1982. The Trust consists of twenty-two funds, including the following eleven funds (individually, a “Fund”, and collectively, the “Funds”):

Touchstone Balanced Fund (“Balanced Fund”)

Touchstone Credit Opportunities Fund (“Credit Opportunities Fund”)

Touchstone International Equity Fund (“International Equity Fund“)

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

Touchstone Large Cap Focused Fund (“Large Cap Focused Fund”) Touchstone Large Cap Fund (“Large Cap Fund”)

Touchstone Large Company Growth Fund (“Large Company Growth Fund”) Touchstone Ohio Tax-Free Bond Fund (“Ohio Tax-Free Bond Fund”) Touchstone Small Company Fund (“Small Company Fund”)

Touchstone Value Fund (“Value Fund”)

Each Fund is diversified, with the exception of the Credit Opportunities Fund, the International Growth Opportunities Fund, the Large Cap Focused Fund, the Large Cap Fund, the Large Company Growth Fund and the Ohio Tax-Free Bond Fund, which are non-diversified.

The Agreement and Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest of each Fund. The table below indicates the classes of shares that each Fund is registered to offer:

				Institutional
	Class A	Class C	Class Y	Class	Class R6
Balanced Fund	X	X	X
Credit Opportunities Fund	X	X	X	X
International Equity Fund	X	X	X	X
International Growth Opportunities Fund	X	X	X	X
International Small Cap Fund	X	X	X	X
Large Cap Focused Fund	X	X	X	X
Large Cap Fund	X	X	X	X
Large Company Growth Fund	X	X	X	X
Ohio Tax-Free Bond Fund	X	X	X	X
Small Company Fund	X	X	X	X	X
Value Fund	X	X	X	X

The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectus provides a description of each Fund’s investment goal, policies, and strategies along with information on the classes of shares currently being offered.

2. Significant Accounting Policies

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

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

Notes to Financial Statements(Unaudited) (Continued)

Regulatory Updates —In August 2018, the Securities and Exchange Commission (the “SEC”) released its Final Rules that eliminated or amended disclosure requirements in the financial statements that were redundant or outdated in light of changes in SEC requirements or U.S. generally accepted accounting principles (“U.S. GAAP”). The Final Rules were effective November 5, 2018. Management has evaluated the SEC Final Rules and is complying with the amendments in the current financial statements.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (the “ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of December 31, 2018, the Funds have adopted the removal of applicable disclosures.

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

These inputs are summarized in the three broad levels listed below:

·	Level 1 –	quoted prices in active markets for identical securities

·	Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

·	Level 3 –	significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

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

The aggregate value by input level, as of December 31, 2018, for each Fund’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if applicable, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Credit Opportunities Fund held Level 3 categorized securities during the period ended December 31, 2018.

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy. At December 31, 2018, there were no transfers for Level 3 for the Funds.

During the six months ended December 31, 2018, there were no material changes to the valuation policies and techniques.

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

Notes to Financial Statements(Unaudited) (Continued)

positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price on the valuation date and are categorized in Level 1. Shares of mutual funds in which the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds and are categorized in Level 1.

Debt securities held by the Funds are valued at their evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Observable inputs to the models may include prepayment speeds, pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. The Credit Opportunities Fund’s investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Fund’s valuation policies and procedures approved by the Funds’ Board of Trustees (the “Board”), and are generally categorized in Level 2. The Credit Opportunities Fund’s investments in asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche, and are generally categorized in Level 2. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost, provided such amount approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which fair value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.

Securities mainly traded on a non-U.S. exchange or denominated in foreign currencies are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and are generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and is generally categorized in Level 2. This may cause the value of the security, if held on the books of a Fund, to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV.

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

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

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

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

If the validity of market quotations is not reliable.

Securities held by the Funds that do not have readily available market quotations, significant observable inputs, or securities for which the available market quotations are not reliable, are priced at their estimated fair value using procedures approved by the Board and are generally categorized in Level 3.

Bank Loans —The Credit Opportunities Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a

Notes to Financial Statements(Unaudited) (Continued)

U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London Interbank Offered Rate (“LIBOR”).

The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statements of Assets and Liabilities represents fair value of the unfunded portion of the Fund’s bank loans.

As of December 31, 2018, the Credit Opportunities Fund did not hold any unfunded loan commitments.

Collateralized Loan Obligations —The Credit Opportunities Fund may invest in collateralized loan obligations (“CLOs”). CLOs are types of asset-backed securities. A CLO is an entity that is backed by syndicated bank loans. The cash flows of the CLO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CLO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive higher ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

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

Notes to Financial Statements(Unaudited) (Continued)

Securities sold short —The Credit Opportunities Fund may engage in selling securities short, which obligates the Fund to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates. As of December 31, 2018, the Credit Opportunities did not hold any securities sold short.

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

As of December 31, 2018, the Credit Opportunities Fund had written options with fair value of $(10,560) and pledged securities with a fair value of $2,058,444 as collateral for written options and had a related due to prime broker balance of $734,111. The Credit Opportunities Fund held purchased options with a fair value of $28,800 as of December 31, 2018.

Warrants —The Funds can invest in warrants and stock purchase rights of companies of any market capitalization. A warrant gives the holder the right to buy stock, typically from the issuer. The warrant specifies the amount of underlying stock, the purchase (or “exercise”) price, and the date the warrant expires. Certain warrants may permit, without legal obligation, net settlement for stock or cash. The Funds have no obligation to exercise the warrant and buy the stock.

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

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

Notes to Financial Statements(Unaudited) (Continued)

for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

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

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

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

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

As of December 31, 2018, the Credit Opportunities Fund did not hold any swap contracts.

Foreign currency translation —The books and records of the Funds are maintained in U.S. dollars and translated into U.S. dollars on the following basis:

(1)

market value of investment securities, assets and liabilities at the current rate of exchange on the valuation date; and

(2)

purchases and sales of investment securities, income, and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

Notes to Financial Statements(Unaudited) (Continued)

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.

Pay-In-Kind (“PIK”) Bonds –PIK bonds are securities that, at the issuer’s option, pay interest in either cash or additional securities for a specified period. PIK bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. PIK bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. PIK bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

Derivative instruments and hedging activities —The Credit Opportunities Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement” or “MNA”) or similar agreement with certain counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and foreign exchange contracts, and typically contains, among other things, collateral posting terms and master netting provisions in the event of a default or termination. Under an ISDA Master Agreement, a party may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables or receivables with collateral held or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting). These default events include bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset.

When entering into a derivative transaction, the Fund may be required to post and maintain collateral or margin (including both initial and maintenance margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house’s minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as cash deposits held at prime broker and due to prime broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

Certain ISDA Master Agreements allow counterparties to OTC derivatives transactions to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund (counterparty) to accelerate payment of any net liability owed to the counterparty (Fund).

For financial reporting purposes, the Credit Opportunities Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

Notes to Financial Statements(Unaudited) (Continued)

As of December 31, 2018, the Credit Opportunities Fund’s assets and liabilities that were subject to a MNA on a gross basis were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Written Options	$	—	$	(10,560	)

The following table presents the Credit Opportunities Fund’s liabilities net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of December 31, 2018:

				Gross Amounts
				Available for Offset
	Gross Amount of			in Statement of	Non-cash
	Recognized			Assets and	Collateral			Cash Collateral
	Liabilities			Liabilities	Pledged			Pledged		Net Amount^(B)
Written Options^(A)	$	10,560	$	—	$	(10,560	)	$	—	$	—

(A)

Pershing LLC is the counterparty.

(B)

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

The following table sets forth the fair value of the Credit Opportunities Fund’s derivative financial instruments by primary risk exposure as of December 31, 2018:

Fair Value of Derivative Investments As of December 31, 2018
	Derivatives not accounted for as hedging	Asset		Liability
Fund	instruments under ASC 815	Derivatives		Derivatives
Credit Opportunities Fund	Purchased Options - Equity Contracts*	$	28,800	$	—
	Written Options - Equity Contracts**		—		(10,560	)

Statements of Assets and Liabilities Location: Investments, at market value.

Statements of Assets and Liabilities Location: Written options, at market value.

The following table sets forth the effect of the Credit Opportunities Fund’s derivative financial instruments by primary risk exposure on the Statements of Operations for the six months ended December 31, 2018:

The Effect of Derivative Investments on the Statements of Operations for the Six Months Ended December 31, 2018
					Change in
					Unrealized
		Realized Gain			Appreciation
		(Loss)			(Depreciation)
	Derivatives not accounted for as hedging	on			on
Fund	instruments under ASC 815	Derivatives			Derivatives
Credit Opportunities Fund	Purchased Options - Equity Contracts*	$	(47,957	)	$	338
	Written Options - Equity Contracts**		1,767			(1,521	)
	Credit Default Swap - Credit Contracts***		10,208			—

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

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

***

Statements of Operations Location: Net realized gains on swap agreements.

For the six months ended December 31, 2018, the average quarterly balances of outstanding derivative financial instruments were as follows:

Notes to Financial Statements(Unaudited) (Continued)

	Credit
	Opportunities
	Fund
Equity Contracts:
Purchased Options - Cost	$	24,699
Written Options - Premiums received		3,868
Credit contracts:
Credit Default Swaps - Notional value*		—

The balance at each quarter end was zero.

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

As of December 31, 2018, the following Funds loaned securities and received collateral as follows:

		Market		Market
		Value of		Value of
		Securities		Collateral		Net
Fund	Security Type	Loaned^*		Received^**		Amount^***
Credit Opportunities Fund	Corporate Bonds	$	1,615,787	$	1,694,164	$	78,377
International Equity Fund	Common Stocks		5,859,782		5,935,346		75,564
International Growth Opportunities Fund	Common Stocks		319,990		331,609		11,619
International Small Cap Fund	Common Stocks		3,742,461		6,677,154		2,934,693
Large Cap Focused Fund	Exchange-Traded Funds		16,828,560		17,172,000		343,440

The remaining contractual maturity is overnight for all securities.

Gross amount of recognized liabilities for securities lending included in the Statements of Assets and Liabilities.

***

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

All cash collateral is received, held, and administered by the Funds’ custodian for the benefit of the lending Fund in its custody account or other account established for the purpose of holding collateral in cash equivalents.

Funds participating in securities lending receive compensation in the form of fees. Securities lending income is derived from lending long securities from the Funds to creditworthy approved borrowers at rates that are determined based on trading volumes, float, short-term interest rates and market liquidity and is shown net of fees on the Statements of Operations. When a Fund lends securities, it retains the interest or dividends on the investment of any cash received as collateral, and the Fund continues to receive interest or dividends on the loaned securities.

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

When-issued or delayed delivery transactions —Each Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement

100

Notes to Financial Statements(Unaudited) (Continued)

period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining NAV. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

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.

Effective August 17, 2018, the maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Ohio Tax-Free Bond Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the fixed income fund (the Ohio Tax-Free Bond Fund) is equal to the NAV per share plus a sales load equal to 2.04% of the NAV (or 2.00% of the offering price). Prior to August 17, 2018 the maximum offering price per share of Class A shares of the equity funds was equal to the NAV per share plus a sales load equal to 6.10% of the NAV (or 5.75% of the offering price). The maximum offering price per share of Class A shares of the Ohio Tax-Free Bond Fund was equal to the NAV per share plus a sales load equal to 4.99% of the NAV (or 4.75% of the offering price). There is no sales load on fund purchases of Class A shares when aggregate purchases in all Touchstone funds equal the maximum breakpoint which is at least $1 million for equity funds or $500,000 for fixed income funds. The maximum offering price per share of Classes C, Y, Institutional Class and R6 shares of the Funds is equal to the NAV per share.

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone Funds equaling at least the maximum breakpoint where a Finder’s Fee was paid may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% or 0.50% for equity or fixed income funds, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds may be subject to a CDSC of 1.00% if redeemed within a one-year period from the date of purchase. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.

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

Distributions to shareholders —Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. Each Fund, except the Balanced Fund, Credit Opportunities Fund, Ohio Tax-Free Bond Fund and the Value Fund, declares and distributes net investment income, if any, annually, as a dividend to shareholders. The Balanced Fund, Credit Opportunities Fund and Value Fund declare and distribute net investment income, if any, quarterly as a dividend to shareholders. The Ohio Tax-Free Bond Fund declares distributions from net investment income on a daily basis and distributes as a dividend to shareholders on a

101

Notes to Financial Statements(Unaudited) (Continued)

monthly basis. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds’ net investment income from investments in underlying funds is affected by the timing of dividend declarations by the underlying funds.

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

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

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

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended December 31, 2018:

							International
			Credit		International		Growth
	Balanced		Opportunities		Equity		Opportunities
	Fund		Fund		Fund		Fund
Purchases of investment securities	$	27,436,752	$	17,803,583	$	31,289,839	$	22,929,937
Proceeds from sales and maturities	$	26,896,566	$	19,813,753	$	42,719,122	$	15,542,487

								Large
		International		Large Cap				Company
		Small Cap		Focused		Large Cap		Growth
		Fund		Fund*		Fund**		Fund
Purchases of investment securities	$	145,201,118	$	177,255,366	$	32,762,325	$	45,082,648
Proceeds from sales and maturities	$	179,220,555	$	267,316,617	$	69,233,509	$	80,620,901

		Ohio
		Tax-free		Small
		Bond		Company		Value
		Fund		Fund*, **		Fund*****
Purchases of investment securities	$	14,165,323	$	558,114,920	$	54,859,908
Proceeds from sales and maturities	$	12,942,033	$	656,331,147	$	65,517,055

*Large Cap Focused Fund had redemptions-in-kind which resulted in redemptions out of the Fund of $15,981,386 and is excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $10,207,890 and $5,773,496, respectively.

**Large Cap Fund had redemptions-in-kind which resulted in redemptions out of the Fund of $41,132,098 and is excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $39,892,784 and $1,239,314, respectively.

***The costs of purchases and proceeds from sales on the Small Company Fund excludes the purchases and sales of the Small Cap Growth Fund (see Note 9). If these transactions were included, purchases and sales would have been higher.

102

Notes to Financial Statements(Unaudited) (Continued)

****Small Company Fund had redemptions-in-kind which resulted in redemptions out of the Fund of $4,650,137 and is excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $2,695,518 and $1,954,619, respectively.

*****Value Fund had redemptions-in-kind which resulted in redemptions out of the Fund of $65,223,894 and is excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $63,282,300 and $1,941,594, respectively.

For the six months ended December 31, 2018, purchases and proceeds from sales and maturities in U.S. Government Securities were $109,167,869 and $98,677,850, respectively, for the Balanced Fund. There were no purchases or proceeds from sales and maturities of U.S. Government securities by the other Funds for the six months ended December 31, 2018.

4. Transactions with Affiliates and Other Related Parties

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

On behalf of the Funds, the Advisor pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each Board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Advisor is reimbursed by the Funds for the Independent Trustees’ compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $79,781 for the six months ended December 31, 2018.

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.

Balanced Fund	0.55% on the first $200 million
	0.50% on the next $200 million
	0.45% on the next $600 million
	0.40% on the next $1 billion
	0.35% on such assets over $2 billion
Credit Opportunities Fund	1.10%
International Equity Fund	0.70% on the first $500 million
	0.65% on the next $300 million
	0.60% on the next $200 million
	0.50% on the next $1 billion
	0.40% on such assets over $2 billion
International Growth Opportunities Fund	0.80%

103

Notes to Financial Statements(Unaudited) (Continued)

International Small Cap Fund	0.95% on the first $300 million
	0.90% on the next $200 million
	0.85% on the next $250 million
	0.80% on the next $250 million
	0.75% on the next $500 million
	0.70% on the next $500 million
	0.65% on such assets over $2 billion
Large Cap Focused Fund	0.70% on the first $500 million
	0.65% on the next $300 Million
	0.60% on the next $200 million
	0.50% on the next $1 billion
	0.40% on such assets over $2 billion
Large Cap Fund	0.70% on the first $500 million
	0.64% on the next $500 million
	0.60% on such assets over $1 billion
Large Company Growth Fund	0.75% on the first $500 million
	0.725% on the next $1.5 billion
	0.70% on such assets over $2 billion
Ohio Tax-Free Bond Fund	0.50% on the first $100 million
	0.45% on the next $100 million
	0.40% on the next $100 million
	0.375% on such assets over $300 million
Small Company Fund	0.70% on the first $500 million
	0.65% on the next $300 million
	0.60% on the next $200 million
	0.50% on the next $1 billion
	0.40% on such assets over $2 billion
Value Fund	0.65%

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

Ares Capital Management II LLC	DSM Capital Partners LLC
Credit Opportunities Fund	International Growth Opportunities Fund
	Large Company Growth Fund

Barrow, Hanley, Mewhinney & Strauss, LLC	The London Company
Value Fund	Large Cap Fund

Copper Rock Capital Partners LLC	Fort Washington Investment Advisors, Inc.*
International Small Cap Fund	Balanced Fund
	International Equity Fund
	Large Cap Focused Fund
	Ohio Tax-Free Bond Fund
	Small Company Fund

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

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

The Advisor entered into an expense limitation agreement (the “Expense Limitation Agreement”) to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment

104

Notes to Financial Statements(Unaudited) (Continued)

related expenses, including expenses associated with the Funds’ liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of “Acquired Fund Fees and Expenses”, if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Advisor has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

										Institutional
Fund	Class A			Class C			Class Y			Class			Class R6
Balanced Fund		1.01	%		1.78	%		0.81	%		—			—
Credit Opportunities Fund		1.69	%		2.44	%		1.44	%		1.34	%		—
International Equity Fund		1.36	%		2.49	%		0.99	%		0.89	%		—
International Growth Opportunities Fund		1.24	%		1.99	%		0.99	%		0.89	%		—
International Small Cap Fund		1.55	%		2.30	%		1.30	%		1.18	%		—
Large Cap Focused Fund		1.00	%		1.79	%		0.72	%		0.65	%		—
Large Cap Fund		1.12	%		1.87	%		0.87	%		0.77	%		—
Large Company Growth Fund		1.23	%		1.98	%		0.98	%		0.88	%		—
Ohio Tax-Free Bond Fund		0.85	%		1.60	%		0.60	%		0.55	%		—
Small Company Fund		1.22	%		1.95	%		0.89	%		0.79	%		0.73	%
Value Fund		1.08	%		1.83	%		0.83	%		0.68	%		—

These expense limitations will remain in effect for all Funds through at least October 29, 2019. The expense limitation agreement can be terminated by a vote of the Funds’ Board if it deems the termination to be beneficial to the Funds’ shareholders.

During the six months ended December 31, 2018, the Advisor or its affiliates waived investment advisory fees, administration fees or other operating expenses, including distribution fees, of the Funds as follows:

	Investment
	Advisory				Other Operating
	Fees		Administration		Expenses
Fund	Waived		Fees Waived		Waived		Total
Balanced Fund	$	—	$	—	$	95,970	$	95,970
Credit Opportunities Fund		8,624		36,692		13,491		58,807
International Equity Fund		—		57,311		19,008		76,319
International Growth Opportunities Fund		25,559		27,114		27,636		80,309
International Small Cap Fund		—		21,531		79,348		100,879
Large Cap Focused Fund		—		982,266		119,266		1,101,532
Large Cap Fund		—		209,670		30,554		240,224
Large Company Growth Fund		—		53,478		80,285		133,763
Ohio Tax-Free Bond Fund		26,277		34,912		16,424		77,613
Small Company Fund		—		450,239		17,308		467,547
Value Fund		—		262,934		80,131		343,065

Under the terms of the Expense Limitation Agreement, the Advisor is entitled to recover, subject to approval by the Funds’ Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Advisor reduced its compensation or assumed expenses for the Funds. The 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.

105

Notes to Financial Statements(Unaudited) (Continued)

As of December 31, 2018, the Advisor may seek recoupment of previously waived fees and reimbursed expenses as follows:

	Expires		Expires		Expires		Expires		Expires
	on or		on or		on or		on or		on or
	before		before		before		before		before
	June 30,		June 30,		November 30,		June 30,		June 30,
Fund	2019		2020		2020		2021		2022		Total
Balanced Fund	$	—	$	—	$	3,422	$	16,819	$	6,725	$	26,966
Credit Opportunities Fund		93,832		110,236		—		112,035		58,367		374,470
International Equity Fund		—		—		33,634		98,681		76,319		208,634
International Growth Opportunities Fund		—		105,564		—		106,252		77,906		289,722
International Small Cap Fund		79,831		109,847		—		72,874		83,283		345,835
Large Cap Focused Fund		—		—		90,753		1,304,229		1,101,532		2,496,514
Large Cap Fund		313,595		464,555		—		449,854		231,727		1,459,731
Large Company Growth Fund		—		193,888		—		249,815		128,908		572,611
Ohio Tax-Free Bond Fund		15,919		133,855		—		129,632		66,991		346,397
Small Company Fund		—		—		29,439		596,684		467,547		1,093,670
Value Fund		321,504		620,025		—		680,915		331,669		1,954,113

The Advisor did not recoup any amounts it previously waived or reimbursed during the six months ended December 31, 2018.

ADMINISTRATION AGREEMENT

The Advisor entered into an Administration Agreement with the Trust, whereby the Advisor is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to shareholders and reports to and filings with the SEC and state securities authorities, as well as materials for meetings of the Board; calculating the daily NAV per share; and maintaining the financial books and records of each Fund.

For its services, the Advisor’s annual administrative fee is:

0.145% on the first $20 billion of the aggregate average daily net assets;

0.11% on the next $10 billion of aggregate average daily net assets;

0.09% on the next $10 billion of aggregate average daily net assets; and

0.07% on the aggregate average daily net assets over $40 billion.

The fee is computed and allocated among the Touchstone Fund Complex (excluding Touchstone Institutional Funds Trust) on the basis of relative daily net assets.

The Advisor has engaged BNY Mellon as the Sub-Administrator to the Trust. BNY Mellon provides administrative and accounting services to the Trust and is compensated directly by the Advisor, not the Trust.

TRANSFER AGENT AGREEMENT

Under the terms of the Transfer Agent Agreement between the Trust and BNY Mellon, BNY Mellon maintains the records of each shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases and redemptions of each Fund’s shares, acts as dividend and distribution disbursing agent, and performs other shareholder service functions. For these services, BNY Mellon receives a monthly fee from each Fund. In addition, each Fund pays out-of-pocket expenses incurred by BNY Mellon, including, but not limited to, postage and supplies.

106

Notes to Financial Statements(Unaudited) (Continued)

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 December 31, 2018:

Fund	Amount
Balanced Fund	$	7,229
Credit Opportunities Fund		10
International Equity Fund		3,189
International Growth Opportunities Fund		186
International Small Cap Fund		276
Large Cap Focused Fund		8,715
Large Cap Fund		289
Large Company Growth Fund		399
Ohio Tax-Free Bond Fund		2,274
Small Company Fund		11,935
Value Fund		446

In addition, the Underwriter collected CDSC on the redemption of Class A and Class C shares of the Funds listed below during the six months ended December 31, 2018:

	Class		Class
	A		C
Fund	Shares		Shares
Balanced Fund	$	—	$	326
International Equity Fund		1		11
International Small Cap Fund		—		40
Large Cap Focused Fund		35		141
Large Cap Fund		—		158
Small Company Fund		38		225
Value Fund		—		543

107

Notes to Financial Statements(Unaudited) (Continued)

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 December 31, 2018, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

ReFlow Fund LLC —The Funds may participate in the ReFlow Fund LLC liquidity program (“ReFlow”), which is designed to provide an alternative liquidity source for funds experiencing redemptions. In order to pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund’s net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a Fund. ReFlow then generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.

During the six months ended December 31, 2018, the following Funds utilized ReFlow. The shares ReFlow subscribed to and redemptions-in-kind were as follows:

	Shares ReFlow
Fund	Subscribed to		Redemptions-in-kind
Large Cap Focused Fund		417,103	$	10,207,890
Small Company Fund		729,142		2,695,518

The resulting fee is included in Other expenses on the Statements of Operations.

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 December 31, 2018, the following Funds participated as a lender in the interfund lending program. The daily average amount loaned, weighted average interest rate and interest income were as follows:

	Daily Average		Weighted Average
	Amount		Interest			Interest
Fund	Loaned		Rate			Income*
Large Cap Focused Fund	$	57,061		2.33	%	$	680
Small Company Fund		1,970,676		2.06	%		20,455

*Included in Interest in the Statements of Operations.

During the six months ended December 31, 2018, the following Funds participated as a borrower in the interfund lending program. The daily average amount borrowed, weighted average interest rate and interest expense were as follows:

108

Notes to Financial Statements(Unaudited) (Continued)

	Daily Average		Weighted Average
	Amount		Interest			Interest
Fund	Borrowed		Rate			Expense*
International Small Cap Fund	$	479,462		2.09	%	$	5,160
Large Cap Focused Fund		67,719		2.14	%		741
Large Cap Fund		298,609		2.26	%		3,374
Large Company Growth Fund		351,724		1.99	%		3,585

*Included in Other expenses in the Statements of Operations.

6. Federal Tax Information

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

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

The tax character of distributions paid is as follows:

	Balanced Fund						Credit Opportunities Fund
	Seven
	Months Ended		Year Ended		Year Ended		Year Ended		Year Ended
	June 30,		November 30,		November 30,		June 30,		June 30,
	2018		2017		2016		2018		2017
From ordinary income	$	2,415,681	$	3,724,887	$	6,767,216	$	3,211,801	$	2,960,568
From long-term capital gains		15,494,463		2,124,199		9,916,784		926,076		—
Total Distributions	$	17,910,144	$	5,849,086	$	16,684,000	$	4,137,877	$	2,960,568

	International Equity Fund						International Growth Opportunities Fund
	Seven
	Months Ended		Year Ended		Year Ended		Year Ended		Year Ended
	June 30,		November 30,		November 30,		June 30,		June 30,
	2018		2017		2016		2018		2017
From ordinary income	$	2,308,837	$	1,250,578	$	976,876	$	372,285	$	15,884
From long-term capital gains		7,102,450		—		3,860,204		149,175		139,199
Total Distributions	$	9,411,287	$	1,250,578	$	4,837,080	$	521,460	$	155,083

	International Small Cap Fund						Large Cap Focused Fund
					Seven
	Year Ended		Year Ended		Months Ended		Year Ended		Year Ended
	June 30,		June 30,		June 30,		November 30,		November 30,
	2018		2017		2018		2017		2016
From ordinary income	$	7,979,769	$	4,439,994	$	4,002,079	$	24,480,711	$	57,077,267
From long-term capital gains		1,865,799		—		265,660,471		115,781,936		137,723,635
Total Distributions	$	9,845,568	$	4,439,994	$	269,662,550	$	140,262,647	$	194,800,902

109

Notes to Financial Statements(Unaudited) (Continued)

	Large Cap Fund				Large Company Growth Fund				Ohio Tax Free Bond Fund
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	June 30,		June 30,		June 30,		June 30,		June 30,		June 30,
	2018		2017		2018		2017		2018		2017
From ordinary income	$	2,347,689	$	2,907,516	$	1,615,959	$	—	$	640	$	8,371
From tax-exempt income		—		—		—		—		1,338,760		1,584,185
From long-term capital gains		—		—		4,705,569		6,376,311		—		69,440
Total Distributions	$	2,347,689	$	2,907,516	$	6,321,528	$	6,376,311	$	1,339,400	$	1,661,996

	Small Company Fund						Value Fund
	Seven
	Months Ended		Year Ended		Year Ended		Year Ended		Year Ended
	June 30,		November 30,		November 30,		June 30,		June 30,
	2018		2017		2016		2018		2017
From ordinary income	$	19,425,568	$	—	$	—	$	7,015,940	$	8,066,842
From long-term capital gains		85,276,646		89,216,186		159,188,187		27,716,248		776,054
Total Distributions	$	104,702,214	$	89,216,186	$	159,188,187	$	34,732,188	$	8,842,896

The following information is computed on a tax basis for each item as of June 30, 2018:

										International
				Credit			International			Growth
	Balanced			Opportunities			Equity			Opportunities
	Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	185,670,936		$	54,672,721		$	175,347,746		$	30,412,020
Gross unrealized appreciation on investments		125,514,059			986,063			27,758,153			5,166,776
Gross unrealized depreciation on investments		(1,999,539	)		(1,331,237	)		(13,559,429	)		(1,215,922	)
Net unrealized appreciation (depreciation) on investments		123,514,520			(345,174	)		14,198,724			3,950,854
Gross unrealized appreciation on foreign currency transactions, securities sold short, deferred capital gains tax and derivatives		—			1,750			—			79
Gross unrealized depreciation on foreign currency transactions, securities sold short, deferred capital gains tax and derivatives		—			(99	)		(11,172	)		(11,192	)
Net unrealized appreciation (depreciation) on foreign currency transactions, securities sold short, deferred capital gains tax and derivatives		—			1,651			(11,172	)		(11,113	)
Other temporary differences		(450	)		—			—			—
Undistributed ordinary income		338,007			310,154			1,952,690			425,298
Undistributed long-term capital gains		6,063,370			307,144			16,188,079			4,272,059
Distributable earnings (deficit)	$	129,915,447		$	273,775		$	32,328,321		$	8,637,098

				Large						Large
	International			Cap			Large			Company
	Small Cap			Focused			Cap			Growth
	Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	282,505,770		$	751,127,156		$	283,833,595		$	157,040,267
Gross unrealized appreciation on investments		45,434,035			990,182,055			86,088,499			92,658,091
Gross unrealized depreciation on investments		(6,701,212	)		(7,423,401	)		(2,233,750	)		(2,469,156	)
Net unrealized appreciation (depreciation) on investments		38,732,823			982,758,654			83,854,749			90,188,935
Gross unrealized appreciation on foreign currency transactions		13,144			—			—			—
Gross unrealized depreciation on foreign currency transactions		(16,103	)		—			—			—

110

Notes to Financial Statements(Unaudited) (Continued)

				Large						Large
	International			Cap			Large			Company
	Small Cap			Focused			Cap			Growth
	Fund			Fund			Fund			Fund
Net unrealized appreciation (depreciation) on foreign currency transactions	$	(2,959	)	$	—		$	—		$	—
Accumulated capital and other losses		—			—			(13,791,146	)		—
Other temporary differences		—			(273	)		—			—
Undistributed ordinary income		—			15,934,570			1,637,893			716,305
Undistributed long-term capital gains		16,613,583			22,435,104			—			9,235,348
Distributable earnings (deficit)	$	55,343,447		$	1,021,128,055		$	71,701,496		$	100,140,588

	Ohio
	Tax-Free
	Bond			Small Company			Value
	Fund			Fund			Fund
Tax cost of portfolio investments	$	44,360,368		$	924,870,531		$	295,457,551
Gross unrealized appreciation on investments		1,656,120			310,582,076			108,171,657
Gross unrealized depreciation on investments		(41,900	)		(13,531,414	)		(18,836,393	)
Net unrealized appreciation (depreciation) on investments		1,614,220			297,050,662			89,335,264
Other temporary differences		(27,720	)		—			—
Undistributed ordinary income		—			23,281,263			2,018,640
Undistributed tax-exempt income		9,649			—			—
Undistributed long-term capital gains		—			32,736,633			10,782,375
Distributable earnings (deficit)	$	1,596,149		$	353,068,558		$	102,136,279

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

As of June 30, 2018, the Funds had the following capital loss carryforwards for federal income tax purposes:

	No
	Expiration
	Short Term
Large Cap Fund	$	13,791,146

The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

Under current laws, certain capital losses realized after October 31 and ordinary losses realized after December 31 may be deferred (and certain ordinary losses after October and/or December 31 may be deferred) and treated as occurring on the first day of the following fiscal year. For the year ended June 30, 2018 and the seven months ended June 30, 2018, as applicable, the Funds did not elect to defer any losses.

The Funds have analyzed their tax positions taken on federal income tax returns for all open tax years (tax years ended June 30, 2015 through 2018 and June 30, 2018 and November 30, 2014 through 2017, as applicable) and have concluded that no provision for income tax is required in their financial statements.

111

Notes to Financial Statements(Unaudited) (Continued)

As of December 31, 2018, the Trust had the following federal tax costs resulting in net unrealized appreciation (depreciation) as follows:

			Gross		Gross
			Unrealized		Unrealized			Gross		Gross			Net
	Federal		Appreciation		Depreciation			Unrealized		Unrealized			Unrealized
	Tax		on		on			Appreciation		Depreciation			Appreciation/
Fund	Cost		Investments		Investments			on Other*		on Other*			(Depreciation)
Balanced Fund	$	204,736,226	$	106,746,048	$	(6,321,359	)	$	—	$	—		$	100,424,689
Credit Opportunities Fund		53,415,273		682,310		(3,365,068	)		1,828		(2,941	)		(2,683,871	)
International Equity Fund		160,335,323		15,241,887		(21,996,025	)		2		(3,551	)		(6,757,687	)
International Growth Opportunities Fund		35,275,757		2,089,389		(4,416,178	)		36		—			(2,326,753	)
International Small Cap Fund		230,227,643		13,888,474		(25,651,363	)		3,178		(1,570	)		(11,761,281	)
Large Cap Focused Fund		829,395,395		775,406,138		(46,512,333	)		—		—			728,893,805
Large Cap Fund		232,846,909		54,444,110		(8,805,517	)		—		—			45,638,593
Large Company Growth Fund		122,441,990		64,562,104		(653,639	)		—		—			63,908,465
Ohio Tax-Free Bond Fund		45,434,923		1,534,451		(18,426	)		—		—			1,516,025
Small Company Fund		989,681,962		133,214,824		(66,340,990	)		—		—			66,873,834
Value Fund		263,810,851		57,975,399		(28,730,480	)		—		—			29,244,919

* Other includes Derivatives, Foreign Currency Transactions and Deferred Foreign Capital Gains Tax.

7. Commitments and Contingencies

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

8. Principal Risks

Risks Associated with Foreign Investments —Some of the Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.

Risks Associated with Sector Concentration —Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility on the Funds’ NAVs and magnified effect on the total return.

112

Notes to Financial Statements(Unaudited) (Continued)

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 Liquidity —Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce a Fund’s returns because a Fund may be unable to transact at advantageous times or prices, or at all.

Please see the Funds’ prospectus for a complete discussion of these and other risks.

9. Fund Reorganizations

Small Company Fund Reorganization:

The shareholders of the Touchstone Small Cap Growth Fund, a series of the Trust, approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Touchstone Small Cap Growth Fund to the Touchstone Small Company Fund. The tax-free reorganization took place on September 21, 2018.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the tax-free reorganization.

						After
	Before Reorganization					Reorganization
	Touchstone			Touchstone		Touchstone
	Small Cap			Small Company		Small Company
	Growth Fund			Fund		Fund
Class A
Shares		3,572,822	^(A)		113,082,178		116,655,000
Net Assets	$	21,326,954		$	675,012,128	$	696,339,082
Net Asset Value	$	5.97	^(A)	$	5.97	$	5.97

Class C
Shares		1,917,820	^(B)		29,092,599		31,010,419
Net Assets	$	6,665,795		$	101,117,364	$	107,783,159
Net Asset Value	$	3.48	^(B)	$	3.48	$	3.48

Class Y
Shares		11,284,528	^(C)		65,216,246		76,500,774
Net Assets	$	73,494,700		$	424,748,096	$	498,242,796
Net Asset Value	$	6.51	^(C)	$	6.51	$	6.51

113

Notes to Financial Statements(Unaudited) (Continued)

						After
	Before Reorganization					Reorganization
	Touchstone			Touchstone		Touchstone
	Small Cap			Small Company		Small Company
	Growth Fund			Fund		Fund
Institutional Class
Shares		556,531	^(D)		74,162		630,693
Net Assets	$	3,625,412		$	483,116	$	4,108,528
Net Asset Value	$	6.51	^(D)	$	6.51	$	6.51

Class R6
Shares		—			13,592,489		13,592,489
Net Assets	$	—		$	82,888,657	$	82,888,657
Net Asset Value	$	—		$	6.10	$	6.10

Fund Total
Shares Outstanding		20,075,021			221,057,674		238,389,375
Net Assets	$	105,112,861		$	1,284,249,361	$	1,389,362,222
Unrealized Appreciation (Depreciation)	$	24,471,563		$	345,400,026	$	369,871,589

^(A)

Reflects a 0.8051:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(B)

Reflects a 1.0348:1 reverse stock split which occurred on the date of reorganization, September 21, 2018.

^(C)

Reflects a 0.8586:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(D)

Reflects a 0.8691:1 stock split which occurred on the date of reorganization, September 21, 2018.

Assuming the reorganization had been completed on July 1, 2018, the Small Company Fund’s results of operations for the six months ended December 31, 2018 would have been as follows:

Net investment loss	$	(1,336,397	)
Net realized and unrealized gain (loss) on investments	$	(164,076,322	)
Net decrease in net assets resulting from operations	$	(165,412,719	)

Because the combined investment portfolios have been managed as a single portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings to the Small Company Fund that have been included in its statement of operations since the reorganization.

Sentinel Reorganization:

The shareholders of the Sentinel Balanced Fund, Sentinel International Equity Fund, Sentinel Common Stock Fund and Sentinel Small Company Fund (the “Reorganizing Funds”), each a series of Sentinel Group Funds, Inc., approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of each Reorganizing Fund to the corresponding Touchstone Fund as noted below. The Balanced Fund, International Equity Fund, Large Cap Focused Fund and Small Company Fund, each a new series of the Trust, assumed the financial and performance history of the Sentinel Balanced Fund, Sentinel International Equity Fund, Sentinel Common Stock Fund and Sentinel Small Company Fund, respectively. The tax-free reorganizations took place on October 27, 2017.

114

Notes to Financial Statements(Unaudited) (Continued)

		Net		Shares
Reorganizing Funds	Touchstone Funds*	Assets		Outstanding
Sentinel Balanced Fund	Balanced Fund	$	331,423,150		15,092,088
Sentinel International Equity Fund	International Equity Fund		203,883,053		10,805,595
Sentinel Common Stock Fund	Large Cap Focused Fund		1,895,170,925		40,069,142
Sentinel Small Company Fund	Small Company Fund		1,214,732,067		230,307,818

^*Class A, Class C, and Class I shares of the Reorganizing Funds were exchanged for Class A, Class C and Class Y shares, respectively, of the corresponding Touchstone Fund. Class R6 shares of the Sentinel Common Stock Fund were exchanged for Institutional Class shares of the Large Cap Focused Fund. Class R6 shares of the Sentinel Small Company Fund were exchanged for Class R6 shares of the Small Company Fund. On October 30, 2017, the International Equity Fund and Small Company Fund began issuing Institutional Class shares.

10. 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.

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Other Items(Unaudited)

Proxy Voting Guidelines and Proxy Voting Records

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

Quarterly Portfolio Disclosure

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-Q. Effective March 2019, this information will be filed on Form N-PORT and will be publicly available 60 days after the end of the period. The complete listing of each Fund’s portfolio holdings is available on the Commission’s website and will be made available to shareholders upon request by calling 1.800.543.0407.

Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, such as sales charges (loads); and (2) ongoing costs, including investment advisory fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2018 through December 31, 2018).

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 December 31, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line 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

116

Other Items(Unaudited) (Continued)

total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		December 31,			July 1,		December 31,		December 31,
		2018			2018		2018		2018*
Touchstone Balanced Fund
Class A	Actual		1.01	%	$	1,000.00	$	965.70	$	5.00
Class A	Hypothetical		1.01	%	$	1,000.00	$	1,020.11	$	5.14

Class C	Actual		1.78	%	$	1,000.00	$	962.50	$	8.80
Class C	Hypothetical		1.78	%	$	1,000.00	$	1,016.23	$	9.05

Class Y	Actual		0.81	%	$	1,000.00	$	967.00	$	4.02
Class Y	Hypothetical		0.81	%	$	1,000.00	$	1,021.12	$	4.13

Touchstone Credit Opportunities Fund
Class A	Actual		1.79	%	$	1,000.00	$	970.10	$	8.89	**
Class A	Hypothetical		1.79	%	$	1,000.00	$	1,016.18	$	9.10	**

Class C	Actual		2.54	%	$	1,000.00	$	968.00	$	12.60	**
Class C	Hypothetical		2.54	%	$	1,000.00	$	1,012.40	$	12.88	**

Class Y	Actual		1.54	%	$	1,000.00	$	972.30	$	7.66	**
Class Y	Hypothetical		1.54	%	$	1,000.00	$	1,017.44	$	7.83	**

Institutional Class	Actual		1.44	%	$	1,000.00	$	971.80	$	7.16	**
Institutional Class	Hypothetical		1.44	%	$	1,000.00	$	1,017.95	$	7.32	**

Touchstone International Equity Fund
Class A	Actual		1.28	%	$	1,000.00	$	888.20	$	6.09
Class A	Hypothetical		1.28	%	$	1,000.00	$	1,018.75	$	6.51

Class C	Actual		2.21	%	$	1,000.00	$	884.10	$	10.50
Class C	Hypothetical		2.21	%	$	1,000.00	$	1,014.06	$	11.22

Class Y	Actual		0.99	%	$	1,000.00	$	889.50	$	4.71
Class Y	Hypothetical		0.99	%	$	1,000.00	$	1,020.21	$	5.04

Institutional Class	Actual		0.89	%	$	1,000.00	$	890.20	$	4.24
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.72	$	4.53

Touchstone International Growth Opportunities Fund
Class A	Actual		1.24	%	$	1,000.00	$	794.40	$	5.61
Class A	Hypothetical		1.24	%	$	1,000.00	$	1,018.95	$	6.31

Class C	Actual		1.99	%	$	1,000.00	$	791.30	$	8.98
Class C	Hypothetical		1.99	%	$	1,000.00	$	1,015.17	$	10.11

Class Y	Actual		0.99	%	$	1,000.00	$	795.00	$	4.48
Class Y	Hypothetical		0.99	%	$	1,000.00	$	1,020.21	$	5.04

Institutional Class	Actual		0.89	%	$	1,000.00	$	795.80	$	4.03
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.72	$	4.53

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Other Items(Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		December 31,			July 1,		December 31,		December 31,
		2018			2018		2018		2018*
Touchstone International Small Cap Fund
Class A	Actual		1.55	%	$	1,000.00	$	794.70	$	7.01
Class A	Hypothetical		1.55	%	$	1,000.00	$	1,017.39	$	7.88

Class C	Actual		2.30	%	$	1,000.00	$	791.70	$	10.39
Class C	Hypothetical		2.30	%	$	1,000.00	$	1,013.61	$	11.67

Class Y	Actual		1.30	%	$	1,000.00	$	796.10	$	5.89
Class Y	Hypothetical		1.30	%	$	1,000.00	$	1,018.65	$	6.61

Institutional Class	Actual		1.18	%	$	1,000.00	$	796.20	$	5.34
Institutional Class	Hypothetical		1.18	%	$	1,000.00	$	1,019.26	$	6.01

Touchstone Large Cap Focused Fund
Class A	Actual		0.96	%	$	1,000.00	$	940.20	$	4.69
Class A	Hypothetical		0.96	%	$	1,000.00	$	1,020.37	$	4.89

Class C	Actual		1.77	%	$	1,000.00	$	936.30	$	8.64
Class C	Hypothetical		1.77	%	$	1,000.00	$	1,016.28	$	9.00

Class Y	Actual		0.72	%	$	1,000.00	$	941.50	$	3.52
Class Y	Hypothetical		0.72	%	$	1,000.00	$	1,021.58	$	3.67

Institutional Class	Actual		0.65	%	$	1,000.00	$	941.80	$	3.18
Institutional Class	Hypothetical		0.65	%	$	1,000.00	$	1,021.93	$	3.31

Touchstone Large Cap Fund
Class A	Actual		1.12	%	$	1,000.00	$	943.70	$	5.49
Class A	Hypothetical		1.12	%	$	1,000.00	$	1,019.56	$	5.70

Class C	Actual		1.87	%	$	1,000.00	$	940.20	$	9.14
Class C	Hypothetical		1.87	%	$	1,000.00	$	1,015.78	$	9.50

Class Y	Actual		0.87	%	$	1,000.00	$	944.90	$	4.26
Class Y	Hypothetical		0.87	%	$	1,000.00	$	1,020.82	$	4.43

Institutional Class	Actual		0.77	%	$	1,000.00	$	945.30	$	3.78
Institutional Class	Hypothetical		0.77	%	$	1,000.00	$	1,021.32	$	3.92

Touchstone Large Company Growth Fund
Class A	Actual		1.23	%	$	1,000.00	$	894.00	$	5.87
Class A	Hypothetical		1.23	%	$	1,000.00	$	1,019.00	$	6.26

Class C	Actual		1.98	%	$	1,000.00	$	890.50	$	9.43
Class C	Hypothetical		1.98	%	$	1,000.00	$	1,015.22	$	10.06

Class Y	Actual		0.98	%	$	1,000.00	$	895.20	$	4.68
Class Y	Hypothetical		0.98	%	$	1,000.00	$	1,020.27	$	4.99

Institutional Class	Actual		0.88	%	$	1,000.00	$	895.50	$	4.20
Institutional Class	Hypothetical		0.88	%	$	1,000.00	$	1,020.77	$	4.48

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Other Items(Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		December 31,			July 1,		December 31,		December 31,
		2018			2018		2018		2018*
Touchstone Ohio Tax-Free Bond Fund
Class A	Actual		0.85	%	$	1,000.00	$	1,012.20	$	4.31
Class A	Hypothetical		0.85	%	$	1,000.00	$	1,020.92	$	4.33

Class C	Actual		1.60	%	$	1,000.00	$	1,009.30	$	8.10
Class C	Hypothetical		1.60	%	$	1,000.00	$	1,017.14	$	8.13

Class Y	Actual		0.60	%	$	1,000.00	$	1,014.40	$	3.05
Class Y	Hypothetical		0.60	%	$	1,000.00	$	1,022.18	$	3.06

Institutional Class	Actual		0.55	%	$	1,000.00	$	1,014.60	$	2.79
Institutional Class	Hypothetical		0.55	%	$	1,000.00	$	1,022.43	$	2.80

Touchstone Small Company Fund
Class A	Actual		1.11	%	$	1,000.00	$	863.20	$	5.21
Class A	Hypothetical		1.11	%	$	1,000.00	$	1,019.61	$	5.65

Class C	Actual		1.86	%	$	1,000.00	$	858.60	$	8.71
Class C	Hypothetical		1.86	%	$	1,000.00	$	1,015.83	$	9.45

Class Y	Actual		0.84	%	$	1,000.00	$	863.70	$	3.95
Class Y	Hypothetical		0.84	%	$	1,000.00	$	1,020.97	$	4.28

Institutional Class	Actual		0.79	%	$	1,000.00	$	862.40	$	3.71
Institutional Class	Hypothetical		0.79	%	$	1,000.00	$	1,021.22	$	4.02

Class R6	Actual		0.73	%	$	1,000.00	$	865.60	$	3.43
Class R6	Hypothetical		0.73	%	$	1,000.00	$	1,021.53	$	3.72

Touchstone Value Fund
Class A	Actual		1.08	%	$	1,000.00	$	944.70	$	5.29
Class A	Hypothetical		1.08	%	$	1,000.00	$	1,019.76	$	5.50

Class C	Actual		1.83	%	$	1,000.00	$	940.70	$	8.95
Class C	Hypothetical		1.83	%	$	1,000.00	$	1,015.98	$	9.30

Class Y	Actual		0.80	%	$	1,000.00	$	945.30	$	3.92
Class Y	Hypothetical		0.80	%	$	1,000.00	$	1,021.17	$	4.08

Institutional Class	Actual		0.68	%	$	1,000.00	$	946.70	$	3.34
Institutional Class	Hypothetical		0.68	%	$	1,000.00	$	1,021.78	$	3.47

*Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

** Excluding dividend and interest expenses on securities sold short, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.39, $12.10, $7.16 and $6.66, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.59, $12.38, $7.32 and $6.82, respectively.

Advisory and Sub-Advisory Agreement Approval Disclosure

At a meeting held on November 15, 2018, the Board of Trustees (the “Board” or “Trustees”) of the Touchstone Strategic Trust (the “Trust”), and by a separate vote, the Independent Trustees of the Trust, approved the continuance

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Other Items(Unaudited) (Continued)

of the Investment Advisory Agreement between the Trust and the Advisor with respect to each Fund of the Trust, and the continuance of the Sub-Advisory Agreement between the Advisor and each Fund’s respective Sub-Advisor.

In determining whether to approve the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreements, the Advisor furnished information necessary for a majority of the Independent Trustees to make the determination that the continuance of the Investment Advisory Agreement and each Sub-Advisory Agreement was in the best interests of the respective Funds and their shareholders. The information provided to the Board included: (1) industry data comparing advisory fees and total expense ratios of comparable funds; (2) comparative performance information; (3) the Advisor’s and its affiliates’ revenues and costs of providing services to the Funds; and (4) information about the Advisor’s and Sub-Advisors’ personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Investment Advisory Agreement and the Sub-Advisory Agreements with management and experienced independent legal counsel and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement. The Independent Trustees also reviewed the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement with independent legal counsel in private sessions at which no representatives of management were present.

In approving the Funds’ Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided to the Funds, including the personnel providing such services; (2) the Advisor’s compensation and profitability; (3) a comparison of fees and performance with comparable funds; (4) economies of scale; and (5) the terms of the Investment Advisory Agreement. The Board’s analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Advisor Services.The Board considered the level and depth of knowledge of the Advisor, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Advisor, the Board took into account its familiarity with the Advisor’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Advisor’s compliance policies and procedures. The quality of administrative and other services, including the Advisor’s role in coordinating the activities of the Funds’ other service providers, was also considered. The Board also considered the Advisor’s relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.

The Board discussed the Advisor’s effectiveness in monitoring the performance of each Sub-Advisor, including the one that was an affiliate of the Advisor, and the Advisor’s timeliness in responding to performance issues. The Board considered the Advisor’s process for monitoring each of the Sub-Advisors, which includes an examination of both qualitative and quantitative elements of the Sub-Advisor’s organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Advisor conducts periodic compliance due diligence of each Sub-Advisor, during which the Advisor examines a wide variety of factors, such as the financial condition of the Sub-Advisor, the quality of the Sub-Advisor’s systems, the effectiveness of the Sub-Advisor’s disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Advisor’s policies and procedures, results of regulatory examinations and any other factors that might affect the quality of services that the Sub-Advisor provides to the applicable Fund. The Board noted that the Advisor’s compliance monitoring processes also include quarterly reviews of compliance certifications, and that any issues arising from such reports and the Advisor’s compliance visits to the Sub-Advisors are reported to the Board.

The Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Advisor under the Investment Advisory Agreement.

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Other Items(Unaudited) (Continued)

Advisor’s Compensation and Profitability.The Board took into consideration the financial condition and profitability of the Advisor and its affiliates (including the Sub-Advisor to certain of the Funds) and the direct and indirect benefits derived by the Advisor and its affiliates from the Advisor’s relationship with the Funds. The information considered by the Board included operating profit margin information for the Advisor’s business as a whole. The Board noted that the Advisor had waived a portion of advisory fees and administrative fees and/or reimbursed expenses in order to limit each Fund’s net operating expenses. The Board also noted that the Advisor pays the Sub-Advisors’ sub-advisory fees out of the advisory fees the Advisor receives from the Funds. The Board reviewed the profitability of the Advisor’s relationship with the Funds both before and after tax expenses, and also considered whether the Advisor has the financial wherewithal to continue to provide services to the Funds, noting the ongoing commitment of the Advisor’s parent company with respect to providing support and resources as needed. The Board also considered that the Funds’ distributor, an affiliate of the Advisor, receives Rule 12b-1 distribution fees from the Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that the Advisor derives benefits to its reputation and other benefits from its association with the Funds.

The Board recognized that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the entrepreneurial risk that it assumes as Advisor. Based upon their review, the Trustees concluded that the Advisor’s and its affiliates’ level of profitability, if any, from their relationship with each Fund was reasonable and not excessive.

Expenses and Performance.The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund’s respective peer group. The Board also considered, among other data, the Funds’ respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2018, and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds’ performance.

The Board also considered the effect of each Fund’s growth and size on its performance and expenses. The Board noted that the Advisor had waived a portion of the fees and/or reimbursed expenses of the Funds in order to reduce those Funds’ respective operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund were paid by the Advisor out of the advisory fees it receives from the Fund and considered the impact of such sub-advisory fees on the profitability of the Advisor. In reviewing the respective total expense ratios and performance of each of the Funds, the Board also took into account the nature, extent and quality of the services provided to the Funds by the Advisor and its affiliates.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

Touchstone Balanced Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-, twelve- and thirty-six-month periods ended September 30, 2018 was in the 1^st quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Credit Opportunities Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance

121

Other Items(Unaudited) (Continued)

for the six- and thirty-six-month periods ended September 30, 2018 was in the 1^st quintile of its peer group, while the Fund’s performance for the twelve-month period ended September 30, 2018 was in the 2^nd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone International Equity Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and at the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- and twelve-month periods ended September 30, 2018 was in the 4^th quintile of its peer group, while the Fund’s performance for the thirty-six-month period ended September 30, 2018 was in the 5^th quintile of its peer group. The Board noted management’s discussion of the Fund’s performance, including both its recent and long-term performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone International Growth Opportunities Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- and twelve-month periods ended September 30, 2018 was in the 5^th quintile of its peer group, while the Fund’s performance for the thirty-six-month period ended September 30, 2018 was in the 3^rd quintile of its peer group. The Board took into consideration changes made to the Fund’s principal investment strategies in April 2018 to reflect an international strategy rather than a global strategy. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone International Small Cap Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-month period ended September 30, 2018 was in the 4^th quintile of its peer group, while the Fund’s performance for the twelve- and thirty-six-month periods ended September 30, 2018 was in the 5^th quintile of its peer group. The Board noted management’s discussion of the Fund’s performance, including both its recent and long-term performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Large Cap Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- and thirty-six-month periods ended September 30, 2018 was in the 4^th quintile of its peer group, while the Fund’s performance for the twelve-month period ended September 30, 2018 was in the 3^rd quintile of its peer group. The Board noted management’s discussion of the Fund’s performance, including both its recent and long-term performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment

122

Other Items(Unaudited) (Continued)

objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Large Cap Focused Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six-month period ended September 30, 2018 was in the 2^nd quintile of its peer group, while the Fund’s performance for the twelve- and thirty-six-month periods ended September 30, 2018 was in the 1^st quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Large Company Growth Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- and twelve-month periods ended September 30, 2018 was in the 5^th quintile of its peer group, while the Fund’s performance for the thirty-six-month period ended September 30, 2018 was in the 4^th quintile of its peer group. The Board noted management’s discussion of the Fund’s performance, including both its recent and long-term performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Ohio Tax-Free Bond Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- month period ended September 30, 2018 was in the 4^th quintile of its peer group, the Fund’s performance for the twelve-month period ended September 30, 2018 was in the 2^nd quintile of its peer group and the Fund’s performance for the thirty-six-month period ended September 30, 2018 was in the 3^rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Small Company Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- and twelve-month periods ended September 30, 2018 was in the 3^rd quintile of its peer group, while the Fund’s performance for the thirty-six-month period ended September 30, 2018 was in the 2^nd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Touchstone Value Fund.The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving and/or reimbursing a portion of the Fund’s fees and/or expenses. The Fund’s performance for the six- and twelve-month periods ended September 30, 2018 was in the 1^st quintile of its peer group, while the Fund’s performance for the thirty-six-month period ended September 30, 2018

123

Other Items(Unaudited) (Continued)

was in the 3^rd quintile of its peer group. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund from the Advisor and the other factors considered.

Economies of Scale.The Board considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board took into account management’s discussion of the Funds’ advisory fee structure. The Board considered the effective advisory fees under the Investment Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of each Fund increase. The Board noted that the advisory fee schedules for all but three of the Funds contain breakpoints that would reduce the respective advisory fee rate on assets above specified levels as the respective Fund’s assets increased and considered the necessity of adding breakpoints with respect to each Fund that did not currently have such breakpoints in its advisory fee schedule. The Board determined that adding breakpoints at specified levels to the advisory fee schedules of the Funds that currently did not have such breakpoints was not appropriate at that time. The Board also noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses. The Board also considered the fact that, under the Investment Advisory Agreement, the advisory fee payable to the Advisor by a Fund was reduced by the total sub-advisory fee paid by the Advisor to the Fund’s Sub-Advisor.

Conclusion.In considering the renewal of the Funds’ Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund. The Board reached the following conclusions regarding the Funds’ Investment Advisory Agreement with the Advisor, among others: (a) the Advisor demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Fund’s advisory fee is reasonable in light of the services received by the Fund from the Advisor and the other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.

In approving the Funds’ respective Sub-Advisory Agreements, the Board considered various factors with respect to each Fund and the applicable Sub-Advisory Agreement, among them: (1) the nature, extent and quality of services provided to the Fund, including the personnel providing such services; (2) the Sub-Advisor’s compensation; (3) a comparison of the sub-advisory fee and performance with comparable funds; and (4) the terms of the Sub-Advisory Agreement. The Board’s analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Services Provided; Investment Personnel.The Board considered information provided by the Advisor regarding the services provided by each Sub-Advisor, including information presented periodically throughout the previous year. The Board noted the affiliation of the Sub-Advisor to certain of the Funds with the Advisor, noting any potential conflicts of interest. The Board noted that, on a periodic basis, the Board meets with portfolio managers of the Sub-Advisors to discuss their respective performance and investment processes and strategies. The Board also considered each Sub-Advisor’s level of knowledge and investment style. The Board reviewed the experience and credentials of the applicable investment personnel who are responsible for managing the investment of portfolio securities with respect to the Funds. The Board also noted each Sub-Advisor’s brokerage practices.

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Other Items(Unaudited) (Continued)

Sub-Advisor’s Compensation, Profitability and Economies of Scale.The Board also took into consideration the financial condition of each Sub-Advisor and any indirect benefits derived by each Sub-Advisor and its affiliates from the Sub-Advisor’s relationship with the Funds. In considering the profitability to each Sub-Advisor of its relationship with the Funds, the Board noted the undertaking of the Advisor to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Advisor out of the advisory fees that it receives under the Investment Advisory Agreement and in addition, with respect to the unaffiliated Sub-Advisors, are negotiated at arm’s-length. As a consequence, the profitability to each Sub-Advisor of its relationship with a Fund was not a substantial factor in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in each Sub-Advisor’s management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for all but three of the Funds contained breakpoints that would reduce the sub-advisory fee rate on assets above specified levels as the applicable Fund’s assets increased.

Sub-Advisory Fees and Fund Performance.The Board considered that each Fund pays an advisory fee to the Advisor and that the Advisor pays the sub-advisory fee to the Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board also compared the sub-advisory fees paid by the Advisor to fees charged by each Sub-Advisor to manage comparable institutional separate accounts, as applicable. The Board considered the amount retained by the Advisor and the sub-advisory fee paid to each Sub-Advisor with respect to the various services provided by the Advisor and the Sub-Advisor. The Board also noted that the Advisor negotiated the sub-advisory fee with each of the unaffiliated Sub-Advisors at arm’s-length. The Board reviewed the sub-advisory fee for each Fund in relation to various comparative data, including the median and average sub-advisory fees of each Fund’s peer group, and considered the following information:

Touchstone Balanced Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Credit Opportunities Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone International Equity Fund.The Fund’s sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone International Growth Opportunities Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone International Small Cap Fund.The Fund’s sub-advisory fee was at the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Large Cap Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Large Cap Focused Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

125

Other Items(Unaudited) (Continued)

Touchstone Large Company Growth Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Ohio Tax-Free Bond Fund.The Trustees considered the Fund’s sub-advisory fee relative to the fees paid by other funds to their sub-advisors. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Small Company Fund.The Fund’s sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Value Fund.The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

As noted above, the Board considered each Fund’s performance during the six-month, twelve-month and thirty-six-month periods ended September 30, 2018, as compared to each Fund’s peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board also noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Advisor. The Board also was mindful of the Advisor’s ongoing monitoring of each Sub-Advisor’s performance and the measures undertaken by the Advisor to address any underperformance.

Conclusion.In considering the renewal of the Sub-Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board reached the following conclusions regarding each Sub-Advisory Agreement, among others: (a) the Sub-Advisor is qualified to manage each Fund’s assets in accordance with the Fund’s investment goals and policies; (b) the Sub-Advisor maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; (d) each Fund’s sub-advisory fee is reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered; and (e) the Sub-Advisor’s investment strategies are appropriate for pursuing the investment goals of each Fund. Based on its conclusions, the Board determined that approval of the Sub-Advisory Agreement with respect to each Fund was in the best interests of the Fund and its shareholders.

126

PRIVACY PROTECTION POLICY

We Respect Your Privacy

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

Our Pledge to Our Clients

•

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

•

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

•

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

We Collect the Following Nonpublic Personal Information About You:

•

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

•

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

Categories of Information We Disclose and Parties to Whom We Disclose

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

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

•

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

•

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

•

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

•

We will not sell your personal information to anyone.

We May Provide Information to Service Your Account

Sometimes it is necessary to provide information about you to various companies such as transfer agents, custodians, broker-dealers and marketing service firms to facilitate the servicing of your account. These organizations have a legitimate business need to see some of your personal information in order for us to provide service to you. We may disclose to these various companies the information that we collect as described above. We require that these companies, including our own subsidiaries and affiliates, strictly maintain the confidentiality of this information and abide by all applicable laws. Companies within our corporate family that may receive this information are financial service providers and insurance companies. We do not permit these associated companies to sell the information for their own purposes, and we never sell our customer information.

This policy is applicable to the following affiliated companies: Touchstone Funds Group Trust, Touchstone Strategic Trust, Touchstone Variable Series Trust, Touchstone Institutional Funds Trust, Touchstone Securities, Inc.,* and W&S Brokerage Services, Inc.

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

A Member of Western & Southern Financial Group^®

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

127

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-54BB-TST-SAR-1812

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

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

SIGNATURES

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

(Registrant)

Touchstone Strategic Trust

By (Signature and Title)*	/s/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date

February 25, 2019

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

By (Signature and Title)*	/s/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date

February 25, 2019

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

Date

February 25, 2019

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

Touchstone Global ESG Equity Fund - (TEQAX) N-CSRSCertified semi-annual shareholder report (management investment company)