Touchstone Mid Cap Value Fund NCSR Certified 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 811-08104

Touchstone Funds Group Trust

(Exact name of registrant as specified in charter)

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

(Address of principal executive offices) (Zip code)

Jill T. McGruder

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

(Name and address of agent for service)

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

Date of fiscal year end:September 30

Date of reporting period:September 30, 2019

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

September 30, 2019

Annual Report

Touchstone Funds Group Trust

Touchstone Active Bond Fund

Touchstone Anti-Benchmark^® International Core Equity Fund

Touchstone Anti-Benchmark^® US Core Equity Fund

Touchstone Credit Opportunities II Fund (formerly known as Touchstone Credit Opportunities Fund)

Touchstone High Yield Fund

Touchstone Impact Bond Fund

Touchstone International ESG Equity Fund (formerly known as Touchstone Premium Yield Equity Fund)

Touchstone Mid Cap Fund

Touchstone Mid Cap Value Fund

Touchstone Sands Capital Select Growth Fund

Touchstone Small Cap Fund

Touchstone Small Cap Value Fund

Touchstone Ultra Short Duration Fixed Income Fund

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

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

Table of Contents

	Page
Letter from the President	3
Management’s Discussion of Fund Performance (Unaudited)	4 - 48
Tabular Presentation of Portfolios of Investments (Unaudited)	49 - 52
Portfolios of Investments:
Touchstone Active Bond Fund	53
Touchstone Anti-Benchmark^® International Core Equity Fund	60
Touchstone Anti-Benchmark^® US Core Equity Fund	64
Touchstone Credit Opportunities II Fund (formerly known as Touchstone Credit OpportunitiesFund)	66
Touchstone High Yield Fund	74
Touchstone Impact Bond Fund	81
Touchstone International ESG Equity Fund (formerly known as Touchstone Premium Yield Equity Fund)	86
Touchstone Mid Cap Fund	89
Touchstone Mid Cap Value Fund	90
Touchstone Sands Capital Select Growth Fund	92
Touchstone Small Cap Fund	93
Touchstone Small Cap Value Fund	94
Touchstone Ultra Short Duration Fixed Income Fund	96
Statements of Assets and Liabilities	106 - 111
Statements of Operations	112 - 114
Statements of Changes in Net Assets	116 - 120
Statements of Changes in Net Assets - Capital Stock Activity	122 - 128
Financial Highlights	129 - 158
Notes to Financial Statements	159 - 186
Report of Independent Registered Public Accounting Firm	187
Other Items (Unaudited)	189 - 195
Management of the Trust (Unaudited)	196 - 198
Privacy Protection Policy	199

This report identifies the Funds’ investments on September 30, 2019. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

Letter from the President

Dear Shareholder:

We are pleased to provide you with the Touchstone Funds Group Trust Annual Report. Inside you will find key financial information, as well as manager commentaries for the Funds, for the 12 months ended September 30, 2019.

The post-crisis equity bull market appeared to stall over the trailing 12 months as broad measures of global equities finished near where they started. The period was book-ended by macro-driven negative sentiment in equities during the fourth quarter of 2018 and the third quarter of 2019. After declining into correction territory during the fourth quarter of 2018, central banks, most notably the U.S. Federal Reserve Board (Fed), provided hope of stimulus. The Fed responded with a pause to its monetary policy normalization until shifting to a stimulatory policy stance in the third quarter of 2019 with two cuts in the overnight rate. A chorus of neutral to dovish policy pronouncements and potential for stimulus from other central banks, as well as fiscal and monetary policy stimulus in China, supported a risk rally during the first half of 2019. However, worsening global economic data – combined with a lack of progress toward resolution of the U.S.-China trade war and geopolitical instability in Europe – led to a return of negative sentiment in the period’s final quarter.

In the U.S., mid- and large-capitalization stocks finished with low-to-mid single digit gains while their small-cap brethren, particularly micro-cap stocks, posted negative returns. In terms of style, value-oriented stocks reversed the long run of growth domination in the small- and large-capitalization stocks. However, growth-oriented stocks within the mid-capitalization range significantly outperformed their value-oriented counterparts. Outside the U.S., emerging market and developed market equities exhibited the same peak-trough-recovery pattern as U.S. equities, but finished slightly down in U.S. dollar terms due to dollar strength during the period.

The net effect of the Fed’s rate changes – one hike in the fourth quarter of 2018 and two cuts in the third quarter of 2019 – pushed short-term rates lower while investor demand for safety and yield contributed to lower rates on longer maturities. The result was a significantly flatter yield curve, giving rise to fears throughout the year of a yield curve inversion, which historically has been a leading indicator of recessions. In 2019, these concerns were realized as a brief inversion occurred during the third quarter. Demand for U.S. Treasuries remained strong given the weaker economic environment and relatively high yields compared to many developed sovereign issuers in 2019. The declining rates created a tailwind for longer maturity bonds. Although credit spreads ended the period wider, investor preference for safer yield contributed to outperformance of investment grade over their non-investment grade counterparts.

Periods such as these remind us of the importance of the steady hands of financial professionals, trust in one’s investment strategy and the inherent risks of trying to time the market. Further, we believe that more volatile environments typically create more opportunity for active managers, especially those who are Distinctively Active.

We greatly value your continued support. Thank you for including Touchstone as part of your investment plan.

Sincerely,

Jill T. McGruder

President

Touchstone Funds Group Trust

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Active Bond Fund

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone Active Bond Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. In deciding what securities to buy and sell for the Fund, the overall investment opportunities and risks in different sectors of the debt securities market are analyzed by focusing on maximizing total return and reducing volatility of the Fund’s portfolio. A disciplined sector allocation process is followed in order to build a broadly diversified portfolio of bonds.

Fund Performance

The Touchstone Active Bond Fund (Class A Shares) underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 9.68 percent (calculated excluding the maximum sales charge) while the total return of the benchmark was 10.30 percent.

Market Environment

In the fourth quarter of 2018, the U.S. Federal Reserve Board (Fed) did not pause with tightening policy, and U.S.-China trade rhetoric intensified after it was hoped that tensions would ease following the G-20 summit. The markets reacted to both of these developments dramatically. The S&P 500^® Index declined and risk premiums on non-U.S. Treasury sectors widened significantly.

However, the sell-off at the end of 2018 set the stage for much of the rally over the next nine months. For the first half of 2019, many of the factors that drove the risk-off move in the fourth quarter abated – escalation of the trade war with China, rising interest rates and general fears of a slowdown in global growth – causing credit and equities to recover the majority of losses. The Fed continued to communicate a relatively positive outlook for the U.S. economy, citing a robust labor market, modest wage growth and core inflation well below the 2 percent target.

However, the rally that occurred through the first half of 2019 subsided as tensions flared again between the U.S. and China over trade. As trade dominated headlines, soft economic data out of the eurozone elevated concern as to whether the European Central Bank or individual European governments had the tools necessary to stimulate growth. Likewise, readings on U.S. manufacturing showed signs of slowing coupled with weaker business confidence due to policy and trade uncertainty. All of this sent investors into safe haven assets and sent rates markedly lower. These risks spiked in August and lingered to close the 12-month period.

Portfolio Review

The active management of interest rates was the largest detractor for the period, specifically tactically allocating to treasury inflation protected securities (TIPS). The yield curve flattened throughout the year and the intermediate part of the curve inverted. Interest rates reacted to broader concerns about a slowdown in global growth amid trade uncertainty with China, European weakness and manufacturing weakness in the U.S. which caused investors to shift into U.S. Treasuries. A shorter duration positioning had a negative impact on results given that backdrop.

An overweight allocation to risk assets relative to the U.S. Treasury and Agency-heavy benchmark had a modestly positive impact on performance due to additional return, even as spreads on 10-year BBB-rated Industrials sector bonds were slightly wider over the 12-month period.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Strong security selection within investment grade credit and securitized assets was the largest contributor. Within investment grade credit, capital goods, energy and real estate investment trusts (REITS) were the top contributing industries, while within securitized assets Agency Fixed-Rate Mortgage-Backed Securities (MBS) and Non-Agency Commercial MBS were top contributors.

Outlook

We believe the level of interest rates primarily reflects the changing economic outlook and rate path of the Fed, and reflects the uncertainty surrounding trade policy, global economic outlook and tighter financial conditions. In the near term, downward pressure on interest rates should continue to persist in a slow global growth and low yield environment, likely with higher volatility. The front-end of the curve is likely to outperform from here given the level of rates amid this backdrop. The general risks to lower interest rates include higher than expected growth and an acceleration in inflation. The primary risk to lower rates is that the trade disputes get resolved in a friendly fashion and growth is able to return to trend. The Fund is positioned slightly long duration and curve neutral versus the benchmark. We view TIPS as somewhat attractive as a long-term risk/reward trade from a breakeven basis.

We believe the biggest concern going forward is the further escalation of the trade dispute between the U.S. and China, and the elevation of uncertainty surrounding the potential fallout and impact on the global economy. In addition, we believe the risk of further weakness in business confidence and investing will eventually spill over into labor markets and effect consumer spending.

The Fund continues to have a modest allocation to U.S. dollar denominated emerging markets debt as the additional yield the sector offers remains attractive relative to investment grade credit and high yield.

Certain securitized sectors offer attractive risk/reward profiles, particularly within the Asset-Backed Securities (ABS) and Non-Agency MBS sectors, for higher quality securities. We are also comfortable with the space given it is closely related to the health of the consumer, which continues to be strong.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Active Bond Fund - Class A* and the

Bloomberg Barclays U.S. Aggregate Bond Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares and Institutional Class shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares and Institutional Class shares was October 3, 1994, October 3, 1994, April 12, 2012, and April 12, 2012, respectively. Class Y shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class A shares for the periods prior to April 12, 2012. The returns have been restated for sales loads and fees applicable to Class Y and Institutional Class shares. The returns of the index listed above are based on the inception date of the Fund.

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net asset value (“NAV”) per share plus a sales load equal to 2.04% of the NAV (or 2.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Note to Chart

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Anti-Benchmark^® International Core Equity Fund

Sub-Advised by TOBAM S.A.S.

Investment Philosophy

TOBAM’s methodology seeks to enhance the diversification of portfolio holdings to reduce market bias and potentially improve risk-adjusted returns. TOBAM’s process selects individual stocks and their weights in an effort to reduce the correlations between individual holdings. This enables the creation of portfolios that seek to mitigate the inherent concentration risks associated with capitalization-weighted benchmarks. The lower correlations have the potential to provide a differentiated source of value than other methods of diversification. This quantitative approach creates fully invested, long-only portfolios that do not use leverage, and are designed to help guard against structural biases.

Fund Performance

The Touchstone Anti-Benchmark^®International Core Equity Fund (Class Y Shares) underperformed its benchmark, the MSCI EAFE Index, since the Fund’s November 19, 2018 inception through the period ended September 30, 2019. The Fund’s return was 2.13 percent compared to the 7.19 percent return of the MSCI EAFE Index.

Market Environment

The Fund was launched in the middle of the fourth quarter of 2018, in a declining equity market environment as global growth concerns and trade tensions weighed on investors. In contrast, the first three quarters of 2019 were marked by a strong rebound in equity markets, however, during the third quarter of 2019 there was a pause in the year–to-date rise of equity markets following concerns regarding U.S.-China trade tensions.

Long term inflation expectations continued to be subdued for the Eurozone and spot inflation rates remained low as well. European central bankers loosened monetary policy and restarted quantitative easing. Illustrative of this loose monetary environment in the Eurozone was that the entirety of the German yield curve turned negative.

Portfolio Review

TOBAM analyzes the Fund’s relative performance vs. the benchmark by looking at the main benchmark holdings and how they performed over the period, since the Fund is a long-only portfolio, fully invested, without leverage that does not invest in off benchmark stocks. By maximizing diversification, the Fund seeks a portfolio where risk is contributed homogeneously by all the risk factors available in the investment universe.

The Fund’s underweight to the largest market capitalization stocks relative to the benchmark and overweighting the lowest market capitalization stocks represented a performance headwind during the period.

Over the period, the Fund’s Financials, Energy, Consumer Discretionary and Materials exposures positively contributed to performance relative to the benchmark. The Communication Services, Consumer Staples, Health Care, Industrials, and Utilities sectors all detracted from performance relative to the benchmark.

Outlook and Conclusion

TOBAM’s Anti-Benchmark^®strategy does not forecast market activity but simply seeks to maximize diversification. Thus, it does not include fundamental analysis of individual stocks, countries, sectors, economic environments or factors. No discretionary tactical or strategic asset allocation decisions are made with respect to specific regions, sectors or industries. TOBAM’s investment process consists of maximizing diversification from a bottom-up perspective. Securities are solely bought or sold in relation to their potential relative diversification benefits within the portfolio. A security will be completely sold when it no longer provides the most marginal diversification among all available stocks in the universe, and others purchased when they begin to provide more marginal

Management’s Discussion of Fund Performance(Unaudited) (Continued)

diversification. TOBAM’s patented Anti-Benchmark^® approach is designed to avoid explicit and implicit biases in terms of sector, style, market cap and other statistical measures. For this reason, we apply as few constraints as possible and do not rely on any given view or forecast, in order to avoid unwanted systematic exposures. The Fund’s portfolio reflects even risk contributions from all independent effective risk factors in the investment universe, which may include sector and country factors.

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Anti-Benchmark^®International Core Equity Fund - Class Y* and the

MSCI EAFE Index

The chart above represents performance of Class Y shares only, which will vary from the performance of Institutional Class shares based on the difference in fees paid by the shareholders in the different classes. The inception date of the Fund was November 19, 2018. The returns of the index listed above are based on the inception date of the Fund.

Not Annualized.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Note to Chart

The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding U.S. and Canada.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Anti-Benchmark^®US Core Equity Fund

Sub-Advised by TOBAM S.A.S.

Investment Philosophy

Fund Performance

The Touchstone Anti-Benchmark^®US Core Equity Fund (Class Y Share) underperformed its benchmark, the Russell 1000^® Index, since the Fund’s November 19, 2018 inception through the period ended September 30, 2019. The Fund’s return was 6.57 percent compared to the 10.65 percent return of the benchmark.

Market Environment

The Fund was launched in the middle of the fourth quarter of 2018, in a declining equity market environment as global growth concerns and trade tensions weighed on investors. Small caps declined the most. Fundamentals for the U.S. economy were nonetheless positive, with an unemployment rate at all-time lows (below 4 percent), a gross domestic product (GDP) growth expected to be 3 percent, and core inflation slightly below the 2 percent target. Late in the period, the third quarter of 2019, there was a pause in the year-to-date rise of equity markets following concerns regarding U.S.-China trade tensions.

Credit markets benefited from yield scarcity as more than $14 trillion in bonds traded in negative yield territory globally.

Portfolio Review

Over the period, the Fund’s Financials, Energy, Real Estate, Utilities, and Materials exposures positively contributed to performance relative to the benchmark. The Communication Services, Consumer Staples, Consumer Discretionary, Industrials, and Information Technology sectors all detracted from performance relative to the benchmark.

Outlook and Conclusion

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Anti-Benchmark^®US Core Equity Fund - Class Y* and the

Russell 1000^® Index

Not Annualized.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Note to Chart

Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index.

The Frank Russell Company (FRC) is the source and owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Credit Opportunities II Fund*

Sub-Advised by Ares Capital Management II LLC

Investment Philosophy

The Touchstone Credit Opportunities II Fund employs a flexible investment approach by allocating assets among core investments and opportunistic investments as market conditions change. It invests in several broad investment categories, including high yield bonds, bank loans, special situations, structured credit and hedges.

Fund Performance

The Touchstone Credit Opportunities II Fund (Class A Shares) outperformed its benchmark, the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, for the 3-month period ended September 30, 2019. The Fund’s total return was 1.40 percent (calculated excluding the maximum sales charge) while the total return of the benchmark was 0.56 percent.

Market Environment

Investors continued to grapple with dovish rhetoric from global central banks, ongoing U.S.-China trade negotiations, uncertainty following the dramatic shift in interest rates, and heightened concerns over weaker economic indicators. The U.S. Federal Reserve Board (Fed) continued with their accommodative approach by cutting rates in July and September while the European Central Bank cut rates in September and relaunched quantitative easing. Trade negotiations continued throughout the quarter and shaped market sentiment. Economic data releases seemed to confirm a late cycle backdrop as gross domestic product (GDP) figures in the U.S. and Europe pointed to deceleration and the ISM Purchasing Manager’s Index (PMI) highlighted cracks in the U.S. economy. Fear pushed government yields down globally. The dollar amount of negative yielding debt increased to $15 trillion by quarter-end, an increase of 67 percent in 2019 and nearly double the five-year average of $8 trillion. Meanwhile, positive, long-end rates moved decidedly lower in the U.S. and resulted in an inversion of the U.S. Treasury curve. While these events contributed to episodic volatility, corporate credit markets generated positive returns.

While both the high yield and bank loans asset classes lagged investment grade bonds, performance was relatively stable as investment grade returns lagged their sub-investment grade peers in July and September. The technical environment in high yield remained positive as coupon reinvestment, inflows and rising stars offset new issuance and fallen angels. Bank loan technicals remained constructive as collateralized loan obligation (CLO) issuance remained steady, new issuance light, and repayments provided a balance against continued retail outflows. High yield returns were driven by a mix of price and coupon, while the quarter was a coupon-only environment for bank loans. A sign of late cycle sentiment; high credit quality led the way in both markets while CCC-rated securities posted negative returns. Default rates and expectations remained below historical averages, although we have witnessed an uptick recently, largely attributable to weakness in the Energy sector. Dispersion on a single-name basis within high yield continued to increase, as the percentage of bonds trading near index levels steadily declined.

Portfolio Review

The Touchstone Credit Opportunities Fund was reorganized into the Touchstone Credit Opportunities II Fund after the close of business on September 6, 2019 with the performance record for Touchstone Credit Opportunities Fund becoming the history of Touchstone Credit Opportunities II Fund as a reflection of the Credit Opportunities Strategy’s continuity. The Touchstone Credit Opportunities II Fund changed its investment goal and principal investment strategy, and appointed Ares as sub-advisor in mid-May 2019. Fund assets were transitioned into the Credit Opportunities Strategy over the course of May and June 2019.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Both the high yield and bank loan allocations contributed to returns. The bank loan allocation faced a headwind from holdings in the Energy and retail sectors, but still was additive to results. Allocations to structured products and equity detracted. Negative contributions from the structured products allocation were largely technical while idiosyncratic news affected the equity allocation. Single-name shorts contributed modestly to performance.

In terms of individual contributors, the top five positive contributors were all high yield while the bottom five were a mix of high yield and equity. Air Methods Corp. and New Gold Inc. bonds both benefited from positive signs of an operational turnaround. Simmons Foods Inc., The Hillman Group Inc., and JBS USA Holdings Inc. bonds all rallied on strong earnings reports. Reorganization Equity positions, Cumulus Media Inc. and HCA Healthcare Inc., were a modest drag on Fund results though this was partially offset by better performing debt positions from the same issuers. Vine Oil & Gas LP and Rowan Companies Inc. bonds detracted from performance due to the broad weakness in the Energy sector. Frontier Communications Corp. was a modest detractor at the issuer level as the weak high yield bond holding offset contribution from other Frontier securities.

Outlook

As we enter the final quarter of 2019, cracks have started to appear in the strength of the U.S. economy surrounding its resiliency amid prolonged trade tensions with China. A seemingly direct outcome of the continued negotiations has been the recent decline in U.S. manufacturing as the ISM PMI reported its September reading. The September output was the lowest since June 2009 and the second consecutive month of contraction as new exports sunk to the lowest reading in over 10 years. While manufacturing comprises a smaller portion of overall U.S. economic production, September’s ISM Non-Manufacturing Index indicated that weakness may be spreading to the services sector as well. September’s ISM Non-Manufacturing Index continued to reflect economic expansion, though at a declining rate, and a sharp decrease from August’s reading. Moreover, though consumer spending comprises a large majority of the U.S. economy and has benefited recently from the strong labor market, uncertainty over trade negotiations could dampen business investment and curtail hiring going forward. Europe has already shown evidence of slowing growth as euro area economic growth is forecast to slow to roughly 1 percent this year from about 2 percent in 2018, which would result in its worst performance in six years if the projections materialize. The outlook for the euro area economy also took another hit in September as confidence in industry dropped to its lowest level in six years, reflecting the impact of trade uncertainty and worsening unease related to Brexit. As we enter the final stretch of 2019, we expect a higher probability of volatility across global capital markets due to political headlines, underwhelming economic data and potential consequences of Brexit. While we believe this could further perpetuate credit dispersion, we welcome the opportunities that result from an uncertain environment owing to our fundamental approach to investing. We ultimately view any market dislocation as an opportunity to strategically source credit and believe that active managers with flexible capital will be rewarded.

We believe the Fund can continue to serve as an all-weather allocation to sub-investment grade credit and a diversifier to traditional core fixed income allocations. It is our view that the unpredictable nature of the market in the past year underscores the need for an investment strategy like the one utilized in the Fund - flexible guidelines, an agile portfolio construct and a highly selective approach to security selection.

*Prior to September 9, 2019, the performance history is that of the Touchstone Credit Opportunities Fund.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Credit Opportunities II Fund - Class A* and the

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net asset value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Institutional Class shares are not subject to sales charges.

***

Not Annualized.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Note to Chart

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index of Treasury securities maturing in 90 days that assumes reinvestment of all income.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone High Yield Fund

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone High Yield Fund seeks a high level of income. Capital appreciation is a secondary consideration. The Fund primarily invests in non-investment-grade securities.

Fund Performance

The Touchstone High Yield Fund (Class A Shares) outperformed its benchmark, ICE BofA Merrill Lynch High Yield Cash Pay Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 7.08 percent (calculated excluding the maximum sales charge) while the benchmark’s total return was 6.34 percent.

Market Environment

Over the 12-month period, the high yield market was driven by a handful of larger economic movements that significantly affected the asset class and its returns. Events with the largest impact included economic volatility surrounding political rhetoric, slowing global economic growth and trade policy, particularly between the U.S. and China. The fourth quarter of 2018 was a severe risk-off quarter as concerns over global growth and the pace of the U.S. Federal Reserve Board’s (Fed) interest rate increases mounted. Risk assets rallied in the first quarter of 2019 after the Fed and other major central banks around the world adopted a more dovish stance. The latter half of the last twelve months included large bouts of volatility with more muted returns.

The U.S. Treasury market saw a large and consistent rally for much of the period as yields of all maturity levels declined. In addition to the significant rally in U.S. Treasuries, there were times throughout the period where the U.S. Treasury curve inverted and the market began to worry about a possible recession or the increasing likelihood of one. Investment grade corporate securities with long durations and low spreads benefited the most from the decline in yields. Below-investment grade securities were impacted more severely; their typically shorter duration therefore were less advantaged by the intermediate-to-longer-term U.S. Treasury yield decreases and thus underperformed.

Within High Yield, BB- and B-rated bonds saw their spreads widen modestly while spread widening in CCC-rated bonds was much greater. This created a significant bifurcation of returns with BB- and B-rated bonds significantly outperforming their CCC-rated counterparts.

During the 12-month period, the top performing industries were Supermarkets, Banking, Life Insurance, and Wireless. These are all industries that are non-commodity related, less cyclical, and long in duration. The bottom performing industries were Oil Field Services and Independent Energy. These two industries are the only sizeable industries with a negative return over the twelve-month period. Despite oil staying reasonably range bound, investors have shunned owning this segment of the market over the past year on concerns of recession and increasing default rates.

Portfolio Review

Overall, sector allocation was neutral for the 12-month period. The Fund’s underweight to Independent Energy was the largest positive contributor as Energy was a bottom-performing sector. The Fund’s overweight positions to Food & Beverage and Cable/Satellite were additive as both are large non-cyclical industries that performed well as investors preferred issuers in more defensive sectors. An overweight to Pharmaceuticals and an underweight to Wireless were the two largest detractors.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Security selection positively contributed to performance and was driven by two main factors: an underweight to CCC-rated securities, and not owning several companies that went bankrupt or were trading as if they had defaulted. The largest headwinds to security selection revolved around two themes: the Fund overweight in Energy and an overweight in the Pharmaceuticals industry which was impacted by potential opioid litigation.

Outlook and Conclusion

We expect gross domestic product (GDP) growth to remain positive. Financial conditions are stable, fixed income market liquidity is adequate, credit fundamentals are solid with leverage and coverage at historical levels, there are limited maturities on the horizon and default rates are expected to remain low. This all provides a backdrop whereby we would expect credit markets to perform reasonably well.

We believe the greatest opportunity set for the Fund going forward would be either a continuation of the current environment of low growth mixed with relatively steady monetary policy or a meaningful sell-off in the high yield market. The Fund is positioned to emphasize credit selection over sector allocation as there are few apparent sector allocation opportunities in the current environment. Where there are sector opportunities, we have decided to express our views through quality (BB- versus B-rated) and not necessarily through a large under/overweight to the sector. Lastly, given the higher quality nature of the Fund, we would expect it to perform quite well in an environment where spreads widen significantly and CCC-rated bonds significantly underperform their BB- and B-rated counterparts.

In light of high yield’s relatively low spread and yield levels, the Fund is positioning toward the lower portion of our risk range. With the exception of the Energy segment, we believe that the BB- and B-rated segment of the market is fairly valued as fundamentals are solid, economic growth remains positive, and liquidity is available. The Fund maintains a substantially reduced CCC-rated bonds exposure. This defensive stance positions the Fund well in a market in which CCC-rated bonds continue to struggle due to weak economic growth and a persistently risk averse investor base.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone High Yield Fund - Class A* and the ICE BofA Merrill Lynch High Yield Cash Pay

Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares and Institutional Class shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares and Institutional Class shares was May 1, 2000, May 23, 2000, February 1, 2007, and January 27, 2012, respectively. Class C shares’, Class Y shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class A shares for the periods prior to May 23, 2000, February 1, 2007 and January 27, 2012, respectively. The returns have been restated for sales loads and fees applicable to Class C, Class Y and Institutional Class shares. The returns of the index listed above are based on the inception date of the Fund.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Note to Chart

ICE BofA Merrill Lynch High Yield Cash Pay Index is an unmanaged index used as a general measure of market performance consisting of fixed-rate, coupon-bearing bonds with an outstanding par which is greater than or equal to $50 million, a maturity range greater than or equal to one year and must be less than BBB/Baa3 rated but not in default.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Impact Bond Fund

Sub-Advised by EARNEST Partners LLC

Investment Philosophy

The Touchstone Impact Bond Fund seeks current income. Capital appreciation is a secondary goal. The Fund invests primarily in fixed income securities or sectors that are considered undervalued for their risk characteristics.

Fund Performance

The Touchstone Impact Bond Fund (Class A Shares) underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 9.59 percent (calculated excluding the maximum sales charge) while the benchmark’s total return was 10.30 percent.

Market Environment

The macroeconomic environment reversed course over the 12 months ended September 30, 2019. At the end of September 2018, markets were quite confident that the U.S. Federal Reserve Board (Fed) would continue to raise interest rates. However, trade rhetoric between the U.S. and China increased in the fourth quarter of 2018, sentiment became more negative, interest rates dropped and spreads widened significantly. The yield curve became inverted, as yields on the short-term U.S. Treasury bill were higher than yields on the ten-year U.S. Treasury note. Shortly after New Year’s Day, the Fed indicated that its outlook had changed from two rate hikes over the course of 2019 to zero. This helped restore some investor confidence, but interest rates continued to fall. The trade dispute expanded in the second quarter of 2019, when Japan, South Korea, Europe and Mexico were brought into the fray. This fueled more concerns about economic growth and pushed interest rates ever lower as investors sought out the safety of fixed income.

As gross domestic product (GDP) growth and employment data began to slow, and the threat of trade wars weighed on global and domestic growth, the Fed lowered the federal funds rate in July and followed up with a subsequent cut in September. These cuts marked the end of a rate hiking cycle which began in 2015. However, interest rates at the shorter end of the curve, on the six-month U.S. Treasury bill for example, only declined by a little more than 0.50 percent, leaving much of the yield curve inverted. These rate declines offered a supportive backdrop for fixed income securities.

The yield on Japanese government debt remained in negative territory. All told the amount of negative yielding global debt swelled from $6.4 trillion to $14.9 trillion over the last 12 months. This left global investors scrambling to find means of earning a positive income return on their fixed income investments. For international investors, the cost of currency hedging meant negative yielding global debt placed upward demand on spread products, as investors reached for yield wherever they could find it.

Lower quality bonds were in particularly high demand during the period as BBB-rated securities delivered the strongest levels of outperformance, whereas high-quality AAA-rated securities were the weakest performers. U.S. Agencies performed well as demand was strong across maturities, providing the sector with a tailwind. Agency Multi-Family Mortgage-Backed Securities (MBS) also outperformed. Despite having a similar government backstop, Agency Single-Family MBS did not perform as well. The volatile rate environment weighed heavily on these securities.

The performance of U.S. Investment Grade Credit was highly fragmented. Long bonds underperformed, while intermediate bonds outperformed. The Financials sector performed well across the maturity spectrum within Investment Grade Credit. Industrials were volatile and performance diverged between intermediate and long

Management’s Discussion of Fund Performance(Unaudited) (Continued)

issues, but overall outperformed. Utilities underperformed with particular weakness in longer maturity bonds. This was in large part due to PG&E Corp. being removed from the investment grade space due to the liabilities they have incurred after the California wildfires.

Portfolio Review

Due to the Fund’s overweight to spread products, macroeconomic events that shifted the demand profile for these products affected the Fund’s relative returns. Risk sentiment downshifting during the last 12-months created a headwind. The Fund’s overweight to U.S. Agencies and Agency Multi-Family MBS created a small tailwind. Within Investment Grade Credit, the Fund’s overweight to both Utilities and non-corporate credit (e.g. taxable municipals) were the largest detractors of relative performance. Security selection played an important role in performance during the period. Due to the asymmetric return profile fixed income provides, what is not owned is often just as important as what is owned. The Fund did not own PG&E Corp., so the overweight to Utilities did not have the same negative effect on the portfolio as it did on the benchmark. Security selection within U.S. Agencies and Agency Multi-Family MBS also benefited the portfolio.

The Fund does not make any active interest rate bets and, accordingly, the Fund’s effective duration was approximately in line with that of the benchmark at the end of the period. By approximately matching the benchmark’s duration, the Fund’s interest rate risk is effectively equal to that of the benchmark over time. Furthermore, while changes in the yield curve can impact total returns, the Fund attempts to remain approximately curve neutral. With this approach, changes in the yield curve tend to have little effect on the relative performance of the Fund, but given the Fund was only 90 percent of the benchmark’s duration coming into the declining rate environment, the lower duration did detract from performance over the relatively short period. Throughout an investment cycle, these small effects should average approximately zero.

Outlook

Despite the many negative headlines, the economy is still growing, unemployment is low, wages are growing, banks are well capitalized, corporations are reducing debt and household debt service ratios finished near their best levels dating back to 1980. A strong economy is fundamentally positive for spread products. If these items do turn negative, it appears central banks across the globe are prepared to act quickly with easy money policies. This would presumably force already low global yields even lower. The low rate environment could very well drive demand for spread securities from a wide set of investor bases as these investors are starved for yield. If the economy remains on pace, spread sectors should not only perform well due to their higher yield, but could see additional demand as the borrowers continue to make good on their debt obligations. The high quality nature of the Fund would also play an important role in this situation. In any case, our bottom-up fundamental work on these issuers continues to provide us with confidence that the high-quality nature of the portfolio coupled with its spread advantage has the Fund well positioned moving forward. Interest rates are notoriously difficult to forecast. Without being able to predict where interest rates will head next or how much volatility will occur in getting there, we view the additional structure built into the Fund’s portfolio as an important leg for a fixed income portfolio to be able to stand on. As such, we believe the Fund is positioned well and maintains a discipline that balances risk and return objectives.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Impact Bond Fund - Class A* and the

Bloomberg Barclays U.S. Aggregate Bond Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares and Institutional Class shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares and Institutional Class shares was August 16, 2010, August 1, 2011, November 15, 1991 and August 1, 2011, respectively. Class A shares’, Class C shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class Y shares for the periods prior to August 16, 2010, August 1, 2011 and August 1, 2011, respectively. The returns have been restated for sales loads and fees applicable to Class A, Class C and Institutional Class shares. The returns of the index listed above are based on the inception date of the Fund.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Note to Chart

Management’s Discussion of Fund Performance(Unaudited)

Touchstone International ESG Equity Fund*

Sub-Advised by Rockefeller & Co. LLC

Investment Philosophy

The Touchstone International ESG Equity Fund seeks long-term growth of capital. The Fund primarily invests in equity securities of non-U.S. companies and generally focuses on larger, more established companies. The Fund selects investments based on an evaluation of a company’s sustainability and impact practices which considers environmental, social and governance (ESG) impacts and risks of a company, how well the company manages these impacts and risks and ascertains the company’s willingness and ability to take a leadership position in implementing best practices.

Fund Performance

The Touchstone International ESG Equity Fund (Class A Shares) outperformed its benchmark, the MSCI All Country World ex-USA Index, for the 12-month period ended September 30, 2019. The Fund’s total return was -0.81 percent (calculated excluding the maximum sales charge), while the total return of the benchmark was -1.23 percent.

Market Environment

The markets experienced another roller-coaster ride marked by elevated risk-off sentiment as reflected in the collapse in sovereign bond yields, the outperformance among defensive stock sectors and the underperformance of cyclical sectors. There were a few key developments. The Sino-U.S. trade war escalated further as the U.S. imposed additional tariffs. A drone and missile attack was carried out on Saudi Arabia’s oil field that disrupted the country’s oil production. However, the surge in crude prices turned out to be short-lived as production was restored and the U.S. offered to release oil from its strategic petroleum reserves. The European Central Bank and the U.S. Federal Reserve Board (Fed) cut interest rates, with the former also restarting quantitative easing in November.

Portfolio Review

Prior to the Fund’s manager transition at the end of August 2019, solid stock selection in the Communication Services, Consumer Staples, Information Technology and Real Estate sectors positively contributed to performance. Coca-Cola European Partners PLC (Consumer Staples sector), Crown Castle International Corp. (Real Estate sector) and Texas Instruments Inc. (Information Technology sector) performed well in a volatile equity market, and generally maintained solid earnings. Detractors included most Energy stocks, led by Occidental Petroleum Corp. and Total SA driven by weak oil and natural gas prices. Other detractors included Pfizer Inc. (Health Care sector) which announced weaker earnings guidance for 2019, earlier in the year. Additionally, Pfizer announced the sale of its Upjohn subsidiary to Mylan NV (Health Care sector) in late July, to which the market responded negatively.

In the final month of the 12-month period, contribution from stock selection and sector exposures were relatively neutral. The Fund’s positive stock selection in Industrials, Consumer Discretionary and Materials sectors was offset by selection within the Health Care, Consumer Staples and Financials sectors. Many of the Fund’s holdings are domiciled in countries whose currency depreciated against the U.S. dollar, further detracting from relative returns during the final month.

Outlook

We continue to have a neutral view for the equity market. Synchronized easing around the world and some targeted fiscal stimulus should help raise valuations, but weakening fundamentals are likely to lower earnings expectations. We suspect it will result in a range-bound market for the remainder of 2019.

*Effective August 23, 2019, the Fund changed its name, principal investment strategies, benchmark and sub-advisor. Consequently, prior period performance would have been different if the Fund had not been managed by the prior sub-advisor using that sub-advisor’s equity income strategy.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone International ESG Equity Fund - Class A*, the MSCI All Country World Ex-USA

Index, Russell 3000^® Value Index and Dow Jones U.S. Select Dividend Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares and Institutional Class shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares and Institutional Class shares was December 3, 2007, December 3, 2007, August 12, 2008 and August 23, 2019, respectively. Class Y shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class A shares for the periods prior to August 12, 2008 and August 23, 2019, respectively. The returns have been restated for sales loads and fees applicable to Class Y and Institutional Class shares. The returns of the indexes listed above are based on the inception date of the Fund.

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net asset value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

MSCI All Country World Ex-USA Index is an unmanaged capitalization-weighted index composed of companies representative of both developed and emerging markets, excluding the USA.

Russell 3000^® Value Index measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

Dow Jones U.S. Select Dividend Index measures 100 leading U.S. dividend-paying companies.

Frank Russell Company (FRC) is the source and owner of the Russell 3000^® Value Index data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Mid Cap Fund

Sub-Advised by The London Company

Investment Philosophy

The Touchstone Mid Cap Fund seeks long-term capital growth by investing primarily in common stocks of mid-cap U.S.-listed companies. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield. Its goal is to purchase financially stable companies that are believed to consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented management and are trading at a discount to their respective private market values.

Fund Performance

The Touchstone Mid Cap Fund (Class A Shares) outperformed its benchmark, the Russell Midcap^® Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 15.34 percent (calculated excluding the maximum sales charge) while the benchmark’s total return was 3.19 percent.

Market Environment

U.S. stocks turned in a mixed performance over the trailing 12-month period. Quality and yield factors performed well. Value has led growth for mid-cap companies.

The period was notable for the return of volatility. The year began with concerns over the prospects of increasing rate hikes from the U.S. Federal Reserve Board (Fed). The Fed increased rates in December 2018 after increasing rates by the same amount in September 2018. Concerns over slowing global growth, potentially higher interest rates, and tariffs led to a broad sell off in the fourth quarter of 2018. As the period progressed, the U.S. economy showed solid albeit slowing growth and the market rallied strongly to start the year. Later in the period, investors grew concerned over continued evidence of a slowing economy with the yield curve inverting during the second quarter of 2019. This led to accommodative policy from the Fed, which materialized with two rate cuts in the third quarter of 2019, as the Fed noted weakness in capital spending, as well as exports, as rationale for lowering the rate.

Portfolio Review

During the 12-month period, the Fund benefited from stock selection and sector allocation. At the sector level, an underweight to both Energy and Health Care had a positive impact on relative performance, partially offset by the negative impact of an underweight to the Utilities and Real Estate sectors. Stock selection was most additive in the Industrials and Materials sectors while the Consumer Staples, Information Technology and Communication Services sectors detracted slightly.

Among the individual stocks that contributed to Fund performance were Armstrong World Industries, Inc., Copart, Inc. (both from the Industrials sector), Ball Corporation, (Materials sector), Entegris, Inc. (Information Technology sector), and Dollar Tree Stores, Inc. (Consumer Discretionary sector). Armstrong World Industries, a floor and ceiling building materials producer, performed well during the period as interest rates declined, assuaging fears surrounding the construction end market. Furthermore, Armstrong settled a lawsuit with Rockfon that had claimed anti-competitive measures by Armstrong, so this is one more risk overhang behind them. We continued to like Armstrong’s strong competitive position and economic moat. Copart, a provider of online vehicle auction services, continued to post strong results including top-line growth, margin improvement, and better than expected expense control. The fundamentals and trends remain strong as both volume and pricing grew double-digits. Copart continued to gain share in the market for salvaged vehicles. The company has focused on investing more in its international business, particularly Germany. We believe this should give the company

Management’s Discussion of Fund Performance(Unaudited) (Continued)

a long runway for success in the future. Ball Corporation, a manufacturer of metal packing for food and consumer products, has been one of the top performing stocks in the Fund in 2019. The volume tailwinds continued to be impressive in metal can manufacturing, and we continue to have a high degree of confidence in management to execute and allocate capital wisely. Entegris, a maker of integral parts for the manufacturing of semiconductors and disc drives, continued to rally and take share in the specialty materials and filtration products business. The company reaffirmed its full year guidance and we believe the outlook looks positive. Entegris is showing margin improvement and higher sales volumes, improved mix, and the start of realization of cost reductions should help expand margins. The company is well positioned to benefit from increasing materials needed in its material/contamination control business.

Among the individual stocks that detracted from performance were Tiffany & Co. (Consumer Discretionary sector), Energizer Holdings, Inc.(Consumer Staples sector), Citrix Systems Inc., CDK Global Inc. (both Information Technology sector), and Fox Corporation (Communication Services sector). Tiffany, a luxury jewelry producer and retailer, came under pressure ahead of the first quarter earnings release. Bottom-line results came in a bit ahead of expectations, but it was a low quality beat with weak tourist spending weighing on the top-line. Soft tourist spending driven largely by Chinese weakness is expected to continue, and management lowered earnings per share guidance slightly for the full year. The stock was sold in the third quarter of 2019. Energizer Holdings, a portfolio of consumer brands primarily focused on batteries, reported a weak second quarter and the stock declined over 10 percent. The biggest negative in the release was the acquired auto care business, which is driving a reduction to top line guidance for fiscal 2019. While the acquired businesses may be challenged, Energizer’s legacy battery business is still posting good numbers. The stock was also sold in the third quarter. Citrix Systems’, a provider of networking solutions for remote and secure access, stock price lagged in 2019 reflecting weaker than expected revenue growth. We believe some of the revenue weakness reflects the move to more subscription based pricing and may be masking positive changes at the company. Citrix has simplified its product lineup, reduced costs, and moved more business to the cloud. These changes should lead to higher margins, which we believe is not reflected in the stock price today. CDK Global, a provider of technology solutions to auto retailers, is a relatively new Fund holding. It has faced a few noisy quarters given some of the seasonality of the business and negative news around its advertising business, which have negatively impacted the stock. However, the company has shown strong dealer site growth and its core auto software business remains healthy. CDK is gaining operating leverage within the subscription business and operating efficiencies from the business transformation plan. We remain attracted to the high barriers to entry and oligopolistic nature of the industry. Fox Corporation, a news and sports entertainment producer, was added to the Fund during the third quarter. The stock has underperformed so far reflecting concerns around accelerated cord cutting. While we recognize the threat to the business, we believe Fox is better insulated given its focus on sports and live news. We are encouraged by recent NFL viewership trends and Rupert Murdoch’s recent insider buys. We are attracted to FOX’s strong cash flows, solid balance sheet, and history of shareholder returns at the legacy company.

The Fund initiated new positions in Perrigo Co. PLC (Health Care sector), Lamb Weston Holdings Inc. (Consumer Staples sector), CDK Global Inc. (Information Technology sector), Allison Transmission Holdings (Industrials sector), Fox Corporation (Communication Services sector) and HD Supply Holdings Inc. (Industrials sector). Perrigo maintains leading market share (65-70%) in private label over-the-counter drugs in the United States. Backed by a world-class supply chain system, Perrigo’s private label drugs provide tremendous value to major chain stores like Walgreens, CVS, and Walmart since these products provide a higher margin for chain stores than their innovator/branded counterparts (despite being cheaper for consumers). The company generates high teens operating margins along with consistent revenue and cash flow. While a solid business, our investment thesis also relies on new CEO, Murray Kessler, successfully leading the company as he did at both U.S. Smokeless Tobacco Company and Lorillard Tobacco Company. We believe there are a number of potential catalysts that will drive shareholder value in the near- to medium-term. Lamb Weston, a producer of potato products, has

Management’s Discussion of Fund Performance(Unaudited) (Continued)

been a long-term holding in another London Company strategy and was added to the Fund after weakness in the stock price mostly tied to concerns around cost pressure and new capacity coming online. We believe the stock is undervalued and do not believe these are material or structural changes. It is a high margin, high return business with an experienced management team. The tight capacity and supply/demand dynamics for the frozen potato market remain favorable. Lamb Weston has been offsetting rising costs with price increases. North America capacity utilization has been over 100% for a few years, so the additional capacity coming online will potentially help alleviate overworked plants but will also be absorbed by the demand. Lastly, Lamb Weston initiated a buyback program for the first time ever in the fourth quarter of 2018, which we view favorably. CDK Global is a provider of integrated information technology and digital marketing solutions to the automotive retail industry, which include dealerships and auto manufacturers. Its core product is the dealership management system (DMS). A DMS provides a centralized, integrated application for dealerships to run effectively. Its functions include everything from inventory management and payroll to vehicle loan process and more. The total cost for a DMS is relatively low. The vast majority of CDK’s revenues are subscription based, i.e. recurring cash flow with 5-year or longer contracts. The company maintains over 40 percent share in this oligopolistic industry with high barriers to entry. CDK maintains a manageable level of net debt with room to optimize the capital structure over time. Allison Transmission Holdings is the world’s leading manufacturer of automatic transmissions for medium- and heavy-duty trucks/buses and military vehicles. Our conviction is due to the company’s particularly wide moat in the automatic transmissions business. In fact, manual transmissions are Allison’s primary competition rather than other manufacturer’s automatic transmissions products. This wide moat leads to attractive margins and returns on capital. The company has the ability to optimize the balance sheet and the stock trades at an attractive valuation. Fox Corporation was created in a spin-off after legacy 21st Century Fox merged with The Walt Disney Company in March of 2019. Fox Corporation owns two of the five most watched television networks (Fox Broadcast and Fox News). The company is focused on news and sports, which command live viewership and large audiences. While viewership among consumers is moving to watching shows on delay, Fox is less susceptible to this risk as the demand for live news and sporting events remains strong. Home Depot Supply is a North American industrial distributor operating in two segments, Facilities Maintenance (FM) and Construction & Industrial (C&I). HDS has the leading position in its respective markets, but only a 5 percent market share in the FM business and 8 percent market share in the C&I business. The FM business has recession-resilient qualities because customers can only defer maintenance, repair, and operations activities to a point, which makes the revenue somewhat recurring in nature. The company’s balance sheet is strong, which gives it the ability to optimize the capital structure, and it trades at an attractive valuation.

The Fund sold its positions in Progressive Corporation (Financials sector), Deckers Outdoor Corporation, Tiffany & Co., Whirlpool Corporation (Consumer Discretionary sector), and Energizer Holdings, Inc. (Consumer Staples sector).

Outlook

Looking ahead, we maintain a mixed view of stocks and expect continued volatility in the months ahead. The key will be the direction of the U.S. economy. On the positive side, the U.S. consumer remains in good shape reflecting a strong labor market, with unemployment near 3.5 percent and average hourly earnings increasing roughly 3.0 percent. This is important as consumer spending represents 70 percent of U.S. gross domestic product (GDP). Low inflation, low interest rates, and a possibly more accommodative Fed are other positive factors. In terms of future growth, we believe the U.S. economy can continue to generate annualized real GDP growth in the 1-2 percent range.

While the consumer side of the economy is solid, there are warning signs in other parts of the economy. The most recent ISM manufacturing survey showed that manufacturing weakness in the U.S. has deepened and broadened. Demand has clearly slowed, negatively impacted by both previously enacted and proposed tariffs as well as weaker exports driven by soft foreign demand. The risk is that the manufacturing slowdown and

Management’s Discussion of Fund Performance(Unaudited) (Continued)

impact of tariffs could spill over to the services side of the economy. We are not predicting a recession in the near term, but the odds of a recession have increased in recent months. Another of the risks we see in the market is the increasing amount of corporate leverage, much of which is at the bottom of investment grade. If the economy slows, much of this debt could be downgraded, which would have repercussions well beyond the fixed income markets.

The Fund holds competitively advantaged businesses (judged by return on capital) with stronger balance sheets (lower net debt/EBITDA-earnings before interest, taxes, depreciation and amortization) than the broader market. We believe the Fund is positioned well based on the strength of the companies held and the defensive potential of its portfolio.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the Touchstone

Mid Cap Fund - Class A* and the Russell Midcap^®Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares, Class Z shares and Institutional Class shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares, Class Z shares and Institutional Class shares was May 14, 2007, May 14, 2007, January 2, 2003, April 24, 2006 and January 27, 2012, respectively. Class A shares’, Class C shares’, Class Z shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class Y shares for the periods prior to May 14, 2007, May 14, 2007, April 24, 2006 and January 27, 2012, respectively. The returns have been restated for sales loads and fees applicable to Class A, Class C, Class Z and Institutional Class shares. The returns of the index listed above are based on the inception date of the Fund.

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net assets value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares, Class Z shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index.

The Frank Russell Company (FRC) is the source and owner of the Index data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Mid Cap Value Fund

Sub-Advised by LMCG Investments, LLC

Investment Philosophy

The Touchstone Mid Cap Value Fund seeks capital appreciation by investing primarily in common stocks of medium capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

Fund Performance

The Touchstone Mid Cap Value Fund (Class A Shares) underperformed its benchmark, the Russell Midcap^®Value Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 0.81 percent (calculated excluding the maximum sales charge) while the benchmark’s total return was 1.60 percent.

Market Environment

Financial markets were volatile during the 12-month period ending September 30, 2019. The period can be characterized as a flight to safety followed by a rally that ended with another flight to safety. This backdrop was driven by market sentiment around macroeconomic headlines with a common theme of the outlook for global growth—when growth was projected to slow, markets sought out safety, and the opposite took place when data suggested the cycle of global growth would be able to continue. Accordingly, relative performance through any lens—market capitalization, style, industry exposure—over the period was sensitive to the risk-on/risk-off pendulum’s swings. Declining interest rates helped fuel benchmark leading sectors, Real Estate and Utilities, while continued concerns over a myriad of issues weighed on the benchmark’s Energy sector. Most recently, markets saw a rotation in the third quarter of 2019 with value outperforming growth within U.S. mid-capitalization equities.

Portfolio Review

During the 12-month period, the Fund’s strongest contributors were the Consumer Discretionary, Health Care and Consumer Staples sectors. The Fund also benefited from having no exposure to the Communication Services sector and from an underweight to Energy, a sector that has traded off amid macro concerns. Primary detractors were the Industrials, Real Estate and Financials sectors.

The Consumer Discretionary sector’s relative performance was driven by strong stock selection, led by retailers Dollar General Corporation and Dollar Tree, Inc. Both companies displayed continued strength in execution and top line results, and we believe they are poised to grow in a potentially defensive macro environment. Stock selection also drove the contribution from the Health Care sector, particularly within the dental space with Dentsply Sirona Inc. up meaningfully in the period. The Fund’s lack of exposure to biotechnology and pharma also helped relative returns. The Consumer Staples sector was driven by stock selection with food products companies, Tyson Foods Inc. and TreeHouse Foods Inc., leading performance.

Stock selection in the Industrials sector weighed on Fund performance. The largest individual detractor was construction and engineering company, Fluor Corporation. Fluor’s longtime CEO was fired after another quarter of poor execution and problem project bidding. The team exited the stock in the second quarter of 2019 with expectations of more issues to come as new management took a fresh look at existing and proposed projects. Though stock selection in the Real Estate sector was positive, the Fund’s underweight detracted from returns. The sector has outperformed the broader market as investors have continued to chase yield.

In the Financials sector, stock selection in banks and lack of exposure to capital markets stocks negatively affected Fund performance. PacWest Bancorp was the largest detractor in banks. Despite selling a large portion of its

Management’s Discussion of Fund Performance(Unaudited) (Continued)

higher risk loan portfolio in 2017, PacWest remained sensitive to generalized credit concerns due to the post-crisis acquisition of Capital Source. A pending acquisition of El Dorado Savings Bank also weighed on sentiment. Mortgage REIT AGNC Investment Corp. was also a significant detractor in the period. AGNC has been hurt by the flattening yield curve, and the rally in the ten-year U.S. Treasury brought on fears of a larger refinancing wave, which could hurt book value.

On a sector basis, the Fund maintained overweight positions to the Materials and Consumer Staples sectors, and underweight positions to the Real Estate, Communication Services and Financials sectors.

Outlook

Looking ahead, our greatest concern is that the market environment will continue to reward growth and visibility, irrespective of valuation and quality. However, we will not deviate from our process of buying high-quality companies that are temporarily out of favor, and we believe that buying stocks, irrespective of valuation, is a risky strategy. We will continue to seek attractively valued investment opportunities with favorable risk-reward profiles.

The Fund utilizes a classic value-driven philosophy based on the belief that leading businesses selling at a discount to fair value have the potential to generate excess returns. The Fund’s strategy focuses on stocks that are temporarily out of favor in the market, specifically companies with higher returns on capital, free cash flow and strong balance sheets. Emphasis is placed on those companies having the cash flow characteristics as well as the balance sheet strength necessary to buffer the company from any prolonged weakness. While the companies we select often dominate a particular industry niche and generally have significant barriers to entry, we believe they are able to perpetuate a higher return on capital over time. The Fund’s overall investment process utilizes fundamental bottom-up security selection, while risk-control measures ensure security and sector diversification.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Mid Cap Value Fund - Class A* and the Russell Midcap^® Value Index

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net assets value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Sands Capital Select Growth Fund

Sub-Advised by Sands Capital Management, LLC

Investment Philosophy

The Touchstone Sands Capital Select Growth Fund seeks long-term capital appreciation by primarily investing in common stocks of large capitalization U.S. companies that are believed to have above-average potential for revenue or earnings growth. The Fund typically invests in 25 to 35 companies. Sands Capital generally seeks stocks with sustainable above-average earnings growth and capital appreciation potential. In addition, Sands Capital looks for companies that have a significant competitive advantage, a leadership position or proprietary niche, a clear mission in an understandable business, financial strength and are valued rationally in relation to comparable companies, the market and the business prospects for that particular company.

Fund Performance

The Touchstone Sands Capital Select Growth Fund (Class A shares) underperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period ended September 30, 2019. The Fund’s total return was -1.75 percent (calculated excluding the maximum sales charge) while the total return of the benchmark was 3.71 percent.

Market Environment

The period was characterized by steadily increasing growth uncertainty, which started brewing in the summer of 2018. Investors began to anticipate the end of the longest bull market cycle, and that the U.S. economy could be in a precarious state. The macro headlines about increasing trade tensions between the U.S. and China, interest rates, and increasing labor and commodity costs were among the biggest factors contributing to the market’s volatility. This led to one of the worst months for equities since the Financial Crisis in October. By the end of the fourth quarter 2018, the Russell 1000^® Growth Index’s steep decline had more than wiped out the positive returns generated earlier in the year, and investors seemed to have priced in a recession, despite economists indicating low probabilities of a recession and the stability of businesses and the economy theme remaining intact. Fast forward to today, we continue to see similar concerns about the slowing domestic economy and potential impact on trade tensions. We have seen business confidence drop, and analysts pare back profit expectations. As a result, we are seeing investors shift to traditionally defensive assets and once again ignore fundamentals. Thus, we believe growth concerns have been at the core of the disconnection between the Fund’s businesses’ share prices and fundamentals over the latest fiscal year.

Portfolio Review

The contributors to relative investment results during the 12-month period were ServiceNow, Inc.(Information Technology sector), Match Group, Inc. (Communication Services sector), CoStar Group Inc. (Industrials sector), Floor & Décor Holdings Inc. (Consumer Discretionary sector) and Edwards Lifesciences Corp. (Health Care sector). CoStar has continued to successfully drive user growth, market share gains, and improved monetization across its flagship data, analytics, and online marketing offerings for the U.S. commercial real estate industry. The company reported strong second-quarter results in late July, highlighted by a material acceleration in net new bookings and constructive forward-looking updates on near-term business momentum, as well as several medium- and long-term growth initiatives.

CoStar’s second-quarter bookings were up 31 percent year-over-year and 23 percent quarter-over-quarter, powered by an inflection in Apartments.com ad sales (bookings up 122 percent year-over-year) and broad-based strength across the CoStar data suite and Loopnet marketing franchises. Apartments.com’s growing audience versus its competition, combined with an uptake of new ad formats, is driving much of the outperformance. The bookings strength flowed through to strong financial results, with 16 percent year-over-year revenue growth; 29 percent

Management’s Discussion of Fund Performance(Unaudited) (Continued)

growth in earnings before interest, taxes, depreciation, and amortization; and 34 percent earnings per share growth. Management raised full-year guidance while expressing confidence in the company’s ability to scale the salesforce and new bookings to support robust growth into 2020 and beyond.

Updates on CoStar’s effort to reposition Loopnet for improved monetization are showing progress, and the imminent expansion of Apartments.com into the long tail of small rental properties represents a sizable upside opportunity. In early October 2019, CoStar announced a modest-sized acquisition that will enable it to expand into information services for the global hotel and lodging market, which we view as highly synergistic with its existing business. We believe CoStar has considerable runway still ahead of it to drive penetration, share gains, and monetization, as it focuses on digitizing the commercial real estate industry.

The detractors to relative investment results during the 12-month period were Align Technology Inc. (Health Care sector), Microsoft Corp. (Information Technology sector), Netflix, Inc. (Communication Services sector), Activision Blizzard Inc. (Communication Services sector), and Amazon.com Inc. (Consumer Discretionary sector) Netflix is the global leader in on-demand streaming video, with more than 160 million subscribers worldwide, including more than 21 million new subscribers added in the past three quarters alone. We believe Netflix is benefiting from a strong virtuous circle in which more subscribers enable more content investment, which in turn attracts more subscribers. As part of this strategy, Netflix has continuously expanded the breadth of its content genre offerings (for example, expanding beyond scripted drama series into unscripted reality shows and feature films) in an effort to appeal to a broader audience and to enhance the value of the service for each subscriber. Most recently, the company is demonstrating success extending beyond television into original feature films. This fall features a strong line-up of Netflix films releases, which we believe should further enhance Netflix’s compelling low-cost value proposition.

This business has been questioned over the past several quarters as second-quarter subscriber results fell short of guidance, including a decline in total U.S. subscribers, and the competitive landscape is set to evolve with the launch of The Walt Disney Company and other on-demand subscription services. While there is still considerable debate about the subscriber trajectory, our analysis suggests the second-quarter results were driven by a mix of seasonality, modestly heightened churn from a price increase in various markets, and a light content slate. The second quarter is often volatile, with three of the last four guidance misses coming in this quarter. Those past misses have had little indicative value for the long-term subscriber trajectory. We believe that will be the case this time as well, as our review of Google Trends and app download data did not show a demand or competitive problem in any market.

Competition is a frequently cited concern with the upcoming launches of multiple services including Disney, HBO Max, and NBC’s Peacock. Despite the launches of those services, we do not think the landscape is radically changing, as Netflix has always had strong competition, especially in the U.S., where it has competed for years with a robust pay-TV ecosystem, including Amazon and Hulu. This is largely a function of entertainment not being a zero-sum game for consumers, who will subscribe to Amazon Prime Video, HBO and Netflix in order to view exclusive content from each service. With the average U.S. adult watching more than 2,000 hours of TV per year, there are many hours to fill. We consistently see survey data revealing that more than 70 percent of Hulu and Amazon Prime subscribers are also Netflix subscribers. This helps give us confidence that many consumers will use multiple services, and that Netflix will often be the first service selected as part of that mini bundle—a function of having the deepest and broadest catalog of new original content.

During the latest fiscal year, the Fund purchased Match Group Inc. (Communication Services sector), Atlassian Corp. (Information Technology sector), Abiomed Inc. (Health Care sector), Twilio Inc. (Information Technology sector), Intuit Inc. (Information Technology sector), Zoetis Inc. (Health Care sector), Mirati Therapeutics Inc. (Health Care sector), Microsoft Corp. (Information Technology sector), and Texas Instruments Inc. (Information Technology sector).

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Match Group is the leader in online dating applications, with more than 45 brands and over eight million paying subscribers. Among its brands is Tinder, which has seen rapid success globally since its founding in 2012. Tinder changed the online dating landscape by making a mobile-first interface, easy-to-build profile capabilities, and taking a game-like approach to matching. Today, Tinder has nearly four million subscribers and multiples more free users. This is the largest user base among online dating applications, and we believe Tinder benefits from a network effect, where the base of users helps to both retain and attract new users. Additionally, Match Group is able to generate insights from Tinder and its other dating businesses to develop popular features to enhance users’ experiences. We believe the company’s capabilities and insights into user behavior will both increase the number of paying subscribers within its current base and attract new users. We also believe growth will be driven by increasing global acceptance of online dating. We estimate there are over 400 million singles with internet access in the 20 largest economies (ex-China). Tinder has only recently begun to invest in many of these markets, and we believe they will be a significant source of user growth. Furthermore, we believe the total addressable market will gradually expand as marriages continue to occur later in life, as internet penetration increases globally, and as college students matriculate at an annual rate of four to five million in the U.S. Today, Match Group is only two percent penetrated into this total addressable market on a paying subscriber basis. We also believe the company will increase average revenue per user (ARPU) through optimizing its monetization strategy at earlier stage properties such as Tinder. In total, we believe the paying-subscriber base will more than double over the next five years—driven mostly by Tinder—and for ARPU to gradually increase. We believe this growth, combined with margin leverage, will result in earnings growing at an above average rate over our investment time horizon.

Atlassian is a leading software application vendor that creates tools to enhance team productivity. The company is most known for its JIRA program, which enables developers to plan, track, and release software. JIRA is specifically designed for a software development method known as agile development, which involves frequent small deployments of code updates. Among its developer user base, Atlassian employs a “land and expand” cross-selling approach, in which most JIRA users adopt additional tools aimed at both specific tasks and general team collaboration. All cross-selling is automated and built into the products, which not only reduces friction, but improves the company’s margin profile. Moreover, Atlassian offers transparent and low pricing, despite its position as a mission-critical application for its users. For this reason, we believe Atlassian has strong long-term pricing power. Beyond software development, we believe the company has a large opportunity with non-developer business groups, many of which require a degree of collaboration and communication. This expansion potential for broader business use cases—especially among non-developer IT professionals—is the primary upside driver to our investment case.

Abiomed manufactures medical devices targeting heart conditions. Its lead device, Impella, is a minimally invasive, miniature heart pump that provides life-saving support to patients whose hearts are too weak to effectively pump blood. Heart failure is an epidemic that affects over six million adults in the U.S. and over 25 million globally, with worsening prognosis as the disease progresses. We believe Impella will transform the standard of care in the most severe heart-failure patients. The device improves upon legacy therapies (e.g. intra-aortic balloon pumps and heart contraction drugs), which some studies suggest could cause more patient harm than good. Impella remains in the early stages of adoption, but we believe it will ultimately become a “must have” device for cardiologists, based on improved patient outcomes, lower overall cost, and ease of use. Abiomed’s device has limited competition, and the barriers to entry are high, given the lengthy and expensive clinical trial process. We believe the ultimate proliferation potential of this technology is currently underestimated, in terms of both the addressable market’s size and the duration of sustainable growth. Over the next five years, we expect Abiomed to be the fastest-growing large medical device company.

Many benefit from Twilio’s solution on a daily basis without even knowing. For example, Twilio enables the functionality to call an Uber from a proxy number, or receive confirmation text messages. While these features

Management’s Discussion of Fund Performance(Unaudited) (Continued)

are ubiquitous and seem simple, the ability to build these functions at scale is challenging. Twilio has essentially removed the underlying complexity for app developers by creating a software that leverages the worldwide carrier networks and packaging it into a single line of code that can be integrated into an app. We believe Twilio’s innovation comes at a critical time, as businesses embrace digital transformation. We estimate that the modernization of communication capabilities is a $1.5 trillion market, and that it is still in the early innings. Twilio is the clear leader in this large and growing market, in our view, which should allow it to grow at above-average rates over the long term.

Intuit is a leading provider of financial software for small businesses, individuals, and tax professionals. The company sells two core products: QuickBooks (accounting software for small businesses) and Turbo Tax (personal tax preparation software). Both are dominant within their respective categories, with approximately 90 percent market share for QuickBooks and 60 percent of U.S. tax filings for Turbo Tax. Intuit also provides payroll and payment processing software for small businesses. We believe these offerings will be important growth drivers going forward, as small businesses continue to replace manual, paper-based processes with digital solutions. QuickBooks is also in the midst of transitioning from desktop software to a cloud-based, software-as-a-service (SaaS) model, which we believe should enable the company to further penetrate and improve monetization in existing markets, as well as open new growth channels and geographies. Furthermore, we believe the transition to a SaaS model will lead to strong recurring revenue streams, greater pricing power, and higher margins over time, as software businesses tend to have low incremental costs.

Zoetis is the global leader in the development, manufacturing, and commercialization of animal-health medicines for livestock and companion animals. Zoetis—spun off from Pfizer in 2013—has a broadly diversified business across geographies, species, and product categories. In our view, the animal-health industry provides steadier and more predictable growth prospects than human health, due to lower generic threats, lack of third-party payers, and faster and lower-risk R&D cycles. As the global market-share leader in this growing but consolidating industry, we believe Zoetis is well positioned to benefit from durable secular trends, including rising demand for animal proteins, a growing need to improve livestock productivity, and increasing ownership and spending on companion animals. This leadership position provides Zoetis with brand recognition, pricing power, and scale advantages. Zoetis was a pioneer in developing livestock medications, and continues to feature a highly innovative and productive R&D engine across both livestock and companion animals. Beyond its leadership position and pipeline, we view its salesforce, management team, and strategic mergers and acquisitions (M&A) potential as key differentiators.

Mirati Therapeutics is an emerging leader in the development of genetically targeted cancer therapies. The company develops drugs that selectively target specific mutations in genetically driven cancers. Today, Mirati has two clinical-stage assets with a combined potential addressable market of nearly $10 billion. The largest opportunity is MRTX849, which targets the KRAS G12C mutation found in many cancers. Researchers often refer to KRAS as the “Holy Grail” of cancer targets, given the number of affected patients and the high unmet need. Many drugs targeting comparable driver mutations in lung cancer have been successful, creating a set of precedents that provide us with confidence in the ultimate approval and commercialization of MRTX849. Beyond MRTX849, Mirati’s drug sitravatinib is undergoing Phase 3 trials. The drug’s encouraging Phase 2 data gives us confidence that it will succeed in its pivotal trial, potentially unlocking an additional $1 billion in revenue. Beyond these two opportunities, Mirati’s earlier-stage work focuses on other targets with high unmet need, and adds significant upside potential.

Microsoft is a leading global software business. Nearly every enterprise in the world uses Microsoft products, positioning the company to sell next-generation cloud services into a massive, global installed base. Over the last several years, the business has pivoted from a focus on Windows to a focus on cloud computing, built on its Azure cloud service. Office 365 is a leading cloud application software business, while Azure is the world’s second-largest infrastructure-as-a-service and platform-as-a-service business by revenue (after Amazon Web Services).

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Office’s move to the cloud should allow Microsoft to capture more value from each user, while also unlocking new growth via market expansion and faster product innovation. Azure should benefit from enterprises shifting on-premises IT workloads to the cloud. Office 365 and Azure are the keys to our investment case, but profit stability from legacy business lines (e.g., Windows for personal computers) and upside potential from newer business lines (e.g., LinkedIn) should support durable growth over the long term.

Texas Instruments (TI) is the leading manufacturer of analog semiconductors by market share. We view analog as one of the most attractive segments of the semiconductor industry for a number of reasons, including long product life cycles, low capital intensity, and single sourcing. Within this segment, Texas Instruments is over twice as large as its next competitor. We also believe that, in addition to its scale advantages, its product catalog (the industry’s largest), distribution capabilities, and low manufacturing costs are key competitive differentiators. Over our investment horizon, we believe there will be steady, long-duration revenue growth and modest margin expansion, resulting in sustainable earnings improvement. The company has revenue exposure to some of technology’s fastest-growing areas—including factory automation, smart buildings, and advanced driver-assistance systems—and is bolstered by its exposure to more stable areas, including aerospace, medical, and vehicle lighting. We believe growth in the high-margin industrial and automotive segments, along with increased 300mm wafer production, should support overall margin expansion.

During the latest fiscal year, Charles Schwab Corp., Loxo Oncology Inc., Booking Holdings Inc., Alexion Pharmaceuticals Inc., Splunk Inc., and Regeneron Pharmaceuticals Inc. were sold from the Fund.

The Fund sold Charles Schwab in November 2018. Our investment thesis for Charles Schwab was predicated on rising interest rates driving margin expansion and profit growth. Over the last several quarters, we believe the company has largely realized the benefit of interest rates coming off their historic lows. While we believe the company remains a clear leader with a promising future, and likely has more room to grow, we decided to sell the Fund’s position in the business and reinvest into earlier-stage growth businesses.

The Fund sold Loxo Oncology after Eli Lilly and Co. announced it would acquire the business for approximately $8 billion. This represents a significant premium to the prior market value. Beyond the numbers, we believe this acquisition validated our initial view on the business, the management team, and the long-term opportunity for LOXO-292 in cancers with rearranged during transfection (RET) mutations. Our view of this program diverged substantially from the consensus view of the market when we initiated the Fund’s position in Loxo. We believe this deal should significantly improve the lives of many patients. Eli Lilly already has a significant presence in the targeted oncology space, especially in the lung cancer arena, where many patients with RET mutations will be found. Closing this gap has been a prime driver of Loxo’s success, in our view.

The Fund sold Booking in the first quarter of 2019. Booking has grown significantly over its eight years in the Fund, as the company has taken share of the hotel industry. However, due to the compelling value proposition and lack of friction (e.g., shipping), the penetration of online hotel bookings is now greater than other internet categories, such as advertising or ecommerce. This has resulted in a natural deceleration of growth for Booking, with its business drivers evolving to that of a more mature growth business. While we continue to be optimistic about the company’s future, we decided to swap it for Match. Like Booking, Match is a leader in its internet niche, but we believe it is earlier on the growth curve.

The Fund sold Alexion Pharmaceuticals, a leading developer of biological treatments for rare diseases. The business continued to perform well, led by its blockbuster Soliris franchise. It also continued to invest in credible initiatives, including improvements to its complement disease franchise and broader pipeline expansion. However, we believe growth will decelerate as the business naturally matures in the coming years. Soliris’s core indications, which account for the bulk of Alexion’s revenue, have already slowed to single-digit growth rates. While newer Soliris indications and other drugs are growing faster, they account for less than 20 percent of Alexion’s overall revenue, and will likely decelerate in the coming years as these newer markets become more penetrated. Not

Management’s Discussion of Fund Performance(Unaudited) (Continued)

uncommon in the biopharmaceutical industry, Alexion is becoming a victim of its own success, with its large existing revenue base overwhelming the potential impact from newer drugs and indications. We continue to view Alexion favorably, but decided to reinvest in earlier-stage businesses we believe have higher growth and value-creation potential.

The Fund sold Splunk in the second quarter. Splunk’s software collects and analyzes machine-generated data, with a number of use cases across a variety of industries. We continue to favorably view the business and its earnings potential. However, we believe it is the weakest criteria fit among our existing software holdings in the Fund. Including Splunk, the Fund owned 10 software businesses, accounting for a significant portion of the Fund’s portfolio. This sale will provide us with the flexibility to opportunistically add to the Fund’s existing software holdings, or to potentially accommodate new businesses.

The Fund sold Regeneron Pharmaceuticals in June. The business remains one of the world’s strongest research franchises, in our view, and has produced major blockbuster drugs during the Fund’s ownership. However, we no longer believe it fits within the highly concentrated Fund portfolio. We believe its growth will decelerate as the business naturally matures in the coming years. As drug companies get larger, it becomes increasingly difficult for them to grow, because the large existing revenue base overwhelms the potential impact of new drugs and indications. We continue to view Regeneron favorably, but believe that Zoetis (a stronger duration-growth business) and Mirati Therapeutics (a business earlier on the innovation growth curve) are better suited for the Fund’s portfolio.

Outlook

We view secular trends, innovation, and company-specific competitive advantages as key to driving growth through a variety of economic environments. For a business to possess the above-average earnings growth potential we require, it is often a key innovator or vital facilitator within an attractive industry that is benefiting from positive secular change. Secular trends are distinct from short-term economic factors as they tend to persist through market cycles and can provide powerful structural tailwinds that enhance the sustainability of a business’s growth for many years. We believe our long-term investment horizon allows us to capture the benefit of these characteristics and realize the ultimate earnings power of a company, while weathering volatility over shorter periods. Furthermore, our approach—active, concentrated, and benchmark-agnostic—enables us to have outsized exposure to companies within this sphere that we believe are the top fits with our six investment criteria.

We believe the majority of businesses in the Fund benefit from one or more secular trends. However, we have identified four broad trends that together comprise a majority of the Fund’s portfolio:

Retail Revolution: E-Commerce

Ecommerce is the fastest growing segment of retail sales, but only accounts for about seven percent of the total worldwide retail market. As a proportion of total retail sales, ecommerce is expected to nearly double by 2019. Brands now have the ability to directly interact with consumers through novel mediums, such as social media and lifestyle apps, and become embedded in their daily routines. Tools such as Amazon Prime and Visa Checkout reduce the friction associated with online payment.

Union of Healthcare and Technology

Major areas of unmet need continue to exist in the treatment of disease. However, improved understanding of disease biology and new approaches to treatment are enabling more productive drug development. Additionally, we believe genomic sequencing and health care information systems will facilitate precision medicine, enabling physicians to provide more targeted care. We are also witnessing the rise of minimally invasive surgical technologies, which have quality of life advantages for the patient and efficiency benefits for providers, leading them to increasingly become the standard of care.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Software-as-a-Service (SaaS)

In our view, information technology spending is shifting toward innovations that make enterprises more agile and efficient. Cloud-based software is a key facilitator of this shift. Fast deployment, scalability, easy and frequent updates, and lower total cost of ownership create a compelling customer value proposition. SaaS businesses tend to benefit from revenue visibility, “sticky” clientele, margin leverage opportunities, and low customer acquisition costs.

Data-Driven Decision Making

We believe companies with large, proprietary pools of consumer data and tools that use this data to create unique content have sizable monetization opportunities. Advertising is already well on its way toward transformation, as access to consumer data is enabling companies to create targeted, more effective ads. At the micro level, companies are beginning to use predictive analytics to generate insights from their own pools of data.

In a volatile market, stock prices tend to move in tandem, which can result in a disconnection between valuations and long-term growth prospects. When volatility is driven by fear, investors’ time horizons tend to shorten, and fast-growing, disruptive companies that are investing in their growth, and therefore unlikely to realize their full potential for years (i.e., the kinds of businesses we seek to own), often suffer from outsized pressure. During these periods, some investors appear inclined to trade a potentially larger long-term total return for the near-term surety of stable cash flows, dividends, and/or lower, more secure growth. Drug pipelines, potential new products, and other types of future optionality are often ignored. A company that is under-earning its full potential today in order to become larger tomorrow can suddenly be viewed as less valuable than one that is growing more slowly, further along the maturity curve, and not investing in its own growth.

We believe the Fund owns companies that are positioned to deliver strong business results and earnings growth over our five- to ten-year investment horizon. Our focus on the sustainability of a business’s future earnings growth typically steers us toward companies we believe are benefiting from secular trends that should provide powerful growth tailwinds throughout economic cycles. We have high conviction in the longterm growth estimates for the Fund’s portfolio companies and believe they can deliver the growth necessary to support above average relative and absolute returns over the next several years.

The Fund’s positioning is a byproduct of our bottom-up, fundamental approach. Our six investment criteria typically lead us to innovative businesses that are creating new or disrupting existing markets, and/or benefiting from powerful secular tailwinds. Our approach to investment research, portfolio construction, and risk management results in a Fund that we believe is naturally diversified across industries and businesses at different stages of their respective growth lifecycles. We believe we will continue to have higher weights in key growth sectors, including consumer, life sciences, and technology, and lower weights in highly-cyclical sectors such as Energy, Industrials, and Financials.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Sands Capital Select Growth Fund - Class A* and the Russell 1000^® Growth Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares and Class Z shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares and Class Z shares was November 15, 2010, November 15, 2010, August 27, 2004 and August 11, 2000, respectively. Class A shares’, Class C shares’ and Class Y shares’ performance was calculated using the historical performance of Class Z shares for the periods prior to November 15, 2010, November 15, 2010 and August 27, 2004, respectively. The returns have been restated for sales loads and fees applicable to Class A, Class C and Class Y shares. The returns of the index listed above are based on the inception date of the Fund.

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net asset value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Class Z shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Small Cap Fund

Sub-Advised by The London Company

Investment Philosophy

The Touchstone Small Cap Fund seeks capital appreciation by investing primarily in common stocks of U.S. companies with small market capitalizations. The Fund utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings-to-enterprise value ratio, and free cash flow yield.

Fund Performance

The Touchstone Small Cap Fund (Class A Shares) outperformed its benchmark, the Russell 2000^® Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 0.22 percent (calculated excluding the maximum sales charge) while the benchmark’s total return was -8.89 percent.

Market Environment

U.S. stocks turned in a mixed performance over the trailing 12-month period. Quality and yield factors have performed best over the trailing 12-month period. Value has led growth for small cap companies.

Portfolio Review

The Fund’s stock selection positively affected relative performance, while sector allocation had a modestly positive effect. At the sector level, an underweight to the Health Care and Energy sectors, and an overweight to the Industrials sector, were tailwinds to performance. Conversely, an overweight to the Materials sector and an underweight to the Information Technology sector detracted from returns during the period.

Among the individual stocks that contributed to Fund performance were Versum Materials, Inc. (Information Technology sector), NewMarket Corporation (Materials sector), Armstrong World Industries. Inc. (Industrials sector), First Industrial Real Estate Trust, Inc. (Real Estate sector), and Tempur-Sealy International, Inc. (Consumer Discretionary sector).

Versum Materials, a semiconductor manufacturer, moved higher early in 2019 after the announcement that the company may be acquired in a stock-swap merger deal with Entegris Inc. This was countered with Merck KGaA offering to acquire Versum Materials at a higher price. The deal with Merck KGaA was approved and closed during the third quarter. NewMarket, a maker of petroleum additives, saw most of its strong 12-month run occur in the third quarter of 2019 after a strong quarter in which it experienced price gains as well as cost recovery from raw material catch-up costs. The company also began reducing its debt, which investors generally viewed favorably. Armstrong World Industries, a manufacturer of walls and ceilings, performed well over the trailing year as interest rates declined, assuaging fears surrounding the construction end market. Furthermore, Armstrong settled a lawsuit with Rockfon that had claimed anti-competitive measures by Armstrong, so this is one more risk overhang behind them. We continue to like Armstrong’s strong competitive position and

Management’s Discussion of Fund Performance(Unaudited) (Continued)

economic moat. First Industrial, a warehouse and industrial space focused real estate investment trust (REIT), performed well over the prior 12-months, benefiting from strong industrial real estate fundamentals and a robust transaction market, as large investors continued to show healthy appetite for industrial properties. Tempur-Sealy, a bedding products manufacturer, rallied during the period after posting solid results despite the volatility in the mattress industry. The company continued to gain share in both the traditional and alternative retail channels. After the fallout three years ago, Tempur-Sealy finalized a new agreement with Mattress Firm Inc. and Big Lots, Inc. that will give Tempur access to 20 percent of the U.S. bedding market that it was not in before. We maintained the Fund position as we believe brand equity for Tempur-Sealy is strong, valuation is attractive, and leadership is sound.

Among the individual stocks that detracted from performance were MSG Networks, Inc. (Communication Services sector), Sturm Ruger & Co., Inc. (Consumer Discretionary sector) GCP Applied Technologies Inc. (Materials sector), Energizer Holdings, Inc. (Consumer Staples sector) and Adient plc. (Consumer Discretionary sector). MSG Networks, a provider of sports and entertainment content and venues, has been volatile throughout 2019. Most of its headwinds are across the broadcast industry space. However, the company continued to face significant subscriber losses and the declines have accelerated in recent months. Investors also seemed to react negatively to some of the recent New York Knicks news. We view MSG Networks as a unique and attractive asset that has been overly discounted versus industry headwinds. Sturm Ruger’s underperformance was due to a painful second quarter, where net sales were down 25 percent year-on-year, with correspondingly severe margin contraction. Management described a highly competitive environment and aggressive discounting by competitors, but Ruger refused to participate. We still believe the company’s clean balance sheet and cash holding provide downside protection. GCP Applied Technologies is a provider of specialty construction chemicals, building materials and packaging technologies. The stock was down double digits on the day it announced that it had concluded its strategic alternatives process to sell itself without any buyer. This was more severe than the jump the stock received when it announced that it was starting the review process at the beginning of 2019. The underperformance in its most recent quarter and reduced outlook brought the stock down further. We still like the company’s strong market share and its low capital intensity. Energizer Holdings, a portfolio of consumer brands primarily focused on batteries, reported a weak second quarter and the stock declined over 10 percent. The biggest negative in the release was the acquired auto care business, which is driving a reduction to top line guidance for fiscal 2019. While the acquired businesses may be challenged, Energizer’s legacy battery business is still posting good numbers. Adient, a manufacturer of automotive seats, was down more than 60 percent in the fourth quarter of 2018. During 2018, Adient suspended its dividend and talked down expectations of a near-term turnaround in the next few quarters. The macro backdrop and geopolitical environment created a lot of negative noise for the company. All of the company specific problems seem to be fixable with improved execution but are expected to take significantly longer than we anticipated. We exited the position during the fourth quarter of 2018.

The Fund initiated new positions in Churchill Downs Incorporated (Consumer Discretionary sector), Entegris Inc. (Information Technology sector), Moelis & Co. (Financials sector), and Unifirst Corp. (Industrials sector). Churchill Downs was added to the Fund based on the value of its underlying properties, stability of cash flow, and potential for regulatory changes that could significantly expand the company’s market. The company’s most valuable asset, the Kentucky Derby, is likely worth over $1.5 billion with room for upside. Other assets include casinos, racinos, a leading wagering website, and other race tracks. Any legislation to approve sports wagering could lead to upside for the company. Recent insider actions have been positive with significant purchases by the Chairman and a Board member. Valuation is not cheap, but we believe the value of the assets should limit any downside. Any asset sales or positive regulatory developments could lead to upside in the stock’s price. Entegris engages in the development, manufacture, and supply of specialty materials for microelectronics industry. Its specialty chemicals segment provides purity process chemistries, gases, and materials and delivery systems to support semiconductor and other advance manufacturing processes. Once the company’s products

Management’s Discussion of Fund Performance(Unaudited) (Continued)

are designed into a customer’s process, it is unlikely to be switched giving the company a durable competitive advantage. The company’s products are increasingly important as the semiconductor industry moves to smaller feature sizes. Entegris has a strong balance sheet and its business is characterized by high operating margins (20 percent), and attractive return on invested capital. UniFirst is the third largest company in the uniform rental market with 18 percent share. In recent years, the two largest competitors, Cintas Corporation and Aramark, acquired G&K Services, Inc. and Ameripride Services, respectively. We believe recent consolidation will help lead to higher margins over time. Moelis, a boutique investment banking and advisory firm, was purchased during a period of the stock’s price weakness after an earnings miss due to the market weakness in late 2018. We believe Moelis is well positioned to benefit from mergers and acquisitions (M&A) activity as well as corporate restructurings.

The Fund sold its positions in Adient PLC and Service Corp International (both from the Consumer Discretionary sector), USG Corp. (Industrials sector), and Olin Corp. (Materials sector).

Outlook

Looking ahead, we maintain a mixed view of stocks and expect continued volatility in the months ahead. The key will be the direction of the U.S. economy. On the positive side, the U.S. consumer remains in good shape reflecting a strong labor market, with unemployment near 3.5 percent and average hourly earnings increasing roughly 3.0 percent. This is very important as consumer spending represents 70 percent of U.S. real gross domestic product (GDP). Low inflation, low interest rates, and a possibly more accommodative Federal Reserve are other positive factors. In terms of future growth, we believe the U.S. economy can continue to generate annualized GDP growth in the 1-2 percent range.

While the consumer side of the economy is solid, there are warning signs in other parts of the economy. The most recent ISM manufacturing survey shows that manufacturing weakness in the U.S. has deepened and broadened. Demand has clearly slowed, negatively impacted by both previously enacted and proposed tariffs as well as weaker exports driven by soft foreign demand. The risk is the manufacturing slowdown and impact of tariffs could spill over to the services side of the economy. We are not predicting a recession in the near term, but the odds of a recession have increased in recent months. Another of the risks we see in the market is the increasing amount of corporate leverage, much of which is at the very bottom rung of investment grade. If the economy slows, much of this debt could be downgraded, which would have repercussions well beyond the fixed income markets.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Small Cap Fund - Class A* and the

Russell 2000^® Index

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net assets value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Small Cap Value Fund

Sub-Advised by LMCG Investments, LLC

Investment Philosophy

The Touchstone Small Cap Value Fund seeks long-term capital growth by investing primarily in common stocks of small capitalization companies. The Fund seeks to identify companies believed to be selling at a discount to their intrinsic value.

Fund Performance

The Touchstone Small Cap Value Fund (Class A Shares) outperformed its benchmark, the Russell 2000^® Value Index, for the 12-month period ended September 30, 2019. The Fund’s total return was -7.37 percent (calculated excluding the maximum sales charge) while the benchmark’s total return was -8.24 percent.

Market Environment

Portfolio Review

During the 12-month period, the Fund’s performance was strongest in the Energy, Consumer Staples, Health Care, Communication Services and Industrials sectors, and weakest in the Real Estate, Information Technology, Consumer Discretionary, Financials, Materials and Utilities sectors.

The Fund’s underweight position to the Energy sector helped relative performance as it significantly underperformed the broader market. Energy stocks fell on global macro demand concerns while supply growth continued. Sentiment in the sector is severely depressed, especially in service stocks, while exploration and production companies are sticking to their capital expenditure budgets and starting to improve their cash flows and strengthen balance sheets.

Stock selection contributed to the Consumer Staples sector, particularly in the food products segment. Private label foods manufacturer, TreeHouse Foods, and retailer, Performance Food Group, led Fund returns in the sector.

Stock selection in the Health Care sector also helped relative performance, combined with the Fund’s underweight to that sector. Although there were no standouts from an individual contributor perspective, the Fund avoided several areas of the sector that performed poorly in the period. The Fund’s lack of exposure to biotechnology and health care technology also helped on a relative basis.

In the Communication Services sector, Nexstar Media Group Inc. and Tribune Media Company both saw share price gains as their merger was completed. Stock selection in the Industrials sector was led by generator manufacturing company Generac Holdings Inc., which has performed well as a continuation of themes play out, which include California utility PG&E Corporation warning customers to prepare for blackouts to reduce

Management’s Discussion of Fund Performance(Unaudited) (Continued)

wildfire risk, 5G rollout as base stations seek backup power, and potential sales growth tied to residential power management technologies.

The Real Estate sector detracted from performance given the Fund was underweight to the strongly performing sector, as it outperformed the broader market due to supportive macro drivers, including: declining 10-year U.S. Treasury Note yields and a flattening yield curve, stable credit spreads, and easing financial conditions. The Fund has been underweight to the Real Estate sector due to high valuations, but was positioned in some better performing stocks and sub-sectors in the period so stock selection was positive and helped to offset the underweight headwind.

The negative impact from stock selection in the Information Technology sector was concentrated in business process outsourcer, Conduent Inc. Following poor results earlier in the year and a public disagreement with activist Carl Icahn, the company recently named a new, well-respected CEO and the Board of Directors announced plans to seek strategic alternatives. The team believes there is significant upside to the franchise value and the Fund continues to hold the position.

Stock selection in the Consumer Discretionary sector also hurt performance. A lack of exposure to household durables was a drag on relative results. Outdoor sports and recreation products company, Vista Outdoor Inc., sold off as Wall Street responded negatively to the sale of its firearms business. Incremental tariff headwinds and a weak investor day also hurt sentiment along with a lost contract on the last day of the third quarter.

In the Financials sector, good stock selection in the capital markets industry was not enough to overcome weaker selection in banks and a lack of exposure to thrifts and mortgage finance companies. Bank of N.T. Butterfield & Son Limited was a notable detractor. The market showed concern about asset sensitive banks, broadly, and Bank of N.T. Butterfield was also plagued by the German probe into Deutsche Bank AG’s private trust servicing business that the bank had acquired in 2018.

The Fund maintained an overweight to the Industrials, Materials, and Consumer Staples sectors, and an underweight to the Real Estate, Financials and Energy sectors.

Outlook

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Small Cap Value Fund - Class A* and the

Russell 2000^® Value Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class Y shares and Institutional Class shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class Y shares, Class Z shares and Institutional Class shares was March 1, 2011, March 1, 2011, March 1, 2011, March 4, 2002 and March 1, 2011, respectively. On June 10, 2011, Class Z shares were converted to Class A shares. Class A shares’, Class C shares’, Class Y shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class Z shares for the periods prior to March 1, 2011. The returns have been restated for sales loads and fees applicable to Class A, Class C, Class Y and Institutional Class shares. The returns of the index listed above are based on the inception date of the Fund.

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net assets value (“NAV”) per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class Y shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Management’s Discussion of Fund Performance(Unaudited)

Touchstone Ultra Short Duration Fixed Income Fund

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone Ultra Short Duration Fixed Income Fund seeks maximum total return consistent with the preservation of capital by primarily investing in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds and cash equivalent securities including repurchase agreements and commercial paper. While the Fund may invest in securities of any maturity or duration, interest rate risk is managed by seeking to maintain an effective duration of one year or less under normal market conditions.

Fund Performance

The Touchstone Ultra Short Duration Fixed Income Fund (Class A shares) outperformed its first benchmark, the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, but underperformed its second benchmark, the ICE BofA Merrill Lynch 1-Year U.S. Treasury Note Index, for the 12-month period ended September 30, 2019. The Fund’s total return was 2.95 percent (calculated excluding the maximum sales charge) while the total returns of its first and second benchmarks were 2.39 percent and 3.13 percent, respectively.

Market Environment

The dominant macroeconomic stories during the Fund’s fiscal year were the evolution of the continuing trade conflict between the U.S. and China and a dovish pivot by global central banks to provide stimulus in the face of slowing global growth.

The fourth quarter of 2018 began with both U.S. Treasury rates and the S&P 500 Index at or near post-crisis highs. The markets and the U.S. Federal Reserve Board (Fed) believed that U.S. economic growth was experiencing a secular shift from the 2 percent trend to a higher range and that the business and consumer confidence that had been driven by tax reform and strong labor markets would lead to higher inflation that warranted higher interest rates. However, as growth in Europe, China, and other emerging markets began to slow, and pessimism regarding a quick resolution to the U.S./China trade conflict began to build, the markets’ worries about these factors and an overly hawkish Fed led to a strong selloff in risk assets and a rally in interest rates. Following a dovish pivot by the Fed in the first quarter of 2019, interest rates rallied further and risk assets largely recouped the fourth quarter widening. The second and third quarters of 2019 were a continuation of this theme of concerns over U.S./China trade relations and a slowdown in global growth.

While there have been numerous instances of both truce and escalation in the trade conflict, the theme of slower growth has stubbornly persisted. Global central banks have been forced to take action, although modestly thus far, and both short and long-term rates in many countries have been driven negative. This has had a pronounced impact on U.S. Treasury rates. The yield curve at the start of the period was at or near 2008 post-crisis highs in most cases and had a positive slope, but in the 12 months since there has been a change in the interest rate markets and the yield curve is now inverted.

Credit markets have been remarkably resilient in the face of the volatility. Absent the selloff at the end of 2018, credit spreads have generally been range bound. Risk assets have performed well with both short and intermediate duration investment grade fixed income credit sectors outperforming similar U.S. Treasuries.

Portfolio Review

There was very little difference in sector level returns within the Fund this year. With the exception of Asset Backed Securities, which outperformed for the year, other sectors underperformed the benchmarks.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

With a portfolio duration of 0.5-0.6 years for most of the year, the Fund didn’t participate in the strongest part of the rate rally as longer-duration investments would have done. Given the flattening yield curve and strong rally in the 1-3 year part of the yield curve, with all else being equal, the Fund’s short duration position detracted from returns.

Short-term interest rates rallied and the front end of the U.S. Treasury yield curve is now inverted, providing a yield incentive for staying short. Credit spreads have stayed fairly stable, augmenting the favorable environment for short duration assets. Lower rates and stable spreads provided a tailwind for returns.

Outlook

Fundamentals remain supportive in consumer spending and consumer credit, producing favorable conditions for the Fund’s consumer-focused structured products sectors. Lower rates and strong valuations have made attractive reinvestment opportunities less prevalent, but pockets of value can still be found within short duration subsectors. Given the yield disadvantage of longer-duration securities in the inverted portion of the yield curve, the bias is toward buying shorter-duration.

The macroeconomic environment continues to provide fodder for concern stemming from uncertainty around the China/U.S. trade negotiations, a global slowdown, Brexit and an exceptionally long credit cycle in the U.S. With lack of clarity around trade, business confidence (and with it capital expenditures) has been waning. The U.S. economy has shown resilience in the recent past - 2011 and 2016 - during periods of global turmoil, but the concern would be that a deterioration in the trade situation would extend beyond business confidence and spill over into hiring and consumer spending.

Short duration fundamentals and market sentiment remain supportive, although sustained uncertainty around significant global macro events will drive market volatility going forward. The compression of yields and spreads has produced a very flat relative value landscape. Valuations are full but there are still opportunities to find low risk securities with appealing spreads.

The Fund is currently positioned with an effective duration at the short end of the target range, credit quality at the middle of the range, an overweight to high quality non-government securities, historically high exposure to floating rate securities and continued low spread duration exposure. This positioning reflects a constructive outlook for the U.S. economy, better relative value in floating rate securities than fixed rate securities, and expectations for increased market volatility.

Management’s Discussion of Fund Performance(Unaudited) (Continued)

Comparison of the Change in Value of a $10,000 Investment in the

Touchstone Ultra Short Duration Fixed Income Fund - Class A*,

the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index

and the ICE BofA Merrill Lynch 1-Year U.S. Treasury Note Index

The chart above represents performance of Class A shares only, which will vary from the performance of Class C shares, Class S shares, Class Y shares, Institutional Class shares and Class Z shares based on the differences in sales loads and fees paid by shareholders in the different classes. The inception date of Class A shares, Class C shares, Class S shares, Class Y shares, Class Z shares and Institutional Class shares was April 12, 2012, April 12, 2012, October 27, 2017, April 12, 2012, March 1, 1994 and April 12, 2012, respectively. Class A shares’, Class C shares’, Class S shares’, Class Y shares’ and Institutional Class shares’ performance was calculated using the historical performance of Class Z shares for the periods prior to April 12, 2012, April 12, 2012, October 27, 2017, April 12, 2012 and April 12, 2012, respectively. The returns have been restated for sales loads and fees applicable to Class A, Class C, Class S, Class Y and Institutional Class shares. The returns of the indexes listed above are based on the inception date of the Fund. The launch date of the BofA Merrill Lynch 1-Year U.S. Treasury Note Index was after the inception date of the Fund, therefore there is no return for inception.

The average annual total returns shown above are adjusted for maximum sales loads and fees, if applicable. The maximum offering price per share of Class A shares is equal to the net asset value (“NAV”) per share plus a sales load equal to 2.04% of the NAV (or 2.00% of the offering price). Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed, if redeemed within a one-year period from the date of purchase. Class S shares, Class Y shares, Class Z shares and Institutional Class shares are not subject to sales charges.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Notes to Chart

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index of Treasury securities maturing in 90 days that assumes reinvestment of all income.

ICE BofA Merrill Lynch 1-Year U.S. Treasury Note Index is an unmanaged index comprised of a single issue purchased at the beginning of the month and held for a full month. The issue selected at each month-end rebalancing is the outstanding two-year Treasury Note Bill that matures closest to, but, not beyond one year from the rebalancing date.

Tabular Presentation of Portfolios of Investments(Unaudited)

September 30, 2019

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

Touchstone Active Bond Fund
Credit Quality*	(% of Investment Securities)
AAA/Aaa	47.1	%
AA/Aa	4.1
A/A	10.6
BBB/Baa	22.3
BB/Ba	1.0
B/B	2.5
CCC	0.2
Not Rated	10.4
Cash Equivalents	1.8
Total	100.0	%

Touchstone Anti-Benchmark^® US Core Equity
Fund
Sector Allocation**	(% of Net Assets)
Consumer Discretionary	17.2	%
Consumer Staples	16.3
Utilities	13.8
Real Estate	11.8
Health Care	10.9
Financials	9.8
Communication Services	4.8
Information Technology	4.7
Industrials	4.4
Materials	3.9
Energy	1.4
Short-Term Investment Funds	2.2
Other Assets/Liabilities (Net)	(1.2	)
Total	100.0	%

Touchstone Anti-Benchmark^® International Core
Equity Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
Japan	26.6	%
United Kingdom	9.5
Hong Kong	8.4
Australia	8.3
Denmark	7.1
Germany	6.9
Sweden	3.5
France	3.4
Netherlands	3.1
Ireland	2.6
Israel	2.6
Switzerland	2.5
Belgium	2.5
Finland	2.2
Italy	2.2
Spain	1.7
New Zealand	1.7
Norway	1.7
Luxembourg	1.1
Singapore	0.8
United States	0.4
Short-Term Investment Funds	1.4
Other Assets/Liabilities (Net)	(0.2	)
Total	100.0	%

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

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

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

Touchstone Credit Opportunities II Fund
Credit Quality*	(% of Fixed Income Securities)
BBB/Baa	2.4	%
BB/Ba	43.9
B/B	36.7
CCC	11.6
CC	0.1
Not Rated	2.6
Cash equivalents	2.7
	100.0	%
Sector Allocation**	(% of Net Assets)
Long Positions
Corporate Bonds
Communication Services	16.8	%
Industrials	16.7
Energy	12.2
Consumer Discretionary	9.7
Health Care	6.7
Consumer Staples	6.2
Real Estate	4.0
Information Technology	3.6
Materials	3.4
Financials	1.9
Utilities	1.8
Bank Loans	9.7
Asset-Backed Securities	4.3
Common Stocks	0.7
Purchased Call Options	0.0
Purchased Put Options	0.0
Short-Term Investment Funds	1.3
Cash Collateral for Securities Sold	0.6
Short and Written Options
Other Assets/Liabilities (Net)	2.0
	101.6	%
Short Positions
Corporate Bonds	(1.1	)
Exchange-Traded Fund	(0.5	)
	(1.6	)
Total	100.0	%

Touchstone High Yield Fund
Credit Quality*	(% of Investment Securities)
BBB/Baa	7.2	%
BB/Ba	54.4
B/B	36.3
CCC	1.2
Cash equivalents	0.9
Total	100.0	%

Touchstone Impact Bond Fund
Credit Quality*	(% of Investment Securities)
AAA/Aaa	55.0	%
AA/Aa	10.8
A/A	14.6
BBB/Baa	11.0
BB/Ba	1.3
B/B	0.4
C or Lower	1.3
Not Rated	1.4
Cash Equivalents	4.2
Total	100.0	%

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

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

Touchstone International ESG Equity Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
Japan	18.9	%
France	11.1
United Kingdom	10.9
Germany	10.8
Switzerland	7.5
Sweden	5.6
China	5.4
Netherlands	5.0
Taiwan	3.5
United States	2.7
Canada	2.2
Hong Kong	1.8
India	1.7
Denmark	1.5
Australia	1.5
South Korea	1.5
Indonesia	1.4
Mexico	1.3
Brazil	0.9
Exchange-Traded Fund	2.8
Short-Term Investment Funds	4.2
Other Assets/Liabilities (Net)	(2.2	)
Total	100.0	%

Touchstone Mid Cap Value Fund
Sector Allocation*	(% of Net Assets)
Financials	13.6	%
Utilities	11.3
Consumer Discretionary	10.8
Real Estate	10.5
Consumer Staples	10.4
Information Technology	10.0
Materials	9.8
Industrials	8.8
Health Care	8.5
Energy	2.9
Exchange-Traded Fund	1.0
Short-Term Investment Funds	2.4
Other Assets/Liabilities (Net)	(0.0	)
Total	100.0	%

Touchstone Mid Cap Fund
Sector Allocation*	(% of Net Assets)
Industrials	24.5	%
Information Technology	18.5
Financials	14.4
Materials	11.9
Consumer Discretionary	11.6
Consumer Staples	8.1
Real Estate	3.6
Health Care	2.5
Communication Services	2.5
Short-Term Investment Fund	2.3
Other Assets/Liabilities (Net)	0.1
Total	100.0	%

Touchstone Sands Capital Select Growth Fund
Sector Allocation*	(% of Net Assets)
Information Technology	36.2	%
Communication Services	20.5
Health Care	16.3
Consumer Discretionary	14.6
Industrials	4.9
Consumer Staples	3.5
Short-Term Investment Funds	8.1
Other Assets/Liabilities (Net)	(4.1	)
Total	100.0	%

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

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

Touchstone Small Cap Fund
Sector Allocation*	(% of Net Assets)
Industrials	25.1	%
Consumer Discretionary	15.2
Financials	14.6
Materials	13.6
Real Estate	9.3
Information Technology	7.4
Consumer Staples	4.5
Energy	2.8
Communication Services	2.4
Health Care	2.1
Short-Term Investment Funds	5.3
Other Assets/Liabilities (Net)	(2.3	)
Total	100.0	%

Touchstone Ultra Short Duration Fixed Income Fund
Credit Quality**	(% of Investment Securities)
AAA/Aaa	32.4	%
AA/Aa	13.1
A/A	14.8
BBB/Baa	22.5
CCC	0.1
Not Rated	9.8
Cash Equivalents	7.3
Total	100.0	%

Touchstone Small Cap Value Fund
Sector Allocation*	(% of Net Assets)
Industrials	21.9	%
Financials	19.1
Information Technology	12.0
Materials	10.6
Consumer Staples	10.5
Consumer Discretionary	6.5
Utilities	5.1
Real Estate	4.2
Health Care	2.6
Communication Services	2.3
Energy	2.2
Exchange-Traded Fund	0.7
Short-Term Investment Funds	1.7
Other Assets/Liabilities (Net)	0.6
Total	100.0	%

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

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

Portfolio of Investments

Touchstone Active Bond Fund–September 30, 2019

Principal			Market
Amount			Value

		Corporate Bonds — 30.0%

		Financials — 7.3%
$	1,245,000	Allstate Corp. (The), Ser B,
		5.750%, 8/15/53	$	1,329,038
	975,000	American Express Co.,
		3.000%, 10/30/24		1,006,860
	754,000	Bank of America Corp.,
		3.705%, 4/24/28		801,939
	1,000,000	Bank of America Corp. MTN,
		4.000%, 1/22/25		1,061,835
	896,000	Bank of Montreal (Canada),
		3.803%, 12/15/32		929,268
	972,000	Bank of New York Mellon Corp. (The)
		MTN, 2.950%, 1/29/23		998,201
	917,000	Barclays PLC (United Kingdom),
		4.610%, 2/15/23		952,257
	665,000	Citigroup, Inc., 3.200%, 10/21/26		687,434
	426,000	Citigroup, Inc., 4.750%, 5/18/46		496,815
	649,000	Credit Suisse AG (Switzerland) MTN,
		3.625%, 9/9/24		685,150
	468,000	GE Capital International Funding Co.
		Unlimited Co. (Ireland),
		4.418%, 11/15/35		489,771
	928,000	Goldman Sachs Group, Inc. (The), (3M
		LIBOR +1.000%), 3.283%, 7/24/23^(A)		932,026
	525,000	Goldman Sachs Group, Inc. (The),
		3.691%, 6/5/28		550,680
	710,000	Goldman Sachs Group, Inc. (The),
		5.250%, 7/27/21		748,250
	719,000	HSBC Holdings PLC (United Kingdom),
		3.900%, 5/25/26		761,067
	954,000	Huntington Bancshares, Inc.,
		4.000%, 5/15/25		1,022,731
	630,000	JPMorgan Chase & Co., (3M LIBOR
		+0.730%), 2.989%, 4/23/24^(A)		628,419
	505,000	JPMorgan Chase & Co.,
		3.250%, 9/23/22		521,968
	961,000	JPMorgan Chase & Co.,
		3.509%, 1/23/29		1,015,814
	923,000	Lloyds Banking Group PLC (United
		Kingdom), 3.574%, 11/7/28		941,865
	955,000	Morgan Stanley, 3.950%, 4/23/27		1,010,142
	982,000	New York Life Global Funding, 144a,
		3.000%, 1/10/28		1,025,822
	629,000	Northwestern Mutual Life Insurance
		Co. (The), 144a, 3.850%, 9/30/47		673,442
	952,000	PNC Capital Trust C, (3M LIBOR
		+0.570%), 2.702%, 6/1/28^(A)		875,820
	1,080,000	SBA Tower Trust, 144a,
		2.836%, 1/15/25		1,081,387
	1,970,000	SunTrust Capital I, Ser A, (3M LIBOR
		+0.670%), 2.830%, 5/15/27^(A)		1,832,100
	535,000	Wells Fargo & Co., 4.125%, 8/15/23		567,756
				23,627,857

		Energy — 3.9%
	962,000	Boardwalk Pipelines LP,
		4.450%, 7/15/27		989,837
	1,051,000	Buckeye Partners LP, 3.950%, 12/1/26		925,340
	615,000	Canadian Natural Resources Ltd.
		(Canada), 6.250%, 3/15/38		783,450
	790,000	Cheniere Corpus Christi Holdings LLC,
		7.000%, 6/30/24		907,947
	350,000	CNOOC Nexen Finance 2014 ULC
		(Canada), 4.250%, 4/30/24		374,052
	696,000	Columbia Pipeline Group, Inc.,
		4.500%, 6/1/25		750,141
	890,000	Energy Transfer Partners LP,
		4.950%, 6/15/28		978,121
	500,000	KazMunayGas National Co. JSC
		(Kazakhstan), 144a, 4.750%, 4/19/27		540,950
	400,000	KazMunayGas National Co. JSC
		(Kazakhstan), 144a, 5.750%, 4/19/47		468,872
	1,050,000	MPLX LP, (3M LIBOR +1.100%),
		3.202%, 9/9/22^(A)		1,053,313
	701,000	NGPL PipeCo LLC, 144a,
		7.768%, 12/15/37		908,003
	200,000	Pertamina Persero PT (Indonesia),
		144a, 6.450%, 5/30/44		257,216
	200,000	Petrobras Global Finance BV
		(Netherlands), 6.900%, 3/19/49		229,400
	550,000	Petrobras Global Finance BV
		(Netherlands), 7.375%, 1/17/27		664,296
	200,000	Petroleos del Peru SA (Peru), 144a,
		4.750%, 6/19/32		219,250
	200,000	Petroleos del Peru SA (Peru), 144a,
		5.625%, 6/19/47		237,500
	675,000	Petroleos Mexicanos (Mexico),
		4.500%, 1/23/26		652,043
	892,000	Petroleos Mexicanos (Mexico), 144a,
		6.840%, 1/23/30		924,023
	181,000	Petroleos Mexicanos (Mexico), 144a,
		7.690%, 1/23/50		188,693
	200,000	Saudi Arabian Oil Co. (Saudi Arabia),
		144a, 4.250%, 4/16/39		215,607
	350,000	YPF SA (Argentina), 144a,
		6.950%, 7/21/27		267,208
				12,535,262

		Industrials — 3.1%
	954,000	Avolon Holdings Funding Ltd.
		(Ireland), 144a, 3.625%, 5/1/22		966,879
	776,000	Burlington Northern Santa Fe LLC,
		5.750%, 5/1/40		1,043,992
	300,000	Cemex SAB de CV (Mexico), 144a,
		7.750%, 4/16/26		325,128
	1,021,000	CRH America Finance, Inc., 144a,
		4.500%, 4/4/48		1,098,470
	1,420,000	Eagle Materials, Inc., 4.500%, 8/1/26		1,468,089
	369,000	Embraer Netherlands Finance BV
		(Netherlands), 5.050%, 6/15/25		403,597
	363,000	Embraer Netherlands Finance BV
		(Netherlands), 5.400%, 2/1/27		410,647

Touchstone Active Bond Fund(Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 30.0% (Continued)

		Industrials — (Continued)
$	893,000	FedEx Corp., 5.100%, 1/15/44	$	1,000,163
	644,000	Norfolk Southern Corp.,
		4.837%, 10/1/41		773,138
	946,000	Parker-Hannifin Corp., 4.000%, 6/14/49		1,038,082
	1,020,000	Republic Services, Inc.,
		2.500%, 8/15/24		1,030,834
	375,000	Transnet SOC Ltd. (South Africa), 144a,
		4.000%, 7/26/22		376,875
	280,000	Vulcan Materials Co., 4.500%, 4/1/25		300,341
				10,236,235

		Consumer Staples — 2.8%
	1,063,000	Anheuser-Busch Cos LLC /
		Anheuser-Busch InBev Worldwide,
		Inc., 4.900%, 2/1/46		1,268,400
	873,000	Grupo Bimbo SAB de CV (Mexico),
		144a, 4.500%, 1/25/22		907,378
	1,018,000	Imperial Brands Finance PLC (United
		Kingdom), 144a, 4.250%, 7/21/25		1,066,354
	200,000	JBS USA LUX SA / JBS USA Finance,
		Inc., 144a, 5.500%, 1/15/30		211,996
	814,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		1,003,256
	717,000	Kroger Co. (The), 5.000%, 4/15/42		776,066
	920,000	Mars, Inc., 144a, 3.875%, 4/1/39		1,027,430
	901,000	Mondelez International Holdings
		Netherlands BV (Netherlands), 144a,
		2.125%, 9/19/22		898,547
	740,000	Reynolds American, Inc.,
		4.450%, 6/12/25		789,247
	1,048,000	UnitedHealth Group, Inc.,
		3.500%, 8/15/39		1,090,957
				9,039,631

		Communication Services — 2.4%
	604,000	AT&T, Inc., 4.500%, 5/15/35		662,703
	628,000	Charter Communications Operating
		LLC / Charter Communications
		Operating Capital,
		6.484%, 10/23/45		764,167
	507,000	Comcast Corp., 4.000%, 3/1/48		560,823
	648,000	Comcast Corp., 4.150%, 10/15/28		726,879
	631,000	Cox Communications, Inc., 144a,
		3.350%, 9/15/26		651,729
	338,000	Deutsche Telekom International
		Finance BV (Netherlands),
		8.750%, 6/15/30		499,082
	928,000	Tencent Holdings Ltd. (China), 144a,
		3.975%, 4/11/29		992,967
	617,000	Verizon Communications, Inc.,
		5.012%, 4/15/49		775,770
	990,000	Walt Disney Co.(The), 1.750%, 8/30/24		980,244
	1,303,000	Warner Media LLC, 3.800%, 2/15/27		1,352,356
				7,966,720

		Health Care — 2.3%
	800,000	AbbVie, Inc., 4.450%, 5/14/46		828,654
	569,000	Allergan Funding SCS (Luxembourg),
		3.800%, 3/15/25		595,816
	662,000	Allergan Sales LLC, 144a,
		5.000%, 12/15/21		695,489
	639,000	Celgene Corp., 5.000%, 8/15/45		801,248
	670,000	Cigna Corp., 4.375%, 10/15/28		732,093
	670,000	CommonSpirit Health,
		4.187%, 10/1/49		689,627
	380,000	CommonSpirit Health, 4.200%, 8/1/23		403,097
	1,016,000	CVS Health Corp., 4.300%, 3/25/28		1,098,637
	477,000	CVS Health Corp., 5.125%, 7/20/45		540,661
	1,016,000	Express Scripts Holding Co.,
		3.300%, 2/25/21		1,029,386
				7,414,708

		Utilities — 2.2%
	313,000	American Water Capital Corp.,
		6.593%, 10/15/37		446,224
	712,000	Duke Energy Progress LLC,
		4.150%, 12/1/44		814,860
	707,000	Edison International, 4.125%, 3/15/28		724,974
	922,000	Electricite de France SA (France), 144a,
		4.500%, 9/21/28		1,029,423
	200,000	Genneia SA (Argentina), 144a,
		8.750%, 1/20/22		124,000
	700,000	NextEra Energy Capital Holdings, Inc.,
		5.650%, 5/1/79		760,428
	656,000	Oncor Electric Delivery Co. LLC,
		3.800%, 9/30/47		726,242
	853,000	PacifiCorp., 5.750%, 4/1/37		1,144,320
	200,000	Perusahaan Listrik Negara PT
		(Indonesia), 144a, 4.875%, 7/17/49		217,224
	1,347,000	WEC Energy Group, Inc., (3M LIBOR
		+2.113%), 4.271%, 5/15/67^(A)		1,133,164
				7,120,859
		Information Technology — 2.0%
	779,000	Apple, Inc., 2.750%, 1/13/25		804,983
	629,000	Apple, Inc., 4.650%, 2/23/46		790,906
	1,300,000	Broadcom, Inc., 144a, 3.125%, 4/15/21		1,312,470
	960,000	Global Payments, Inc., 2.650%, 2/15/25		964,444
	428,000	International Business Machines Corp.,
		2.800%, 5/13/21		433,731
	462,000	Microsoft Corp., 3.500%, 2/12/35		510,581
	852,000	NXP BV / NXP Funding LLC
		(Netherlands), 144a, 5.350%, 3/1/26		956,357
	624,000	Visa, Inc., 4.150%, 12/14/35		751,709
				6,525,181

		Consumer Discretionary — 1.6%
	1,267,000	Ashtead Capital, Inc., 144a,
		4.375%, 8/15/27		1,303,426
	718,000	AutoNation, Inc., 5.500%, 2/1/20		725,526
	480,000	Ford Motor Credit Co. LLC,
		4.542%, 8/1/26		479,555

Touchstone Active Bond Fund(Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 30.0% (Continued)

		Consumer Discretionary — (Continued)
$	430,000	Ford Motor Credit Co. LLC,
		5.584%, 3/18/24	$	457,120
	555,000	General Motors Financial Co., Inc.,
		4.350%, 4/9/25		578,114
	557,000	Home Depot, Inc. (The),
		5.950%, 4/1/41		797,390
	909,000	Walmart, Inc., 2.850%, 7/8/24		944,626
				5,285,757

		Real Estate — 1.4%
	881,000	Boston Properties LP REIT,
		3.200%, 1/15/25		913,811
	966,000	Crown Castle International Corp. REIT,
		3.650%, 9/1/27		1,022,804
	453,000	Mid-America Apartments LP REIT,
		3.750%, 6/15/24		476,219
	691,000	Sabra Health Care LP REIT,
		5.125%, 8/15/26		738,639
	666,000	VEREIT Operating Partnership LP REIT,
		4.600%, 2/6/24		715,278
	671,000	Welltower, Inc. REIT, 4.250%, 4/1/26		730,255
				4,597,006

		Materials — 1.0%
	667,000	Braskem America Finance Co., 144a,
		7.125%, 7/22/41		792,063
	200,000	Braskem Netherlands Finance BV
		(Netherlands), 144a,
		4.500%, 1/10/28		200,250
	200,000	Corp. Nacional del Cobre de Chile
		(Chile), 144a, 4.500%, 9/16/25		218,743
	954,000	FMC Corp., 3.450%, 10/1/29		969,230
	300,000	Industrias Penoles SAB de CV
		(Mexico), 144a, 5.650%, 9/12/49		310,020
	789,000	Sherwin-Williams Co. (The),
		4.500%, 6/1/47		884,169
				3,374,475
		Total Corporate Bonds	$	97,723,691

		U.S. Treasury Obligations — 23.4%
	1,057,000	U.S. Treasury Bond, 2.875%, 5/15/49		1,232,768
	255,000	U.S. Treasury Bond, 3.000%, 8/15/48		303,251
	5,832,000	U.S. Treasury Bond, 3.000%, 2/15/49		6,953,521
	20,712,776	U.S. Treasury Inflation Indexed Bonds,
		0.250%, 7/15/29		20,870,976
	5,638,443	U.S. Treasury Inflation Indexed Bonds,
		1.000%, 2/15/49		6,327,414
	18,300,000	U.S. Treasury Note, 1.625%, 8/15/29		18,215,648
	365,000	U.S. Treasury Note, 1.750%, 7/31/24		368,222
	95,000	U.S. Treasury Note, 2.250%, 8/15/49		97,705
	3,884,000	U.S. Treasury Note, 2.375%, 5/15/29		4,124,626
	9,837,000	U.S. Treasury Note, 2.500%, 3/31/23		10,146,328
	7,216,000	U.S. Treasury Note, 2.625%, 2/15/29		7,809,911
		Total U.S. Treasury Obligations	$	76,450,370

		Asset-Backed Securities — 12.5%
	2,223,157	Adams Outdoor Advertising LP, Ser
		2018-1, Class A, 144a,
		4.810%, 11/15/48		2,307,202
	1,450,000	Apidos CLO XVIII (Cayman Islands), Ser
		2018-18A, Class A1, 144a, (3M
		LIBOR +1.140%),
		3.418%, 10/22/30^(A)		1,449,242
	2,400,000	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2015-2A, Class B,
		144a, 3.420%, 12/20/21		2,419,205
	825,000	BSPRT Issuer Ltd. (Cayman Islands), Ser
		2018-FL4, Class D, 144a, (1M LIBOR
		+2.750%), 4.778%, 9/15/35^(A)		829,115
	1,505,000	CIFC Funding Ltd., Ser 2016-1A, Class
		A1R, (Cayman Islands), 144a, (3M
		LIBOR +1.350%),
		0.000%, 10/21/31^(A)		1,505,000
	2,753	CIT Home Equity Loan Trust, Ser
		2002-1, Class AF5,
		7.210%, 2/25/33^(A)(B)		2,855
	2,932,500	Coinstar Funding LLC, Ser 2017-1A,
		Class A2, 144a, 5.216%, 4/25/47		3,020,164
	496,860	Domino’s Pizza Master Issuer LLC, Ser
		2017-1A, Class A2II, 144a,
		3.082%, 7/25/47		498,544
	162,290	FFMLT Trust, Ser 2005-FFA, Class M3,
		6.017%, 3/25/25^(A)(B)		166,945
	1,100,000	Hertz Vehicle Financing II LP, Ser
		2015-1A, Class B, 144a,
		3.520%, 3/25/21		1,104,107
	3,350,000	Hertz Vehicle Financing II LP, Ser
		2016-4A, Class A, 144a,
		2.650%, 7/25/22		3,361,840
	2,000,000	Hertz Vehicle Financing II LP, Ser
		2019-1A, Class A, 144a,
		3.710%, 3/25/23		2,059,754
	1,650,000	Jack In The Box Funding LLC, Ser
		2019-1A, Class A2I, 144a,
		3.982%, 8/25/49		1,677,885
	1,680,700	Jimmy Johns Funding LLC, Ser
		2017-1A, Class A2I, 144a,
		3.610%, 7/30/47		1,693,288
	1,450,000	Kabbage Funding LLC, Ser 2019-1,
		Class A, 144a, 3.825%, 3/15/24		1,465,815
	1,850,000	Madison Park Funding XVIII Ltd.
		(Cayman Islands), Ser 2015-18A,
		Class BR, 144a, (3M LIBOR +1.600%),
		3.878%, 10/21/30^(A)		1,833,705
	1,505,000	Madison Park Funding XXXV Ltd.
		(Cayman Islands), Ser 2019-35A,
		Class A2A, 144a, (3M LIBOR
		+1.650%), 4.174%, 4/20/31^(A)		1,504,947
	1,113,613	Mid-State Capital Corp. Trust, Ser
		2005-1, Class M2, 7.079%, 1/15/40		1,252,291
	203,190	Orange Lake Timeshare Trust, Ser
		2016-A, Class A, 144a,
		2.610%, 3/8/29		204,182

Touchstone Active Bond Fund(Continued)

Principal			Market
Amount			Value

		Asset-Backed Securities — 12.5% (Continued)
$	673	RASC Trust, Ser 2001-KS3, Class AI6,
		5.960%, 9/25/31^(A)(B)	$	699
	292,992	Sonic Capital LLC, Ser 2016-1A, Class
		A2, 144a, 4.472%, 5/20/46		296,657
	3,100,000	Tesla Auto Lease Trust, Ser 2018-B,
		Class C, 144a, 4.360%, 10/20/21		3,182,132
	700,000	Towd Point Mortgage Trust, Ser
		2015-3, Class A2, 144a,
		4.000%, 3/25/54^(A)(B)		719,059
	2,743,079	Towd Point Mortgage Trust, Ser
		2019-1, Class A1, 144a,
		3.750%, 3/25/58^(A)(B)		2,876,913
	600,000	Voya CLO Ltd. (Cayman Islands), Ser
		2017-4A, Class A1, 144a, (3M LIBOR
		+1.130%), 3.433%, 10/15/30^(A)		599,993
	1,505,000	Voya CLO Ltd. (Cayman Islands), Ser
		2019-2A, Class A, 144a, (3M LIBOR
		+1.270%), 3.523%, 7/20/32^(A)		1,504,902
	3,266,813	Wendys Funding LLC, Ser 2018-1A,
		Class A2I, 144a, 3.573%, 3/15/48		3,318,559
		Total Asset-Backed Securities	$	40,855,000

		U.S. Government Mortgage-Backed
		Obligations — 11.6%
	80,205	FHLMC, Pool #1H1348, (1 Year CMT
		Rate +2.140%), 4.406%, 10/1/36^(A)		84,527
	165,702	FHLMC, Pool #1Q0339, (12M LIBOR
		+1.903%), 4.862%, 4/1/37^(A)		172,352
	15,361	FHLMC, Pool #A12886, 5.000%, 8/1/33		16,965
	55,672	FHLMC, Pool #A13842, 6.000%, 9/1/33		61,603
	10,432	FHLMC, Pool #A21415, 5.000%, 5/1/34		11,514
	19,984	FHLMC, Pool #A35682, 5.000%, 7/1/35		22,070
	11,936	FHLMC, Pool #A36523, 5.000%, 8/1/35		13,179
	63,221	FHLMC, Pool #A46590, 5.000%, 8/1/35		67,659
	6,261	FHLMC, Pool #A64971, 5.500%, 8/1/37		7,058
	3,240,465	FHLMC, Pool #A89148,
		4.000%, 10/1/39		3,463,300
	107,837	FHLMC, Pool #A96485, 4.500%, 1/1/41		116,903
	576,657	FHLMC, Pool #A97897, 4.500%, 4/1/41		633,988
	18,018	FHLMC, Pool #C62740, 7.000%, 1/1/32		20,069
	17,505	FHLMC, Pool #C72254, 6.500%, 7/1/32		19,826
	54,484	FHLMC, Pool #C90986, 7.000%, 6/1/26		58,164
	18,003	FHLMC, Pool #G02184, 5.000%, 4/1/36		19,898
	3,111,646	FHLMC, Pool #G05624, 4.500%, 9/1/39		3,371,980
	293,319	FHLMC, Pool #G05733,
		5.000%, 11/1/39		324,286
	138,592	FHLMC, Pool #J13584,
		3.500%, 11/1/25		143,360
	5,040,121	FHLMC, Pool #Q32917, 3.000%, 4/1/45		5,186,912
	53,392	FNMA, Pool #255628, 5.500%, 2/1/25		57,711
	12,284	FNMA, Pool #426830, 8.000%, 11/1/24		12,418
	8,049	FNMA, Pool #540040, 7.500%, 6/1/28		8,059
	14,233	FNMA, Pool #561741, 7.500%, 1/1/31		16,154
	29,498	FNMA, Pool #640291, 7.000%, 8/1/32		29,889
	29,679	FNMA, Pool #653301, 6.500%, 7/1/32		33,065
	54,276	FNMA, Pool #653502, 6.500%, 7/1/32		60,469
	29,956	FNMA, Pool #670402, 6.500%, 6/1/32		33,976
	3,805	FNMA, Pool #725906, (12M LIBOR
		+1.554%), 4.179%, 8/1/34^(A)		3,994
	156,770	FNMA, Pool #745257, 6.000%, 1/1/36		180,427
	1,488	FNMA, Pool #745974, (12M LIBOR
		+1.876%), 4.674%, 10/1/36^(A)		1,573
	65,691	FNMA, Pool #748895, 6.000%, 12/1/33		69,204
	55,438	FNMA, Pool #758564, 6.000%, 9/1/24		61,217	��
	61,691	FNMA, Pool #810049, 5.500%, 3/1/35		66,651
	107,985	FNMA, Pool #819297, 6.000%, 9/1/35		123,676
	789,352	FNMA, Pool #881279, 5.000%, 11/1/36		871,406
	32,564	FNMA, Pool #889060, 6.000%, 1/1/38		37,482
	74,780	FNMA, Pool #889061, 6.000%, 1/1/38		86,603
	7,871	FNMA, Pool #895657, 6.500%, 8/1/36		8,706
	147,870	FNMA, Pool #905049, 5.500%, 11/1/36		160,277
	44,825	FNMA, Pool #908944, 5.500%, 1/1/37		48,437
	502,822	FNMA, Pool #928553, 5.500%, 8/1/37		569,363
	896,932	FNMA, Pool #931535, 5.500%, 7/1/39		958,860
	213,910	FNMA, Pool #AA3467, 4.500%, 4/1/39		231,651
	338,967	FNMA, Pool #AA4584, 4.500%, 4/1/39		367,093
	83,664	FNMA, Pool #AB1800, 4.000%, 11/1/40		89,357
	213,954	FNMA, Pool #AB2452, 4.000%, 3/1/26		223,570
	3,088,761	FNMA, Pool #AB7845, 3.000%, 2/1/43		3,184,795
	66,822	FNMA, Pool #AD3775, 4.500%, 3/1/25		70,524
	100,510	FNMA, Pool #AD6193, 5.000%, 6/1/40		111,076
	157,657	FNMA, Pool #AE1568, 4.000%, 9/1/40		168,450
	526,690	FNMA, Pool #AE2497, 4.500%, 9/1/40		578,243
	65,874	FNMA, Pool #AE5441, 5.000%, 10/1/40		72,716
	261,821	FNMA, Pool #AH1135, 5.000%, 1/1/41		288,881
	314,397	FNMA, Pool #AH3483, 3.500%, 2/1/26		325,122
	122,747	FNMA, Pool #AH3671, 4.000%, 2/1/26		127,960
	467,385	FNMA, Pool #AH6622, 4.000%, 3/1/41		504,532
	575,512	FNMA, Pool #AL0150, 4.000%, 2/1/41		614,643
	116,613	FNMA, Pool #AL0211, 5.000%, 4/1/41		128,546
	4,656,368	FNMA, Pool #AL5718, 3.500%, 9/1/44		4,901,850
	685,838	FNMA, Pool #AS0779, 4.000%, 10/1/43		738,235
	61,927	FNMA, Pool #AS7813, 4.000%, 8/1/46		65,235
	3,560,591	FNMA, Pool #AS8703, 2.500%, 2/1/32		3,607,700
	873,242	FNMA, Pool #AS8855, 3.500%, 2/1/37		903,862
	945,482	FNMA, Pool #BH6180, 4.000%, 7/1/47		990,826
	582,355	FNMA, Pool #MA2832,
		3.000%, 12/1/36		598,995
	1,468,313	GNMA, Pool #4424, 5.000%, 4/20/39		1,624,899
		Total U.S. Government
		Mortgage-Backed Obligations	$	37,833,991

		Non-Agency Collateralized Mortgage
		Obligations — 8.4%
	2,983	Adjustable Rate Mortgage Trust, Ser
		2004-4, Class 3A1,
		4.240%, 3/25/35^(A)(B)		3,040
	2,093,055	Agate Bay Mortgage Trust, Ser 2015-7,
		Class B1, 144a,
		3.763%, 10/25/45^(A)(B)		2,179,461

Touchstone Active Bond Fund(Continued)

Principal			Market
Amount			Value

		Non-Agency Collateralized Mortgage
		Obligations — 8.4% (Continued)
$	3,261,904	Agate Bay Mortgage Trust, Ser 2015-7,
		Class B2, 144a,
		3.763%, 10/25/45^(A)(B)	$	3,403,683
	48,060	Alternative Loan Trust, Ser 2004-30CB,
		Class 3A1, 5.000%, 2/25/20		47,606
	1,096	Alternative Loan Trust, Ser 2005-J3,
		Class 3A1, 6.500%, 9/25/34		1,077
	25,453	CSFB Mortgage-Backed Trust, Ser			��
		2004-7, Class 6A1, 5.250%, 10/25/19		25,475
	1,450,775	CSMC Trust, Ser 2013-7, Class B3, 144a,
		3.580%, 8/25/43^(A)(B)		1,472,108
	2,094,959	CSMC Trust, Ser 2015-1, Class B3, 144a,
		3.939%, 1/25/45^(A)(B)		2,112,973
	2,125,642	CSMC Trust, Ser 2015-WIN1, Class B3,
		144a, 3.864%, 12/25/44^(A)(B)		2,173,583
	1,289,092	CSMC Trust, Ser 2018-RPL9, Class A,
		144a, 3.850%, 9/25/57^(A)(B)		1,338,329
	468,904	Galton Funding Mortgage Trust, Ser
		2019-1, Class A22, 144a,
		4.000%, 2/25/59^(A)(B)		477,787
	53,770	JP Morgan Mortgage Trust, Ser
		2005-A1, Class 2A1,
		4.575%, 2/25/35^(A)(B)		55,259
	139,108	JP Morgan Mortgage Trust, Ser
		2005-A2, Class 7CB1,
		4.433%, 4/25/35^(A)(B)		141,749
	35,969	JP Morgan Mortgage Trust, Ser
		2006-A4, Class 2A2,
		4.339%, 6/25/36^(A)(B)		32,769
	23,322	MASTR Alternative Loans Trust, Ser
		2004-7, Class 10A1, 6.000%, 6/25/34		24,092
	1,889,382	PMT Loan Trust, Ser 2013-J1, Class A11,
		144a, 3.500%, 9/25/43^(A)(B)		1,920,371
	2,748,192	PMT Loan Trust, Ser 2013-J1, Class A7,
		144a, 3.500%, 9/25/43^(A)(B)		2,813,084
	169,780	Residential Asset Securitization Trust,
		Ser 2006-A1, Class 1A3,
		6.000%, 4/25/36		122,820
	283,849	Sequoia Mortgage Trust, Ser 2013-1,
		Class B1, 3.643%, 2/25/43^(A)(B)		291,843
	332,813	Sequoia Mortgage Trust, Ser 2013-1,
		Class B2, 3.643%, 2/25/43^(A)(B)		340,617
	534,203	Sequoia Mortgage Trust, Ser 2013-10,
		Class B2, 144a, 3.564%, 8/25/43^(A)(B)		547,361
	517,155	Sequoia Mortgage Trust, Ser 2013-5,
		Class B1, 144a, 3.508%, 5/25/43^(A)(B)		529,088
	1,108,549	Sequoia Mortgage Trust, Ser 2014-2,
		Class B2, 144a, 4.079%, 7/25/44^(A)(B)		1,145,928
	2,904,026	Sequoia Mortgage Trust, Ser 2017-1,
		Class A4, 144a, 3.500%, 2/25/47^(A)(B)		2,947,320
	2,935,249	Sequoia Mortgage Trust, Ser 2017-2,
		Class A1, 144a, 3.500%, 2/25/47^(A)(B)		2,955,782
	81,436	Washington Mutual Alternative
		Mortgage Pass-Through
		Certificates, Ser 2005-9, Class 2A4,
		5.500%, 11/25/35		81,366
	68,796	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-G, Class
		A1, 4.761%, 6/25/33^(A)(B)		70,859
		Total Non-Agency Collateralized
		Mortgage Obligations	$	27,255,430

		Sovereign Government Obligations — 5.1%
	200,000	Angolan Government International
		Bond, 9.375%, 5/8/48		210,789
	575,000	Angolan Government International
		Bond, 144a, 8.250%, 5/9/28		595,125
	250,000	Argentine Republic Government
		International Bond, 7.125%, 6/28/17		108,503
	400,000	Colombia Government International
		Bond, 4.000%, 2/26/24		421,604
	521,000	Colombia Government International
		Bond, 5.000%, 6/15/45		609,570
	250,000	Colombia Government International
		Bond, 6.125%, 1/18/41		325,628
	200,000	Costa Rica Government International
		Bond, 144a, 4.375%, 4/30/25		191,002
	200,000	Costa Rica Government International
		Bond, 144a, 5.625%, 4/30/43		173,752
	300,000	Croatia Government International
		Bond, 144a, 5.500%, 4/4/23		332,150
	200,000	Dominican Republic International
		Bond, 144a, 5.875%, 4/18/24		211,252
	150,000	Dominican Republic International
		Bond, 144a, 5.950%, 1/25/27		162,189
	100,000	Dominican Republic International
		Bond, 144a, 6.850%, 1/27/45		111,375
	200,000	Ecuador Government International
		Bond, 144a, 7.875%, 1/23/28		189,502
	250,000	Ecuador Government International
		Bond, 144a, 9.500%, 3/27/30		252,875
	300,000	Ecuador Government International
		Bond, 144a, 10.500%, 3/24/20		306,378
	350,000	Egypt Government International
		Bond, 144a, 6.125%, 1/31/22		360,707
	200,000	Egypt Government International
		Bond, 144a, 7.500%, 1/31/27		214,677
	200,000	Egypt Government International
		Bond, 144a, 8.500%, 1/31/47		211,541
	200,000	El Salvador Government International
		Bond, 144a, 6.375%, 1/18/27		207,502
	200,000	Ghana Government International
		Bond, 144a, 8.950%, 3/26/51		200,247
	750,000	Hungary Government International
		Bond, 5.375%, 3/25/24		846,720
	300,000	Indonesia Government International
		Bond, 144a, 3.850%, 7/18/27		316,636
	200,000	Ivory Coast Government International
		Bond, 144a, 6.375%, 3/3/28		204,656

Touchstone Active Bond Fund(Continued)

Principal			Market
Amount			Value

		Sovereign Government Obligations — 5.1%
		(Continued)
$	150,000	Jamaica Government International
		Bond, 8.000%, 3/15/39	$	196,314
	200,000	Kenya Government International
		Bond, 144a, 7.250%, 2/28/28		207,290
	200,000	Lebanese Republic Government
		International Bond MTN, 6.650%,
		2/26/30		129,508
	200,000	Mexico Government International
		Bond, 4.125%, 1/21/26		212,002
	200,000	Mexico Government International
		Bond, 4.350%, 1/15/47		206,296
	200,000	Mongolia Government International
		Bond, 144a, 5.625%, 5/1/23		201,998
	200,000	Nigeria Government International
		Bond, 5.625%, 6/27/22		206,222
	200,000	Nigeria Government International
		Bond, 144a, 6.375%, 7/12/23		209,851
	400,000	Nigeria Government International
		Bond, 144a, 7.875%, 2/16/32		420,875
	250,000	Oman Government International
		Bond, 144a, 4.125%, 1/17/23		249,375
	200,000	Oman Government International
		Bond, 144a, 5.375%, 3/8/27		196,500
	300,000	Pakistan Government International
		Bond, 144a, 7.875%, 3/31/36		299,550
	200,000	Panama Government International
		Bond, 3.750%, 3/16/25		211,502
	200,000	Panama Government International
		Bond, 4.500%, 4/16/50		237,502
	200,000	Papua New Guinea Government
		International Bond, 144a, 8.375%,
		10/4/28		211,500
	200,000	Paraguay Government International
		Bond, 144a, 4.625%, 1/25/23		210,252
	300,000	Perusahaan Penerbit SBSN Indonesia
		III, 144a, 4.350%, 9/10/24		321,600
	1,333,000	Province of Ontario Canada, 1.875%,
		5/21/20		1,331,307
	300,000	Province of Santa Fe, 144a, 7.000%,
		3/23/23		198,750
	200,000	Qatar Government International
		Bond, 144a, 4.000%, 3/14/29		221,500
	500,000	Republic of Azerbaijan International
		Bond, 144a, 4.750%, 3/18/24		528,849
	200,000	Republic of Belarus International
		Bond, 144a, 6.875%, 2/28/23		213,754
	300,000	Republic of Poland Government
		International Bond, 3.250%, 4/6/26		318,683
	300,000	Republic of South Africa Government
		International Bond, 4.850%, 9/27/27		306,750
	200,000	Republic of South Africa Government
		International Bond, 5.750%, 9/30/49		198,983
	250,000	Romanian Government International
		Bond, 144a, 4.375%, 8/22/23		267,198
	375,000	Sri Lanka Government International
		Bond, 144a, 6.125%, 6/3/25		363,747
	350,000	Turkey Government International
		Bond, 4.875%, 4/16/43		280,694
	400,000	Turkey Government International
		Bond, 5.125%, 3/25/22		402,870
	200,000	Ukraine Government International
		Bond, 7.750%, 9/1/26		208,548
	400,000	Ukraine Government International
		Bond, 144a, 7.375%, 9/25/32		401,707
	375,000	Ukraine Government International
		Bond, 144a, 7.750%, 9/1/21		390,080
	200,000	Uruguay Government International
		Bond, 4.375%, 1/23/31		220,702
		Total Sovereign Government
		Obligations	$	16,546,639

		Agency Collateralized Mortgage
		Obligations — 3.9%
	4,393,052	FHLMC REMIC, Ser 3331 Class PE,
		6.000%, 6/15/37		4,915,789
	1,254,035	FHLMC REMIC, Ser 3859 Class JB,
		5.000%, 5/15/41		1,368,392
	163,545	FHLMC Structured Pass Through
		Securities, Ser T-20, Class A5,
		7.870%, 12/25/29^(A)(B)		193,556
	765,571	FNMA, 3.000%, 4/1/32		783,974
	235,394	FNMA REMIC, Ser 2003-32, Class BZ,
		6.000%, 11/25/32		267,051
	1,193,801	FNMA REMIC, Ser 2012-47, Class AI,
		3.000%, 5/25/22^(C)		35,358
	72,587	FNMA REMIC, Ser 2015-51, Class KC,
		3.000%, 6/25/45		75,248
	783,270	FNMA REMIC, Ser 2017-90, Class KA,
		3.000%, 11/25/47		817,156
	19,257	FNMA REMIC Trust, Ser 2001-W2, Class
		AF6, 6.589%, 10/25/31^(A)(B)		20,343
	88,472	FNMA Trust, Ser 2004-W15, Class 2AF,
		(1M LIBOR +0.250%),
		2.268%, 8/25/44^(A)		87,965
	2,358,389	GNMA, Ser 2010-169, Class AW,
		4.500%, 12/20/40		2,506,887
	7,797,626	GNMA, Ser 2012-147, Class IO,
		0.561%, 4/16/54^(A)(B)(C)		263,019
	4,124,527	GNMA, Ser 2016-113, Class IO,
		1.181%, 2/16/58^(A)(B)(C)		370,800
	17,015,190	GNMA, Ser 2016-140, Class IO,
		0.934%, 5/16/58^(A)(B)(C)		1,156,864
	26,617	GNMA, Ser 2017-120, Class UZ,
		4.000%, 8/20/47		27,490
		Total Agency Collateralized
		Mortgage Obligations	$	12,889,892

		Commercial Mortgage-Backed Securities — 3.0%
	500,000	BANK, Ser 2018-BN14, Class A3,
		3.966%, 9/15/60		559,202

Touchstone Active Bond Fund(Continued)

Principal			Market
Amount			Value

		Commercial Mortgage-Backed Securities — 3.0%
		(Continued)
$	841,389	COMM Mortgage Trust, Ser
		2014-CR14, Class A2,
		3.147%, 2/10/47	$	841,137
	580,000	DBUBS Mortgage Trust, Ser
		2017-BRBK, Class B, 144a,
		3.648%, 10/10/34^(A)(B)		609,035
	550,000	Eleven Madison Trust Mortgage Trust,
		Ser 2015-11MD, Class C, 144a,
		3.673%, 9/10/35^(A)(B)		577,176
	595,000	GS Mortgage Securities Corp. II, Ser
		2017-SLP, Class B, 144a,
		3.772%, 10/10/32		614,962
	1,750,000	GS Mortgage Securities Trust, Ser
		2017-FARM, Class B, 144a,
		3.659%, 1/10/43^(A)(B)		1,835,191
	3,000,000	Hudson Yards 2016-10HY Mortgage
		Trust, Ser 2016-10HY, Class A, 144a,
		2.835%, 8/10/38		3,087,822
	528,000	JP Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2016-NINE, Class B, 144a,
		2.949%, 10/6/38^(A)(B)		536,731
	985,653	Wells Fargo Commercial Mortgage
		Trust, Ser 2018-BXI, Class C, 144a,
		(1M LIBOR +1.156%),
		3.184%, 12/15/36^(A)		981,990
		Total Commercial
		Mortgage-Backed Securities	$	9,643,246

Shares

	Short-Term Investment Fund — 1.4%
4,546,089	Dreyfus Government Cash
	Management, Institutional Shares,
	1.85%^∞Ω	$	4,546,089
	Total Investment Securities —99.3%
	(Cost $314,297,805)	$	323,744,348

	Other Assets in
	Excess of Liabilities — 0.7%		2,313,229
	Net Assets — 100.0%	$	326,057,577

^(A)

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

_(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.

_∞	Open-End Fund.

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

Portfolio Abbreviations:

CLO - Collateralized Loan Obligation

CMT - Constant Maturity Treasury

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

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities were valued at $105,739,108 or 32.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

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

*Valuation inputs at Reporting Date:*
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—	$	97,723,691	$	—	$	97,723,691
U.S. Treasury Obligations		—		76,450,370		—		76,450,370
Asset-Backed Securities		—		40,855,000		—		40,855,000
U.S. Government Mortgage-Backed Obligations		—		37,833,991		—		37,833,991
Non-Agency Collateralized Mortgage Obligations		—		27,255,430		—		27,255,430
Sovereign Government Obligations		—		16,546,639		—		16,546,639
Agency Collateralized Mortgage Obligations		—		12,889,892		—		12,889,892
Commercial Mortgage-Backed Securities		—		9,643,246		—		9,643,246
Short-Term Investment Fund		4,546,089		—		—		4,546,089
Total Assets	$	4,546,089	$	319,198,259	$	—	$	323,744,348

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Anti-Benchmark^®International Core Equity Fund– September 30, 2019

			Market
	Shares		Value

Common Stocks — 98.8%

Japan — 26.6%

Communication Services — 4.5%
DeNA Co. Ltd.		9,000	$	159,111
Fuji Media Holdings, Inc.		15,500		200,268
KDDI Corp.		20,600		537,511
Nexon Co. Ltd.*		3,800		46,171
Nippon Telegraph & Telephone Corp.		6,700		320,553
NTT DOCOMO, Inc.		15,100		385,573

Consumer Discretionary — 11.1%
ABC-Mart, Inc.		8,100		514,899
Asics Corp.		6,100		104,617
Bandai Namco Holdings, Inc.		6,600		411,560
Fast Retailing Co. Ltd.		300		178,965
K’s Holdings Corp.		38,400		418,215
Pan Pacific International
Holdings Corp.		28,800		482,181
Shimamura Co. Ltd.		3,100		246,287
Skylark Holdings Co. Ltd.		30,900		562,581
Subaru Corp.		2,800		79,184
Suzuki Motor Corp.		10,500		447,293
Yamada Denki Co. Ltd.		80,100		388,115
ZOZO, Inc.		10,800		250,172

Consumer Staples — 6.4%
Ain Holdings, Inc.		8,800		513,078
Coca-Cola Bottlers Japan
Holdings, Inc.		6,100		137,165
Ezaki Glico Co. Ltd.		10,300		428,588
FamilyMart UNY Holdings Co. Ltd.		15,600		381,160
Lawson, Inc.		10,500		537,658
Lion Corp.		5,200		102,869
NH Foods Ltd.		3,400		136,896
Yamazaki Baking Co. Ltd.		6,400		114,476

Energy — 0.5%
Idemitsu Kosan Co. Ltd.		5,800		164,560

Financials — 0.4%
Japan Post Insurance Co. Ltd.		10,700		161,966

Health Care — 2.6%
Nihon Kohden Corp.		16,200		477,431
Olympus Corp.		14,900		201,864
Sumitomo Dainippon
Pharma Co. Ltd.		16,600		274,653

Industrials — 0.8%
Hoshizaki Corp.		3,700		291,658

Utilities — 0.3%
Kansai Electric Power Co., Inc. (The)		10,200		114,243
Total Japan				9,771,521

United Kingdom — 9.5%

Communication Services — 1.2%
Cineworld Group PLC		58,609		164,083
Pearson PLC		29,196		264,755

Consumer Discretionary — 2.0%
Compass Group PLC		13,206		339,850
Next PLC		5,120		389,427

Consumer Staples — 1.1%
J Sainsbury PLC		101,642		274,693
Unilever NV		2,175		130,603

Financials — 1.2%
IG Group Holdings PLC		58,297		431,938

Health Care — 0.1%
ConvaTec Group PLC, 144a		17,573		37,847

Industrials — 1.7%
easyJet PLC		26,680		376,554
Royal Mail PLC		97,621		254,103

Information Technology — 0.6%
Micro Focus International PLC		15,858		222,840

Utilities — 1.6%
Centrica PLC		439,564		398,592
United Utilities Group PLC		19,316		196,067
Total United Kingdom				3,481,352

Hong Kong — 8.4%

Communication Services — 1.3%
PCCW Ltd.		832,000		467,078

Consumer Discretionary — 1.2%
Yue Yuen Industrial Holdings Ltd.		153,000		418,009

Consumer Staples — 1.6%
Sun Art Retail Group Ltd.		319,500		324,065
Vitasoy International Holdings Ltd.		14,000		56,748
WH Group Ltd., 144a		231,000		206,874

Industrials — 2.0%
Jardine Matheson Holdings Ltd.		8,300		444,193
Jardine Strategic Holdings Ltd.		9,700		290,141

Information Technology — 0.6%
ASM Pacific Technology Ltd.		18,600		226,946

Real Estate — 1.7%
Link REIT		48,000		529,481
Swire Properties Ltd.		33,600		105,450
Total Hong Kong				3,068,985

Touchstone Anti-Benchmark^®International Core Equity Fund (Continued)

			Market
	Shares		Value
Common Stocks — 98.8% (Continued)

Australia — 8.3%

Communication Services — 0.5%
Telstra Corp. Ltd.		76,005	$	180,167

Consumer Discretionary — 1.1%
Domino’s Pizza Enterprises Ltd.		12,891		404,118

Consumer Staples — 0.3%
Metcash Ltd.		51,475		103,935

Financials — 0.6%
nib holdings Ltd.		45,855		226,104

Information Technology — 0.3%
Link Administration Holdings Ltd.		28,705		110,614

Materials — 4.1%
Evolution Mining Ltd.		115,859		353,484
Fortescue Metals Group Ltd.		9,298		55,344
Newcrest Mining Ltd.		21,942		506,326
Northern Star Resources Ltd.		46,853		348,212
Saracen Mineral Holdings Ltd.*		116,499		270,722

Utilities — 1.4%
APA Group		65,479		507,126
Total Australia				3,066,152

Denmark — 7.1%

Consumer Discretionary — 0.7%
Pandora A/S		6,279		251,987

Consumer Staples — 1.2%
Royal Unibrew A/S		5,218		429,911

Health Care — 4.4%
Ambu A/S - Class B†		13,492		223,157
Ascendis Pharma A/S ADR*		1,810		174,339
Coloplast A/S - Class B		920		110,691
Genmab A/S*		1,104		224,315
GN Store Nord A/S		2,105		85,329
H Lundbeck A/S		10,555		349,926
Novo Nordisk A/S - Class B		8,505		439,506

Industrials — 0.4%
Vestas Wind Systems A/S		2,051		159,112

Utilities — 0.4%
Orsted A/S, 144a		1,648		153,157
Total Denmark				2,601,430

Germany — 6.9%

Consumer Discretionary — 3.2%
adidas AG		1,667		519,011
Puma SE		4,529		350,483
Zalando SE, 144a*		6,452		294,515

Consumer Staples — 0.4%
METRO AG		9,033		142,508

Industrials — 1.4%
Deutsche Lufthansa AG		11,387		180,770
OSRAM Licht AG		7,694		338,378

Real Estate — 1.9%
Deutsche Wohnen SE		10,273		374,989
TLG Immobilien AG		1,917		52,131
Vonovia SE		5,700		289,191
Total Germany				2,541,976

Sweden — 3.5%

Consumer Discretionary — 0.8%
Hennes & Mauritz AB		15,638		303,133

Consumer Staples — 1.5%
ICA Gruppen AB		11,790		544,704

Health Care — 1.0%
Elekta AB - Class B		28,316		373,077

Information Technology — 0.2%
Telefonaktiebolaget LM Ericsson - Class B		9,285		74,153
Total Sweden				1,295,067

France — 3.4%

Communication Services — 1.2%
Eutelsat Communications SA		23,203		431,622

Consumer Staples — 0.5%
Carrefour SA		10,236		179,177

Financials — 0.4%
SCOR SE		3,717		153,465

Industrials — 0.3%
Getlink SE		7,384		110,877

Information Technology — 1.0%
Ingenico Group SA		3,958		386,105
Total France				1,261,246

Netherlands — 3.1%

Consumer Discretionary — 0.3%
Takeaway.com NV, 144a*		1,565		124,862

Consumer Staples — 1.5%
Koninklijke Ahold Delhaize NV		21,599		540,140

Energy — 0.4%
SBM Offshore NV		8,042		133,364

Touchstone Anti-Benchmark^®International Core Equity Fund (Continued)

			Market
	Shares		Value
Common Stocks — 98.8% (Continued)

Netherlands — (Continued)

Industrials — 0.9%
Signify NV, 144a		11,833	$	325,401
Total Netherlands				1,123,767

Ireland — 2.6%

Consumer Staples — 2.0%
Glanbia PLC		19,224		238,866
Kerry Group PLC - Class A		4,244		496,343

Health Care — 0.2%
Amarin Corp. PLC ADR*†		3,300		50,028

Materials — 0.4%
James Hardie Industries PLC		9,375		157,479
Total Ireland				942,716

Israel — 2.6%

Financials — 0.9%
Bank Leumi Le-Israel BM		45,587		324,572

Health Care — 0.2%
Teva Pharmaceutical Industries Ltd.*		12,254		84,755

Information Technology — 1.5%
Nice Ltd.*		3,664		528,088
Total Israel				937,415

Switzerland — 2.5%

Communication Services — 0.4%
Sunrise Communications Group AG, 144a		1,998		155,469

Consumer Staples — 1.5%
Chocoladefabriken Lindt & Spruengli AG		52		383,989
Chocoladefabriken Lindt & Spruengli AG		2		165,523

Real Estate — 0.6%
PSP Swiss Property AG		1,738		220,635
Total Switzerland				925,616

Belgium — 2.5%

Consumer Staples — 1.5%
Colruyt SA		10,352		567,317

Health Care — 1.0%
UCB SA		4,819		349,630
Total Belgium				916,947

Finland — 2.2%

Communication Services — 0.7%
Elisa OYJ		4,825		248,751

Energy — 0.7%
Neste Oyj		8,401		277,944

Health Care — 0.8%
Orion Oyj - Class B		7,779		289,868
Total Finland				816,563

Italy — 2.2%

Consumer Discretionary — 0.7%
PRADA SpA		89,100		259,193

Financials — 1.0%
Unione di Banche Italiane SpA		128,322		360,046

Industrials — 0.5%
Atlantia SpA		7,314		176,763
Total Italy				796,002

Spain — 1.7%

Utilities — 1.7%
Endesa SA		4,480		117,849
Red Electrica Corp. SA		25,282		512,105
Total Spain				629,954

New Zealand — 1.7%

Communication Services — 1.4%
Spark New Zealand Ltd.		191,442		528,779

Consumer Staples — 0.3%
a2 Milk Co. Ltd.*		11,898		98,856
Total New Zealand				627,635

Norway — 1.7%

Consumer Staples — 1.7%
Mowi ASA		20,050		463,099
Orkla ASA		15,782		143,605
Total Norway				606,704

Luxembourg — 1.1%

Communication Services — 1.1%
SES SA		22,966		418,657

Singapore — 0.8%

Communication Services — 0.2%
Sea Ltd. ADR*		2,441		75,549

Industrials — 0.6%
SATS Ltd.		58,500		205,131
Total Singapore				280,680

Touchstone Anti-Benchmark^®International Core Equity Fund (Continued)

			Market
	Shares		Value
Common Stocks — 98.8% (Continued)

United States — 0.4%

Industrials — 0.4%
Reliance Worldwide Corp. Ltd.		57,794	$	157,344
Total Common Stocks			$	36,267,729

Short-Term Investment Funds — 1.4%
Dreyfus Government Cash
Management, Institutional Shares,1.85%^∞Ω		242,776		242,776
Invesco Government & Agency
Portfolio, Institutional Class,1.83%**^∞Ω		284,683		284,683
Total Short-Term Investment Funds			$	527,459

Total Investment Securities —100.2%
(Cost $36,286,639)			$	36,795,188

Liabilities in Excess of Other Assets — (0.2%)				(82,659	)

Net Assets — 100.0%			$	36,712,529

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $269,436.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities were valued at $1,298,125 or 3.5% 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
Common Stocks
Japan	$	—	$	9,771,521	$	—	$	9,771,521
United Kingdom		1,690,011		1,791,341		—		3,481,352
Hong Kong		—		3,068,985		—		3,068,985
Australia		—		3,066,152		—		3,066,152
Denmark		579,483		2,021,947		—		2,601,430
Germany		1,929,507		612,469		—		2,541,976
Sweden		917,781		377,286		—		1,295,067
France		565,282		695,964		—		1,261,246
Netherlands		450,263		673,504		—		1,123,767
Ireland		785,237		157,479		—		942,716
Israel		—		937,415		—		937,415
Switzerland		770,147		155,469		—		925,616
Belgium		567,317		349,630		—		916,947
Finland		248,751		567,812		—		816,563
Italy		259,193		536,809		—		796,002
Spain		—		629,954		—		629,954
New Zealand		—		627,635		—		627,635
Norway		—		606,704		—		606,704
Luxembourg		418,657		—		—		418,657
Singapore		75,549		205,131		—		280,680
United States		—		157,344		—		157,344
Short-Term Investment Funds		527,459		—		—		527,459
Total	$	9,784,637	$	27,010,551	$	—	$	36,795,188

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Anti-Benchmark^®US Core Equity Fund – September 30, 2019

			Market
	Shares		Value
Common Stocks — 99.0%

Consumer Discretionary — 17.2%
Advance Auto Parts, Inc.		880	$	145,552
AutoZone, Inc.*		692		750,557
Chipotle Mexican Grill, Inc.*		762		640,438
Dollar Tree, Inc.*		2,256		257,545
Domino’s Pizza, Inc.		800		195,672
Expedia Group, Inc.		1,393		187,233
GrubHub, Inc.*		5,129		288,301
Hasbro, Inc.		711		84,389
Kohl’s Corp.		2,674		132,791
Lululemon Athletica, Inc. (Canada)*		386		74,317
McDonald’s Corp.		508		109,073
Mohawk Industries, Inc.*		483		59,926
NVR, Inc.*		58		215,606
Roku, Inc.*		1,782		181,336
ServiceMaster Global Holdings, Inc.*		1,794		100,285
Target Corp.		382		40,840
Tesla, Inc.*†		1,515		364,918
Ulta Beauty, Inc.*		1,403		351,662
Wynn Resorts Ltd.		930		101,110
Yum China Holdings, Inc. (China)		6,898		313,376
				4,594,927

Consumer Staples — 16.3%
Bunge Ltd.		6,861		388,470
Campbell Soup Co.		15,405		722,803
Clorox Co. (The)		1,234		187,407
Coca-Cola European Partners PLC (United Kingdom)		1,165		64,599
General Mills, Inc.		7,834		431,810
Hershey Co. (The)		2,237		346,713
JM Smucker Co. (The)		3,972		436,999
Kellogg Co.		1,877		120,785
Keurig Dr Pepper, Inc.		5,586		152,609
Kraft Heinz Co. (The)		17,989		502,523
Kroger Co. (The)		19,721		508,407
Lamb Weston Holdings, Inc.		6,581		478,570
				4,341,695

Utilities — 13.8%
Aqua America, Inc.		4,667		209,222
Consolidated Edison, Inc.		8,868		837,760
Dominion Energy, Inc.		1,519		123,100
Edison International		8,680		654,646
Eversource Energy		9,668		826,324
NextEra Energy, Inc.		1,883		438,720
PG&E Corp.*		17,185		171,850
Sempra Energy		2,974		438,992
				3,700,614

Real Estate — 11.8%
AGNC Investment Corp.		34,875		561,139
American Tower Corp. REIT		257		56,830
Annaly Capital Management, Inc.		73,196		644,125
Crown Castle International Corp. REIT		567		78,819
Extra Space Storage, Inc. REIT		6,876		803,254
Public Storage REIT		3,271		802,278
Ventas, Inc. REIT		2,805		204,849
				3,151,294

Health Care — 10.9%
ABIOMED, Inc.*		273		48,564
Biogen, Inc.*		2,274		529,433
Bristol-Myers Squibb Co.		2,460		124,747
DENTSPLY SIRONA, Inc.		7,405		394,760
DexCom, Inc.*		2,806		418,767
Humana, Inc.		1,447		369,954
Jazz Pharmaceuticals PLC (Ireland)*		3,740		479,244
Molina Healthcare, Inc.*		381		41,803
Neurocrine Biosciences, Inc.*		4,179		376,570
Sage Therapeutics, Inc.*		600		84,174
Sarepta Therapeutics, Inc.*		496		37,359
				2,905,375

Financials — 9.8%
Cboe Global Markets, Inc.		7,171		824,020
CME Group, Inc.		2,197		464,314
Everest Re Group Ltd. (Bermuda)		2,431		646,865
MarketAxess Holdings, Inc.		2,072		678,580
				2,613,779

Communication Services — 4.8%
Activision Blizzard, Inc.		1,756		92,927
CenturyLink, Inc.		6,448		80,471
Discovery, Inc. - Class C*		4,589		112,981
Fox Corp. - Class A		7,798		245,910
Fox Corp. - Class B		4,068		128,305
Snap, Inc. - Class A*		20,994		331,705
Verizon Communications, Inc.		4,909		296,307
				1,288,606

Information Technology — 4.7%
Ciena Corp.*		1,943		76,224
Dell Technologies, Inc. - Class C*		2,210		114,611
QUALCOMM, Inc.		6,298		480,411
Symantec Corp.		18,376		434,225
Trade Desk, Inc. (The) - Class A*		800		150,040
				1,255,511

Industrials — 4.4%
General Electric Co.		49,499		442,521
IAA, Inc.*		760		31,715
Nielsen Holdings PLC		11,536		245,140
WW Grainger, Inc.		1,527		453,748
				1,173,124

Materials — 3.9%
International Flavors & Fragrances, Inc.		528		64,780
Newmont Mining Corp.		20,501		777,398
Royal Gold, Inc.		1,620		199,600
				1,041,778

Touchstone Anti-Benchmark^®US Core Equity Fund (Continued)

			Market
	Shares		Value
Common Stocks — 99.0% (Continued)

Energy — 1.4%
Baker Hughes a GE Co.		10,449	$	242,417
Cabot Oil & Gas Corp.		5,628		98,884
Concho Resources, Inc.		597		40,536
				381,837
Total Common Stocks			$	26,448,540

Short-Term Investment Funds — 2.2%
Dreyfus Government Cash
Management, Institutional Shares,1.85%^∞Ω		233,785	$	233,785
Invesco Government & Agency
Portfolio, Institutional Class,1.83%**^∞Ω		345,800		345,800
Total Short-Term Investment Funds			$	579,585

Total Investment Securities —101.2%
(Cost $25,068,902)			$	27,028,125

Liabilities in Excess of Other Assets — (1.2%)				(328,548	)

Net Assets — 100.0%			$	26,699,577

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $337,218.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	26,448,540	$	—	$	—	$	26,448,540
Short-Term Investment Funds		579,585		—		—		579,585
Total Assets	$	27,028,125	$	—	$	—	$	27,028,125

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Credit Opportunities II Fund – September 30, 2019

Principal			Market
Amount			Value
		Corporate Bonds — 83.0%

		Communication Services — 16.8%
$	80,000	Altice Luxembourg SA (Luxembourg),
		144a, 7.625%, 2/15/25	$	83,400
	329,000	AMC Networks, Inc., 4.750%, 8/1/25		339,281
	760,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a,
		5.000%, 2/1/28^(A)		785,650
	460,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.125%, 5/1/27		480,125
	290,000	CommScope, Inc., 144a,
		5.500%, 3/1/24		298,338
	157,000	CommScope, Inc., 144a,
		5.500%, 6/15/24		147,530
	310,000	CommScope, Inc., 144a,
		6.000%, 3/1/26^(A)		320,788
	382,000	CSC Holdings LLC, 144a,
		5.375%, 7/15/23		392,028
	575,000	CSC Holdings LLC, 144a,
		5.750%, 1/15/30		600,944
	744,000	Cumulus Media New Holdings, Inc.,
		144a, 6.750%, 7/1/26		779,340
	747,000	Diamond Sports Group LLC /
		Diamond Sports Finance Co., 144a,
		5.375%, 8/15/26		775,012
	111,000	Diamond Sports Group LLC /
		Diamond Sports Finance Co., 144a,
		6.625%, 8/15/27		115,163
	133,000	Digicel Group Ltd. (Bermuda), 144a,
		8.250%, 9/30/20		90,440
	156,000	EW Scripps Co. (The), 144a,
		5.125%, 5/15/25		156,390
	455,000	Frontier Communications Corp.,
		11.000%, 9/15/25		208,163
	557,000	Frontier Communications Corp., 144a,
		8.500%, 4/1/26		556,944
	552,000	Go Daddy Operating Co. LLC / GD
		Finance Co., Inc., 144a,
		5.250%, 12/1/27		580,290
	285,000	Gray Television, Inc., 144a,
		5.125%, 10/15/24		295,331
	720,000	Intelsat Jackson Holdings SA
		(Luxembourg), 5.500%, 8/1/23		671,688
	63,000	Intelsat Jackson Holdings SA
		(Luxembourg), 144a,
		8.000%, 2/15/24		65,441
	300,000	Intelsat Luxembourg SA
		(Luxembourg), 8.125%, 6/1/23		249,657
	467,000	Lee Enterprises, Inc., 144a,
		9.500%, 3/15/22		467,000
	500,000	Level 3 Financing, Inc.,
		5.375%, 1/15/24		509,925
	246,000	Netflix, Inc., 4.875%, 4/15/28		250,293
	439,000	Nexstar Broadcasting, Inc., 144a,
		5.625%, 8/1/24		456,933
	190,000	Nexstar Escrow, Inc., 144a,
		5.625%, 7/15/27		199,025
	801,000	Qwest Corp., 6.875%, 9/15/33		801,458
	610,000	Scripps Escrow, Inc., 144a,
		5.875%, 7/15/27		619,912
	1,045,000	Sinclair Television Group, Inc., 144a,
		5.125%, 2/15/27		1,050,225
	132,000	Sinclair Television Group, Inc., 144a,
		5.625%, 8/1/24		135,795
	745,000	Sirius XM Radio, Inc., 144a,
		5.375%, 7/15/26^(A)		782,146
	240,000	Sirius XM Radio, Inc., 144a,
		5.500%, 7/1/29		256,200
	703,000	Sprint Corp., 7.625%, 2/15/25		773,300
	730,000	Sprint Corp., 7.625%, 3/1/26		805,737
	140,000	Telesat Canada / Telesat LLC (Canada),
		144a, 6.500%, 10/15/27		142,275
	885,000	T-Mobile USA, Inc., 4.750%, 2/1/28		926,152
	1,183,000	Townsquare Media, Inc., 144a,
		6.500%, 4/1/23		1,180,042
	271,000	ViaSat, Inc., 144a, 5.625%, 9/15/25		273,033
	425,000	Zayo Group LLC / Zayo Capital, Inc.,
		6.375%, 5/15/25		437,665
				18,059,059

		Industrials — 16.7%
	145,000	Ardagh Packaging Finance PLC /
		Ardagh Holdings USA, Inc. (Ireland),
		144a, 6.000%, 2/15/25		151,612
	369,000	Avolon Holdings Funding Ltd.
		(Ireland), 144a, 5.125%, 10/1/23		391,509
	1,075,000	Berry Global, Inc., 144a,
		4.500%, 2/15/26		1,060,219
	379,000	Berry Global, Inc., 144a,
		4.875%, 7/15/26		391,753
	445,000	Bombardier, Inc. (Canada), 144a,
		6.000%, 10/15/22		444,444
	734,000	Bombardier, Inc. (Canada), 144a,
		7.500%, 12/1/24		734,000
	194,000	Bombardier, Inc. (Canada), 144a,
		7.875%, 4/15/27		193,195
	399,000	Builders FirstSource, Inc., 144a,
		6.750%, 6/1/27		429,922
	218,000	BWX Technologies, Inc., 144a,
		5.375%, 7/15/26		229,173
	442,000	Clean Harbors, Inc., 144a,
		4.875%, 7/15/27		461,337
	212,000	Crown Americas LLC / Crown
		Americas Capital Corp. IV,
		4.500%, 1/15/23		222,600
	30,000	DAE Funding LLC, 144a,
		4.500%, 8/1/22		30,450
	280,000	DAE Funding LLC, 144a,
		5.750%, 11/15/23		294,238
	417,000	GFL Environmental, Inc. (Canada),
		144a, 5.375%, 3/1/23		422,129
	525,000	GFL Environmental, Inc. (Canada),
		144a, 7.000%, 6/1/26		552,562

Touchstone Credit Opportunities II Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 83.0% (Continued)

		Industrials — (Continued)
$	32,000	GFL Environmental, Inc. (Canada),
		144a, 8.500%, 5/1/27	$	35,480
	655,000	Hillman Group, Inc. (The), 144a,
		6.375%, 7/15/22		614,062
	325,000	IAA, Inc., 144a, 5.500%, 6/15/27		342,875
	412,000	JELD-WEN, Inc., 144a,
		4.875%, 12/15/27		407,880
	622,000	Masonite International Corp. (Canada),
		144a, 5.375%, 2/1/28		648,435
	1,145,000	Mauser Packaging Solutions Holding
		Co., 144a, 5.500%, 4/15/24		1,176,430
	315,000	Mauser Packaging Solutions Holding
		Co., 144a, 7.250%, 4/15/25		297,770
	1,126,000	OI European Group BV (Netherlands),
		144a, 4.000%, 3/15/23		1,133,037
	922,000	RBS Global, Inc. / Rexnord LLC, 144a,
		4.875%, 12/15/25		947,263
	474,000	Sensata Technologies BV
		(Netherlands), 144a,
		5.000%, 10/1/25		506,587
	282,000	Sensata Technologies, Inc., 144a,
		4.375%, 2/15/30		281,648
	948,000	Summit Materials LLC / Summit
		Materials Finance Corp., 144a,
		5.125%, 6/1/25		971,700
	870,000	TransDigm, Inc., 144a, 6.250%, 3/15/26		934,162
	549,000	Trident TPI Holdings, Inc., 144a,
		9.250%, 8/1/24		538,020
	108,889	Triumph Group, Inc., 144a,
		6.250%, 9/15/24		113,266
	188,000	Trivium Packaging Finance BV
		(Netherlands), 144a,
		5.500%, 8/15/26		197,626
	119,000	Trivium Packaging Finance BV
		(Netherlands), 144a,
		8.500%, 8/15/27		128,669
	40,000	Tutor Perini Corp., 2.875%, 6/15/21		38,025
	902,000	Tutor Perini Corp., 144a,
		6.875%, 5/1/25		874,940
	910,000	United Rentals North America, Inc.,
		5.875%, 9/15/26		970,333
	756,000	XPO Logistics, Inc., 144a,
		6.750%, 8/15/24		820,260
				17,987,611

		Energy — 12.2%
	236,000	Blue Racer Midstream LLC / Blue Racer
		Finance Corp., 144a,
		6.125%, 11/15/22^(A)		237,251
	325,000	Centennial Resource Production LLC,
		144a, 5.375%, 1/15/26		308,750
	347,000	Centennial Resource Production LLC,
		144a, 6.875%, 4/1/27		346,133
	167,000	Cheniere Energy Partners LP, 144a,
		4.500%, 10/1/29		170,966
	346,000	Citgo Holding, Inc., 144a,
		9.250%, 8/1/24		367,625
	760,000	CITGO Petroleum Corp., 144a,
		6.250%, 8/15/22		768,550
	390,000	Covey Park Energy LLC / Covey Park
		Finance Corp., 144a,
		7.500%, 5/15/25		312,000
	571,000	CrownRock LP / CrownRock Finance,
		Inc., 144a, 5.625%, 10/15/25		574,557
	1,129,000	Exterran Energy Solutions LP / EES
		Finance Corp., 8.125%, 5/1/25		1,124,766
	117,000	Extraction Oil & Gas, Inc., 144a,
		5.625%, 2/1/26		71,663
	133,000	Extraction Oil & Gas, Inc., 144a,
		7.375%, 5/15/24		87,115
	361,000	FTS International, Inc., 6.250%, 5/1/22		294,215
	549,000	Great Western Petroleum LLC / Great
		Western Finance Corp., 144a,
		9.000%, 9/30/21		477,630
	700,000	Hess Infrastructure Partners LP / Hess
		Infrastructure Partners Finance
		Corp., 144a, 5.625%, 2/15/26		731,500
	223,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 5.000%, 12/1/24		208,505
	155,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 6.250%, 11/1/28		144,150
	580,000	Laredo Petroleum, Inc.,
		6.250%, 3/15/23		508,950
	283,000	Matador Resources Co.,
		5.875%, 9/15/26		283,538
	637,000	NGL Energy Partners LP / NGL Energy
		Finance Corp., 6.125%, 3/1/25		606,742
	152,000	Parsley Energy LLC / Parsley Finance
		Corp., 144a, 5.375%, 1/15/25		153,900
	855,000	Parsley Energy LLC / Parsley Finance
		Corp., 144a, 6.250%, 6/1/24		884,925
	328,000	Peabody Energy Corp., 144a,
		6.375%, 3/31/25		324,107
	276,000	Range Resources Corp.,
		5.000%, 8/15/22		258,750
	200,000	Range Resources Corp.,
		5.875%, 7/1/22		191,500
	420,000	Rowan Cos., Inc., 7.375%, 6/15/25		247,800
	243,000	SemGroup Corp. / Rose Rock Finance
		Corp., 5.625%, 7/15/22		246,647
	250,000	Seven Generations Energy Ltd.
		(Canada), 144a, 5.375%, 9/30/25		247,500
	517,000	Summit Midstream Holdings LLC /
		Summit Midstream Finance Corp.,
		5.500%, 8/15/22		471,762
	445,000	Summit Midstream Holdings LLC /
		Summit Midstream Finance Corp.,
		5.750%, 4/15/25		375,669

Touchstone Credit Opportunities II Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 83.0% (Continued)

		Energy — (Continued)
$	588,000	TerraForm Power Operating LLC, 144a,
		4.250%, 1/31/23	$	599,760
	275,000	TerraForm Power Operating LLC, 144a,
		5.000%, 1/31/28		286,000
	493,000	Transocean Poseidon Ltd., 144a,
		6.875%, 2/1/27		512,720
	444,000	Transocean Sentry Ltd., 144a,
		5.375%, 5/15/23		443,445
	574,000	Vine Oil & Gas LP / Vine Oil & Gas
		Finance Corp., 144a,
		9.750%, 4/15/23		268,345
				13,137,436

		Consumer Discretionary — 9.7%
	756,000	Allison Transmission, Inc., 144a,
		4.750%, 10/1/27		775,845
	139,000	Boyd Gaming Corp., 6.375%, 4/1/26		147,340
	109,000	Cedar Fair LP / Canada’s Wonderland
		Co. / Magnum Management Corp.,
		5.375%, 6/1/24		112,134
	320,000	Century Communities, Inc.,
		5.875%, 7/15/25		329,872
	606,000	Century Communities, Inc., 144a,
		6.750%, 6/1/27		650,844
	498,000	Delphi Technologies PLC (Jersey),
		144a, 5.000%, 10/1/25		440,730
	385,000	Enterprise Development Authority
		(The), 144a, 12.000%, 7/15/24		421,575
	31,000	Group 1 Automotive, Inc., 144a,
		5.250%, 12/15/23		31,853
	211,000	Installed Building Products, Inc., 144a,
		5.750%, 2/1/28		217,594
	880,000	IRB Holding Corp., 144a,
		6.750%, 2/15/26		884,400
	300,000	L Brands, Inc., 6.750%, 7/1/36		254,505
	208,000	L Brands, Inc., 6.875%, 11/1/35		180,180
	165,000	L Brands, Inc., 7.500%, 6/15/29		164,175
	300,000	Live Nation Entertainment, Inc., 144a,
		4.875%, 11/1/24		310,811
	204,000	Live Nation Entertainment, Inc., 144a,
		5.625%, 3/15/26		217,005
	238,000	Newell Brands, Inc., 4.200%, 4/1/26		249,005
	498,000	Panther BF Aggregator 2 LP / Panther
		Finance Co., Inc., 144a,
		6.250%, 5/15/26		524,145
	454,000	Panther BF Aggregator 2 LP / Panther
		Finance Co., Inc., 144a,
		8.500%, 5/15/27		459,675
	223,000	PetSmart, Inc., 144a, 8.875%, 6/1/25		211,293
	714,000	Sabre GLBL, Inc., 144a,
		5.250%, 11/15/23^(A)		733,635
	1,253,000	Scientific Games International, Inc.,
		144a, 5.000%, 10/15/25		1,292,845
	728,000	Six Flags Entertainment Corp., 144a,
		4.875%, 7/31/24		753,480
	426,000	Six Flags Entertainment Corp., 144a,
		5.500%, 4/15/27		454,214
	548,000	SRS Distribution, Inc., 144a,
		8.250%, 7/1/26		558,960
				10,376,115

		Health Care — 6.7%
	53,000	Acadia Healthcare Co., Inc.,
		5.125%, 7/1/22		53,398
	998,000	Acadia Healthcare Co., Inc.,
		5.625%, 2/15/23		1,016,712
	18,000	Acadia Healthcare Co., Inc.,
		6.500%, 3/1/24		18,720
	1,264,000	ASP AMC Merger Sub, Inc., 144a,
		8.000%, 5/15/25		859,520
	267,000	Bausch Health Cos, Inc. (Canada),
		144a, 5.500%, 3/1/23		270,338
	27,000	Bausch Health Cos, Inc. (Canada),
		144a, 5.750%, 8/15/27		29,182
	100,000	Bausch Health Cos, Inc. (Canada),
		144a, 6.125%, 4/15/25		103,625
	180,000	Centene Corp., 4.750%, 5/15/22		183,636
	131,000	Centene Corp., 4.750%, 1/15/25		134,472
	95,000	Centene Corp., 6.125%, 2/15/24^(A)		98,819
	368,000	Envision Healthcare Corp., 144a,
		8.750%, 10/15/26		224,480
	244,000	HCA, Inc., 5.625%, 9/1/28		271,889
	516,000	HCA, Inc., 5.875%, 2/1/29		579,587
	325,000	HCA, Inc., 7.690%, 6/15/25		390,813
	222,000	Hill-Rom Holdings, Inc., 144a,
		5.000%, 2/15/25		230,880
	340,000	Immucor, Inc., 144a, 11.125%, 2/15/22		343,825
	445,000	Molina Healthcare, Inc., 144a,
		4.875%, 6/15/25		447,225
	664,000	Ortho-Clinical Diagnostics, Inc. /
		Ortho-Clinical Diagnostics SA, 144a,
		6.625%, 5/15/22		648,529
	427,000	RegionalCare Hospital Partners
		Holdings, Inc., 144a, 8.250%, 5/1/23		454,221
	606,000	Sotera Health Holdings LLC, 144a,
		6.500%, 5/15/23		618,877
	220,000	Tenet Healthcare Corp.,
		4.625%, 7/15/24		226,101
				7,204,849

		Consumer Staples — 6.2%
	472,000	B&G Foods, Inc., 5.250%, 4/1/25^(A)		482,030
	269,000	Beacon Roofing Supply, Inc., 144a,
		4.500%, 11/15/26		271,690
	250,000	Chobani LLC / Chobani Finance Corp.,
		Inc., 144a, 7.500%, 4/15/25		239,375
	257,000	Clearwater Seafoods, Inc. (Canada),
		144a, 6.875%, 5/1/25		264,068
	555,000	Core & Main LP, 144a, 6.125%, 8/15/25		553,612

Touchstone Credit Opportunities II Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 83.0% (Continued)

		Consumer Staples — (Continued)
$	225,000	Cott Holdings, Inc., 144a,
		5.500%, 4/1/25	$	233,444
	1,100,000	First Quality Finance Co., Inc., 144a,
		5.000%, 7/1/25		1,137,158
	539,000	GEMS MENASA Cayman Ltd. / GEMS
		Education Delaware LLC (United
		Arab Emirates), 144a,
		7.125%, 7/31/26		555,844
	1,012,000	H&E Equipment Services, Inc.,
		5.625%, 9/1/25		1,041,753
	744,000	JBS USA LUX SA / JBS USA Food Co. /
		JBS USA Finance, Inc., 144a,
		5.500%, 1/15/30		788,625
	236,000	Performance Food Group, Inc., 144a,
		5.500%, 10/15/27		248,390
	816,000	Simmons Foods, Inc., 144a,
		5.750%, 11/1/24		795,600
	39,000	Simmons Foods, Inc., 144a,
		7.750%, 1/15/24		42,218
				6,653,807

		Real Estate — 4.0%
	805,000	Brookfield Property REIT, Inc. / BPR
		Cumulus LLC / BPR Nimbus LLC /
		GGSI Sellco LL, 144a,
		5.750%, 5/15/26		841,225
	1,095,000	ESH Hospitality, Inc. REIT, 144a,
		4.625%, 10/1/27		1,099,106
	143,000	ESH Hospitality, Inc. REIT, 144a,
		5.250%, 5/1/25		147,862
	621,000	GEO Group, Inc. (The) REIT,
		5.125%, 4/1/23		548,032
	95,000	GEO Group, Inc. (The) REIT,
		6.000%, 4/15/26		76,665
	100,000	Iron Mountain US Holdings, Inc., 144a,
		5.375%, 6/1/26		103,500
	945,000	Iron Mountain, Inc. REIT, 144a,
		5.250%, 3/15/28		976,865
	427,000	MGM Growth Properties Operating
		Partnership LP / MGP Finance
		Co.-Issuer, Inc., 4.500%, 9/1/26		452,620
				4,245,875

		Information Technology — 3.6%
	710,000	Genesys Telecommunications
		Laboratories, Inc./Greeneden Lux 3
		Sarl/Greeneden US Ho, 144a,
		10.000%, 11/30/24		767,553
	250,000	IQVIA, Inc., 144a, 5.000%, 10/15/26		261,875
	538,000	NCR Corp., 5.000%, 7/15/22		544,052
	176,000	Nielsen Co. Luxembourg SARL (The)
		(Luxembourg), 144a,
		5.000%, 2/1/25^(A)		173,800
	439,000	Nielsen Finance LLC / Nielsen Finance
		Co., 144a, 5.000%, 4/15/22		440,229
	721,000	Nuance Communications, Inc.,
		5.625%, 12/15/26^(A)		762,457
	150,000	Solera LLC / Solera Finance, Inc., 144a,
		10.500%, 3/1/24		158,568
	375,000	Tempo Acquisition LLC / Tempo
		Acquisition Finance Corp., 144a,
		6.750%, 6/1/25		386,250
	350,000	TIBCO Software, Inc., 144a,
		11.375%, 12/1/21		365,203
				3,859,987

		Materials — 3.4%
	223,333	Boart Longyear Management Pty Ltd.
		(Australia), 10.000%, 12/31/22^(B)		215,516
	387,000	Constellium NV (Netherlands), 144a,
		5.875%, 2/15/26		403,448
	268,000	First Quantum Minerals Ltd. (Canada),
		144a, 6.875%, 3/1/26		255,270
	335,000	Freeport-McMoRan, Inc.,
		3.875%, 3/15/23		337,513
	375,000	Freeport-McMoRan, Inc.,
		5.400%, 11/14/34^(A)		356,250
	330,000	Freeport-McMoRan, Inc.,
		5.450%, 3/15/43^(A)		297,330
	259,000	Kraton Polymers LLC / Kraton
		Polymers Capital Corp., 144a,
		7.000%, 4/15/25		270,008
	616,000	New Gold, Inc. (Canada), 144a,
		6.250%, 11/15/22		617,663
	405,000	Novelis Corp., 144a, 5.875%, 9/30/26		424,723
	394,000	Tronox Finance PLC (United
		Kingdom), 144a, 5.750%, 10/1/25		372,626
	65,000	Tronox, Inc., 144a, 6.500%, 4/15/26		61,913
				3,612,260

		Financials — 1.9%
	323,000	Acrisure LLC / Acrisure Finance, Inc.,
		144a, 7.000%, 11/15/25		301,133
	632,000	Acrisure LLC / Acrisure Finance, Inc.,
		144a, 8.125%, 2/15/24		680,980
	231,000	Acrisure LLC / Acrisure Finance, Inc.,
		144a, 10.125%, 8/1/26		241,395
	833,000	Alliant Holdings Intermediate LLC /
		Alliant Holdings Co.-Issuer, 144a,
		8.250%, 8/1/23		850,701
				2,074,209

		Utilities — 1.8%
	537,000	NextEra Energy Operating Partners LP,
		144a, 4.250%, 7/15/24		553,110
	79,000	NGL Energy Partners LP / NGL Energy
		Finance Corp., 7.500%, 11/1/23		80,383
	623,000	Vistra Operations Co. LLC, 144a,
		4.300%, 7/15/29		639,203

Touchstone Credit Opportunities II Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 83.0% (Continued)

		Utilities — (Continued)
$	625,000	Vistra Operations Co. LLC, 144a,
		5.000%, 7/31/27	$	643,550
				1,916,246
		Total Corporate Bonds	$	89,127,454

		Bank Loans^(C) — 9.7%

		Energy — 2.5%
	458,046	BCP Raptor LLC, Initial Term Loan
		(LIBOR +4.250%), 6.294%, 6/24/24		419,799
	647,127	Brazos Delaware II LLC, Initial Term Loan
		(LIBOR +4.000%), 6.046%, 5/21/25		596,166
	96,739	California Resources Corp., Term Loan
		(LIBOR +4.750%), 6.794%, 12/31/22		85,694
	87,340	Equitrans Midstream Corp., Term Loan
		(LIBOR +4.500%), 6.550%, 1/31/24		87,231
	26,106	FTS International Inc., Initial Term Loan
		(LIBOR +4.750%), 6.794%, 4/16/21		25,665
	460,692	Gulf Finance LLC, Tranche B Term Loan
		(LIBOR +5.250%), 7.360%, 8/25/23		348,113
	65,768	Murray Energy Corporation,
		Superpriority Term B-2 Loan (LIBOR
		+7.250%), 9.354%, 10/17/22^(D)		24,696
	200,258	Traverse Midstream Partners LLC,
		Advance (LIBOR +4.000%), 6.050%, 9/27/24		175,727
	813,225	Ultra Resources, Inc., Senior Secured
		Term Loan (LIBOR +3.750%),
		6.054%, 4/12/24^(D)		534,695
	431,728	Woodford Express LLC, Initial Term
		Loan (LIBOR +5.000%), 7.044%, 1/27/25		403,881
				2,701,667

		Consumer Discretionary — 2.4%
	324,173	ASHCO LLC, Initial Term Loan (LIBOR
		+5.000%), 7.044%, 9/25/24		311,692
	100,149	Boyd Gaming Corporation,
		Refinancing Term B Loan (LIBOR
		+2.250%), 4.166%, 9/15/23		100,388
	183,850	GO Wireless, Inc., Senior Lien
		Term Loan (LIBOR +6.500%)
		8.544%, 12/22/24^(D)		177,875
	114,196	GOBP Holdings, Inc., First Lien 2019
		Term Loan (LIBOR +3.500%),
		5.759%, 10/22/25		114,731
	835,808	Golden Nugget, Inc., B Team Loan
		(LIBOR +2.750%), 4.800%, 10/4/23		834,328
	119,730	Hillman Group Inc. (The), Initial Term
		Loan (LIBOR +4.000%), 6.112%,5/31/25^(D)		116,008
	225,494	IRB Holding Corp., Team B Loan (LIBOR
		+3.250%), 5.550%, 2/5/25		224,335
	329,813	Merrill Communications LLC, First Lien
		Term Loan B (LIBOR +5.000%),9/25/26^(D)		327,339
	348,201	PetSmart, Inc., Tranche B-2 Loan
		(LIBOR +4.250%), 6.040%, 3/11/22^(D)		339,280
				2,545,976

		Information Technology — 1.3%
	133,287	Diebold Nixdorf Inc., Term Loan A1
		(LIBOR +9.250%), 11.313%, 8/31/22		140,151
	384,685	Evergreen Skills Lux SARL, First Lien
		Initial Term Loan (Luxembourg)
		(LIBOR +4.750%), 6.946%, 4/28/21		309,479
	103,091	Infoblox, Inc., Refinancing Term Loan
		(LIBOR +4.500%), 6.544%, 11/7/23		103,348
	865,485	MA Financeco LLC, Tranche B-2 Term
		Loan (LIBOR +2.250%), 4.294%, 11/19/21		863,685
				1,416,663

		Industrials — 1.1%
	259,374	Air Medical Group Holdings Inc., 2018
		Term Loan (LIBOR +3.250%),
		5.307%, 4/28/22		242,245
	346,381	Forterra Finance LLC, Replacement
		Term Loan (LIBOR +3.000%),
		5.044%, 10/25/23^(D)		327,143
	569,805	Sequa Mezzanine Holdings LLC, Initial
		Term Loan (First Lien) (LIBOR
		+5.000%), 7.187%, 11/28/21		564,107
	91,518	TransDigm, Inc., 2018 New Tranche E
		Term Loans (LIBOR +2.500%),
		4.544%, 5/30/25		91,071
				1,224,566

		Communication Services — 1.1%
	148,614	CenturyLink, Inc., Initial Team B Loan
		(LIBOR +2.750%), 4.794%, 1/31/25		147,541
	522,911	Frontier Communications Corp., Term
		B-1 Loan (LIBOR +3.750%), 5.800%,6/17/24^(D)		521,233
	227,000	Intelsat Jackson Holdings SA, Tranche
		B-3 Term Loan (LIBOR +3.750%),
		5.804%, 11/27/23		227,497
	224,844	Perforce Software, Inc., First Lien Term
		Loan (LIBOR +4.500%), 6.544%, 7/1/26		224,563
				1,120,834

		Health Care — 0.6%
	475,902	LifePoint Health, Inc., First Lien Term B
		Loan (LIBOR +4.500%), 6.554%, 11/16/25		475,979
	254,875	Team Health Holdings, Inc., Initial
		Term Loan (LIBOR +2.750%),2/6/24^(D)		209,209
				685,188

Touchstone Credit Opportunities II Fund (Continued)

Principal			Market
Amount			Value
		Bank Loans^(C) — 9.7% (Continued)

		Real Estate — 0.4%
$	401,955	Brookfield Property REIT Inc., Initial
		Term B Loan (LIBOR +2.500%),
		4.544%, 8/27/25	$	396,179

		Financials — 0.2%
	227,946	Asurion LLC, Second Lien
		Replacement B-2 Term Loan (LIBOR
		+6.500%), 8.544%, 8/4/25		231,479

		Consumer Staples — 0.1%
	45,719	Energizer Holdings, Inc., Term B Loan
		(LIBOR+2.250%), 4.375%, 12/17/25		45,690
		Total Bank Loans	$	10,368,242

		Asset-Backed Securities — 4.3%
	500,000	Barings CLO Ltd., Ser 2019-2A, Class D,
		(Cayman Islands), 144a, (3M LIBOR
		+6.690%), 8.993%, 4/15/31^(E)		484,583
	250,000	Cedar Funding XI Clo Ltd., Ser
		2019-11A, Class E, (Cayman Islands),
		144a, (3M LIBOR +6.850%), 8.967%,5/29/32^(E)		240,827
	250,000	Dryden 45 Senior Loan Fund, Ser
		2016-45A, Class ER, (Cayman
		Islands), 144a, (3M LIBOR +5.850%),
		8.153%, 10/15/30^(E)		224,979
	250,000	LCM Ltd., Ser 2019-30, (Cayman
		Islands), 144a, (3M LIBOR +6.950%),
		9.521%, 4/20/31^(E)		247,534
	300,000	Madison Park Funding XII Ltd., Ser
		2014-12A, Class SUB, (Cayman
		Islands), 144a, 7/20/26^(F)		120,857
	250,000	Madison Park Funding XXXI Ltd., Ser
		2018-31A, Class SUB, (Cayman
		Islands), 144a, 1/23/48^(F)		188,031
	250,000	Madison Park Funding XXXIV Ltd., Ser
		2019-34A, Class E, (Cayman Islands),
		144a, (3M LIBOR +6.750%), 9.330%,4/25/31^(E)		246,059
	250,000	Mariner CLO 7 Ltd., Ser 2019-1A, Class
		E, (Cayman Islands), 144a, (3M LIBOR
		+6.890%), 9.435%, 4/30/32^(E)		243,357
	500,000	Oaktree CLO Ltd., Ser 2018-1A, Class
		SUB, (Cayman Islands), 144a,10/20/30^(F)		431,479
	250,000	Oaktree CLO Ltd., Ser 2019-2A, Class D,
		(Cayman Islands), 144a, (3M LIBOR
		+6.770%), 9.246%, 4/15/31^(E)		238,955
	350,000	Oaktree CLO Ltd., Ser 2019-4A, Class E,
		(Cayman Islands), 144a, (3M LIBOR
		+7.230%), 10/20/32^(F)		334,185
	500,000	OZLM XXI, Ser 2017-21A, Class SUB,
		(Cayman Islands), 144a, 1/20/31^(F)		376,937
	1,000,000	Steele Creek CLO Ltd., Ser 2019-2A,
		Class E, (Cayman Islands), 144a, (3M
		LIBOR +7.700%), 9.829%, 7/15/32^(E)		964,184
	250,000	Venture XVIII CLO Ltd., Ser 2014-18A,
		Class SUB, (Cayman Islands), 144a,10/15/29^(F)		127,061
	250,000	Wellfleet CLO Ltd., Ser 2018-3A, Class
		SUB, (Cayman Islands), 144a,1/20/32^(F)		188,958
		Total Asset-Backed Securities	$	4,657,986

Shares
		Common Stocks — 0.7%

		Information Technology — 0.0%
	8,386	Aquity Holdings, Inc. New Escrow^(G)*		23,397

		Health Care — 0.5%
	3,069	Envigo RMS Holding Corp. ClassB^(G)(H)*		—
	4,167	HCA Healthcare, Inc.		501,790
				501,790

		Energy — 0.0%
	74,381	Trident, Class A TemplarRestructure^(H)*		18,595
	12,726	Trident, Templar Restructure^(H)*		—
				18,595

		Communication Services — 0.2%
	13,299	Cumulus Media, Inc. - Class A*		193,367
		Total Common Stocks	$	737,149

	Number
	of		Notional
	Contracts		Amount
Purchased Options — 0.0%

Purchased Call Options — 0.0%
Chicago Board Options
Exchange Volatility Index,
Strike @25.00, Exp 10/19^(A)		64	$	103,936	$	2,880

Purchased Put Options — 0.0%
Invesco Senior Loan ETF,
Strike @22.00, Exp 10/19^(A)		1,833		4,140,747		9,165
Total Purchased Options					$	12,045

Shares
		Short-Term Investment Fund — 1.3%
	1,389,988	Dreyfus Government Cash
	��	Management, InstitutionalShares, 1.85%^∞Ω	$	1,389,988

Total Long Positions —99.0%
(Cost $105,330,512)			$	106,292,864

Touchstone Credit Opportunities II Fund (Continued)

Principal				Market
Amount				Value
			Securities Sold Short — (1.6%)

			Corporate Bonds — (1.1%)

			Consumer Discretionary — (0.6%)
$	(333,000	)	Cooper-Standard Automotive, Inc.,
			144a, 5.625%, 11/15/26	$	(303,446	)
	(300,000	)	Goodyear Tire & Rubber Co. (The),
			4.875%, 3/15/27		(295,830	)
					(599,276	)

			Energy — (0.5%)
	(125,000	)	Antero Resources Corp.,
			5.000%, 3/1/25		(101,683	)
	(500,000	)	SunCoke Energy Partners LP /
			SunCoke Energy Partners
			Finance Corp., 144a,
			7.500%, 6/15/25		(445,000	)
					(546,683	)
			Total Corporate Bonds	$	(1,145,959	)

	Shares
Exchange-Traded Fund — (0.5%)
Health Care Select Sector SPDR Fund		(6,000	)	$	(540,780	)

Total Securities Sold Short
(Proceeds $1,706,290)					(1,686,739	)

Total —97.4%				$	104,606,125

Cash Collateral for Securities
Sold Short and Written Options— 0.6%					634,319

Other Assets in Excess of Liabilities — 2.0%					2,178,011
Net Assets — 100.0%				$	107,418,455

^(A)

All or a portion of these securities are pledged as collateral for securities sold short. The total value of the securities pledged as collateral as of September 30, 2019 was $2,459,251.

^(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 September 30, 2019.

^(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 September 30, 2019.

^(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)

Level 3 - 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.

^(H)

Security is subject to restrictions on resale. At September 30, 2019, these securities were valued at $18,595 or 0.0% of net assets.

Non-income producing security.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

CLO - Collateralized Loan Obligation

ETF - Exchange-Traded Fund

ICE - Intercontinental Exchange, Inc.

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SPDR - Standard & Poor’s Depositary Receipt

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities were valued at $71,616,419 or 66.7% 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	$	—		$	89,127,454		$	—	$	89,127,454
Bank Loans		—			10,368,242			—		10,368,242
Asset-Backed Securities		—			4,657,986			—		4,657,986
Common Stocks		695,157			18,595			23,397		737,149
Purchased Call Options Equity Contracts		2,880			—			—		2,880
Purchased Put Options Equity Contracts		9,165			—			—		9,165
Short-Term Investment Fund		1,389,988			—			—		1,389,988
Other Financial Instruments***
Swap Agreements Credit Contracts		—			31,928			—		31,928
Total Assets	$	2,097,190		$	104,204,205		$	23,397	$	106,324,792
Liabilities:
Securities Sold Short
Corporate Bonds	$	—		$	(1,145,959	)	$	—	$	(1,145,959	)
Exchange-Traded Fund		(540,780	)		—			—		(540,780	)
Total Liabilities	$	(540,780	)	$	(1,145,959	)	$	—	$	(1,686,739	)
Total	$	1,556,410		$	103,058,246		$	23,397	$	104,638,053

*** Other Financial Instruments are derivative instruments not reflected in total investments. Amounts shown represent unrealized appreciation of swap agreements.

Touchstone Credit Opportunities II Fund (Continued)

Measurements Using Unobservable Inputs (Level 3)

	Common
Assets	Stocks
Beginning balance, June 30, 2019^(A)	$	23,397
Transfer into Level 3		—
Net realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Ending balance, September 30, 2019	$	23,397

Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at September 30, 2019	$	—

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

Common			Valuation	Unobservable
Stocks	Fair Value		Technique	Input
Aquity Holdings, Inc. New Escrow	$	23,397	Cost	New Issuer

Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection⁽¹⁾

Termination

Notional

Pay Fixed

Underlying

Upfront

Unrealized

Counterparty

Date

Amount⁽²⁾

Rate

Clearinghouse

Bond

Value⁽³⁾

Premium Paid

Appreciation

Wells Fargo

12/20/19

275,000

5.000

ICE

Frontier Communications Corp. USD SR 6M D14

74,921

42,993

31,928

⁽¹⁾

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

⁽²⁾

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone High Yield Fund –September 30, 2019

Principal			Market
Amount			Value
		Corporate Bonds — 98.2%

		Communication Services — 20.1%
$	1,499,000	Altice Financing SA (Luxembourg),
		144a, 6.625%, 2/15/23	$	1,538,349
	463,000	Altice Financing SA (Luxembourg),
		144a, 7.500%, 5/15/26		491,933
	526,000	Altice France SA (France), 144a,
		6.250%, 5/15/24		542,832
	334,000	Altice France SA (France), 144a,
		7.375%, 5/1/26		358,118
	635,000	Altice France SA (France), 144a,
		8.125%, 2/1/27		700,881
	265,000	AMC Networks, Inc., 4.750%, 8/1/25		273,281
	292,000	AMC Networks, Inc., 5.000%, 4/1/24		300,769
	735,000	Belo Corp., 7.250%, 9/15/27		834,225
	339,000	Block Communications, Inc., 144a,
		6.875%, 2/15/25		353,408
	337,000	C&W Senior Financing DAC (Ireland),
		144a, 6.875%, 9/15/27		349,216
	975,000	C&W Senior Financing DAC (Ireland),
		144a, 7.500%, 10/15/26		1,028,625
	769,000	Cablevision Systems Corp.,
		5.875%, 9/15/22		828,597
	1,641,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 4.750%, 3/1/30		1,665,960
	297,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.125%, 5/1/27		309,994
	1,588,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.375%, 6/1/29		1,691,220
	975,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.750%, 2/15/26		1,030,575
	480,000	CenturyLink, Inc., 5.625%, 4/1/25		498,000
	584,000	CenturyLink, Inc., 5.800%, 3/15/22		615,390
	436,000	CenturyLink, Inc., 6.450%, 6/15/21		457,800
	25,000	CenturyLink, Inc., 6.750%, 12/1/23		27,375
	51,000	CenturyLink, Inc., 6.875%, 1/15/28		52,913
	150,000	CommScope LLC, 144a,
		5.500%, 3/1/24		154,313
	741,000	CommScope Technologies LLC, 144a,
		5.000%, 3/15/27		611,325
	628,000	CommScope Technologies LLC, 144a,
		5.500%, 6/15/24		590,119
	649,000	Connect Finco SARL / Connect US
		Finco LLC, 144a, 6.750%, 10/1/26		661,169
	966,000	CSC Holdings LLC, 5.250%, 6/1/24		1,038,450
	561,000	CSC Holdings LLC, 144a,
		5.500%, 5/15/26		590,396
	967,000	CSC Holdings LLC, 144a,
		5.750%, 1/15/30		1,010,631
	533,000	CSC Holdings LLC, 144a,
		6.500%, 2/1/29		592,416
	1,191,000	Diamond Sports Group LLC /
		Diamond Sports Finance Co., 144a,
		6.625%, 8/15/27		1,235,662
	1,723,000	DISH DBS Corp., 5.875%, 7/15/22		1,791,920
	878,000	DISH DBS Corp., 6.750%, 6/1/21		923,919
	502,000	EW Scripps Co. (The), 144a,
		5.125%, 5/15/25		503,255
	211,000	GrubHub Holdings, Inc., 144a,
		5.500%, 7/1/27		215,283
	416,000	Intelsat Jackson Holdings SA
		(Luxembourg), 5.500%, 8/1/23		388,086
	861,000	Level 3 Financing, Inc., 144a,
		4.625%, 9/15/27		868,792
	258,000	Midcontinent Communications /
		Midcontinent Finance Corp., 144a,
		5.375%, 8/15/27		271,545
	274,000	Netflix, Inc., 4.375%, 11/15/26		277,576
	652,000	Netflix, Inc., 4.875%, 4/15/28		663,377
	1,153,000	Netflix, Inc., 144a, 5.375%, 11/15/29		1,202,002
	225,000	Nexstar Escrow, Inc., 144a,
		5.625%, 7/15/27		235,688
	237,000	Nokia OYJ (Finland), 4.375%, 6/12/27		247,665
	552,000	Qualitytech LP/QTS Finance Corp.,
		144a, 4.750%, 11/15/25		568,560
	480,000	Sable International Finance Ltd.
		(Cayman Islands), 144a,
		5.750%, 9/7/27		496,056
	485,000	Sinclair Television Group, Inc., 144a,
		5.125%, 2/15/27		487,425
	461,000	Sirius XM Radio, Inc., 144a,
		4.625%, 7/15/24		477,979
	248,000	Sirius XM Radio, Inc., 144a,
		5.375%, 7/15/26		260,365
	591,000	Sirius XM Radio, Inc., 144a,
		5.500%, 7/1/29		630,893
	2,312,000	Sprint Capital Corp., 6.875%, 11/15/28		2,520,542
	1,074,000	Sprint Corp., 7.125%, 6/15/24		1,157,557
	223,000	Sprint Corp., 7.625%, 2/15/25		245,300
	293,000	Sprint Corp., 7.625%, 3/1/26		323,399
	1,109,000	TEGNA, Inc., 144a, 5.000%, 9/15/29		1,124,382
	353,000	Telecom Italia Capital SA
		(Luxembourg), 6.000%, 9/30/34		375,945
	865,000	Telecom Italia Capital SA
		(Luxembourg), 6.375%, 11/15/33		951,500
	222,000	Univision Communications, Inc., 144a,
		5.125%, 5/15/23		222,694
	263,000	Univision Communications, Inc., 144a,
		5.125%, 2/15/25		255,597
	174,000	UPCB Finance IV Ltd. (Netherlands),
		144a, 5.375%, 1/15/25		178,785
	248,000	ViaSat, Inc., 144a, 5.625%, 9/15/25		249,860
	667,000	Virgin Media Secured Finance PLC
		(United Kingdom), 144a,
		5.500%, 5/15/29		696,181
	575,000	Zayo Group LLC / Zayo Capital, Inc.,
		144a, 5.750%, 1/15/27		587,822
				39,833,892

		Energy — 14.3%
	1,281,000	Ascent Resources Utica Holdings LLC /
		ARU Finance Corp., 144a,
		7.000%, 11/1/26		1,069,635

Touchstone High Yield Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.2% (Continued)

		Energy — (Continued)
$	584,000	Blue Racer Midstream LLC / Blue Racer
		Finance Corp., 144a,
		6.125%, 11/15/22	$	587,095
	1,176,000	Blue Racer Midstream LLC / Blue Racer
		Finance Corp., 144a,
		6.625%, 7/15/26		1,161,300
	1,132,000	Buckeye Partners LP, 3.950%, 12/1/26		996,656
	795,000	Chesapeake Energy Corp.,
		4.875%, 4/15/22		641,963
	464,000	Chesapeake Energy Corp.,
		5.750%, 3/15/23		354,960
	171,000	Chesapeake Energy Corp.,
		7.000%, 10/1/24		122,693
	725,000	Delek Logistics Partners LP / Delek
		Logistics Finance Corp.,
		6.750%, 5/15/25		717,750
	598,000	Ensign Drilling, Inc. (Canada), 144a,
		9.250%, 4/15/24		559,130
	460,000	Extraction Oil & Gas, Inc., 144a,
		5.625%, 2/1/26		281,750
	997,000	FTS International, Inc., 6.250%, 5/1/22		812,555
	797,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 5.625%, 6/15/24		763,127
	1,101,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 6.000%, 5/15/23		1,105,129
	506,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 6.250%, 5/15/26		488,290
	225,000	Global Partners LP / GLP Finance
		Corp., 144a, 7.000%, 8/1/27		231,750
	1,343,000	Gulfport Energy Corp.,
		6.375%, 5/15/25		953,530
	417,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 5.000%, 12/1/24		389,895
	345,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 5.750%, 10/1/25		320,850
	435,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 6.250%, 11/1/28		404,550
	487,000	Magnolia Oil & Gas Operating LLC /
		Magnolia Oil & Gas Finance Corp.,
		144a, 6.000%, 8/1/26		487,000
	1,161,000	Montage Resources Corp.,
		8.875%, 7/15/23		888,165
	333,000	Murphy Oil USA, Inc., 5.625%, 5/1/27		351,315
	646,000	NGPL PipeCo LLC, 144a,
		7.768%, 12/15/37		836,762
	531,000	NuStar Logistics LP, 6.000%, 6/1/26		574,701
	1,338,000	Parkland Fuel Corp. (Canada), 144a,
		6.000%, 4/1/26		1,413,262
	421,000	PDC Energy, Inc., 5.750%, 5/15/26		414,727
	914,000	PDC Energy, Inc., 6.125%, 9/15/24		911,715
	343,000	Peabody Energy Corp., 144a,
		6.000%, 3/31/22		344,715
	1,053,000	Peabody Energy Corp., 144a,
		6.375%, 3/31/25		1,040,501
	477,000	Precision Drilling Corp. (Canada),
		7.750%, 12/15/23		463,382
	479,000	SemGroup Corp. / Rose Rock Finance
		Corp., 5.625%, 7/15/22		486,190
	1,052,000	SemGroup Corp. / Rose Rock Finance
		Corp., 5.625%, 11/15/23		1,075,670
	1,379,000	Shelf Drilling Holdings Ltd. (Cayman
		Islands), 144a, 8.250%, 2/15/25		1,172,150
	857,000	Southwestern Energy Co.,
		6.200%, 1/23/25		754,143
	696,000	Southwestern Energy Co.,
		7.500%, 4/1/26		607,260
	789,000	Sunoco LP / Sunoco Finance Corp.,
		6.000%, 4/15/27		840,269
	580,000	Tallgrass Energy Partners LP / Tallgrass
		Energy Finance Corp., 144a,
		5.500%, 9/15/24		577,100
	253,000	Tallgrass Energy Partners LP / Tallgrass
		Energy Finance Corp., 144a,
		5.500%, 1/15/28		247,282
	313,000	TerraForm Power Operating LLC, 144a,
		4.250%, 1/31/23		319,260
	313,000	TerraForm Power Operating LLC, 144a,
		5.000%, 1/31/28		325,520
	554,000	Tullow Oil PLC (United Kingdom),
		144a, 7.000%, 3/1/25		563,141
	2,401,000	Unit Corp., 6.625%, 5/15/21		1,818,757
				28,475,595

		Consumer Discretionary — 13.2%
	263,000	1011778 BC ULC / New Red Finance,
		Inc. (Canada), 144a, 4.250%, 5/15/24		270,653
	700,000	1011778 BC ULC / New Red Finance,
		Inc. (Canada), 144a,
		5.000%, 10/15/25		723,835
	535,000	Ahern Rentals, Inc., 144a,
		7.375%, 5/15/23		455,413
	462,000	AMN Healthcare, Inc., 144a,
		5.125%, 10/1/24		479,325
	299,000	Ashtead Capital, Inc., 144a,
		4.375%, 8/15/27		307,596
	50,000	Avis Budget Car Rental LLC / Avis
		Budget Finance, Inc.,
		5.500%, 4/1/23		50,875
	505,000	Avis Budget Car Rental LLC / Avis
		Budget Finance, Inc., 144a,
		5.750%, 7/15/27		521,009
	311,000	Booz Allen Hamilton, Inc., 144a,
		5.125%, 5/1/25		319,553
	555,000	Brinker International, Inc.,
		3.875%, 5/15/23		560,550
	534,000	Brinker International, Inc., 144a,
		5.000%, 10/1/24		560,700
	249,000	Brookfield Residential Properties, Inc.
		(Canada), 144a, 6.375%, 5/15/25		253,980
	247,000	Brookfield Residential Properties, Inc. /
		Brookfield Residential US Corp.
		(Canada), 144a, 6.125%, 7/1/22		250,854

Touchstone High Yield Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.2% (Continued)

		Consumer Discretionary — (Continued)
$	640,000	Brookfield Residential Properties, Inc. /
		Brookfield Residential US Corp.
		(Canada), 144a, 6.250%, 9/15/27	$	643,200
	337,000	Cedar Fair LP, 144a, 5.250%, 7/15/29		360,590
	1,029,000	Churchill Downs, Inc., 144a,
		4.750%, 1/15/28		1,054,725
	395,000	Downstream Development Authority
		of the Quapaw Tribe of Oklahoma,
		144a, 10.500%, 2/15/23		420,675
	510,000	GLP Capital LP / GLP Financing II, Inc.,
		5.375%, 4/15/26		560,929
	337,000	Group 1 Automotive, Inc., 144a,
		5.250%, 12/15/23		346,268
	481,000	Hanesbrands, Inc., 144a,
		4.625%, 5/15/24		506,253
	503,000	Herc Holdings, Inc., 144a,
		5.500%, 7/15/27		523,120
	927,000	Hertz Corp.(The), 144a,
		5.500%, 10/15/24		924,682
	344,000	Hertz Corp.(The), 144a, 7.125%, 8/1/26		359,050
	477,000	Hilton Domestic Operating Co., Inc.,
		5.125%, 5/1/26		500,850
	551,000	International Game Technology PLC
		(United Kingdom), 144a,
		6.250%, 2/15/22		581,452
	445,000	International Game Technology PLC
		(United Kingdom), 144a,
		6.250%, 1/15/27		492,838
	402,000	Lennar Corp., 4.750%, 5/30/25		429,055
	571,000	Lennar Corp., 4.750%, 11/29/27		612,398
	1,152,000	Mattel, Inc., 144a, 6.750%, 12/31/25		1,202,043
	474,000	MDC Partners, Inc. (Canada), 144a,
		6.500%, 5/1/24		431,932
	644,000	Meritage Homes Corp.,
		6.000%, 6/1/25		711,620
	245,000	MGM China Holdings Ltd. (Cayman
		Islands), 144a, 5.375%, 5/15/24		254,188
	656,000	MGM China Holdings Ltd. (Cayman
		Islands), 144a, 5.875%, 5/15/26		687,160
	682,000	MGM Resorts International,
		6.000%, 3/15/23		751,359
	1,185,000	Party City Holdings, Inc., 144a,
		6.625%, 8/1/26†		1,173,150
	193,000	Penske Automotive Group, Inc.,
		5.375%, 12/1/24		198,549
	300,000	PulteGroup, Inc., 5.500%, 3/1/26		327,750
	490,000	PulteGroup, Inc., 6.000%, 2/15/35		521,850
	1,057,000	Quad/Graphics, Inc., 7.000%, 5/1/22		1,078,140
	426,000	Shea Homes LP / Shea Homes
		Funding Corp., 144a,
		5.875%, 4/1/23		435,585
	474,000	Sonic Automotive, Inc.,
		5.000%, 5/15/23		479,925
	212,000	Sonic Automotive, Inc.,
		6.125%, 3/15/27		215,445
	594,000	Taylor Morrison Communities, Inc.,
		144a, 5.875%, 6/15/27		651,915
	1,003,000	Taylor Morrison Communities, Inc. /
		Taylor Morrison Holdings II Inc.,
		144a, 5.625%, 3/1/24		1,073,210
	168,000	Toll Brothers Finance Corp.,
		4.875%, 3/15/27		179,970
	485,000	Twin River Worldwide Holdings, Inc.,
		144a, 6.750%, 6/1/27		509,250
	1,067,000	United Rentals North America, Inc.,
		5.875%, 9/15/26		1,137,742
	64,000	William Carter Co. (The), 144a,
		5.625%, 3/15/27		68,480
	632,000	Wyndham Hotels & Resorts, Inc., 144a,
		5.375%, 4/15/26		662,020
	188,000	Wynn Resorts Finance LLC / Wynn
		Resorts Capital Corp., 144a,
		5.125%, 10/1/29		197,005
	259,000	Yum! Brands, Inc., 144a,
		4.750%, 1/15/30		267,459
				26,286,175

		Health Care — 8.8%
	130,000	Acadia Healthcare Co., Inc.,
		5.125%, 7/1/22		130,975
	1,194,000	Acadia Healthcare Co., Inc.,
		5.625%, 2/15/23		1,216,387
	714,000	Bausch Health Americas, Inc., 144a,
		8.500%, 1/31/27		801,322
	708,000	Bausch Health Cos, Inc. (Canada),
		144a, 5.875%, 5/15/23		716,850
	1,519,000	Bausch Health Cos, Inc. (Canada),
		144a, 6.125%, 4/15/25		1,574,064
	772,000	Bausch Health Cos, Inc. (Canada),
		144a, 7.000%, 1/15/28		831,521
	544,000	CHS/Community Health Systems, Inc.,
		6.250%, 3/31/23		540,382
	1,184,000	DaVita, Inc., 5.125%, 7/15/24		1,203,240
	113,000	Encompass Health Corp.,
		4.750%, 2/1/30		114,175
	116,000	Encompass Health Corp.,
		5.750%, 11/1/24		117,212
	325,000	HCA, Inc., 5.375%, 9/1/26		357,078
	395,000	HCA, Inc., 5.875%, 2/15/26		441,531
	228,000	HCA, Inc., 5.875%, 2/1/29		256,097
	862,000	HLF Financing Sarl LLC / Herbalife
		International, Inc., 144a,
		7.250%, 8/15/26		870,620
	683,000	Horizon Pharma USA, Inc., 144a,
		5.500%, 8/1/27		710,320
	966,000	Mallinckrodt International Finance SA
		/ Mallinckrodt CB LLC
		(Luxembourg), 144a,
		4.875%, 4/15/20		608,580

Touchstone High Yield Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.2% (Continued)

		Health Care — (Continued)
$	1,685,000	Mallinckrodt International Finance SA
		/ Mallinckrodt CB LLC
		(Luxembourg), 144a,
		5.750%, 8/1/22	$	631,875
	983,000	MEDNAX, Inc., 144a, 5.250%, 12/1/23		999,219
	1,348,000	MEDNAX, Inc., 144a, 6.250%, 1/15/27		1,337,796
	1,021,000	Select Medical Corp., 144a,
		6.250%, 8/15/26		1,066,945
	562,000	Teleflex, Inc., 4.875%, 6/1/26		585,885
	705,000	Tenet Healthcare Corp.,
		5.125%, 5/1/25		714,729
	238,000	Tenet Healthcare Corp., 144a,
		6.250%, 2/1/27		247,889
	1,389,000	Teva Pharmaceutical Finance
		Netherlands III BV (Netherlands),
		6.750%, 3/1/28†		1,132,035
	225,000	WellCare Health Plans, Inc., 144a,
		5.375%, 8/15/26		240,143
				17,446,870

		Consumer Staples — 8.6%
	456,000	Albertsons Cos, Inc. / Safeway, Inc. /
		New Albertsons LP / Albertsons
		LLC, 144a, 5.875%, 2/15/28		482,649
	1,323,000	Albertsons Cos. LLC / Safeway, Inc. /
		New Albertson’s Inc. / Albertsons
		LLC, 5.750%, 3/15/25		1,360,507
	370,000	Albertsons Cos. LLC / Safeway, Inc. /
		New Albertsons LP / Albertsons
		LLC, 144a, 7.500%, 3/15/26		411,625
	570,000	American Builders & Contractors
		Supply Co., Inc., 144a,
		5.875%, 5/15/26		597,075
	122,000	Beacon Roofing Supply, Inc., 144a,
		4.500%, 11/15/26		123,220
	808,000	Beacon Roofing Supply, Inc., 144a,
		4.875%, 11/1/25		791,719
	723,000	Cardtronics, Inc. / Cardtronics USA
		Inc., 144a, 5.500%, 5/1/25		733,845
	788,000	Carriage Services, Inc., 144a,
		6.625%, 6/1/26		807,306
	1,557,000	Cimpress NV. (Netherlands), 144a,
		7.000%, 6/15/26		1,607,291
	900,000	Cott Holdings, Inc., 144a,
		5.500%, 4/1/25		933,777
	374,000	Cumberland Farms, Inc., 144a,
		6.750%, 5/1/25		400,554
	648,000	First Quality Finance Co., Inc., 144a,
		5.000%, 7/1/25		669,889
	610,000	H&E Equipment Services, Inc.,
		5.625%, 9/1/25		627,934
	219,000	IAA, Inc., 144a, 5.500%, 6/15/27		231,045
	319,000	JBS USA LUX SA / JBS USA Finance,
		Inc., 144a, 5.875%, 7/15/24		328,586
	563,000	JBS USA LUX SA / JBS USA Finance,
		Inc., 144a, 6.750%, 2/15/28		623,523
	894,000	JBS USA LUX SA / JBS USA Food Co. /
		JBS USA Finance, Inc., 144a,
		5.500%, 1/15/30		947,622
	384,000	JBS USA LUX SA / JBS USA Food Co. /
		JBS USA Finance, Inc., 144a,
		6.500%, 4/15/29		426,232
	274,000	Kraft Heinz Foods Co., 144a,
		3.750%, 4/1/30		276,558
	958,000	Pilgrim’s Pride Corp., 144a,
		5.750%, 3/15/25		991,530
	251,000	Pilgrim’s Pride Corp., 144a,
		5.875%, 9/30/27		269,574
	1,341,000	Post Holdings, Inc., 144a,
		5.000%, 8/15/26		1,390,751
	324,000	Post Holdings, Inc., 144a,
		5.500%, 12/15/29		337,770
	93,000	Spectrum Brands, Inc., 144a,
		5.000%, 10/1/29		94,628
	1,568,000	Staples, Inc., 144a, 7.500%, 4/15/26		1,615,510
				17,080,720

		Industrials — 7.4%
	877,000	Adient US LLC, 144a, 7.000%, 5/15/26		916,465
	58,000	Advanced Drainage Systems, Inc.,
		144a, 5.000%, 9/30/27		58,797
	520,000	AECOM Global II LLC / URS Fox US LP,
		5.000%, 4/1/22		534,300
	509,000	Allison Transmission, Inc., 144a,
		5.000%, 10/1/24		520,134
	774,000	Amsted Industries, Inc., 144a,
		5.375%, 9/15/24		790,447
	625,000	Amsted Industries, Inc., 144a,
		5.625%, 7/1/27		659,375
	510,000	Ardagh Packaging Finance PLC /
		Ardagh Holdings USA, Inc. (Ireland),
		144a, 6.000%, 2/15/25		533,256
	315,000	Ball Corp., 4.875%, 3/15/26		342,169
	591,000	Bombardier, Inc. (Canada), 144a,
		6.000%, 10/15/22		590,261
	177,000	Clean Harbors, Inc., 144a,
		4.875%, 7/15/27		184,744
	622,000	Crown Americas LLC / Crown
		Americas Capital Corp. VI,
		4.750%, 2/1/26		650,768
	552,000	Ford Motor Credit Co. LLC,
		5.584%, 3/18/24		586,815
	796,000	Fortress Transportation &
		Infrastructure Investors LLC, 144a,
		6.750%, 3/15/22		831,820
	612,000	JB Poindexter & Co., Inc., 144a,
		7.125%, 4/15/26		633,420
	205,000	Louisiana-Pacific Corp.,
		4.875%, 9/15/24		211,663
	701,000	New Enterprise Stone & Lime Co., Inc.,
		144a, 6.250%, 3/15/26		716,772
	307,000	Norbord, Inc. (Canada), 144a,
		5.750%, 7/15/27		314,675

Touchstone High Yield Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.2% (Continued)

		Industrials — (Continued)
$	482,000	Owens-Brockway Glass Container, Inc.,
		144a, 5.875%, 8/15/23	$	511,523
	1,077,000	Plastipak Holdings, Inc., 144a,
		6.250%, 10/15/25†		888,525
	450,000	Silgan Holdings, Inc., 4.750%, 3/15/25		460,125
	989,000	Standard Industries, Inc./NJ, 144a,
		5.375%, 11/15/24		1,018,670
	437,000	TransDigm, Inc., 6.000%, 7/15/22		443,555
	439,000	Triumph Group, Inc., 4.875%, 4/1/21		439,351
	270,000	Triumph Group, Inc., 5.250%, 6/1/22		268,542
	217,000	Triumph Group, Inc., 144a,
		6.250%, 9/15/24		225,723
	205,000	Trivium Packaging Finance BV
		(Netherlands), 144a,
		5.500%, 8/15/26		215,496
	982,000	XPO Logistics, Inc., 144a,
		6.750%, 8/15/24		1,065,470
				14,612,861

		Financials — 7.2%
	180,000	Ally Financial, Inc., 5.750%, 11/20/25		201,604
	645,000	Ally Financial, Inc., 8.000%, 11/1/31		888,487
	275,000	Ally Financial, Inc., 8.000%, 11/1/31		380,188
	791,000	Bank of America Corp., 6.100%^(A)		864,167
	616,000	Cooke Omega Investments, Inc. /
		Alpha VesselCo Holdings Inc.
		(Canada), 144a, 8.500%, 12/15/22		599,060
	574,000	Credit Acceptance Corp.,
		7.375%, 3/15/23		595,525
	528,000	Credit Acceptance Corp., 144a,
		6.625%, 3/15/26		564,960
	455,000	Fairstone Financial, Inc. (Canada),
		144a, 7.875%, 7/15/24		475,191
	1,073,000	GEO Group, Inc. (The),
		5.875%, 1/15/22		1,035,166
	391,000	Goldman Sachs Group, Inc. (The).,
		Ser P, 5.000%^(A)		383,845
	844,000	MetLife, Inc., Ser C, 5.250%^(A)		853,495
	730,000	Navient Corp., 5.500%, 1/25/23		753,725
	1,113,000	Navient Corp., 5.875%, 10/25/24		1,121,347
	459,000	Navient Corp., 6.500%, 6/15/22		488,835
	1,208,000	Prime Security Services Borrower LLC
		/ Prime Finance, Inc., 144a,
		5.750%, 4/15/26		1,257,890
	1,057,000	Quicken Loans, Inc., 144a,
		5.250%, 1/15/28		1,090,824
	386,000	Quicken Loans, Inc., 144a,
		5.750%, 5/1/25		398,063
	430,000	Radian Group, Inc., 4.500%, 10/1/24		442,900
	641,000	Springleaf Finance Corp.,
		5.625%, 3/15/23		682,665
	293,000	Springleaf Finance Corp.,
		6.125%, 3/15/24		315,341
	156,000	Springleaf Finance Corp.,
		6.625%, 1/15/28		167,747
	382,000	Springleaf Finance Corp.,
		6.875%, 3/15/25		420,916
	328,000	Springleaf Finance Corp.,
		7.125%, 3/15/26		363,859
				14,345,800

		Materials — 6.7%
	503,000	Alcoa Nederland Holding BV
		(Netherlands), 144a,
		6.125%, 5/15/28		535,645
	876,000	Alcoa Nederland Holding BV
		(Netherlands), 144a,
		7.000%, 9/30/26		950,486
	523,000	Cascades, Inc. (Canada), 144a,
		5.500%, 7/15/22		529,538
	441,000	Cascades, Inc. (Canada), 144a,
		5.750%, 7/15/23		446,513
	324,000	Clearwater Paper Corp., 144a,
		5.375%, 2/1/25		310,230
	300,000	Commercial Metals Co.,
		4.875%, 5/15/23		311,250
	453,000	Commercial Metals Co.,
		5.750%, 4/15/26		464,325
	761,000	CVR Partners LP / CVR Nitrogen
		Finance Corp., 144a,
		9.250%, 6/15/23		793,342
	802,000	Freeport-McMoRan, Inc.,
		3.875%, 3/15/23		808,015
	1,035,000	Freeport-McMoRan, Inc.,
		5.250%, 9/1/29		1,031,766
	362,000	Freeport-McMoRan, Inc.,
		5.400%, 11/14/34		343,900
	1,288,000	Hudbay Minerals, Inc., 144a,
		7.625%, 1/15/25		1,305,710
	730,000	NOVA Chemicals Corp. (Canada), 144a,
		4.875%, 6/1/24		750,695
	473,000	NOVA Chemicals Corp. (Canada), 144a,
		5.250%, 8/1/23		478,321
	764,000	Novelis Corp., 144a, 5.875%, 9/30/26		801,207
	191,000	Novelis Corp., 144a, 6.250%, 8/15/24		199,595
	889,000	Nufarm Australia Ltd. / Nufarm
		Americas, Inc. (Australia), 144a,
		5.750%, 4/30/26		877,887
	284,000	Olin Corp., 5.000%, 2/1/30		284,355
	656,000	Olin Corp., 5.625%, 8/1/29		682,437
	394,000	Steel Dynamics, Inc., 4.125%, 9/15/25		397,940
	251,000	Steel Dynamics, Inc., 5.000%, 12/15/26		262,923
	588,000	Teck Resources Ltd. (Canada),
		6.250%, 7/15/41		653,522
				13,219,602

		Real Estate — 4.9%
	392,000	Brookfield Property REIT, Inc. / BPR
		Cumulus LLC / BPR Nimbus LLC /
		GGSI Sellco LL, 144a,
		5.750%, 5/15/26		409,640
	1,087,000	CoreCivic, Inc. REIT, 4.625%, 5/1/23		1,053,183

Touchstone High Yield Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.2% (Continued)

		Real Estate — (Continued)
$	968,000	CoreCivic, Inc. REIT, 5.000%, 10/15/22	$	965,580
	599,000	CyrusOne LP / CyrusOne Finance
		Corp. REIT, 5.375%, 3/15/27		638,684
	455,000	ESH Hospitality, Inc. REIT, 144a,
		4.625%, 10/1/27		456,706
	504,000	ESH Hospitality, Inc. REIT, 144a,
		5.250%, 5/1/25		521,136
	856,000	Iron Mountain US Holdings, Inc., 144a,
		5.375%, 6/1/26		885,960
	655,000	Iron Mountain, Inc. REIT, 144a,
		4.875%, 9/15/29		665,021
	968,000	Iron Mountain, Inc. REIT, 144a,
		5.250%, 3/15/28		1,000,641
	946,000	MGM Growth Properties Operating
		Partnership LP / MGP Finance
		Co.-Issuer, Inc. REIT, 5.625%, 5/1/24		1,037,052
	496,000	MPT Operating Partnership LP / MPT
		Finance Corp. REIT, 5.250%, 8/1/26		519,684
	202,000	MPT Operating Partnership LP / MPT
		Finance Corp. REIT, 5.500%, 5/1/24		207,303
	1,362,000	Sabra Health Care LP REIT,
		5.125%, 8/15/26		1,455,899
				9,816,489

		Utilities — 3.9%
	1,215,000	Calpine Corp., 144a, 5.250%, 6/1/26		1,257,525
	480,000	Calpine Corp., 144a, 5.875%, 1/15/24		490,800
	389,000	Clearway Energy Operating LLC,
		5.000%, 9/15/26		397,753
	828,000	Clearway Energy Operating LLC, 144a,
		5.750%, 10/15/25		871,470
	869,000	NGL Energy Partners LP / NGL Energy
		Finance Corp., 7.500%, 11/1/23		884,207
	198,000	NRG Energy, Inc., 5.750%, 1/15/28		212,850
	604,000	Rockpoint Gas Storage Canada Ltd.
		(Canada), 144a, 7.000%, 3/31/23		607,020
	409,000	Superior Plus LP / Superior General
		Partner, Inc. (Canada), 144a,
		7.000%, 7/15/26		431,503
	975,000	Talen Energy Supply LLC, 144a,
		7.250%, 5/15/27		990,892
	1,451,000	Vistra Operations Co. LLC, 144a,
		5.625%, 2/15/27		1,527,976
				7,671,996

		Information Technology — 3.1%
	671,000	CDK Global, Inc., 4.875%, 6/1/27		698,645
	711,000	EMC Corp., 3.375%, 6/1/23		711,071
	211,000	j2 Cloud Services LLC / j2 Global
		Co.-Obligor, Inc., 144a,
		6.000%, 7/15/25		222,784
	181,000	Match Group, Inc., 144a,
		5.000%, 12/15/27		187,788
	235,000	MTS Systems Corp., 144a,
		5.750%, 8/15/27		244,400
	460,000	NCR Corp., 144a, 5.750%, 9/1/27		476,100
	213,000	Nielsen Finance LLC / Nielsen Finance
		Co., 144a, 5.000%, 4/15/22		213,596
	776,000	Open Text Corp. (Canada), 144a,
		5.875%, 6/1/26		828,535
	1,016,000	SS&C Technologies, Inc., 144a,
		5.500%, 9/30/27		1,061,745
	954,000	VeriSign, Inc., 4.750%, 7/15/27		999,315
	469,000	Western Digital Corp., 4.750%, 2/15/26		482,484
	117,000	Xerox Corp., 4.070%, 3/17/22		118,755
				6,245,218
		Total Corporate Bonds	$	195,035,218

Shares
		Short-Term Investment Funds — 4.2%
	5,064,113	Dreyfus Government Cash
		Management, Institutional Shares,1.85%^∞Ω		5,064,113
	3,287,850	Invesco Government & Agency
		Portfolio, Institutional Class,1.83%**^∞Ω		3,287,850
		Total Short-Term Investment Funds	$	8,351,963

		Total Investment Securities —102.4%
		(Cost $201,684,398)	$	203,387,181

		Liabilities in Excess of Other Assets — (2.4%)		(4,805,313	)
		Net Assets — 100.0%	$	198,581,868

^(A)

Perpetual Bond - A bond with no definite maturity date.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the

^∞

securities on loan as of September 30, 2019 was $3,158,405. Open-End Fund.

^Ω

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

Portfolio Abbreviations:

DAC - Designated Activity Company

LLC - Limited Liability Company

LP - Limited Partnership

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 September 30, 2019, these securities were valued at $117,463,515 or 59.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone High Yield Fund (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	195,035,218	$	—	$	195,035,218
Short-Term Investment Funds		8,351,963		—		—		8,351,963
Total	$	8,351,963	$	195,035,218	$	—	$	203,387,181

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Impact Bond Fund –September 30, 2019

Principal			Market
Amount			Value
		Corporate Bonds — 30.6%

		Industrials — 9.5%
$	2,751,929	American Airlines 2016-3 Class AA
		Pass Through Trust,
		3.000%, 10/15/28	$	2,802,564
	15,747	Burlington Northern and Santa Fe
		Railway Co. 2004-1 Pass Through
		Trust, 4.575%, 1/15/21		16,022
	147,090	Burlington Northern and Santa Fe
		Railway Co. 2005-3 Pass Through
		Trust, 4.830%, 1/15/23		150,507
	783,147	Burlington Northern and Santa Fe
		Railway Co. 2005-4 Pass Through
		Trust, 4.967%, 4/1/23		823,262
	441,499	Continental Airlines 2000-2 Class A-1
		Pass Through Trust, 7.707%, 4/2/21		453,419
	1,572,931	Continental Airlines 2007-1 Class A
		Pass Through Trust, 5.983%, 4/19/22		1,659,914
	732,238	Continental Airlines 2012-2 Class A
		Pass Through Trust,
		4.000%, 10/29/24		770,754
	1,731,742	CSX Transportation, Inc.,
		6.251%, 1/15/23		1,915,335
	492,849	Delta Air Lines 2007-1 Class B Pass
		Through Trust, 8.021%, 8/10/22		546,126
	595,705	Federal Express Corp. 1999 Pass
		Through Trust, 7.650%, 1/15/23		637,804
	2,135,000	FedEx Corp., 4.000%, 1/15/24		2,274,975
	2,583,000	GATX Corp., 3.250%, 3/30/25		2,633,516
	2,000,000	John Deere Capital Corp. MTN,
		2.800%, 9/8/27		2,063,045
	1,180,000	Kansas City Southern, 3.000%, 5/15/23		1,208,124
	1,475,000	Kansas City Southern, 3.125%, 6/1/26		1,505,072
	1,941,000	Norfolk Southern Corp.,
		2.903%, 2/15/23		1,982,109
	1,408,000	Republic Services, Inc.,
		5.250%, 11/15/21		1,498,740
	1,330,000	SBA Tower Trust, 144a,
		3.168%, 4/11/22		1,342,912
	1,005,099	Southwest Airlines Co. 2007-1 Pass
		Through Trust, 6.150%, 8/1/22		1,062,324
	842,704	Union Pacific Railroad Co. 2003 Pass
		Through Trust, 4.698%, 1/2/24		885,587
	484,040	Union Pacific Railroad Co. 2006 Pass
		Through Trust, 5.866%, 7/2/30		546,227
	1,410,000	United Rentals North America, Inc.,
		4.875%, 1/15/28		1,466,400
	1,616,000	Waste Management, Inc.,
		2.400%, 5/15/23		1,634,023
				29,878,761

		Financials — 7.5%
	2,444,000	Aflac, Inc., 3.250%, 3/17/25		2,562,849
	2,600,000	American Express Co.,
		2.650%, 12/2/22		2,640,593
	2,803,000	Delphi Financial Group, Inc.,
		7.875%, 1/31/20		2,851,718
	1,722,742	Fishers Lane Associates LLC, 144a,
		3.666%, 8/5/30		1,819,688
	1,950,000	KeyBank NA/Cleveland OH,
		3.350%, 6/15/21		1,989,233
	2,386,000	National Rural Utilities Cooperative
		Finance Corp., 3.400%, 11/15/23		2,497,074
	900,000	Nationwide Financial Services, Inc.,
		144a, 5.375%, 3/25/21		932,575
	708,000	Nationwide Mutual Insurance Co.,
		144a, 9.375%, 8/15/39		1,223,460
	1,291,000	PNC Bank NA, 2.500%, 1/22/21		1,299,062
	1,398,000	Torchmark Corp., 3.800%, 9/15/22		1,437,100
	564,000	Unum Group, 7.250%, 3/15/28		709,315
	2,000,000	USB Capital IX, 3.500%^(A)		1,705,000
	2,000,000	Wachovia Capital Trust III, 5.570%^(A)		2,007,500
				23,675,167

		Utilities — 6.7%
	1,623,000	California Water Service Co.,
		5.500%, 12/1/40		2,056,964
	1,598,000	Commonwealth Edison Co.,
		5.900%, 3/15/36		2,175,570
	1,983,000	Dominion Energy South Carolina, Inc.,
		4.600%, 6/15/43		2,401,401
	1,780,000	Dominion Energy, Inc., (3M LIBOR
		+2.300%), 4.404%, 9/30/66^(B)		1,664,300
	2,080,000	Duke Energy Progress LLC,
		6.300%, 4/1/38		2,947,229
	2,382,000	Entergy Louisiana LLC,
		4.440%, 1/15/26		2,620,975
	1,642,000	Georgia Power Co., 4.750%, 9/1/40		1,903,852
	214,490	Kiowa Power Partners LLC, 144a,
		5.737%, 3/30/21		218,932
	2,000,000	NextEra Energy Capital Holdings, Inc.,
		(3M LIBOR +2.068%),
		4.166%, 10/1/66^(B)		1,680,000
	2,926,000	PacifiCorp., 8.050%, 9/1/22		3,384,955
				21,054,178

		Consumer Discretionary — 1.8%
	2,347,000	Ford Motor Credit Co. LLC,
		4.375%, 8/6/23		2,397,689
	990,000	PulteGroup, Inc., 7.875%, 6/15/32		1,207,800
	1,300,000	Royal Caribbean Cruises Ltd. (Liberia),
		5.250%, 11/15/22		1,408,101
	466,000	Service Corp. International,
		5.375%, 5/15/24		480,931
				5,494,521

		Energy — 1.7%
	1,253,000	Chesapeake Energy Corp.,
		6.625%, 8/15/20		1,259,265
	592,000	Spectra Energy Partners LP,
		3.500%, 3/15/25		615,296
	2,266,000	Tennessee Valley Authority,
		4.650%, 6/15/35		2,875,502

Touchstone Impact Bond Fund(Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 30.6% (Continued)

		Energy — (Continued)
$	500,000	Texas Eastern Transmission LP,
		7.000%, 7/15/32	$	683,770
				5,433,833

		Health Care — 1.6%
	2,466,486	CVS Pass-Through Trust,
		6.036%, 12/10/28		2,774,560
	2,105,000	HCA, Inc., 5.250%, 4/15/25		2,341,257
				5,115,817

		Consumer Staples — 0.9%
	1,500,000	Kroger Co. (The), 3.850%, 8/1/23		1,581,743
	1,000,000	Kroger Co.(The), 4.500%, 1/15/29		1,117,354
				2,699,097

		Communication Services — 0.5%
	1,250,000	Verizon Communications, Inc.,
		5.012%, 4/15/49		1,571,656

		Real Estate — 0.4%
	1,242,000	Crown Castle International Corp. REIT,
		4.300%, 2/15/29		1,371,231
		Total Corporate Bonds	$	96,294,261

		U.S. Government Agency Obligations — 26.0%
	1,214,000	Canal Barge Co., Inc., 4.500%, 11/12/34		1,370,905
	1,284,475	Helios Leasing I LLC, 1.734%, 7/24/24		1,277,789
	1,176,000	Matson Navigation Co., Inc.,
		5.337%, 9/4/28		1,316,554
	985,500	Petroleos Mexicanos (Mexico),
		2.290%, 2/15/24		994,482
	1,778,947	Reliance Industries Ltd. (India),
		1.870%, 1/15/26		1,777,506
	50,302	Small Business Administration
		Participation Certificates, Ser
		2002-20H, Class 1, 5.310%, 8/1/22		51,860
	17,356	Small Business Administration
		Participation Certificates, Ser
		2003-20D, Class 1, 4.760%, 4/1/23		17,946
	73,821	Small Business Administration
		Participation Certificates, Ser
		2004-20D, Class 1, 4.770%, 4/1/24		76,828
	149,078	Small Business Administration
		Participation Certificates, Ser
		2004-20K, Class 1, 4.880%, 11/1/24		156,368
	122,517	Small Business Administration
		Participation Certificates, Ser
		2005-20H, Class 1, 5.110%, 8/1/25		129,422
	206,531	Small Business Administration
		Participation Certificates, Ser
		2006-20H, Class 1, 5.700%, 8/1/26		221,655
	273,741	Small Business Administration
		Participation Certificates, Ser
		2006-20K, Class 1, 5.360%, 11/1/26		291,682
	388,400	Small Business Administration
		Participation Certificates, Ser
		2006-20L, Class 1, 5.120%, 12/1/26		412,158
	354,051	Small Business Administration
		Participation Certificates, Ser
		2007-20A, Class 1, 5.320%, 1/1/27		376,058
	488,628	Small Business Administration
		Participation Certificates, Ser
		2007-20E, Class 1, 5.310%, 5/1/27		523,316
	136,943	Small Business Administration
		Participation Certificates, Ser
		2007-20F, Class 1, 5.710%, 6/1/27		147,014
	527,662	Small Business Administration
		Participation Certificates, Ser
		2007-20L, Class 1, 5.290%, 12/1/27		560,357
	296,466	Small Business Administration
		Participation Certificates, Ser
		2008-20A, Class 1, 5.170%, 1/1/28		317,671
	552,995	Small Business Administration
		Participation Certificates, Ser
		2008-20K, Class 1, 6.770%, 11/1/28		609,692
	1,002,565	Small Business Administration
		Participation Certificates, Ser
		2009-20C, Class 1, 4.660%, 3/1/29		1,067,569
	499,021	Small Business Administration
		Participation Certificates, Ser
		2009-20D, Class 1, 4.310%, 4/1/29		531,797
	672,235	Small Business Administration
		Participation Certificates, Ser
		2009-20E, Class 1, 4.430%, 5/1/29		710,138
	386,197	Small Business Administration
		Participation Certificates, Ser
		2009-20F, Class 1, 4.950%, 6/1/29		416,387
	622,151	Small Business Administration
		Participation Certificates, Ser
		2009-20J, Class 1, 3.920%, 10/1/29		647,464
	1,551,786	Small Business Administration
		Participation Certificates, Ser
		2010-20F, Class 1, 3.880%, 6/1/30		1,652,085
	2,697,646	Small Business Administration
		Participation Certificates, Ser
		2010-20I, Class 1, 3.210%, 9/1/30		2,796,707
	438,169	Small Business Administration
		Participation Certificates, Ser
		2012-10C, Class 1, 1.240%, 5/1/22		436,744
	4,053,242	Small Business Administration
		Participation Certificates, Ser
		2013-20C, Class 1, 2.220%, 3/1/33		4,053,832
	4,385,848	Small Business Administration
		Participation Certificates, Ser
		2013-20E, Class 1, 2.070%, 5/1/33		4,369,816

Touchstone Impact Bond Fund(Continued)

Principal			Market
Amount			Value
		U.S. Government Agency Obligations — 26.0% (Continued)
$	2,309,489	Small Business Administration
		Participation Certificates, Ser
		2013-20G, Class 1, 3.150%, 7/1/33	$	2,396,559
	2,099,393	Small Business Administration
		Participation Certificates, Ser
		2014-20H, Class 1, 2.880%, 8/1/34		2,164,998
	2,758,862	Small Business Administration
		Participation Certificates, Ser
		2014-20K, Class 1, 2.800%, 11/1/34		2,829,282
	2,241,477	Small Business Administration
		Participation Certificates, Ser
		2015-20I, Class 1, 2.820%, 9/1/35		2,316,138
	3,351,295	Small Business Administration
		Participation Certificates, Ser
		2016-20A, Class 1, 2.780%, 1/1/36		3,442,712
	2,859,527	Small Business Administration
		Participation Certificates, Ser
		2017-10A, Class 1, 2.845%, 3/10/27		2,923,912
	2,901,091	Small Business Administration
		Participation Certificates, Ser
		2017-10B, Class 1, 2.518%, 9/10/27		2,928,561
	4,728,978	Small Business Administration
		Participation Certificates, Ser
		2017-20E, Class 1, 2.880%, 5/1/37		4,913,679
	3,824,618	Small Business Administration
		Participation Certificates, Ser
		2017-20F, Class 1, 2.810%, 6/1/37		3,957,440
	5,341,765	Small Business Administration
		Participation Certificates, Ser
		2017-20K, Class 1, 2.790%, 11/1/37		5,492,266
	3,081,389	Small Business Administration
		Participation Certificates, Ser
		2017-20L, Class 1, 2.780%, 12/1/37		3,186,307
	3,152,520	Small Business Administration
		Participation Certificates, Ser
		2018-20C, Class 1, 3.200%, 3/1/38		3,322,466
	2,496,371	Small Business Administration
		Participation Certificates, Ser
		2018-25D, Class 1, 3.890%, 10/1/43		2,751,872
	2,599,848	Small Business Administration
		Participation Certificates, Ser
		2019-20A, Class 1, 3.370%, 1/1/39		2,759,494
	2,695,925	Small Business Administration
		Participation Certificates, Ser
		2019-25B, Class 1, 3.450%, 2/1/44		2,920,003
	2,770,000	Small Business Administration
		Participation Certificates, Ser
		2019-25E, Class 1, 3.070%, 5/1/44		2,938,277
	950,249	Tagua Leasing LLC, 1.581%, 11/16/24		941,188
	812,000	Totem Ocean Trailer Express, Inc.,
		6.365%, 4/15/28		945,150
	1,208,000	Vessel Management Services, Inc.,
		5.125%, 4/16/35		1,414,196
		Total U.S. Government Agency
		Obligations	$	81,856,302
		Agency Collateralized Mortgage
		Obligations — 14.4%
	2,833,248	FHLMC Multifamily Structured Pass
		Through Certificates, Ser KW03
		Class A1, 2.617%, 12/25/26		2,901,347
	2,985,000	Freddie Mac Multifamily Structured
		Pass Through Certificates, Ser KG01,
		Class A7, 2.875%, 4/25/26		3,142,823
	1,020,037	FREMF Mortgage Trust, Ser 2012-K19,
		Class B, 144a, 4.167%, 5/25/45^(B)(C)		1,062,447
	3,000,000	FREMF Mortgage Trust, Ser 2012-K23,
		Class B, 144a, 3.782%, 10/25/45^(B)(C)		3,105,279
	1,300,000	FREMF Mortgage Trust, Ser 2013-K30,
		Class B, 144a, 3.669%, 6/25/45^(B)(C)		1,356,338
	1,528,000	FREMF Mortgage Trust, Ser 2014-K716,
		Class B, 144a, 4.079%, 8/25/47^(B)(C)		1,570,692
	1,685,747	FRESB Mortgage Trust, Ser 2015-SB9,
		Class A5, (1M LIBOR +0.700%),
		2.523%, 11/25/35^(B)		1,690,699
	1,086,742	FRESB Mortgage Trust, Ser 2016-SB17,
		Class A5H, 2.160%, 5/25/36^(B)(C)		1,086,468
	2,049,452	FRESB Mortgage Trust, Ser 2017-SB27,
		Class A10F, 3.090%, 1/25/27^(B)(C)		2,147,447
	2,888,081	FRESB Mortgage Trust, Ser 2018-SB46,
		Class A10F, 3.300%, 12/25/27^(B)(C)		3,069,795
	2,600,000	GNMA, Ser 2011-142, Class B,
		3.485%, 2/16/44^(B)(C)		2,650,290
	2,401,988	GNMA, Ser 2012-1, Class C,
		3.310%, 11/16/49		2,439,692
	2,975,000	GNMA, Ser 2012-46, Class C,
		3.176%, 5/16/50^(B)(C)		3,061,020
	1,428,063	GNMA, Ser 2012-53, Class AC,
		2.381%, 12/16/43		1,423,793
	919,266	GNMA, Ser 2013-40, Class AC,
		1.584%, 1/16/46		905,052
	2,540,000	GNMA, Ser 2015-32, Class HG,
		3.000%, 9/16/49^(B)(C)		2,605,917
	3,084,198	GNMA, Ser 2015-37, Class AD,
		2.600%, 11/16/55		3,109,668
	3,512,000	GNMA, Ser 2015-73, Class B,
		2.700%, 10/16/55^(B)(C)		3,553,604
	2,544,639	GNMA, Ser 2017-46, Class AB,
		2.600%, 1/16/52		2,561,092
	1,740,324	GNMA, Ser 2017-H11, Class FV, (1M
		LIBOR +0.500%), 2.729%, 5/20/67^(B)		1,741,182
		Total Agency Collateralized
		Mortgage Obligations	$	45,184,645

		U.S. Government Mortgage-Backed
		Obligations — 12.3%
	1,462,694	FHLMC, Pool #W30008,
		7.645%, 5/1/25		1,656,984
	193,448	FNMA, Pool #465711, 4.680%, 8/1/28		221,475
	1,451,502	FNMA, Pool #469616, 3.500%, 11/1/21		1,490,137
	102,473	FNMA, Pool #874210, 5.260%, 1/1/25		107,616
	758,628	FNMA, Pool #888829, 5.900%, 6/1/37		898,047
	309,814	FNMA, Pool #AD0786, 4.501%, 1/1/20		309,521
	117,604	FNMA, Pool #AD0910, 4.596%, 4/1/20		118,787

Touchstone Impact Bond Fund(Continued)

Principal			Market
Amount			Value
		U.S. Government Mortgage-Backed
		Obligations — 12.3% (Continued)
$	30,220	FNMA, Pool #AE0209, 4.380%, 6/1/20	$	30,597
	175,825	FNMA, Pool #AE0446, 4.041%, 9/1/20		178,337
	1,430,490	FNMA, Pool #AH8854, 4.500%, 4/1/41		1,549,948
	1,679,849	FNMA, Pool #AM0157, 2.680%, 2/1/22		1,704,598
	3,359,000	FNMA, Pool #AN3613, 2.680%, 12/1/26		3,440,732
	2,934,990	FNMA, Pool #AN5183, 3.250%, 4/1/27		3,136,680
	4,063,663	FNMA, Pool #AS8650, 3.000%, 1/1/47		4,162,382
	639,543	FNMA, Pool #AT0924, 2.000%, 3/1/28		636,381
	1,625,942	FNMA, Pool #BC0153, 4.000%, 1/1/46		1,713,965
	4,152,094	FNMA, Pool #BE3695, 3.500%, 6/1/47		4,295,827
	3,097,100	FNMA, Pool #MA3564, 4.500%, 1/1/49		3,255,633
	4,560,856	FNMA, Pool #MA3592, 4.000%, 2/1/49		4,726,324
	4,693,692	FNMA, Pool #MA3593, 4.500%, 2/1/49		4,935,406
		Total U.S. Government
		Mortgage-Backed Obligations	$	38,569,377

		Municipal Bonds — 5.7%

		California — 1.7%
	654,432	California HFA Residential Mortgage
		Revenue, Ser A, 2.900%, 2/1/42		649,242
	1,465,000	City of San Francisco Public Utilities
		Commission Water Revenue, Build
		America Bonds, 6.950%, 11/1/50		2,388,609
	1,710,000	East Bay Municipal Utility District
		Water System Revenue, Build
		America Bonds Sub, 5.874%, 6/1/40		2,414,383
				5,452,234

		Florida — 0.3%
	960,571	Florida State HFC Revenue,
		Homeownership Mortgage Special
		Project, 2.800%, 7/1/41		964,749

		Louisiana — 0.5%
	1,538,084	Louisiana State Housing Corp.,
		Revenue, 2.875%, 11/1/38		1,538,622

		Missouri — 0.2%
	620,000	Missouri State Housing Development
		Commission, Special
		Homeownership Loan Program, Ser
		C, 2.650%, 11/1/40		619,678

		New York — 0.6%
	1,400,000	Port Authority of New York and New
		Jersey, Cons One Hundred
		Sixty-Eight, 4.926%, 10/1/51		1,892,758

		Ohio — 0.5%
	1,505,000	Ohio State HFA, Revenue, Ser 1,
		2.650%, 11/1/41		1,504,142

		Texas — 1.0%
	1,770,000	Dallas Area Rapid Transit, Revenue,
		Build America Bonds, Ser B,
		5.999%, 12/1/44		2,595,776
	565,000	Texas State Department of Housing &
		Community Affairs, Revenue, Ser A,
		2.800%, 3/1/36		564,734
				3,160,510

		Virginia — 0.3%
	869,265	Virginia State Housing Development
		Authority, Pass Thru Ser B,
		2.750%, 4/25/42		873,237

		Washington — 0.6%
	1,515,000	State of Washington, Build America
		Bonds, Ser D, UTGO, 5.481%, 8/1/39		2,027,646
		Total Municipal Bonds	$	18,033,576

		U.S. Treasury Obligations — 4.2%
	1,000,000	U.S. Treasury Note, 3.125%, 11/15/28		1,122,656
	10,429,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/43^(D)		6,302,621
	5,379,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/45^(D)		3,098,795
	4,862,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/48^(D)		2,618,093
		Total U.S. Treasury Obligations	$	13,142,165

		Asset-Backed Securities — 1.6%
	1,224,104	321 Henderson Receivables I LLC, Ser
		2012-1A, Class A, 144a,
		4.210%, 2/16/65		1,354,686
	1,096,636	321 Henderson Receivables I LLC, Ser
		2012-2A, Class A, 144a,
		3.840%, 10/15/59		1,196,061
	1,400,243	321 Henderson Receivables I LLC, Ser
		2015-2A, Class A, 144a,
		3.870%, 3/15/58		1,556,386
	762,807	JCP&L Transition Funding II LLC, Ser
		2006-A, Class A4, 5.610%, 6/5/23		783,522
		Total Asset-Backed Securities	$	4,890,655

		Commercial Mortgage-Backed Security — 0.1%
	426,224	CD Commercial Mortgage Trust, Ser
		2006-CD3, Class AJ,
		5.688%, 10/15/48	$	214,086


	Shares

		Short-Term Investment Fund — 4.3%
	13,628,913	Dreyfus Government Cash
		Management, Institutional Shares,
		1.85%^∞Ω	$	13,628,913

Touchstone Impact Bond Fund(Continued)

	Market
	Value
Total Investment Securities — 99.2%
(Cost $300,313,024)	$	311,813,980

Other Assets in Excess of
Liabilities — 0.8%		2,424,095

Net Assets — 100.0%	$	314,238,075

^(A)

Perpetual Bond - A bond with no definite maturity date.

^(B)

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

^(C)

^(D)

Strip Security -Separate trading of Registered Interest and Principal. Holders of a principal strip security are entitled to the portion of the payment representing principal only.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FREMF - Freddie Mac Multifamily Securitization

FRESB - Freddie Mac Multifamily Securitization Small Balance Loan

GNMA - Government National Mortgage Association

HFA - Housing Finance Authority/Agency

HFC - Housing Finance Corporation

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

MTN - Medium Term Note

REIT - Real Estate Investment Trust

UTGO - Unlimited Tax General Obligation

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities were valued at $16,739,456 or 5.3% 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
Corporate Bonds	$	—	$	96,294,261	$	—	$	96,294,261
U.S. Government Agency Obligations		—		81,856,302		—		81,856,302
Agency Collateralized Mortgage Obligations		—		45,184,645		—		45,184,645
U.S. Government Mortgage-Backed Obligations		—		38,569,377		—		38,569,377
Municipal Bonds		—		18,033,576		—		18,033,576
U.S. Treasury Obligations		—		13,142,165		—		13,142,165
Asset-Backed Securities		—		4,890,655		—		4,890,655
Commercial Mortgage-Backed Security		—		214,086		—		214,086
Short-Term Investment Fund		13,628,913		—		—		13,628,913
Total	$	13,628,913	$	298,185,067	$	—	$	311,813,980

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International ESG Equity Fund – September 30, 2019

			Market
	Shares		Value
Common Stocks — 95.2%

Japan — 18.9%

Communication Services — 3.4%
KDDI Corp.		48,500	$	1,265,498

Consumer Discretionary — 4.2%
Sony Corp.		26,900		1,590,010

Industrials — 5.6%
Amada Holdings Co. Ltd.		59,300		642,604
Kinden Corp.		35,400		526,435
Mitsubishi Electric Corp.		70,100		935,145

Information Technology — 2.7%
Kyocera Corp.		16,200		1,010,080

Materials — 1.9%
Toray Industries, Inc.		97,000		722,402

Utilities — 1.1%
Tokyo Gas Co. Ltd.		16,200		409,745
Total Japan				7,101,919

France — 11.1%

Energy — 4.2%
TOTAL SA ADR		30,360		1,578,720

Industrials — 5.9%
Cie de Saint-Gobain		27,680		1,084,854
Schneider Electric SE		12,856		1,124,156

Utilities — 1.0%
Rubis SCA		6,630		385,084
Total France				4,172,814

United Kingdom — 10.9%

Consumer Staples — 5.6%
Reckitt Benckiser Group PLC		15,156		1,183,372
Unilever PLC ADR		15,148		910,395

Financials — 5.3%
Lloyds Banking Group PLC		1,868,779		1,238,852
Prudential PLC		41,803		757,522
Total United Kingdom				4,090,141

Germany — 10.8%

Consumer Discretionary — 2.3%
Continental AG		6,846		878,254

Industrials — 1.8%
KION Group AG		13,207		694,543

Materials — 2.8%
HeidelbergCement AG		14,392		1,039,822
Real Estate — 3.9%
Vonovia SE		28,758		1,459,043
Total Germany				4,071,662

Switzerland — 7.5%

Health Care — 5.3%
Alcon, Inc.*		12,021		701,183
Novartis AG		14,743		1,279,501

Industrials — 2.2%
ABB Ltd. ADR†		41,965		825,451
Total Switzerland				2,806,135

Sweden — 5.6%

Financials — 2.3%
Swedbank AB - Class A		59,780		860,934

Industrials — 3.3%
Alfa Laval AB		28,246		557,127
Epiroc AB - Class A		63,985		692,967
Total Sweden				2,111,028

China — 5.4%

Communication Services — 3.5%
Tencent Holdings Ltd.		31,200		1,305,031

Consumer Discretionary — 1.9%
Shenzhou International Group Holdings Ltd.		54,100		705,751
Total China				2,010,782

Netherlands — 5.0%

Financials — 5.0%
ABN AMRO Group NV, 144a		42,781		754,226
ING Groep NV		106,327		1,110,769
Total Netherlands				1,864,995

Taiwan — 3.5%

Information Technology — 3.5%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		28,462		1,322,914

United States — 2.7%

Consumer Discretionary — 2.7%
Royal Caribbean Cruises Ltd.		9,191		995,661

Canada — 2.2%

Financials — 2.2%
Intact Financial Corp.		8,302		835,558

Hong Kong — 1.8%

Financials — 1.8%
AIA Group Ltd.		70,000		660,173

Touchstone International ESG Equity Fund (Continued)

			Market
	Shares		Value
Common Stocks — 95.2% (Continued)

India — 1.7%

Financials — 1.7%
ICICI Bank Ltd. ADR		53,927	$	656,831

Denmark — 1.5%

Materials — 1.5%
Novozymes A/S - Class B		13,799		580,401

Australia — 1.5%

Consumer Staples — 1.5%
Treasury Wine Estates Ltd.		45,684		573,420

South Korea — 1.5%

Communication Services — 1.5%
KT Corp. ADR		48,918		553,263

Indonesia — 1.4%

Financials — 1.4%
Bank Rakyat Indonesia Persero Tbk PT		1,827,600		530,671

Mexico — 1.3%

Materials — 1.3%
Cemex SAB de CV ADR		123,522		484,206

Brazil — 0.9%

Financials — 0.9%
Itau Unibanco Holding SA ADR		41,183		346,349
Total Common Stocks			$	35,768,923

Exchange-Traded Fund — 2.8%

United States — 2.8%
iShares MSCI South Korea ETF		18,642	$	1,050,290

Short-Term Investment Funds — 4.2%
Dreyfus Government CashManagement, Institutional Shares, 1.85%^∞Ω		769,772		769,772
Invesco Government & AgencyPortfolio, Institutional Class, 1.83%**^∞Ω		828,520		828,520
Total Short-Term Investment Funds			$	1,598,292

Total Investment Securities —102.2%
(Cost $37,044,190)			$	38,417,505

Liabilities in Excess of Other Assets — (2.2%)				(837,051	)

Net Assets — 100.0%			$	37,580,454

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $814,849.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

PLC - Public Limited Company

144A - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities were valued at $754,226 or 2.0% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone International ESG Equity Fund (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Japan	$	—	$	7,101,919	$	—	$	7,101,919
France		1,578,720		2,594,094		—		4,172,814
United Kingdom		910,395		3,179,746		—		4,090,141
Germany		878,254		3,193,408		—		4,071,662
Switzerland		825,451		1,980,684		—		2,806,135
Sweden		—		2,111,028		—		2,111,028
China		—		2,010,782		—		2,010,782
Netherlands		754,226		1,110,769		—		1,864,995
Taiwan		1,322,914		—		—		1,322,914
United States		995,661		—		—		995,661
Canada		835,558		—		—		835,558
Hong Kong		—		660,173		—		660,173
India		656,831		—		—		656,831
Denmark		—		580,401		—		580,401
Australia		—		573,420		—		573,420
South Korea		553,263		—		—		553,263
Indonesia		—		530,671		—		530,671
Mexico		484,206		—		—		484,206
Brazil		346,349		—		—		346,349
Exchange-Traded Fund		1,050,290		—		—		1,050,290
Short-Term Investment Funds		1,598,292		—		—		1,598,292
Total	$	12,790,410	$	25,627,095	$	—	$	38,417,505

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Mid Cap Fund – September 30, 2019

			Market
	Shares		Value
Common Stocks — 97.6%

Industrials — 24.5%
Allison Transmission Holdings, Inc.		693,013	$	32,606,262
Armstrong World Industries, Inc.		766,081		74,080,033
Cintas Corp.		255,753		68,567,379
Copart, Inc.^*		745,858		59,914,773
HD Supply Holdings, Inc.^*		1,232,924		48,299,798
Old Dominion Freight Line, Inc.		455,108		77,354,707
Sensata Technologies Holding PLC^*		756,338		37,862,280
				398,685,232

Information Technology — 18.5%
Amphenol Corp. - Class A		629,291		60,726,581
CDK Global, Inc.		608,487		29,262,140
Citrix Systems, Inc.		635,036		61,293,675
Entegris, Inc.		1,477,510		69,531,621
Paychex, Inc.		419,278		34,703,640
Skyworks Solutions, Inc.		584,337		46,308,707
				301,826,364

Financials — 14.4%
Alleghany Corp.^*		89,074		71,059,674
M&T Bank Corp.		412,829		65,214,597
Moelis & Co. - Class A		1,381,892		45,395,152
T Rowe Price Group, Inc.		468,986		53,581,650
				235,251,073

Materials — 11.9%
AXAlta Coating Systems Ltd.^*		1,270,877		38,316,942
Ball Corp.		386,350		28,130,143
NewMarket Corp.		114,602		54,102,458
Vulcan Materials Co.		479,655		72,543,022
				193,092,565

Consumer Discretionary — 11.6%
CarMax, Inc.^*		673,743		59,289,384
Dollar Tree, Inc.^*		379,228		43,292,669
Hasbro, Inc.		432,487		51,331,882
Penske Automotive Group, Inc.		756,639		35,773,892
				189,687,827

Consumer Staples — 8.1%
Brown-Forman Corp. - Class B		811,951		50,974,284
Lamb Weston Holdings, Inc.		509,866		37,077,456
Post Holdings, Inc.^*		413,740		43,790,242
				131,841,982

Real Estate — 3.6%
STORE Capital Corp. REIT		1,558,209		58,292,599

Health Care — 2.5%
Perrigo Co. PLC (Ireland)		724,442		40,489,063

Communication Services — 2.5%
Fox Corp. - Class A		1,280,655		40,385,455
Total Common Stocks			$	1,589,552,160

Short-Term Investment Fund — 2.3%
Dreyfus Government Cash Management, Institutional Shares,1.85%^∞Ω		37,813,485	$	37,813,485

Total Investment Securities —99.9%
(Cost $1,306,840,382)			$	1,627,365,645

Other Assets in Excess of Liabilities — 0.1%				2,338,499

Net Assets — 100.0%			$	1,629,704,144

Non-income producing security.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,589,552,160	$	—	$	—	$	1,589,552,160
Short-Term Investment Fund		37,813,485		—		—		37,813,485
Total	$	1,627,365,645	$	—	$	—	$	1,627,365,645

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Mid Cap Value Fund– September 30, 2019

			Market
	Shares		Value
Common Stocks — 96.6%

Financials — 13.6%
Allstate Corp. (The)		126,529	$	13,751,172
Ameriprise Financial, Inc.		93,799		13,797,833
Hartford Financial Services Group, Inc. (The)		213,738		12,954,660
M&T Bank Corp.		43,934		6,940,254
PacWest Bancorp		225,600		8,198,304
Pinnacle Financial Partners, Inc.		189,355		10,745,896
Reinsurance Group of America, Inc.		81,058		12,959,553
Signature Bank		98,192		11,706,450
Sterling Bancorp.		586,956		11,774,337
				102,828,459

Utilities — 11.3%
DTE Energy Co.		103,684		13,785,825
Edison International		123,234		9,294,308
Entergy Corp.		131,582		15,442,464
Evergy, Inc.		310,612		20,674,335
NiSource, Inc.		548,733		16,418,091
Pinnacle West Capital Corp.		101,707		9,872,698
				85,487,721

Consumer Discretionary — 10.8%
Aramark		220,745		9,620,067
BorgWarner, Inc.		202,315		7,420,914
Carter’s, Inc.		96,215		8,775,770
Dollar General Corp.		67,658		10,753,563
Dollar Tree, Inc.^*		106,979		12,212,723
LKQ Corp.^*		624,080		19,627,316
Michaels Cos., Inc. (The)^*†		356,084		3,486,062
Newell Brands, Inc.		500,626		9,371,719
				81,268,134

Real Estate — 10.5%
AGNC Investment Corp.		596,621		9,599,632
Alexandria Real Estate Equities, Inc., REIT		99,730		15,362,409
American Campus Communities, Inc., REIT		263,603		12,674,032
Brixmor Property Group, Inc., REIT		501,724		10,179,980
Equinix, Inc., REIT		20,649		11,910,343
Host Hotels & Resorts, Inc., REIT		465,039		8,040,524
Mid-America Apartment Communities, Inc., REIT		89,845		11,680,748
				79,447,668

Consumer Staples — 10.4%
Constellation Brands, Inc. - Class A		47,229		9,789,627
Darling Ingredients, Inc.^*		746,655		14,283,510
Hain Celestial Group, Inc. (The)^*		436,609		9,376,178
Ingredion, Inc.		74,248		6,069,032
Kroger Co. (The)		430,356		11,094,578
TreeHouse Foods, Inc.^*		321,376		17,820,299
Tyson Foods, Inc. - Class A		120,379		10,369,447
				78,802,671

Information Technology — 10.0%
Conduent, Inc.^*		844,408		5,252,218
Fidelity National Information Services, Inc.		84,868		11,267,076
Leidos Holdings, Inc.		183,424		15,752,453
MACOM Technology Solutions Holdings, Inc.^*		736,985		15,841,493
PTC, Inc.^*		113,789		7,758,134
Qorvo, Inc.^*		121,697		9,022,616
Synopsys, Inc.^*		78,642		10,793,615
				75,687,605

Materials — 9.8%
Allegheny Technologies, Inc.^*		270,193		5,471,408
Berry Global Group, Inc.^*		238,780		9,376,891
FMC Corp.		145,641		12,769,803
Livent Corp.^*		1,007,125		6,737,666
Olin Corp.		327,307		6,127,187
RPM International, Inc.		185,840		12,787,650
Scotts Miracle-Gro Co. (The)		81,937		8,342,825
Valvoline, Inc.		568,064		12,514,450
				74,127,880

Industrials — 8.8%
Aercap Holdings N.V. (Ireland)^*		215,276		11,786,361
Clean Harbors, Inc.^*		153,549		11,853,983
Dover Corp.		75,786		7,545,254
Parker-Hannifin Corp.		39,760		7,181,054
Regal-Beloit Corp.		148,716		10,833,961
Snap-on, Inc.		63,484		9,937,785
Stericycle, Inc.^*		151,352		7,708,357
				66,846,755

Health Care — 8.5%
AmerisourceBergen Corp.		60,629		4,991,586
Centene Corp.^*		240,296		10,395,205
Charles River LaboratoriesInternational, Inc.^*		52,501		6,949,557
DENTSPLY SIRONA, Inc.		230,213		12,272,655
Encompass Health Corp.		202,315		12,802,493
Patterson Cos., Inc.		256,573		4,572,131
Quest Diagnostics, Inc.		115,766		12,390,435
				64,374,062

Energy — 2.9%
Cimarex Energy Co.		138,392		6,634,512
Diamondback Energy, Inc.		110,494		9,934,516
EQT Corp.		253,498		2,697,219
Equitrans Midstream Corp.		156,185		2,272,492
				21,538,739
Total Common Stocks			$	730,409,694

Exchange-Traded Fund — 1.0%
iShares Russell Mid-Cap Value ETF		83,474	$	7,487,618

Touchstone Mid Cap Value Fund(Continued)

			Market
	Shares		Value
Short-Term Investment Funds — 2.4%
Dreyfus Government Cash Management, Institutional Shares, 1.85%^∞Ω		18,016,347	$	18,016,347
Invesco Government & AgencyPortfolio, Institutional Class, 1.83%**^∞Ω		32,670		32,670
Total Short-Term Investment Funds			$	18,049,017

Total Investment Securities —100.0%
(Cost $664,861,458)			$	755,946,329

Liabilities in Excess of Other Assets — 0.0%				(97,198	)

Net Assets — 100.0%			$	755,849,131

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $32,307

^∞ Open-End Fund.

^Ω

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

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	730,409,694	$	—	$	—	$	730,409,694
Exchange-Traded Fund		7,487,618		—		—		7,487,618
Short-Term Investment Funds		18,049,017		—		—		18,049,017
Total	$	755,946,329	$	—	$	—	$	755,946,329

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Sands Capital Select Growth Fund – September 30, 2019

			Market
	Shares		Value
Common Stocks — 96.0%

Information Technology — 36.2%
Adobe, Inc.*		256,460	$	70,847,075
Atlassian Corp. PLC (Australia) - Class A*		177,694		22,289,935
Intuit, Inc.		155,885		41,456,057
Microsoft Corp.		327,490		45,530,935
Palo Alto Networks, Inc.*		71,557		14,585,463
salesforce.com, Inc.*		446,975		66,348,969
ServiceNow, Inc.*		479,209		121,647,205
Texas Instruments, Inc.		215,712		27,878,619
Twilio, Inc. - Class A*		200,868		22,087,445
Visa, Inc. - Class A		865,476		148,870,527
Workday, Inc. - Class A*		172,666		29,346,313
				610,888,543

Communication Services — 20.5%
Activision Blizzard, Inc.		553,218		29,276,297
Alphabet, Inc. - Class A*		76,966		93,986,261
Alphabet, Inc. - Class C*		5,141		6,266,879
Facebook, Inc. - Class A*		375,563		66,880,259
Match Group, Inc.†		936,298		66,889,129
Netflix, Inc.*		307,449		82,279,501
				345,578,326

Health Care — 16.3%
ABIOMED, Inc.*		97,667		17,373,983
Align Technology, Inc.*		163,236		29,532,657
BioMarin Pharmaceutical, Inc.*		331,482		22,341,887
Edwards Lifesciences Corp.*		372,096		81,827,631
Illumina, Inc.*		199,740		60,764,903
Mirati Therapeutics, Inc.*		128,863		10,039,716
Sarepta Therapeutics, Inc.*		186,455		14,043,791
Zoetis, Inc.		315,838		39,350,256
				275,274,824

Consumer Discretionary — 14.6%
Alibaba Group Holding Ltd.
(China) ADR*		421,222		70,440,955
Amazon.com, Inc.*		77,684		134,852,432
Floor & Decor Holdings, Inc. - Class A*		817,817		41,831,340
				247,124,727

Industrials — 4.9%
CoStar Group, Inc.*		140,588		83,396,802

Consumer Staples — 3.5%
Monster Beverage Corp.*		1,016,486		59,017,177
Total Common Stocks			$	1,621,280,399

Short-Term Investment Funds — 8.1%
Dreyfus Government Cash
Management, Institutional Shares,1.85%^∞Ω		69,944,632		69,944,632
Invesco Government & Agency
Portfolio, Institutional Class,1.83%**^∞Ω		65,735,696		65,735,696
Total Short-Term Investment Funds			$	135,680,328

Total Investment Securities —104.1%
(Cost $958,721,129)			$	1,756,960,727

Liabilities in Excess of Other Assets — (4.1%)				(68,607,398	)

Net Assets — 100.0%			$	1,688,353,329

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $63,544,666.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

Other Information:

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,621,280,399	$	—	$	—	$	1,621,280,399
Short-Term Investment Funds		135,680,328		—		—		135,680,328
Total	$	1,756,960,727	$	—	$	—	$	1,756,960,727

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Small Cap Fund– September 30, 2019

			Market
	Shares		Value
Common Stocks — 97.0%

Industrials — 25.1%
Armstrong World Industries, Inc.		34,428	$	3,329,188
GATX Corp.		38,264		2,966,608
Kaman Corp.		48,925		2,909,080
Landstar System, Inc.		38,970		4,387,243
Masonite International Corp.*		33,814		1,961,212
Matson, Inc.		46,544		1,745,865
UniFirst Corp.		12,173		2,375,196
				19,674,392

Consumer Discretionary — 15.2%
Churchill Downs, Inc.		28,577		3,527,974
LCI Industries		16,665		1,530,680
Penske Automotive Group, Inc.		61,823		2,922,991
Sturm Ruger & Co., Inc.		34,725		1,450,116
Tempur Sealy International, Inc.*		32,615		2,517,878
				11,949,639

Financials — 14.6%
Atlantic Union Bankshares Corp.		70,309		2,618,659
Eaton Vance Corp.		44,740		2,010,168
MBIA, Inc.*		140,326		1,295,209
Moelis & Co. - Class A		70,443		2,314,053
White Mountains Insurance Group Ltd.		2,992		3,231,360
				11,469,449

Materials — 13.6%
GCP Applied Technologies, Inc.*		98,437		1,894,912
Ingevity Corp.*		38,355		3,254,038
NewMarket Corp.		9,985		4,713,819
Tredegar Corp.		41,706		814,101
				10,676,870

Real Estate — 9.3%
Alexander & Baldwin, Inc. REIT		121,559		2,979,411
First Industrial Realty Trust, Inc. REIT		94,925		3,755,233
Tejon Ranch Co.*		32,210		546,604
				7,281,248

Information Technology — 7.4%
Entegris, Inc.		62,694		2,950,380
Versum Materials, Inc.		54,103		2,863,672
				5,814,052

Consumer Staples — 4.5%
Energizer Holdings, Inc.		33,928		1,478,582
PriceSmart, Inc.		29,052		2,065,597
				3,544,179

Energy — 2.8%
Dril-Quip, Inc.*		43,090		2,162,256

Communication Services — 2.4%
MSG Networks, Inc., Class A*†		118,325		1,919,231

Health Care — 2.1%
Bruker Corp.		37,998		1,669,252
Total Common Stocks				76,160,568

Short-Term Investment Funds — 5.3%
Dreyfus Government Cash
Management, Institutional Shares,1.85%^∞Ω		2,716,769		2,716,769
Invesco Government & Agency
Portfolio, Institutional Class,1.83%**^∞Ω		1,471,270		1,471,270
Total Short-Term Investment Funds			$	4,188,039
Total Investment Securities —102.3%
(Cost $57,919,742)			$	80,348,607

Liabilities in Excess of Other Assets — (2.3%)				(1,843,107	)

Net Assets — 100.0%			$	78,505,500

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $1,428,982.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviation:

REIT - Real Estate Investment Trust

Other Information:

Valuation inputs at Reporting Date:

Description		*Level 1*		*Level 2*		*Level 3*		*Total*
Common Stocks	$	76,160,568	$	—	$	—	$	76,160,568
Short-Term Investment Funds		4,188,039		—		—		4,188,039
Total	$	80,348,607	$	—	$	—	$	80,348,607

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Small Cap Value Fund– September 30, 2019

			Market
	Shares		Value
Common Stocks — 97.0%

Industrials — 21.9%
Actuant Corp. - Class A		27,243	$	597,711
Altra Industrial Motion Corp.		25,095		695,006
BWX Technologies, Inc.		23,800		1,361,598
CIRCOR International, Inc.*		17,817		669,028
Clean Harbors, Inc.*		14,799		1,142,483
EMCOR Group, Inc.		8,175		704,031
EnPro Industries, Inc.		14,062		965,356
Generac Holdings, Inc.*		17,178		1,345,725
Hexcel Corp.		9,614		789,598
Huron Consulting Group, Inc.*		22,339		1,370,274
ITT, Inc.		23,020		1,408,594
Kelly Services, Inc. - Class A		25,192		610,150
Korn/Ferry International		24,726		955,413
Masonite International Corp.*		9,753		565,674
Matthews International Corp. - Class A		16,592		587,191
Milacron Holdings Corp.*		85,121		1,418,967
Regal Beloit Corp.		13,190		960,891
SPX FLOW, Inc.*		10,490		413,935
Standex International Corp.		13,786		1,005,551
Team, Inc.*		74,149		1,338,389
TriMas Corp.*		27,462		841,710
				19,747,275

Financials — 19.1%
Banc of California, Inc.		43,909		620,873
Bank of NT Butterfield & Son Ltd. (The)
(Bermuda)		37,381		1,107,973
BankUnited, Inc.		41,793		1,405,081
Blackstone Mortgage Trust, Inc.
- Class A REIT		51,039		1,829,748
Dynex Capital, Inc. REIT		33,055		488,553
Eagle Bancorp, Inc.		11,782		525,713
First Horizon National Corp.		72,132		1,168,538
FNB Corp.		164,732		1,899,360
Hanover Insurance Group, Inc. (The)		4,196		568,726
IBERIABANK Corp.		23,346		1,763,557
MGIC Investment Corp.		69,570		875,191
ProAssurance Corp.		35,945		1,447,505
Sterling Bancorp.		108,376		2,174,023
TCF Financial Corp.		7,908		301,058
Univest Financial Corp.		41,897		1,068,793
				17,244,692

Information Technology — 12.0%
Belden, Inc.		11,615		619,544
CACI International, Inc. - Class A*		8,419		1,946,978
Conduent, Inc.*		104,418		649,480
ExlService Holdings, Inc.*		19,265		1,289,984
MACOM Technology Solutions
Holdings, Inc.*		106,922		2,298,288
ManTech International Corp. - Class A		20,714		1,479,187
Semtech Corp.*		9,911		481,774
Viavi Solutions, Inc.*		108,714		1,522,540
Virtusa Corp.*		14,901		536,734
				10,824,509

Materials — 10.6%
Allegheny Technologies, Inc.*		41,866		847,787
Cabot Corp.		9,058		410,509
HB Fuller Co.		17,203		800,972
Ingevity Corp.*		7,835		664,721
Livent Corp.*		122,425		819,023
Olin Corp.		42,853		802,208
Owens-Illinois, Inc.		51,578		529,706
Sensient Technologies Corp.		20,763		1,425,380
Silgan Holdings, Inc.		24,326		730,632
Valvoline, Inc.		66,945		1,474,798
WR Grace & Co.		16,413		1,095,732
				9,601,468

Consumer Staples — 10.5%
Cal-Maine Foods, Inc.		22,567		901,664
Darling Ingredients, Inc.*		91,424		1,748,941
Hain Celestial Group, Inc. (The)*		53,040		1,139,034
Hostess Brands, Inc.*		87,059		1,217,520
Performance Food Group Co.*		21,275		978,863
Sanderson Farms, Inc.		4,586		693,999
Spectrum Brands Holdings, Inc.		12,160		641,075
TreeHouse Foods, Inc.*		39,157		2,171,256
				9,492,352

Consumer Discretionary — 6.5%
Callaway Golf Co.		45,064		874,692
Carter’s, Inc.		9,986		910,823
Michaels Cos., Inc. (The)*†		37,991		371,932
Murphy USA, Inc.*		25,806		2,201,252
Oxford Industries, Inc.		9,515		682,226
Steven Madden Ltd.		15,875		568,166
Vista Outdoor, Inc.*		42,796		264,907
				5,873,998

Utilities — 5.1%
Black Hills Corp.		11,266		864,440
Hawaiian Electric Industries, Inc.		19,095		870,923
IDACORP, Inc.		9,322		1,050,310
Portland General Electric Co.		31,441		1,772,329
				4,558,002

Real Estate — 4.2%
Americold Realty Trust REIT		25,906		960,335
Columbia Property Trust, Inc. REIT		50,749		1,073,341
Corporate Office Properties Trust REIT		37,822		1,126,339
Lexington Realty Trust REIT		63,061		646,375
				3,806,390

Health Care — 2.6%
Integra LifeSciences Holdings Corp.*		8,257		495,998
Patterson Cos., Inc.		29,044		517,564
Prestige Consumer Healthcare, Inc.*		38,174		1,324,256
				2,337,818

Portfolio of Investments

Touchstone Small Cap Value Fund(Continued)

			Market
	Shares		Value
Common Stocks — 97.0% (Continued)

Communication Services — 2.3%
Cogent Communications Holdings, Inc.		13,385	$	737,514
Nexstar Media Group, Inc. - Class A		12,715		1,300,872
				2,038,386

Energy — 2.2%
Callon Petroleum Co.*†		112,043		486,267
Carrizo Oil & Gas, Inc.*		49,728		426,915
DMC Global, Inc.		10,377		456,380
Select Energy Services, Inc. - Class A*		37,505		324,793
SRC Energy, Inc.*		57,394		267,456
				1,961,811
Total Common Stocks			$	87,486,701

Exchange-Traded Fund — 0.7%
iShares Russell 2000 Value ETF		5,280	$	630,485

Short-Term Investment Funds — 1.7%
Dreyfus Government Cash
Management, Institutional Shares,1.85%^∞Ω		676,511		676,511
Invesco Government & Agency
Portfolio, Institutional Class,1.83%**^∞Ω		899,120		899,120
Total Short-Term Investment Funds			$	1,575,631

Total Investment Securities —99.4%
(Cost $85,154,163)			$	89,692,817

Other Assets in Excess of Liabilities — 0.6%				509,130

Net Assets — 100.0%			$	90,201,947

Non-income producing security.

Represents collateral for securities loaned.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of September 30, 2019 was $849,506.

_∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

Other Information:

Valuation inputs at Reporting Date:

Description		*Level 1*		*Level 2*		*Level 3*		*Total*
Common Stocks	$	87,486,701	$	—	$	—	$	87,486,701
Exchange-Traded Fund		630,485		—		—		630,485
Short-Term Investment Funds		1,575,631		—		—		1,575,631
Total	$	89,692,817	$	—	$	—	$	89,692,817

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Ultra Short Duration Fixed Income Fund – September 30, 2019

Principal			Market
Amount			Value
		Asset-Backed Securities — 39.9%
$	3,169,519	Accredited Mortgage Loan Trust, Ser
		2005-1, Class M1, (1M LIBOR
		+0.705%), 2.723%, 4/25/35^(A)	$	3,172,656
	5,490,000	ALM XVI Ltd./ALM XVI LLC (Cayman
		Islands), Ser 2015-16A, Class AAR2,
		144a, (3M LIBOR +0.900%),
		3.203%, 7/15/27^(A)		5,491,323
	795,196	American Credit Acceptance
		Receivables Trust, Ser 2016-1A,
		Class C, 144a, 5.550%, 6/13/22		795,217
	4,800,000	American Credit Acceptance
		Receivables Trust, Ser 2016-4, Class
		D, 144a, 4.110%, 4/12/23		4,839,348
	3,650,000	American Credit Acceptance
		Receivables Trust, Ser 2017-1, Class
		D, 144a, 3.540%, 3/13/23		3,681,755
	1,100,279	American Credit Acceptance
		Receivables Trust, Ser 2017-4, Class
		C, 144a, 2.940%, 1/10/24		1,102,190
	3,879,856	American Credit Acceptance
		Receivables Trust, Ser 2018-4, Class
		A, 144a, 3.380%, 12/13/21		3,887,203
	2,962,321	AmeriCredit Automobile Receivables
		Trust, Ser 2015-2, Class D,
		3.000%, 6/8/21		2,962,943
	1,816,852	AmeriCredit Automobile Receivables
		Trust, Ser 2015-3, Class C,
		2.730%, 3/8/21		1,817,351
	410,302	Ascentium Equipment Receivables
		Trust, Ser 2017-2A, Class A2, 144a,
		2.000%, 5/11/20		410,236
	3,290,833	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2014-2A, Class A,
		144a, 2.500%, 2/20/21		3,292,057
	7,466,667	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2014-2A, Class B,
		144a, 3.290%, 2/20/21		7,473,496
	1,500,000	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2015-2A, Class C,
		144a, 3.930%, 12/20/21		1,510,283
	2,067,273	Bear Stearns Asset Backed Securities
		Trust, Ser 2005-SD2, Class 1M1, (1M
		LIBOR +0.650%), 2.668%, 3/25/35^(A)		2,066,921
	10,900,000	BSPRT Issuer Ltd. (Cayman Islands), Ser
		2018-FL4, Class A, 144a, (1M LIBOR
		+1.050%), 3.078%, 9/15/35^(A)		10,903,538
	299,724	Carnow Auto Receivables Trust, Ser
		2017-1A, Class A, 144a,
		2.920%, 9/15/22		299,718
	6,000,000	Carvana Auto Receivables Trust, Ser
		2019-3A, Class A2, 144a,
		2.420%, 4/15/22		6,003,737
	41,223	Cazenovia Creek Funding I LLC, Ser
		2015-1A, Class A, 144a,
		2.000%, 12/10/23		41,188
	1,021,377	CCG Receivables Trust, Ser 2017-1,
		Class A2, 144a, 1.840%, 11/14/23		1,019,816
	7,590,000	Cedar Funding II CLO Ltd. (Cayman
		Islands), Ser 2013-1A, Class AFR,
		144a, 3.020%, 6/9/30		7,586,615
	1,070,566	Chrysler Capital Auto Receivables
		Trust, Ser 2015-BA, Class C, 144a,
		3.260%, 4/15/21		1,071,054
	4,750,000	CIFC Funding Ltd. (Cayman Islands),
		Ser 2012-2RA, Class A1, 144a, (3M
		LIBOR +0.800%), 3.078%, 1/20/28^(A)		4,734,387
	2,910,000	CNH Equipment Trust, Ser 2015-C,
		Class B, 2.400%, 2/15/23		2,909,710
	1,458,697	Conn’s Receivables Funding, Ser
		2018-A, Class A, 144a,
		3.250%, 1/15/23		1,463,930
	494,807	CPS Auto Receivables Trust, Ser
		2014-C, Class C, 144a,
		3.770%, 8/17/20		494,870
	3,035,000	CPS Auto Receivables Trust, Ser
		2014-D, Class D, 144a,
		5.330%, 11/16/20		3,047,021
	5,518,567	Credit Acceptance Auto Loan Trust,
		Ser 2016-3A, Class B, 144a,
		2.940%, 10/15/24		5,524,054
	101,449	Dell Equipment Finance Trust, Ser
		2017-1, Class A3, 144a,
		2.140%, 4/22/22		101,433
	1,700,000	Dell Equipment Finance Trust, Ser
		2017-1, Class B, 144a,
		2.520%, 4/22/22		1,699,850
	12,661,600	Domino’s Pizza Master Issuer LLC, Ser
		2017-1A, Class A2I, 144a, (3M LIBOR
		+1.250%), 3.526%, 7/25/47^(A)		12,661,727
	1,594,892	Drive Auto Receivables Trust, Ser
		2015-CA, Class D, 144a,
		4.200%, 9/15/21		1,596,073
	6,303,656	Drive Auto Receivables Trust, Ser
		2016-BA, Class D, 144a,
		4.530%, 8/15/23		6,398,281
	9,695,000	Drive Auto Receivables Trust, Ser
		2017-3, Class D, 144a,
		3.530%, 12/15/23		9,803,939
	2,334,335	Drive Auto Receivables Trust, Ser
		2017-AA, Class C, 144a,
		2.980%, 1/18/22		2,336,677
	12,868,000	Drive Auto Receivables Trust, Ser
		2017-BA, Class E, 144a,
		5.300%, 7/15/24		13,297,834
	4,973,639	DT Auto Owner Trust, Ser 2015-3A,
		Class D, 144a, 4.530%, 10/17/22		4,978,409
	2,812,436	DT Auto Owner Trust, Ser 2016-1A,
		Class D, 144a, 4.660%, 12/15/22		2,826,277
	7,187,473	DT Auto Owner Trust, Ser 2016-3A,
		Class D, 144a, 4.520%, 6/15/23		7,230,781
	5,532,266	DT Auto Owner Trust, Ser 2016-4A,
		Class D, 144a, 3.770%, 10/17/22		5,560,955

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		Asset-Backed Securities — 39.9% (Continued)
$	595,980	DT Auto Owner Trust, Ser 2017-1A,
		Class C, 144a, 2.700%, 11/15/22	$	596,095
	4,030,150	DT Auto Owner Trust, Ser 2019-3A,
		Class A, 144a, 2.550%, 8/15/22		4,033,885
	5,045,847	Elara HGV Timeshare Issuer, Ser
		2016-A, Class A, 144a,
		2.730%, 4/25/28		5,047,933
	337,348	Elara HGV Timeshare Issuer LLC, Ser
		2014-A, Class A, 144a,
		2.530%, 2/25/27		337,161
	809,251	Exeter Automobile Receivables Trust,
		Ser 2015-3A, Class C, 144a,
		4.830%, 8/16/21		811,358
	69,503	Exeter Automobile Receivables Trust,
		Ser 2017-3A, Class A, 144a,
		2.050%, 12/15/21		69,490
	2,750,000	Exeter Automobile Receivables Trust,
		Ser 2018-3A, Class B, 144a,
		3.460%, 10/17/22		2,768,982
	3,487,307	Exeter Automobile Receivables Trust,
		Ser 2019-2A, Class A, 144a,
		2.930%, 7/15/22		3,500,822
	2,745,000	First Investors Auto Owner Trust, Ser
		2015-1A, Class D, 144a,
		3.590%, 1/18/22		2,746,356
	865,952	Flagship Credit Auto Trust, Ser 2015-1,
		Class C, 144a, 3.760%, 6/15/21		867,519
	59,082	Flagship Credit Auto Trust, Ser 2016-3,
		Class B, 144a, 2.430%, 6/15/21		59,083
	4,900,000	Flagship Credit Auto Trust, Ser 2016-3,
		Class C, 144a, 2.720%, 7/15/22		4,908,193
	1,061,207	Flagship Credit Auto Trust, Ser 2016-4,
		Class B, 144a, 2.410%, 10/15/21		1,060,991
	2,573,698	Foursight Capital Automobile
		Receivables Trust, Ser 2018-2, Class
		A2, 144a, 3.320%, 4/15/22		2,584,117
	3,217,875	GLS Auto Receivables Issuer Trust, Ser
		2019-1A, Class A, 144a,
		3.370%, 1/17/23		3,243,197
	5,778,657	GLS Auto Receivables Issuer Trust, Ser
		2019-2A, Class A, 144a,
		3.060%, 4/17/23		5,813,904
	8,617,884	GLS Auto Receivables Issuer Trust, Ser
		2019-3A, Class A, 144a,
		2.580%, 7/17/23		8,618,169
	1,587,019	GLS Auto Receivables Trust, Ser
		2016-1A, Class C, 144a,
		6.900%, 10/15/21		1,616,300
	3,168,338	GLS Auto Receivables Trust, Ser
		2018-1A, Class A, 144a,
		2.820%, 7/15/22		3,177,062
	2,656,925	GLS Auto Receivables Trust, Ser
		2018-2A, Class A, 144a,
		3.250%, 4/18/22		2,663,977
	1,839,252	GLS Auto Receivables Trust, Ser
		2018-3A, Class A, 144a,
		3.350%, 8/15/22		1,847,917
	4,790,000	Grand Avenue CRE, Ser 2019-FL1,
		Class A, 144a, (1M LIBOR +1.120%),
		3.148%, 6/15/37^(A)		4,805,961
	3,487,358	GreatAmerica Leasing Receivables
		Funding LLC, Ser 2016-1, Class A4,
		144a, 1.990%, 4/20/22		3,485,742
	10,111,860	Hardee’s Funding LLC, Ser 2018-1A,
		Class A2I, 144a, 4.250%, 6/20/48		10,257,269
	4,250,000	Hertz Vehicle Financing II LP, Ser
		2015-1A, Class A, 144a,
		2.730%, 3/25/21		4,255,966
	8,150,000	Hertz Vehicle Financing II LP, Ser
		2015-1A, Class B, 144a,
		3.520%, 3/25/21		8,180,430
	6,300,000	Hertz Vehicle Financing II LP, Ser
		2015-3A, Class B, 144a,
		3.710%, 9/25/21		6,350,486
	3,314,000	Hertz Vehicle Financing II LP, Ser
		2016-2A, Class B, 144a,
		3.940%, 3/25/22		3,364,531
	6,420,000	Hertz Vehicle Financing II LP, Ser
		2017-1A, Class B, 144a,
		3.560%, 10/25/21		6,466,152
	3,073,777	Home Equity Asset Trust, Ser 2005-3,
		Class M4, (1M LIBOR +0.640%),
		2.658%, 8/25/35^(A)		3,097,074
	1,768,122	Home Equity Asset Trust, Ser 2005-8,
		Class M1, (1M LIBOR +0.430%),
		2.448%, 2/25/36^(A)		1,773,326
	8,249,640	Jimmy Johns Funding LLC, Ser
		2017-1A, Class A2I, 144a,
		3.610%, 7/30/47		8,311,430
	1,055,165	Mid-State Capital Trust, Ser 2010-1,
		Class M, 144a, 5.250%, 12/15/45		1,101,445
	373,174	Morgan Stanley ABS Capital I, Inc.
		Trust, Ser 2006-NC1, Class A4, (1M
		LIBOR +0.300%),
		2.318%, 12/25/35^(A)		373,485
	2,568,747	New Century Home Equity Loan Trust,
		Ser 2005-B, Class A2D, (1M LIBOR
		+0.400%), 2.418%, 10/25/35^(A)		2,576,180
	15,218,868	OCP CLO Ltd. (Cayman Islands), Ser
		2015-8A, Class A1R, 144a, (3M
		LIBOR +0.850%), 3.153%, 4/17/27^(A)		15,219,005
	9,630,000	OneMain Direct Auto Receivables
		Trust, Ser 2017-2A, Class E, 144a,
		4.740%, 11/14/25		9,785,592
	631,253	OneMain Financial Issuance Trust, Ser
		2015-1A, Class C, 144a,
		5.120%, 3/18/26		633,131

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value

		Asset-Backed Securities — 39.9% (Continued)
	375,623	Orange Lake Timeshare Trust, Ser
		2014-AA, Class A, 144a,
		2.290%, 7/9/29	$	374,298
	3,911,483	Palmer Square Loan Funding Ltd.
		(Cayman Islands), Ser 2018-4A,
		Class A1, 144a, (3M LIBOR +0.900%),
		3.058%, 11/15/26^(A)		3,912,222
	6,782,092	Palmer Square Loan Funding Ltd.
		(Cayman Islands), Ser 2019-1A,
		Class A1, 144a, (3M LIBOR +1.050%),
		3.328%, 4/20/27^(A)		6,783,346
	657,123	RAAC Trust, Ser 2006-RP4, Class A,
		144a, (1M LIBOR +0.290%),
		2.308%, 1/25/46^(A)		657,038
	2,049,125	RAAC Trust, Ser 2006-SP4, Class M1,
		(1M LIBOR +0.340%),
		2.358%, 11/25/36^(A)		2,048,728
	3,927,056	Rockwall CDO II Ltd. (Cayman Islands),
		Ser 2007-1A, Class A3L, 144a, (3M
		LIBOR +1.000%), 3.253%, 8/1/24^(A)		3,927,009
	356,348	Santander Drive Auto Receivables
		Trust, Ser 2015-2, Class D,
		3.020%, 4/15/21		356,476
	526,731	Sierra Timeshare Receivables Funding
		LLC, Ser 2015-1A, Class A, 144a,
		2.400%, 3/22/32		526,560
	2,394,248	Sierra Timeshare Receivables Funding
		LLC, Ser 2016-3A, Class B, 144a,
		2.630%, 10/20/33		2,386,303
	3,186,400	Structured Asset Investment Loan
		Trust, Ser 2005-1, Class M2, 144a,
		(1M LIBOR +0.720%),
		2.738%, 2/25/35^(A)		3,189,207
	4,274,494	Tesla Auto Lease Trust, Ser 2018-B,
		Class A, 144a, 3.710%, 8/20/21		4,343,318
	2,103,134	TLF National Tax Lien Trust, Ser
		2017-1A, Class A, 144a,
		3.090%, 12/15/29		2,103,184
	1,365,862	Towd Point Mortgage Trust, Ser
		2015-4, Class A1B, 144a,
		2.750%, 4/25/55^(A)(B)		1,365,151
	5,707,041	Towd Point Mortgage Trust, Ser
		2017-5, Class A1, 144a, (1M LIBOR
		+0.600%), 2.618%, 2/25/57^(A)		5,685,094
	9,822,082	Towd Point Mortgage Trust, Ser
		2018-SJ1, Class A1, 144a,
		4.000%, 10/25/58^(A)(B)		9,906,203
	7,977,364	Towd Point Mortgage Trust, Ser
		2019-HY1, Class A1, 144a, (1M
		LIBOR +1.000%),
		3.018%, 10/25/48^(A)		8,009,238
	5,500,000	Towd Point Mortgage Trust, Ser
		2019-MH1, Class A1, 144a,
		3.000%, 11/25/58^(A)(B)		5,535,023
	4,592,227	Towd Point Mortgage Trust, Ser
		2019-SJ1, Class A1, 144a,
		3.750%, 11/25/58^(A)(B)		4,630,214
	1,860,000	United Auto Credit Securitization
		Trust, Ser 2018-1, Class D, 144a,
		3.520%, 11/10/22		1,869,179
	1,800,000	United Auto Credit Securitization
		Trust, Ser 2018-2, Class C, 144a,
		3.780%, 5/10/23		1,814,125
	11,568,274	Venture XII CLO Ltd. (Cayman Islands),
		Ser 2012-12A, Class ARR, 144a, (3M
		LIBOR +0.800%), 2.944%, 2/28/26^(A)		11,532,401
	1,035,038	Welk Resorts LLC, Ser 2013-AA, Class
		A, 144a, 3.100%, 3/15/29		1,034,177
	5,566,016	Westlake Automobile Receivables
		Trust, Ser 2016-2A, Class D, 144a,
		4.100%, 6/15/21		5,577,030
	460,622	Westlake Automobile Receivables
		Trust, Ser 2016-3A, Class C, 144a,
		2.460%, 1/18/22		460,637
	9,115,000	Westlake Automobile Receivables
		Trust, Ser 2016-3A, Class D, 144a,
		3.580%, 1/18/22		9,145,535
	2,611,000	Westlake Automobile Receivables
		Trust, Ser 2017-1A, Class D, 144a,
		3.460%, 10/17/22		2,626,756
		Total Asset-Backed Securities	$	402,303,021

		Corporate Bonds — 33.6%

		Financials — 10.8%
	5,000,000	AerCap Ireland Capital DAC / AerCap
		Global Aviation Trust (Ireland),
		4.250%, 7/1/20		5,068,689
	7,000,000	BB&T Corp. MTN, 2.150%, 2/1/21		7,011,512
	2,933,000	Citibank NA, (3M LIBOR +0.350%),
		2.531%, 2/12/21^(A)		2,936,188
	11,500,000	Citibank NA, (3M LIBOR +0.600%),
		2.736%, 5/20/22^(A)		11,518,633
	5,015,000	Citizens Bank NA/Providence RI, (3M
		LIBOR +0.810%), 2.942%, 5/26/22^(A)		5,024,124
	5,000,000	Credit Agricole SA (France), 144a,
		2.750%, 6/10/20		5,018,295
	300,000	Credit Suisse Group Funding
		Guernsey Ltd. (Guernsey), 144a,
		3.125%, 12/10/20		302,813
	8,199,000	Huntington Bancshares, Inc.,
		7.000%, 12/15/20		8,651,480
	1,306,000	Lloyds Bank PLC (United Kingdom)
		MTN, 144a, 5.800%, 1/13/20		1,319,035
	10,000,000	Morgan Stanley, (SOFR +0.830%),
		2.770%, 6/10/22^(A)		10,028,782
	7,200,000	New York Life Global Funding, 144a,
		(3M LIBOR +0.440%),
		2.780%, 7/12/22^(A)		7,219,221
	2,056,000	Reliance Standard Life Global Funding
		II, 144a, 2.500%, 1/15/20		2,057,519
	10,000,000	Royal Bank of Canada (Canada) MTN,
		(3M LIBOR +0.300%),
		2.578%, 7/22/20^(A)		10,020,136
	1,103,000	SBA Tower Trust, 144a, 2.877%, 7/9/21		1,106,726

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 33.6% (Continued)
		Financials—(Continued)
$	1,000,000	SBA Tower Trust, 144a,
		3.156%, 10/8/20	$	1,001,072
	5,825,000	Sparta Agency, Inc.,
		2.250%, 12/1/23^(A)(B)		5,825,000
	4,500,000	SunTrust Bank/Atlanta GA, (3M LIBOR
		+0.590%), 2.714%, 5/17/22^(A)		4,511,304
	10,000,000	Toronto-Dominion Bank (The)
		(Canada) MTN, (3M LIBOR +0.300%),
		2.700%, 7/30/21^(A)(B)		10,000,260
	5,500,000	Wells Fargo Bank NA, (SOFR +0.480%),
		2.330%, 3/25/20^(A)		5,504,950
	4,550,000	Zions Bancorp NA, 3.500%, 8/27/21		4,649,366
				108,775,105

		Consumer Staples — 4.3%
	1,475,000	Conagra Brands, Inc., (3M LIBOR
		+0.750%), 3.028%, 10/22/20^(A)		1,475,302
	3,000,000	Constellation Brands, Inc., (3M LIBOR
		+0.700%), 2.858%, 11/15/21^(A)		3,000,004
	4,600,000	Danone SA (France), 144a,
		1.691%, 10/30/19		4,597,838
	3,925,000	General Mills, Inc., (3M LIBOR
		+0.540%), 2.862%, 4/16/21^(A)		3,933,911
	10,211,000	Grupo Bimbo SAB de CV (Mexico),
		144a, 4.875%, 6/30/20		10,388,033
	6,800,000	Kraft Heinz Foods Co., (3M LIBOR
		+0.570%), 2.751%, 2/10/21^(A)		6,785,301
	4,793,000	Mondelez International, Inc.,
		5.375%, 2/10/20		4,845,607
	1,570,000	Reckitt Benckiser Treasury Services
		PLC (United Kingdom), 144a, (3M
		LIBOR +0.560%), 2.695%, 6/24/22^(A)		1,564,561
	3,200,000	Tyson Foods, Inc., (3M LIBOR
		+0.550%), 2.682%, 6/2/20^(A)		3,202,103
	3,200,000	Woolworths Group Ltd. (Australia),
		144a, 4.000%, 9/22/20		3,244,426
				43,037,086

		Industrials — 3.7%
	9,700,000	Eaton Electric Holdings LLC,
		3.875%, 12/15/20		9,834,718
	3,150,000	Holcim US Finance Sarl & Cie SCS
		(Luxembourg), 144a,
		6.000%, 12/30/19		3,174,905
	7,175,000	Keysight Technologies, Inc.,
		3.300%, 10/30/19		7,176,343
	6,875,000	Martin Marietta Materials, Inc., (3M
		LIBOR +0.650%), 2.800%, 5/22/20^(A)		6,884,440
	2,500,000	Molex Electronic Technologies LLC,
		144a, 2.878%, 4/15/20		2,504,034
	8,156,000	Vulcan Materials Co., (3M LIBOR
		+0.650%), 2.782%, 3/1/21^(A)		8,162,742
				37,737,182

	Consumer Discretionary — 3.5%
10,700,000	American Honda Finance Corp. MTN,
	(3M LIBOR +0.350%),
	2.488%, 6/11/21^(A)	10,719,415
6,300,000	General Motors Co., (3M LIBOR
	+0.800%), 3.009%, 8/7/20^(A)	6,311,739
2,040,000	Harley-Davidson Financial Services,
	Inc., 144a, 2.150%, 2/26/20	2,036,216
3,161,000	Hyundai Capital America, 144a,
	2.750%, 9/18/20	3,167,172
5,360,000	Hyundai Capital America, 144a,
	3.000%, 10/30/20	5,385,437
500,000	Volkswagen Group of America
	Finance LLC, 144a,
	2.450%, 11/20/19	500,010
6,800,000	Volkswagen Group of America
	Finance LLC, 144a,
	3.875%, 11/13/20	6,910,815
		35,030,804

	Utilities — 2.4%
3,000,000	Dominion Energy, Inc.,
	2.579%, 7/1/20	3,006,708
625,000	Duke Energy Florida LLC,
	2.100%, 12/15/19	624,844
1,385,000	Exelon Generation Co. LLC,
	2.950%, 1/15/20	1,386,889
5,000,000	Georgia Power Co.,
	2.000%, 3/30/20	4,994,873
2,500,000	NextEra Energy Capital Holdings, Inc.,
	2.403%, 9/1/21	2,515,425
1,192,000	NextEra Energy Capital Holdings, Inc.,
	(3M LIBOR +0.550%),
	2.694%, 8/28/21^(A)	1,192,353
2,700,000	Public Service Co. of New Hampshire,
	4.050%, 6/1/21	2,762,859
8,207,000	Sempra Energy, (3M LIBOR +0.500%),
	2.803%, 1/15/21^(A)	8,198,115
		24,682,066

	Energy — 2.4%
2,366,000	Enbridge, Inc. (Canada), (3M LIBOR
	+0.700%), 2.819%, 6/15/20^(A)	2,370,191
265,000	Kinder Morgan, Inc., 3.050%, 12/1/19	265,148
10,700,000	MPLX LP, (3M LIBOR +0.900%),
	3.002%, 9/9/21^(A)	10,735,524
5,000,000	Occidental Petroleum Corp., (3M
	LIBOR +1.250%), 3.437%, 8/13/21^(A)	5,029,971
2,460,000	Phillips 66, (3M LIBOR +0.600%),
	2.732%, 2/26/21^(A)	2,460,110
1,250,000	Phillips 66, 144a, (3M LIBOR +0.750%),
	3.053%, 4/15/20^(A)	1,250,425
100,890	Ras Laffan Liquefied Natural Gas Co.
	Ltd. II (Qatar), 144a, 5.298%, 9/30/20	101,899
1,500,000	Spectra Energy Partners LP, (3M LIBOR
	+0.700%), 2.827%, 6/5/20^(A)	1,502,796
		23,716,064

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 33.6% (Continued)

		Information Technology — 1.9%
$	600,000	Fidelity National Information Services,
		Inc., 3.625%, 10/15/20	$	608,000
	9,300,000	Hewlett Packard Enterprise Co., 144a,
		2.100%, 10/4/19		9,299,879
	9,500,000	International Business Machines Corp.,
		(3M LIBOR +0.400%),
		2.576%, 5/13/21^(A)		9,536,972
				19,444,851

		Materials — 1.8%
	5,000,000	Eastman Chemical Co.,
		3.500%, 12/1/21		5,111,663
	6,300,000	Georgia-Pacific LLC, 144a,
		2.539%, 11/15/19		6,301,078
	6,696,000	RPM International, Inc.,
		6.125%, 10/15/19		6,704,593
				18,117,334

		Health Care — 1.5%
	2,100,000	Amgen, Inc., 2.200%, 5/11/20		2,099,455
	2,720,000	Cigna Corp., (3M LIBOR +0.650%),
		2.789%, 9/17/21^(A)		2,720,095
	7,700,000	Dignity Health, 2.637%, 11/1/19		7,700,169
	2,475,000	Zimmer Biomet Holdings, Inc., (3M
		LIBOR +0.750%), 2.914%, 3/19/21^(A)		2,475,043
				14,994,762

		Real Estate — 0.8%
	8,300,000	SL Green Operating Partnership LP,
		(3M LIBOR +0.980%),
		3.148%, 8/16/21^(A)		8,301,392

		Communication Services — 0.5%
	2,040,000	Crown Castle Towers LLC, 144a,
		3.222%, 5/15/22		2,060,995
	3,000,000	Interpublic Group of Cos., Inc. (The),
		3.500%, 10/1/20		3,035,240
				5,096,235
		Total Corporate Bonds	$	338,932,881

		Commercial Mortgage-Backed Securities — 9.8%
	686,968	A10 Term Asset Financing LLC, Ser
		2017-1A, Class A1FL, 144a, (1M
		LIBOR +0.850%), 2.878%, 3/15/36^(A)		687,317
	584,809	AREIT Trust, Ser 2018-CRE1, Class A,
		144a, (1M LIBOR +0.850%),
		2.878%, 2/14/35^(A)		584,626
	4,800,000	Austin Fairmont Hotel Trust, Ser
		2019-FAIR, Class C, 144a, (1M LIBOR
		+1.450%), 3.700%, 9/15/32^(A)		4,800,976
	7,000,000	BXP Trust, Ser 2017-CQHP, Class A,
		144a, (1M LIBOR +0.850%),
		2.878%, 11/15/34^(A)		6,980,258
	2,414,368	CD Mortgage Trust, Ser 2006-CD3,
		Class AM, 5.648%, 10/15/48		2,483,004
	4,000,000	Citigroup Commercial Mortgage Trust,
		Ser 2015-SHP2, Class A, 144a, (1M
		LIBOR +1.280%), 3.308%, 7/15/27^(A)		3,997,486
	2,050,000	Citigroup Commercial Mortgage Trust,
		Ser 2017-1500, Class A, 144a, (1M
		LIBOR +0.850%), 2.878%, 7/15/32^(A)		2,050,629
	68,780,000	Citigroup Commercial Mortgage Trust,
		Ser 2019-SST2, Class XCP, 144a,
		1.783%, 12/15/36^(A)(B)(C)		1,617,417
	3,025,000	CLNS Trust, Ser 2017-IKPR, Class A,
		144a, (1M LIBOR +0.800%),
		2.850%, 6/11/32^(A)		3,017,419
	36,158,600	COMM Mortgage Trust, Ser
		2014-UBS3, Class XA,
		1.249%, 6/10/47^(A)(B)(C)		1,570,476
	6,080,000	CSMC Trust, Ser 2017-PFHP, Class A,
		144a, (1M LIBOR +0.950%),
		2.978%, 12/15/30^(A)		6,072,404
	556,766	DBUBS Mortgage Trust, Ser
		2011-LC2A, Class A1FL, 144a, (1M
		LIBOR +1.350%), 3.389%, 7/12/44^(A)		559,191
	27,372	GS Mortgage Securities Corp. II, Ser
		2015-GC30, Class A1,
		1.439%, 5/10/50		27,355
	118,906,000	GS Mortgage Securities Corp. II, Ser
		2017-SLP, Class XA, 144a,
		1.325%, 10/10/32^(A)(B)(C)		3,772,233
	143,822,000	GS Mortgage Securities Corp. Trust,
		Ser 2017-GPTX, Class XCP, 144a,
		0.911%, 5/10/34^(A)(B)(C)		700,154
	7,737,335	J.P. Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2017-FL11, Class A, 144a, (1M LIBOR
		+0.850%), 2.878%, 10/15/32^(A)		7,727,792
	3,523,538	JP Morgan Chase Commercial
		Mortgage Securities Corp., Ser
		2017-FL10, Class B, 144a, (1M LIBOR
		+1.000%), 3.028%, 6/15/32^(A)		3,509,388
	1,883,000	Merrill Lynch Mortgage Investors
		Trust, Ser 1998-C1, Class E,
		6.750%, 11/15/26^(A)(B)		1,889,549
	7,745,000	Morgan Stanley Capital I Trust, Ser
		2018-BOP, Class A, 144a, (1M LIBOR
		+0.850%), 2.878%, 8/15/33^(A)		7,706,201
	2,124,203	RAIT Trust, Ser 2017-FL7, Class A, 144a,
		(1M LIBOR +0.950%),
		2.978%, 6/15/37^(A)		2,123,136
	7,275,000	Ready Captial Mortgage Financing,
		Ser 2019-FL3, Class A, 144a, (1M
		LIBOR +1.000%), 3.018%, 3/25/34^(A)		7,259,280
	4,385,000	ReadyCap Mortgage Trust, Ser 2016-3,
		Class B, 144a, 3.752%, 11/20/38		4,396,712
	4,638,216	Stonemont Portfolio Trust, Ser
		2017-MONT, Class B, 144a, (1M
		LIBOR +1.100%), 3.144%, 8/20/30^(A)		4,635,286

100

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		Commercial Mortgage-Backed Securities — 9.8% (Continued)
$	1,296,128	Tharaldson Hotel Portfolio Trust, Ser
		2018-THL, Class A, 144a, (1M LIBOR
		+0.750%), 2.792%, 11/11/34^(A)	$	1,295,909
	7,105,214	Tharaldson Hotel Portfolio Trust, Ser
		2018-THL, Class B, 144a, (1M LIBOR
		+1.100%), 3.142%, 11/11/34^(A)		7,105,139
	12,554,951	UBS-Citigroup Commercial Mortgage
		Trust, Ser 2011-C1, Class XA, 144a,
		2.367%, 1/10/45^(A)(B)(C)		415,900
	11,405,000	WFRBS Commercial Mortgage Trust,
		Ser 2012-C7, Class AFL, 144a, (1M
		LIBOR +1.200%), 3.225%, 6/15/45^(A)		11,509,153
		Total Commercial
		Mortgage-Backed Securities	$	98,494,390

		Agency Collateralized Mortgage
		Obligations — 2.9%
	97,589,829	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K504 Class
		X1, 0.250%, 9/25/20^(A)(B)(C)		24,144
	124,423,171	FHLMC Multifamily Structured Pass
		Through Certificates, Ser KAIV Class
		X1, 1.249%, 6/25/21^(A)(B)(C)		1,885,670
	3,946,844	FHLMC Multifamily Structured Pass
		Through Certificates, Ser KI02, Class
		A, (1M LIBOR +0.200%),
		2.289%, 2/25/23^(A)		3,946,025
	8,844	FHLMC REMIC, Ser 2510 Class TA,
		4.000%, 6/15/32		8,860
	269,697	FHLMC REMIC, Ser 2770 Class FH, (1M
		LIBOR +0.400%), 2.428%, 3/15/34^(A)		269,631
	3	FHLMC REMIC, Ser 3414 Class MB,
		4.250%, 12/15/19		3
	495,603	FHLMC REMIC, Ser 3874 Class BD,
		3.000%, 6/15/21		496,836
	2,098,514	FHLMC REMIC, Ser 4238 Class TL,
		1.250%, 8/15/27		2,008,388
	135,456	FNMA REMIC, Ser 2003-119, Class PU,
		4.000%, 11/25/33		139,134
	53,802	FNMA REMIC, Ser 2003-33, Class AM,
		4.250%, 5/25/33		57,188
	43,777	FNMA REMIC, Ser 2003-42, Class CA,
		4.000%, 5/25/33		46,057
	214,824	FNMA REMIC, Ser 2003-81, Class FE,
		(1M LIBOR +0.500%),
		2.518%, 9/25/33^(A)		216,141
	427,071	FNMA REMIC, Ser 2009-32, Class BH,
		5.250%, 5/25/39		452,178
	2,700	FNMA REMIC, Ser 2010-13, Class WD,
		4.250%, 3/25/25		2,711
	1,152,277	FNMA REMIC, Ser 2010-64, Class AD,
		3.000%, 12/25/20		1,150,647
	559,124	FNMA REMIC, Ser 2011-15, Class HC,
		2.500%, 3/25/26		557,550
	49,438	FNMA REMIC, Ser 2011-67, Class DA,
		4.500%, 7/25/21		49,410
	167,212	FNMA REMIC, Ser 2012-102, Class NA,
		1.500%, 9/25/27		164,681
	1,264,024	FNMA REMIC, Ser 2012-47, Class AI,
		3.000%, 5/25/22^(C)		37,438
	142,031	FNMA REMIC Trust, Ser 2001-W4, Class
		AF5, 6.114%, 2/25/32^(A)(B)		169,042
	1,201,117	FNMA REMICS, 5.500%, 10/1/23		1,250,401
	1,335,000	FREMF Mortgage Trust, Ser 2010-K7,
		Class B, 144a, 5.687%, 4/25/20^(A)(B)		1,351,429
	5,660,000	FREMF Mortgage Trust, Ser 2013-K712,
		Class B, 144a, 3.401%, 5/25/45^(A)(B)		5,654,050
	89,514	GNMA, Ser 2002-72, Class AB,
		4.500%, 10/20/32		92,172
	61,588	GNMA, Ser 2011-57, Class BA,
		3.000%, 5/20/40		63,243
	163,222	GNMA, Ser 2012-27, Class A,
		1.614%, 7/16/39		161,216
	5,423,443	GNMA, Ser 2016-40, Class F, (1M LIBOR
		+0.400%), 2.428%, 7/16/57^(A)		5,281,036
	4,200,686	GNMA, Ser 2016-95, Class F, (1M LIBOR
		+0.450%), 2.478%, 1/16/58^(A)		4,105,511
		Total Agency Collateralized
		Mortgage Obligations	$	29,640,792

		Municipal Bonds — 2.5%

		California — 0.3%
	1,720,000	CA St Enterprise Dev Authority, Txbl
		Variable J Harris Indl Wt, (LOC: City
		National Bank), 144a, 2.360%,
		9/1/41^(A)(B)		1,720,000
	1,885,000	CA St Infrastructure & Economic Dev
		Bank, Variable Canyon Plastics Inc
		Project, (LOC: Bank of The West),
		1.650%, 12/1/39^(A)(B)		1,885,000
				3,605,000

		Illinois — 0.4%
	4,200,000	Regional Transportation Authority,
		Txbl Ser A, 3.013%, 5/29/20		4,224,066

		New Jersey — 0.7%
	6,900,000	Taxable Municipal Funding Trust, Txbl
		Muni Fltrs Ser 2019-014, (LOC:
		Barclays Bank PLC), 144a, 2.350%,
		9/1/27^(A)(B)		6,900,000

		Other Territory — 0.7%
	2,000,000	Rib Floater Trust, Txbl Muni Floaters
		Trust Ser 201, (LOC: Barclays Bank
		PLC), 144a, 2.350%, 7/1/22^(A)(B)		2,000,000
	4,700,000	Taxable Municipal Funding Trust, Txbl
		Mun Fltg Rt Nts Ser 2018, (LOC:
		Barclays Bank PLC), 144a, 2.350%,
		7/31/28^(A)(B)		4,700,000
				6,700,000

101

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		Municipal Bonds — 2.5% (Continued)

		Wisconsin — 0.4%
$	4,000,000	Public Finance Authority, Txbl Affinity
		Living Group 5 A, (LOC: Citizens
		Bank of MA), 3.750%, 2/1/22	$	4,020,960
		Total Municipal Bonds	$	25,450,026

		Non-Agency Collateralized Mortgage
		Obligations — 1.6%
	1,852,189	Bear Stearns ARM Trust, Ser 2003-1,
		Class 5A1, 4.209%, 4/25/33^(A)(B)††		1,869,923
	211,167	Bear Stearns ARM Trust, Ser 2004-1,
		Class 13A3, 4.590%, 4/25/34^(A)(B)††		213,972
	168,604	Bear Stearns Asset Backed Securities
		Trust, Ser 2003-AC7, Class A2,
		5.750%, 1/25/34^(A)(B)††		171,677
	35,663	Community Program Loan Trust, Ser
		1987-A, Class A5, 4.500%, 4/1/29		35,609
	1,202,294	CSMC Trust, Ser 2014-WIN2, Class A5,
		144a, 3.000%, 10/25/44^(A)(B)		1,199,824
	2,050,000	CSMC Trust, Ser 2017-CHOP, Class A,
		144a, (1M LIBOR +0.750%),
		2.778%, 7/15/32^(A)		2,046,144
	1,076,000	CSMC Trust, Ser 2017-HD, Class B,
		144a, (1M LIBOR +1.350%),
		3.378%, 2/15/31^(A)		1,074,528
	30,717	FDIC Sale Guaranteed Notes Trust, Ser
		2010-S3, Class A, 144a,
		2.740%, 12/3/20		30,682
	2,621,230	GSR Mortgage Loan Trust, Ser
		2003-13, Class 1A1,
		4.327%, 10/25/33^(A)(B)		2,725,645
	113,304	JP Morgan Mortgage Trust, Ser
		2006-A4, Class 2A2,
		4.339%, 6/25/36^(A)(B)		103,223
	19,487	Merrill Lynch Mortgage Investors
		Trust, Ser 2003-A1, Class 2A, (12M
		LIBOR +1.625%),
		3.586%, 12/25/32^(A)		19,988
	96,629	Merrill Lynch Mortgage Investors
		Trust, Ser 2004-1, Class 1A,
		4.352%, 12/25/34^(A)(B)		97,751
	3,246,000	Morgan Stanley Mortgage Loan Trust,
		Ser 2005-6AR, Class 1M1, (1M LIBOR
		+0.460%), 2.478%, 11/25/35^(A)		3,237,936
	2,465,253	Opteum Mortgage Acceptance Corp.
		Asset Backed Pass-Through
		Certificates, Ser 2005-3, Class A1C,
		(1M LIBOR +0.370%),
		2.388%, 7/25/35^(A)		2,466,840
	573,482	RFMSI Trust, Ser 2007-SA1, Class 1A1,
		3.573%, 2/25/37^(A)(B)		505,782
	105,774	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-G, Class
		A1, 4.761%, 6/25/33^(A)(B)		108,946
	275,026	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-M, Class
		A1, 4.887%, 12/25/33^(A)(B)		285,598
		Total Non-Agency Collateralized
		Mortgage Obligations	$	16,194,068

		U.S. Government Mortgage-Backed
		Obligations — 1.5%
	34,716	FHLMC, Pool #1B1580, (12M LIBOR
		+1.961%), 4.961%, 3/1/34^(A)		36,655
	98,754	FHLMC, Pool #1B2629, (12M LIBOR
		+1.750%), 4.625%, 11/1/34^(A)		103,478
	205,173	FHLMC, Pool #1B7189, (12M LIBOR
		+2.470%), 5.359%, 3/1/36^(A)		219,775
	53,076	FHLMC, Pool #1G1471, (12M LIBOR
		+1.670%), 4.556%, 1/1/37^(A)		55,652
	367,291	FHLMC, Pool #1H1354, (1 Year CMT
		Rate +2.250%), 4.655%, 11/1/36^(A)		388,542
	34,233	FHLMC, Pool #1H2524, (1 Year CMT
		Rate +2.250%), 4.810%, 8/1/35^(A)		36,143
	128,121	FHLMC, Pool #1J1813, (12M LIBOR
		+1.925%), 4.405%, 8/1/37^(A)		135,838
	119,556	FHLMC, Pool #1K1238, (1 Year CMT
		Rate +2.250%), 4.663%, 7/1/36^(A)		126,729
	69,446	FHLMC, Pool #1L0087, (1 Year CMT
		Rate +2.250%), 4.637%, 6/1/35^(A)		73,352
	225,173	FHLMC, Pool #1L0147, (1 Year CMT
		Rate +2.290%), 4.665%, 7/1/35^(A)		237,565
	101,443	FHLMC, Pool #1L1288, (1 Year CMT
		Rate +2.250%), 4.840%, 5/1/36^(A)		106,750
	111,367	FHLMC, Pool #1Q0080, (12M LIBOR
		+1.678%), 4.269%, 1/1/36^(A)		116,677
	270,854	FHLMC, Pool #1Q0119, (12M LIBOR
		+1.845%), 4.387%, 9/1/36^(A)		286,252
	294,690	FHLMC, Pool #1Q0187, (12M LIBOR
		+1.781%), 4.519%, 12/1/36^(A)		309,873
	148,678	FHLMC, Pool #1Q0339, (12M LIBOR
		+1.903%), 4.862%, 4/1/37^(A)		154,644
	65,769	FHLMC, Pool #1Q0669, (12M LIBOR
		+1.736%), 4.571%, 11/1/37^(A)		69,205
	278,420	FHLMC, Pool #1Q1303, (1 Year CMT
		Rate +2.250%), 4.688%, 11/1/36^(A)		294,090
	327,480	FHLMC, Pool #781515, (1 Year CMT
		Rate +2.250%), 4.829%, 4/1/34^(A)		345,921
	151,429	FHLMC, Pool #782760, (1 Year CMT
		Rate +2.250%), 4.532%, 11/1/36^(A)		160,020
	135,667	FHLMC, Pool #847795, (1 Year CMT
		Rate +2.278%), 4.767%, 4/1/35^(A)		143,853
	76,472	FHLMC, Pool #848088, (1 Year CMT
		Rate +2.245%), 4.868%, 4/1/35^(A)		80,705

102

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		U.S. Government Mortgage-Backed
		Obligations — 1.5% (Continued)
$	354,602	FHLMC, Pool #848539, (1 Year CMT
		Rate +2.267%), 4.796%, 4/1/37^(A)	$	374,479
	673,159	FHLMC, Pool #848583, (1 Year CMT
		Rate +2.312%), 4.869%, 1/1/36^(A)		711,342
	10,816	FHLMC, Pool #A92646, 5.500%, 6/1/40		12,218
	11,190	FHLMC, Pool #C03505, 5.500%, 6/1/40		12,541
	41,955	FHLMC, Pool #C66916, 7.000%, 5/1/32		44,557
	1,047	FHLMC, Pool #G00100, 8.000%, 2/1/23		1,110
	34,770	FHLMC, Pool #G01840, 5.000%, 7/1/35		38,425
	61,618	FHLMC, Pool #G11769,
		5.000%, 10/1/20		63,789
	40,919	FHLMC, Pool #G11773,
		5.000%, 10/1/20		42,224
	29,291	FNMA, Pool #175123, 7.450%, 8/1/22		29,539
	2,775	FNMA, Pool #207530, 8.250%, 4/1/22		2,779
	108,965	FNMA, Pool #254868, 5.000%, 9/1/33		120,302
	51,525	FNMA, Pool #256272, 5.500%, 6/1/26		55,709
	81,385	FNMA, Pool #256852, 6.000%, 8/1/27		89,921
	20,173	FNMA, Pool #323832, 7.500%, 7/1/29		23,157
	1,458	FNMA, Pool #334593, 7.000%, 5/1/24		1,546
	49,816	FNMA, Pool #555380, (12M LIBOR
		+1.577%), 4.637%, 4/1/33^(A)		52,374
	27,638	FNMA, Pool #665773, 7.500%, 6/1/31		27,670
	96,038	FNMA, Pool #679742, (1 Year CMT Rate
		+2.581%), 4.978%, 1/1/40^(A)		98,481
	35,898	FNMA, Pool #681842, (1 Year CMT Rate
		+2.125%), 4.875%, 2/1/33^(A)		37,317
	51,207	FNMA, Pool #681898, (1 Year CMT Rate
		+2.125%), 4.744%, 4/1/33^(A)		53,209
	71,337	FNMA, Pool #725245, (1 Year CMT Rate
		+2.267%), 4.821%, 2/1/34^(A)		74,790
	124,576	FNMA, Pool #725424, 5.500%, 4/1/34		140,876
	564,147	FNMA, Pool #725490, (12M LIBOR
		+1.620%), 4.518%, 4/1/34^(A)		589,804
	21,566	FNMA, Pool #735484, 5.000%, 5/1/35		23,805
	76,003	FNMA, Pool #735539, (1 Year CMT Rate
		+2.198%), 4.861%, 4/1/35^(A)		79,939
	32,184	FNMA, Pool #743207, (12M LIBOR
		+1.496%), 4.258%, 10/1/33^(A)		33,240
	39,517	FNMA, Pool #745467, (12M LIBOR
		+1.967%), 4.820%, 4/1/36^(A)		41,729
	22,670	FNMA, Pool #745790, (1 Year CMT Rate
		+2.142%), 4.747%, 8/1/36^(A)		23,760
	54,411	FNMA, Pool #784365, (6M LIBOR
		+1.550%), 4.175%, 5/1/34^(A)		56,201
	102,734	FNMA, Pool #791978, (6M LIBOR
		+1.518%), 4.094%, 9/1/34^(A)		105,561
	14,658	FNMA, Pool #804001, (1 Year CMT Rate
		+2.185%), 4.560%, 10/1/34^(A)		15,260
	29,332	FNMA, Pool #809897, (12M LIBOR
		+1.702%), 4.701%, 3/1/35^(A)		30,512
	128,332	FNMA, Pool #813170, (12M LIBOR
		+1.575%), 4.654%, 1/1/35^(A)		133,965
	469,252	FNMA, Pool #815323, (6M LIBOR
		+1.533%), 4.122%, 1/1/35^(A)		485,039
	117,696	FNMA, Pool #820364, (12M LIBOR
		+0.828%), 3.774%, 4/1/35^(A)		120,273
	195,709	FNMA, Pool #827787, (6M LIBOR
		+1.550%), 4.179%, 5/1/35^(A)		202,229
	31,719	FNMA, Pool #828480, (12M LIBOR
		+1.730%), 4.605%, 6/1/35^(A)		33,419
	59,371	FNMA, Pool #839239, (12M LIBOR
		+1.760%), 4.010%, 9/1/35^(A)		62,311
	57,653	FNMA, Pool #888179, (12M LIBOR
		+1.809%), 4.837%, 2/1/37^(A)		60,788
	32,218	FNMA, Pool #888548, (1 Year CMT Rate
		+2.261%), 4.731%, 5/1/35^(A)		34,014
	65,129	FNMA, Pool #889060, 6.000%, 1/1/38		74,965
	66,346	FNMA, Pool #889061, 6.000%, 1/1/38		76,836
	4,479	FNMA, Pool #889382, 5.500%, 4/1/38		5,054
	213,402	FNMA, Pool #922674, (12M LIBOR
		+1.905%), 4.890%, 4/1/36^(A)		225,256
	74,039	FNMA, Pool #950385, (6M LIBOR
		+0.929%), 3.283%, 8/1/37^(A)		75,049
	36,929	FNMA, Pool #960376, 5.500%, 12/1/37		41,586
	88,739	FNMA, Pool #985670, 6.500%, 10/1/21		90,395
	130,775	FNMA, Pool #AA1150, 4.000%, 4/1/23		135,975
	7,661	FNMA, Pool #AD0941, 5.500%, 4/1/40		8,684
	56,557	FNMA, Pool #AE0363, 5.000%, 7/1/37		62,440
	5,593	FNMA, Pool #AE0727, 4.000%, 10/1/20		5,815
	65,874	FNMA, Pool #AE5441, 5.000%, 10/1/40		72,716
	115,281	FNMA, Pool #AI6588, 4.000%, 7/1/26		120,479
	129,694	FNMA, Pool #AI8506, 4.000%, 8/1/26		135,545
	116,613	FNMA, Pool #AL0211, 5.000%, 4/1/41		128,546
	13,446	FNMA, Pool #AL0302, 5.000%, 4/1/24		13,955
	636,693	FNMA, Pool #AL0478, (12M LIBOR
		+1.789%), 4.632%, 4/1/36^(A)		670,466
	216,819	FNMA, Pool #AL0543, 5.000%, 7/1/41		239,229
	112,435	FNMA, Pool #AL1105, 4.500%, 12/1/40		121,731
	23,818	FNMA, Pool #AL2591, 5.500%, 5/1/38		25,252
	373,446	FNMA, Pool #AL5275, (6M LIBOR
		+1.514%), 4.092%, 9/1/37^(A)		386,197
	1,656,691	FNMA, Pool #AL7396, (6M LIBOR
		+1.534%), 4.153%, 2/1/37^(A)		1,712,060
	5,222	GNMA, Pool #344233, 8.000%, 2/15/23		5,474
	24,526	GNMA, Pool #345123,
		8.000%, 12/15/23		25,864
	2,572	GNMA, Pool #569337, 6.500%, 4/15/22		2,641
	3,620	GNMA, Pool #780322,
		8.000%, 11/15/22		3,744
	363,951	GNMA, Pool #80826, (1 Year CMT Rate
		+1.500%), 4.000%, 2/20/34^(A)		378,796
	144,122	GNMA, Pool #80889, (1 Year CMT Rate
		+1.500%), 3.875%, 4/20/34^(A)		150,224
	286,450	GNMA, Pool #81016, (1 Year CMT Rate
		+1.500%), 3.750%, 8/20/34^(A)		298,624

103

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Principal			Market
Amount			Value
		U.S. Government Mortgage-Backed
		Obligations — 1.5% (Continued)
$	480,150	GNMA, Pool #82760, (1 Year CMT Rate
		+1.500%), 4.000%, 3/20/41^(A)	$	499,913
	206,815	GNMA, Pool #MA2392, (1 Year CMT
		Rate +1.500%), 4.000%, 11/20/44^(A)		214,255
	931,408	GNMA, Pool #MA2466, (1 Year CMT
		Rate +1.500%), 4.000%, 12/20/44^(A)		965,351
		Total U.S. Government
		Mortgage-Backed Obligations	$	14,695,040

		U.S. Government Agency Obligations— 0.7%
	5,000,000	Overseas Private Investment Corp.,
		(3M Treasury Bill + 0.000%),
		2.150%, 7/20/22^(A)		5,000,000
	2,100,000	Overseas Private Investment Corp.,
		(3M Treasury Bill + 0.000%),
		2.170%, 10/15/39^(A)		2,100,000
	7,919	Small Business Administration
		Participation Certificates, Ser
		2002-20A, Class 1, 6.140%, 1/1/22		8,107
	15,277	Small Business Administration
		Participation Certificates, Ser
		2003-20E, Class 1, 4.640%, 5/1/23		15,832
	85,357	Small Business Administration Pools,
		(Prime Rate -2.500%),
		3.000%, 4/25/28^(A)		85,505
		Total U.S. Government Agency
		Obligations	$	7,209,444

		Commercial Paper — 8.6%
	4,300,000	Avangrid, Inc., 2.150%, 10/07/2019^(D)		4,298,035
	8,000,000	Bemis Company, 2.200%,
		10/02/2019^(D)		7,998,931
	8,600,000	Bemis Company, 2.200%,
		10/03/2019^(D)		8,598,284
	4,700,000	Black Hills Corp., 2.150%,
		10/01/2019^(D)		4,699,684
	13,250,000	Commonwealth Edison Co., 2.130%,
		10/01/2019^(D)		13,249,110
	10,000,000	Dominion Energy Inc., 2.140%,
		10/10/2019^(D)		9,993,567
	10,350,000	Duke Energy Corp., 2.150%,
		10/02/2019^(D)		10,348,617
	15,500,000	Nissan Motor Acceptance Corp.,
		2.220%, 10/02/2019^(D)		15,498,025
	11,550,000	Ventas Realty LP, 2.500%,
		10/01/2019^(D)		11,549,225
		Total Commercial Paper	$	86,233,478

	Shares

		Short-Term Investment Fund — 0.0%
	68,631	Dreyfus Government Cash
		Management, Institutional Shares,1.85%^∞Ω	$	68,631

	Market
	Value
Total Investment Securities —101.1%
(Cost $1,017,122,537)	$	1,019,221,771


Liabilities in Excess of
Other Assets — (1.1%)		(10,631,873	)

Net Assets — 100.0%	$	1,008,589,898

^(A)

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

^(B)

^(C)

^(D)

Rate reflects yield at the time of purchase.

^††

The issuers and/or sponsors of certain mortgage-backed securities may no longer exist; however, the securities held by the Fund are separate legal entities organized as trusts and publicly traded. The Fund receives principal and interest payments directly from these trusts.

^∞

Open-End Fund.

^Ω

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

Portfolio Abbreviations:

ARM - Adjustable Rate Mortgage

CDO - Collateralized Debt Obligation

CLO - Collateralized Loan Obligation

CMT - Constant Maturity Treasury

DAC - Designated Activity Company

FDIC - Federal Deposit Insurance Corporation

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FREMF - Freddie Mac Multifamily Securitization

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LOC - Letter of Credit

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, these securities were valued at $578,861,238 or 57.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

104

Touchstone Ultra Short Duration Fixed Income Fund (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description		*Level 1*		*Level 2*		*Level 3*		*Total*
Asset-Backed Securities	$	—	$	402,303,021	$	—	$	402,303,021

Corporate Bonds		—		338,932,881		—		338,932,881

Commercial Mortgage-Backed Securities		—		98,494,390		—		98,494,390

Agency Collateralized Mortgage Obligations		—		29,640,792		—		29,640,792

Municipal Bonds		—		25,450,026		—		25,450,026

Non-Agency Collateralized Mortgage Obligations		—		16,194,068		—		16,194,068

U.S. Government Mortgage-Backed Obligations		—		14,695,040		—		14,695,040

U.S. Government Agency Obligations		—		7,209,444		—		7,209,444

Commercial Paper		—		86,233,478		—		86,233,478

Short-Term Investment Fund		68,631		—		—		68,631
Total	$	68,631	$	1,019,153,140	$	—	$	1,019,221,771

See accompanying Notes to Financial Statements.

105

Statements of Assets and Liabilities

September 30, 2019

				Touchstone
				Anti-		Touchstone
				Benchmark^®		Anti-		Touchstone
	Touchstone			International		Benchmark^® US		Credit
	Active Bond			Core Equity		Core Equity		Opportunities II
		Fund			Fund		Fund		Fund
Assets
Investments, at cost	$	314,297,805		$	36,286,639	$	25,068,902	$	105,330,512
Investments, at market value^(A)	$	323,744,348		$	36,795,188	$	27,028,125	$	106,292,864
Cash		454,256			—		—		—
Foreign currency^(B)		—			79,309		—		22,933
Cash deposits held at prime broker^(C)		—			—		—		634,319
Dividends and interest receivable		1,719,901			157,292		49,927		1,534,740
Receivable for capital shares sold		414,876			—		—		114,302
Receivable for investments sold		28,439,810			—		—		3,082,142
Receivable for variation margin on swap agreements		—			—		—		96,505
Receivable for securities lending income		—			559		60		40
Receivable from Investment Advisor		—			20,212		4,726		9,429
Tax reclaim receivable		—			20,858		—		—
Other assets		27,741			4,400		6,999		7,576
Total Assets		354,800,932			37,077,818		27,089,837		111,794,850
Liabilities
Bank overdrafts		—			—		—		274,866
Securities sold short^(D)		—			—		—		1,686,739
Dividend and interest payable on securities sold short		—			—		—		19,560
Payable for return of collateral for securities on loan		—			284,683		345,800		—
Payable for capital shares redeemed		867,608			8,047		—		477,958
Payable for investments purchased		27,497,957			—		—		1,717,055
Payable to Investment Advisor		96,351			—		—		—
Payable to other affiliates		43,389			387		387		387
Payable to Trustees		11,149			11,149		11,149		11,149
Payable for professional services		29,484			28,227		21,746		42,505
Payable to Transfer Agent		143,881			90		93		5,785
Payable for reports to shareholders		16,191			6,017		6,004		10,973
Other accrued expenses and liabilities		37,345			26,689		5,081		129,418
Total Liabilities		28,743,355			365,289		390,260		4,376,395
Net Assets	$	326,057,577		$	36,712,529	$	26,699,577	$	107,418,455
Net assets consist of:
Par value	$	306,344		$	35,990	$	25,214	$	105,760
Paid-in capital		406,782,787			35,997,866		25,173,606		122,057,968
Distributable earnings (deficit)		(81,031,554	)		678,673		1,500,757		(14,745,273	)
Net Assets	$	326,057,577		$	36,712,529	$	26,699,577	$	107,418,455
^(A) Includes market value of securities on loan of:	$	—		$	269,436	$	337,218	$	—
^(B) Cost of foreign currency:	$	—		$	79,731	$	—	$	22,288
^(C) Represents segregated cash for securities sold short and written options.
^(D) Proceeds received for securities sold short:	$	—		$	—	$	—	$	1,706,290

See accompanying Notes to Financial Statements.

106

Statements of Assets and Liabilities(Continued)

					Touchstone		Touchstone		Touchstone
Touchstone			Touchstone		International		Mid		Mid Cap
High Yield			Impact Bond		ESG Equity		Cap		Value
Fund			Fund		Fund		Fund		Fund

$	201,684,398		$	300,313,024	$	37,044,190	$	1,306,840,382	$	664,861,458
$	203,387,181		$	311,813,980	$	38,417,505	$	1,627,365,645	$	755,946,329
	—			10,520		—		267,797		—
	—			—		42,515		—		—
	2,985,510			2,027,804		109,956		1,307,853		818,364
	91,608			1,262,144		59		18,717,617		883,131
	367,801			14,507		390,792		—		—
	5,558			79		25		—		67
	—			—		13,519		—		—
	18,733			29,083		31,227		82,667		28,696
	206,856,391			315,158,117		39,005,598		1,647,741,579		757,676,587

	43,853			—		218		—		—
	—			—		—		—		—
	—			—		—		—		—
	3,287,850			—		828,520		—		32,670
	1,079,700			195,923		163,352		2,614,833		1,005,125
	3,634,683			498,435		328,617		13,831,367		—
	86,334			63,518		22,618		786,578		337,029
	23,240			25,347		7,046		211,113		47,870
	11,149			11,149		11,149		11,149		11,149
	28,962			29,888		22,749		41,236		30,970
	40,470			62,827		21,058		465,975		298,940
	13,277			14,333		15,305		65,485		55,970
	25,005			18,622		4,512		9,699		7,733
	8,274,523			920,042		1,425,144		18,037,435		1,827,456
$	198,581,868		$	314,238,075	$	37,580,454	$	1,629,704,144	$	755,849,131

$	233,955		$	300,645	$	44,311	$	416,111	$	418,852
	212,760,515			308,478,112		29,578,132		1,263,145,778		685,097,496
	(14,412,602	)		5,459,318		7,958,011		366,142,255		70,332,783
$	198,581,868		$	314,238,075	$	37,580,454	$	1,629,704,144	$	755,849,131
$	3,158,405		$	—	$	814,849	$	—	$	32,307
$	—		$	—	$	42,520	$	—	$	—
$	—		$	—	$	—	$	—	$	—

107

Statements of Assets and Liabilities(Continued)

				Touchstone		Touchstone
				Anti-Benchmark^®		Anti-Benchmark^®		Touchstone
	Touchstone			International		US		Credit
	Active Bond			Core Equity		Core Equity		Opportunities II
	Fund			Fund		Fund		Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	127,502,344		$	—	$	—	$	7,239,378
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		11,936,900			—		—		721,525
Net asset value price per share*	$	10.68		$	—	$	—	$	10.03
Maximum sales charge - Class A shares		2.00	%		—		—		5.00	%
Maximum offering price per share
(100%/(100%-maximum sales charge) of net asset value
adjusted to the nearest cent) - Class A shares	$	10.90		$	—	$	—	$	10.56

Pricing of Class C Shares
Net assets applicable to Class C shares	$	11,742,512		$	—	$	—	$	4,537,645
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		1,195,358			—		—		465,267
Net asset value and offering price per share**	$	9.82		$	—	$	—	$	9.75

Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	90,336,057		$	2,553	$	51,946	$	47,483,124
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		8,463,898			250		4,905		4,675,624
Net asset value, offering price and redemption price per share	$	10.67		$	10.20	$	10.59	$	10.16

Pricing of Class Z Shares
Net assets applicable to Class Z shares	$	—		$	—	$	—	$	—
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		—			—		—		—
Net asset value, offering price and redemption price per share	$	—		$	—	$	—	$	—

Pricing of Institutional Class Shares
Net assets applicable to Institutional Class shares	$	96,476,664		$	36,709,976	$	26,647,631	$	48,158,308
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		9,038,274			3,598,769		2,516,406		4,713,541
Net asset value, offering price and redemption price per share	$	10.67		$	10.20	$	10.59	$	10.22

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

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

See accompanying Notes to Financial Statements.

108

Statements of Assets and Liabilities (Continued)

						Touchstone			Touchstone			Touchstone
Touchstone			Touchstone			International			Mid			Mid Cap
High Yield			Impact Bond			ESG Equity			Cap			Value
Fund			Fund			Fund			Fund			Fund
$	14,641,529		$	10,083,047		$	10,332,633		$	61,772,308		$	10,865,723

	1,769,554			965,819			1,216,166			1,589,191			606,761
$	8.27		$	10.44		$	8.50		$	38.87		$	17.91
	2.00	%		2.00	%		5.00	%		5.00	%		5.00	%


$	8.44		$	10.65		$	8.95		$	40.92		$	18.85


$	4,582,012		$	1,475,181		$	10,690,728		$	66,855,484		$	5,378,454

	555,293			141,441			1,260,800			1,839,673			309,626
$	8.25		$	10.43		$	8.48		$	36.34		$	17.37

$	44,030,282		$	95,217,800		$	16,554,457		$	1,194,001,210		$	286,407,102

	5,170,849			9,108,506			1,953,798			30,358,243			15,917,824
$	8.52		$	10.45		$	8.47		$	39.33		$	17.99


$	—		$	—		$	—		$	61,656,649		$	—

	—			—			—			1,596,453			—
$	—		$	—		$	—		$	38.62		$	—

$	135,328,045		$	207,462,047		$	2,636		$	245,418,493		$	453,197,852

	15,899,832			19,848,697			311			6,227,506			25,051,029
$	8.51		$	10.45		$	8.48		$	39.41		$	18.09

109

Statements of Assets and Liabilities (Continued)

								Touchstone
	Touchstone		Touchstone		Touchstone			Ultra Short
	Sands Capital		Small		Small			Duration
	Select Growth		Cap		Cap Value			Fixed Income
	Fund		Fund		Fund			Fund
Assets
Investments, at cost	$	958,721,129	$	57,919,742	$	85,154,163		$	1,017,122,537
Investments, at market value^(A)	$	1,756,960,727	$	80,348,607	$	89,692,817		$	1,019,221,771
Cash		543		—		49			9,816,198
Dividends and interest receivable		—		55,594		132,029			4,055,980
Receivable for capital shares sold		1,897,999		90,370		18,567			1,608,131
Receivable for investments sold		—		—		1,780,240			149,622
Receivable for securities lending income		93,370		95		130			—
Receivable from other affiliates				2,380					—
Tax reclaim receivable		—		—		—			10,625
Other assets		44,588		21,236		21,005			51,291
Total Assets		1,758,997,227		80,518,282		91,644,837			1,034,913,618
Liabilities
Dividends payable		—		—		—			219,489
Payable for return of collateral for securities on loan		65,735,696		1,471,270		899,120			—
Payable for capital shares redeemed		2,579,639		416,415		70,998			5,199,165
Payable for investments purchased		—		—		248,465			20,162,137
Payable to Investment Advisor		1,013,650		48,681		64,597			178,662
Payable to other affiliates		618,383		—		32,267			231,605
Payable to Trustees		11,149		11,149		11,149			11,149
Payable for professional services		44,440		22,389		25,361			39,220
Payable to Transfer Agent		547,637		22,111		66,685			209,711
Payable for reports to shareholders		58,189		15,094		14,296			27,790
Other accrued expenses and liabilities		35,115		5,673		9,952			44,792
Total Liabilities		70,643,898		2,012,782		1,442,890			26,323,720
Net Assets	$	1,688,353,329	$	78,505,500	$	90,201,947		$	1,008,589,898
Net assets consist of:
Par value	$	1,231,924	$	62,766	$	37,550		$	1,086,548
Paid-in capital		660,781,103		50,659,655		99,462,121			1,103,516,637
Distributable earnings (deficit)		1,026,340,302		27,783,079		(9,297,724	)		(96,013,287	)
Net Assets	$	1,688,353,329	$	78,505,500	$	90,201,947		$	1,008,589,898
^(A) Includes market value of securities on loan of:	$	63,544,666	$	1,428,982	$	849,506		$	—

See accompanying Notes to Financial Statements.

110

Statements of Assets and Liabilities(Continued)

										Touchstone
	Touchstone			Touchstone			Touchstone			Ultra Short
	Sands Capital			Small			Small			Duration
	Select Growth			Cap			Cap Value			Fixed Income
	Fund			Fund			Fund			Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	89,298,568		$	3,749,543		$	24,389,120		$	71,683,542
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		6,806,804			303,723			1,016,336			7,719,406
Net asset value price per share*	$	13.12		$	12.35		$	24.00		$	9.29
Maximum sales charge - Class A shares		5.00	%		5.00	%		5.00	%		2.00	%
Maximum offering price per share
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares	$	13.81		$	13.00		$	25.26		$	9.48

Pricing of Class C Shares
Net assets applicable to Class C shares	$	50,079,251		$	3,356,289		$	788,274		$	4,224,864
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		4,348,876			294,107			33,960			454,643
Net asset value and offering price per share**	$	11.52		$	11.41		$	23.21		$	9.29

Pricing of Class S Shares
Net assets applicable to Class S shares	$	—		$	—		$	—		$	135,564,841
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		—			—			—			14,601,072
Net asset value, offering price and redemption price per share	$	—		$	—		$	—		$	9.28

Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	1,089,979,275		$	34,708,522		$	24,920,864		$	305,996,727
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		77,099,137			2,756,344			1,036,168			32,953,665
Net asset value, offering price and redemption price per share	$	14.14		$	12.59		$	24.05		$	9.29

Pricing of Class Z Shares
Net assets applicable to Class Z shares	$	458,996,235		$	—		$	—		$	128,199,050
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		34,937,546			—			—			13,806,199
Net asset value, offering price and redemption price per share	$	13.14		$	—		$	—		$	9.29

Pricing of Institutional Class Shares
Net assets applicable to Institutional Class shares	$	—		$	36,691,146		$	40,103,689		$	362,920,874
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value)		—			2,922,442			1,668,452			39,119,797
Net asset value, offering price and redemption price per share	$	—		$	12.55		$	24.04		$	9.28

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

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

See accompanying Notes to Financial Statements.

111

Statements of Operations

For the Year and Period Ended September 30, 2019 and the Year Ended June 30, 2019

				Touchstone			Touchstone
				Anti-Benchmark^®			Anti-Benchmark^®
	Touchstone			International			US
	Active Bond			Core Equity			Core Equity
	Fund			Fund^(A)			Fund^(A)
	For the			For the			For the
	Year Ended			Period Ended			Period Ended
	September 30,			September 30,			September 30,
	2019			2019			2019
Investment Income
Dividends^(D)	$	209,064		$	927,187		$	581,192
Interest		11,744,793			—			—
Income from securities loaned		104			1,986			426
Total Investment Income		11,953,961			929,173			581,618
Expenses
Investment advisory fees		1,318,896			121,965			76,881
Administration fees		484,257			39,300			31,851
Compliance fees and expenses		2,710			1,801			1,801
Custody fees		49,443			36,040			4,318
Professional fees		32,582			35,792			29,224
Transfer Agent fees, Class A		131,499			—			—
Transfer Agent fees, Class C		19,967			—			—
Transfer Agent fees, Class Y		98,826			27			36
Transfer Agent fees, Class Z		—			—			—
Transfer Agent fees, Institutional Class		5,032			53			53
Pricing expense		67,523			32,228			3,467
Registration Fees, Class A		16,376			—			—
Registration Fees, Class C		13,870			—			—
Registration Fees, Class Y		20,424			3,219			3,246
Registration Fees, Class Z		—			—			—
Registration Fees, Institutional Class		16,191			3,219			3,228
Dividend expense on securities sold short		—			—			—
Interest expense on securities sold short		—			—			—
Reports to Shareholders, Class A		10,190			—			—
Reports to Shareholders, Class C		6,996			—			—
Reports to Shareholders, Class Y		9,216			4,892			4,891
Reports to Shareholders, Class Z		—			—			—
Reports to Shareholders, Institutional Class		6,304			4,903			4,891
Shareholder servicing fees, Class Z		—			—			—
Distribution expenses, Class A		318,138			—			—
Distribution and shareholder servicing expenses, Class C		180,338			—			—
Distribution expenses, Class Y		—			—			—
Trustee fees		19,223			19,052			19,052
Other expenses		101,307			12,769			12,740
Total Expenses		2,929,308			315,260			195,679
Fees waived and/or reimbursed by the Advisor and/or Affiliates^(E)		(314,967	)		(155,348	)		(99,022	)
Net Expenses		2,614,341			159,912			96,657
Net Investment Income (Loss)		9,339,620			769,261			484,961
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		4,536,784			(532,535	)		(798,930	)
Net realized gains (losses) on foreign currency transactions		(22	)		(33,256	)		—
Net realized losses on futures contracts		(120,980	)		—			—
Net realized gains on written options		—			—			—
Net realized gains on securities sold short		—			—			—
Net realized losses on swap agreements		—			—			—
Net change in unrealized appreciation (depreciation) on investments^(F)		17,045,042			508,549			1,959,223
Net change in unrealized appreciation (depreciation) on foreign currency transactions		212			(2,004	)		—
Net change in unrealized appreciation (depreciation) on written options		—			—			—
Net change in unrealized appreciation (depreciation) on swap agreements		—			—			—
Net change in unrealized appreciation (depreciation) on securities sold short		—			—			—
Net Realized and Unrealized Gains (Losses) on Investments		21,461,036			(59,246	)		1,160,293
Change in Net Assets Resulting from Operations	$	30,800,656		$	710,015		$	1,645,254
^(A)Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.
^(B)The fund changed its fiscal year from June 30 to September 30.
^(C)See Note 9 in Notes to Financial Statements.
^(D)Net of foreign tax withholding of:	$	401		$	79,111		$	—
^(E)See Note 4 in Notes to Financial Statements.
^(F) Change in unrealized appreciation (depreciation) does not include net appreciation of $846,606 for the Touchstone Credit Opportunities II Fund in connection with the Fund’s reorganization. See Note 9 in the Notes to Financial Statements.

See accompanying Notes to Financial Statement.

112

Statements of Operations (Continued)

												Touchstone						Touchstone
Touchstone						Touchstone			Touchstone			International			Touchstone			Mid Cap
Credit Opportunities II						High Yield			Impact Bond			ESG Equity			Mid Cap			Value
Fund						Fund			Fund			Fund			Fund			Fund
For the Three						For the			For the			For the			For the			For the
Months Ended			For the			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			Year Ended			September 30,			September 30,			September 30,			September 30,			September 30,
2019^(B)			June 30, 2019^(C)			2019			2019			2019			2019			2019

$	10,791		$	71,705		$	29,069		$	137,401		$	2,060,769		$	16,374,813		$	13,317,352
	1,192,996			3,657,214			11,365,458			8,518,943			—			1,940			—
	3,367			28,941			84,180			79			4,414			—			2,931
	1,207,154			3,757,860			11,478,707			8,656,423			2,065,183			16,376,753			13,320,283

	109,264			490,905			1,007,096			966,617			471,020			8,890,073			5,532,710
	26,405			77,626			277,558			400,456			98,002			1,672,878			1,069,657
	589			2,471			2,710			2,710			2,710			2,710			2,710
	20,549			39,120			14,241			13,166			11,028			23,493			15,003
	38,862			43,758			31,319			33,454			25,719			54,588			40,157
	127			317			21,515			8,028			11,673			45,099			21,503
	43			80			6,703			1,372			9,884			49,589			6,059
	5,321			6,303			53,038			74,902			26,191			1,088,204			687,808
	—			—			—			—			—			37,373			—
	21			81			8,116			80,648			10			46,114			176,913
	16,034			48,881			46,848			31,160			1,593			1,314			3,104
	3,367			4,191			13,092			13,836			14,374			14,417			15,497
	2,596			3,477			10,849			7,973			11,618			15,792			14,363
	6,205			7,791			14,877			18,233			14,178			46,795			25,154
	—			—			—			—			—			15,343			—
	2,580			3,314			11,871			30,427			3,641			12,184			25,980
	2,277			—			—			—			—			—			—
	16,565			55,895			—			—			—			—			—
	1,603			3,720			6,655			6,107			6,258			10,325			10,630
	1,591			3,679			6,176			5,945			6,544			12,116			9,826
	3,179			4,621			6,684			9,057			11,497			127,207			88,089
	—			—			—			—			—			10,383			—
	1,588			3,677			6,137			8,124			3,159			9,437			46,807
	—			—			—			—			—			81,589			—
	1,310			351			37,057			17,712			26,814			98,180			32,651
	3,254			772			67,904			10,933			149,911			561,433			61,705
	—			—			—			—			—			—			—
	6,880			16,083			19,223			19,223			19,223			19,223			19,223
	4,943			15,954			39,852			30,473			23,872			62,928			61,601
	275,153			833,067			1,709,521			1,790,556			948,919			13,008,787			7,967,150
	(112,349	)		(173,250	)		(169,855	)		(299,459	)		(131,364	)		(1,094,629	)		(1,264,674	)
	162,804			659,817			1,539,666			1,491,097			817,555			11,914,158			6,702,476
	1,044,350			3,098,043			9,939,041			7,165,326			1,247,628			4,462,595			6,617,807

	140,163			193,421			(1,383,831	)		96,667			8,109,118			51,721,554			(9,967,857	)
	1			87			—			—			(76,332	)		—			—
	—			—			—			—			—			—			—
	3,091			40,637			—			—			—			—			—
	—			19,186			—			—			—			—			—
	(26,945	)		10,278			—			—			—			—			—
	(209,977	)		553,543			4,822,346			19,267,369			(11,209,476	)		137,680,803			8,396,808

	(7,992	)		(7,111	)		—			—			85			—			—
	2			1,416			—			—			—			—			—
	31,928			—			—			—			—			—			—
	23,465			(5,664	)		—			—			—			—			—
	(46,264	)		805,793			3,438,515			19,364,036			(3,176,605	)		189,402,357			(1,571,049	)
$	998,086		$	3,903,836		$	13,377,556		$	26,529,362		$	(1,928,977	)	$	193,864,952		$	5,046,758



$	—		$	—		$	—		$	—		$	86,018		$	—		$	—

113

Statements of Operations (Continued)

										Touchstone
	Touchstone						Touchstone			Ultra Short
	Sands Capital			Touchstone			Small Cap			Duration
	Select Growth			Small Cap			Value			Fixed Income
	Fund			Fund			Fund			Fund
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,
	2019			2019			2019			2019
Investment Income
Dividends^(A)	$	3,573,979		$	1,305,731		$	1,647,578		$	7,101
Interest		22,017			—			—			30,137,853
Income from securities loaned		173,285			2,803			24,549			—
Total Investment Income		3,769,281			1,308,534			1,672,127			30,144,954
Expenses
Investment advisory fees		16,349,758			785,758			905,235			2,412,993
Administration fees		2,644,970			134,041			154,423			1,399,530
Compliance fees and expenses		2,710			2,710			2,710			2,710
Custody fees		34,594			11,487			15,347			43,824
Professional fees		67,303			23,582			28,010			48,153
Transfer Agent fees, Class A		59,953			8,013			107,360			63,522
Transfer Agent fees, Class C		43,982			5,042			2,067			3,728
Transfer Agent fees, Class Y		878,029			39,906			31,128			202,521
Transfer Agent fees, Class S		—			—			—			67,294
Transfer Agent fees, Class Z		725,974			—			—			133,044
Transfer Agent fees, Institutional Class		—			11,943			7,162			72,322
Pricing expense		1,231			1,372			3,815			73,969
Registration Fees, Class A		17,546			14,144			13,567			18,168
Registration Fees, Class C		14,087			9,682			7,309			14,967
Registration Fees, Class S		—			—			—			15,955
Registration Fees, Class Y		42,091			14,665			14,659			20,931
Registration Fees, Class Z		21,580			—			—			20,828
Registration Fees, Institutional Class		—			13,475			5,862			22,525
Reports to Shareholders, Class A		11,603			6,119			8,741			8,464
Reports to Shareholders, Class C		10,942			6,035			5,817			6,206
Reports to Shareholders, Class S		—			—			—			15,902
Reports to Shareholders, Class Y		60,257			10,912			7,779			15,390
Reports to Shareholders, Class Z		41,241			—			—			8,937
Reports to Shareholders, Institutional Class		—			6,290			6,132			6,621
Shareholder servicing fees, Class Z		1,204,053			—			—			405,024
Distribution expenses, Class A		219,385			11,254			101,860			183,431
Distribution and shareholder servicing expenses, Class C		616,088			41,237			10,402			35,149
Distribution expenses, Class S		—			—			—			726,830
Trustee fees		19,223			19,223			19,223			19,223
Other expenses		792,418			69,431			56,722			89,442
Total Expenses		23,879,018			1,246,321			1,515,330			6,157,603
Fees waived and/or reimbursed by the Advisor and/or Affiliates^(B)		(341,505	)		(176,467	)		(253,300	)		(715,593	)
Fees recouped by the Advisor^(B)		110,440			—			—			—
Net Expenses		23,647,953			1,069,854			1,262,030			5,442,010
Net Investment Income (Loss)		(19,878,672	)		238,680			410,097			24,702,944
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments^(C)		563,874,003			23,464,145			(13,330,857	)		(258,992	)
Net change in unrealized appreciation (depreciation) on investments		(636,787,029	)		(30,663,731	)		(3,290,945	)		4,685,231
Net Realized and Unrealized Gains (Losses) on Investments		(72,913,026	)		(7,199,586	)		(16,621,802	)		4,426,239
Change in Net Assets Resulting from Operations	$	(92,791,698	)	$	(6,960,906	)	$	(16,211,705	)	$	29,129,183
^(A)Net of foreign tax withholding of:	$	—		$	—		$	244		$	—
^(B) See Note 4 in Notes to Financial Statements.
^(C) For the year ended September 30, 2019, Sands Capital Select Growth Fund and Small Cap Fund had redemptions-in-kind of securities in the amount of $305,892,762, and $19,099,097, respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $185,566,502, and $6,310,009, respectively, which will not be realized by the Fund for tax purposes.

See accompanying Notes to Financial Statements.

114

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115

Statements of Changes in Net Assets

							Touchstone
							Anti-			Touchstone
							Benchmark^®			Anti-
	Touchstone						International			Benchmark^® US
	Active Bond						Core Equity			Core Equity
	Fund						Fund^(A)			Fund^(A)
	For the			For the			For the			For the
	Year Ended			Year Ended			Period Ended			Period Ended
	September 30,			September 30,			September 30,			September 30,
	2019			2018			2019			2019
From Operations
Net investment income	$	9,339,620		$	9,030,575		$	769,261		$	484,961
Net realized gains (losses) on investments, foreign currency transactions, futures contracts, written options, swap agreements, and securities sold short		4,415,782			(2,400,191	)		(565,791	)		(798,930	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions, written options, swap agreements, and securities sold short		17,045,254			(13,484,165	)		506,545			1,959,223
Change in Net Assets from Operations		30,800,656			(6,853,781	)		710,015			1,645,254
Distributions to Shareholders:
Distributed earnings, Class A		(3,499,808	)		(3,641,000	)		—			—
Distributed earnings, Class C		(409,591	)		(542,157	)		—			—
Distributed earnings, Class Y		(3,505,627	)		(5,004,643	)		(3	)		(14	)
Distributed earnings, Institutional Class		(2,199,194	)		(861,132	)		(32,746	)		(145,890	)
Total Distributions		(9,614,220	)		(10,048,932	)		(32,749	)		(145,904	)
Net Increase (Decrease) from Share Transactions^(B)		(56,670,856	)		251,238,639			36,035,263			25,200,227

Total Increase (Decrease) in Net Assets		(35,484,420	)		234,335,926			36,712,529			26,699,577

Net Assets
Beginning of period		361,541,997			127,206,071			—			—
End of period	$	326,057,577		$	361,541,997		$	36,712,529		$	26,699,577

^(A) Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.

^(B)For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity in pages 122-124.

^(C) The Fund changed its fiscal year end from June 30 to September 30.

See accompanying Notes to Financial Statements.

116

Statements of Changes in Net Assets (Continued)

									Touchstone						Touchstone
Touchstone									High Yield						Impact Bond
Credit Opportunities II Fund									Fund						Fund
For the Three			For the			For the			For the			For the			For the			For the
Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			June 30,			June 30,			September 30,			September 30,			September 30,			September 30,
2019^(C)			2019			2018			2019			2018			2019			2018

$	1,044,350		$	3,098,043		$	2,745,337		$	9,939,041		$	9,934,934		$	7,165,326		$	7,232,570

	116,310			263,609			883,277			(1,383,831	)		1,133,608			96,667			(962,215	)

	(162,574	)		542,184			(1,700,810	)		4,822,346			(8,165,563	)		19,267,369			(8,630,367	)
	998,086			3,903,836			1,927,804			13,377,556			2,902,979			26,529,362			(2,360,012	)

	(4,253	)		(9,474	)		(5,959	)		(741,320	)		(701,103	)		(178,385	)		(143,763	)
	(1,918	)		(5,380	)		(1,561	)		(281,592	)		(457,871	)		(19,278	)		(23,628	)
	(208,081	)		(291,730	)		(27,709	)		(2,491,635	)		(3,234,209	)		(2,037,305	)		(1,332,999	)
	(805,916	)		(3,272,520	)		(4,102,648	)		(6,487,408	)		(5,852,513	)		(5,556,679	)		(6,579,253	)
	(1,020,168	)		(3,579,104	)		(4,137,877	)		(10,001,955	)		(10,245,696	)		(7,791,647	)		(8,079,643	)
	48,200,441			6,580,821			1,013,131			(2,381,934	)		(12,957,752	)		42,598,181			(2,917,352	)

	48,178,359			6,905,553			(1,196,942	)		993,667			(20,300,469	)		61,335,896			(13,357,007	)


	59,240,096			52,334,543			53,531,485			197,588,201			217,888,670			252,902,179			266,259,186
$	107,418,455		$	59,240,096		$	52,334,543		$	198,581,868		$	197,588,201		$	314,238,075		$	252,902,179

117

Statements of Changes in Net Assets (Continued)

	Touchstone						Touchstone
	International						Mid
	ESG Equity						Cap
	Fund						Fund
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,
	2019			2018			2019			2018
From Operations
Net investment income (loss)	$	1,247,628		$	2,401,807		$	4,462,595		$	1,863,060
Net realized gains (losses) on investments and foreign currency transactions		8,032,786			9,382,625			51,721,554			100,593,876
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(11,209,391	)		(4,923,095	)		137,680,803			22,111,241
Change in Net Assets from Operations		(1,928,977	)		6,861,337			193,864,952			124,568,177
Distributions to Shareholders:
Distributed earnings, Class A		(1,148,127	)		(908,417	)		(1,161,949	)		(332,156	)
Distributed earnings, Class C		(1,711,118	)		(758,918	)		(1,924,706	)		(594,785	)
Distributed earnings, Class Y		(5,288,924	)		(3,370,481	)		(25,404,765	)		(6,566,737	)
Distributed earnings, Class Z		—			—			(686,312	)		(194,569	)
Distributed earnings, Institutional Class		(4	)		—			(4,388,852	)		(1,395,718	)
Total Distributions		(8,148,173	)		(5,037,816	)		(33,566,584	)		(9,083,965	)
Net Increase (Decrease) from Share Transactions^(A)		(39,966,666	)		(35,011,447	)		513,980,291			62,983,199

Total Increase (Decrease) in Net Assets		(50,043,816	)		(33,187,926	)		674,278,659			178,467,411

Net Assets
Beginning of period		87,624,270			120,812,196			955,425,485			776,958,074
End of period	$	37,580,454		$	87,624,270		$	1,629,704,144		$	955,425,485

^(A) For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 125-127.

See accompanying Notes to Financial Statements.

118

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone						Touchstone
Mid Cap						Sands Capital						Small
Value						Select Growth						Cap
Fund						Fund						Fund
For the			For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
2019			2018			2019			2018			2019			2018

$	6,617,807		$	4,721,977		$	(19,878,672	)	$	(27,899,779	)	$	238,680		$	4,044,964

	(9,967,857	)		30,401,221			563,874,003			546,189,592			23,464,145			41,366,895

	8,396,808			(12,687,339	)		(636,787,029	)		192,041,727			(30,663,731	)		(23,925,456	)
	5,046,758			22,435,859			(92,791,698	)		710,331,540			(6,960,906	)		21,486,403

	(677,036	)		(1,229,816	)		(21,290,699	)		(17,654,139	)		(1,165,908	)		(2,203,403	)
	(290,312	)		(661,135	)		(17,571,431	)		(15,225,601	)		(1,317,244	)		(1,605,340	)
	(15,618,865	)		(21,528,565	)		(260,948,268	)		(335,076,764	)		(8,692,472	)		(15,359,459	)
	—			—			(122,462,519	)		(108,517,175	)		—			—
	(22,128,826	)		(23,445,172	)		—			—			(12,411,469	)		(20,034,179	)
	(38,715,039	)		(46,864,688	)		(422,272,917	)		(476,473,679	)		(23,587,093	)		(39,202,381	)
	(4,113,450	)		129,238,910			(142,003,990	)		(384,217,440	)		(50,241,132	)		(52,546,314	)

	(37,781,731	)		104,810,081			(657,068,605	)		(150,359,579	)		(80,789,131	)		(70,262,292	)


	793,630,862			688,820,781			2,345,421,934			2,495,781,513			159,294,631			229,556,923
$	755,849,131		$	793,630,862		$	1,688,353,329		$	2,345,421,934		$	78,505,500		$	159,294,631

119

Statements of Changes in Net Assets (Continued)

	Touchstone						Touchstone
	Small						Ultra Short
	Cap Value						Duration Fixed
	Fund						Income Fund
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,
	2019			2018			2019			2018
From Operations
Net investment income (loss)	$	410,097		$	155,956		$	24,702,944		$	18,493,227
Net realized gains (losses) on investments		(13,330,857	)		10,452,409			(258,992	)		598,202
Net change in unrealized appreciation (depreciation) on investments		(3,290,945	)		(4,802,433	)		4,685,231			(4,248,211	)
Change in Net Assets from Operations		(16,211,705	)		5,805,932			29,129,183			14,843,218
Distributions to Shareholders:
Distributed earnings, Class A		(5,072,643	)		(10,217	)		(1,822,159	)		(1,623,641	)
Distributed earnings, Class C		(85,491	)		—			(93,157	)		(78,654	)
Distributed earnings, Class S		—			—			(3,244,399	)		(2,657,024	)
Distributed earnings, Class Y		(2,377,087	)		(35,142	)		(7,334,957	)		(6,109,491	)
Distributed earnings, Class Z		—			—			(4,027,821	)		(3,730,711	)
Distributed earnings, Institutional Class		(2,239,906	)		(113,089	)		(8,648,582	)		(5,699,048	)
Total Distributions		(9,775,127	)		(158,448	)		(25,171,075	)		(19,898,569	)
Net Increase (Decrease) from Share Transactions^(A)		(39,026,770	)		60,933,338			79,576,816			179,921,654

Total Increase (Decrease) in Net Assets		(65,013,602	)		66,580,822			83,534,924			174,866,303

Net Assets
Beginning of period		155,215,549			88,634,727			925,054,974			750,188,671
End of period	$	90,201,947		$	155,215,549		$	1,008,589,898		$	925,054,974

^(A) For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 127-128.

See accompanying Notes to Financial Statements.

120

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121

Statements of Changes in Net Assets - Capital Stock Activity

													Touchstone Anti-
													Benchmark^®
													International Core Equity
	Touchstone Active Bond Fund												Fund^(A)
	For the Year						For the Year						For the Period
	Ended						Ended						Ended
	September 30, 2019						September 30, 2018						September 30, 2019
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		1,422,056		$	14,626,760			1,141,735		$	11,686,476			—		$	—
Proceeds from Shares issued in connection with merger^(C)		—			—			15,009,511			156,501,270			—			—
Reinvestment of distributions		278,425			2,850,526			293,114			2,978,894			—			—
Cost of Shares redeemed		(3,059,275	)		(31,179,556	)		(5,261,939	)		(53,817,258	)		—			—
Change from Class A Share Transactions		(1,358,794	)		(13,702,270	)		11,182,421			117,349,382			—			—
Class C
Proceeds from Shares issued		73,331			672,601			100,130			955,908			—			—
Proceeds from Shares issued in connection with merger^(C)		—			—			2,962,276			28,556,721			—			—
Reinvestment of distributions		37,388			350,078			50,602			474,990			—			—
Cost of Shares redeemed		(1,493,575	)		(14,106,292	)		(1,014,425	)		(9,561,928	)		—			—
Change from Class C Share Transactions		(1,382,856	)		(13,083,613	)		2,098,583			20,425,691			—			—
Class Y
Proceeds from Shares issued		3,486,649			35,461,232			6,143,950			62,689,353			250			2,500
Proceeds from Shares issued in connection with merger^(C)		—			—			12,700,690			132,356,634			—			—
Reinvestment of distributions		302,711			3,080,375			412,120			4,187,060			—			3
Cost of Shares redeemed		(11,913,916	)		(120,959,495	)		(10,282,417	)		(105,020,575	)		—			—
Change from Class Y Share Transactions		(8,124,556	)		(82,417,888	)		8,974,343			94,212,472			250			2,503
Institutional Class
Proceeds from Shares issued		8,994,600			91,572,024			3,666,094			37,270,158			3,689,304			36,945,243
Proceeds from Shares issued in connection with merger^(C)		—			—			—			—			—			—
Reinvestment of distributions		186,387			1,928,015			38,079			385,395			3,480			32,746
Cost of Shares redeemed		(4,013,015	)		(40,967,124	)		(1,822,867	)		(18,404,459	)		(94,015	)		(945,229	)
Change from Institutional Class Share Transactions		5,167,972			52,532,915			1,881,306			19,251,094			3,598,769			36,032,760

Change from Share Transactions		(5,698,234	)	$	(56,670,856	)		24,136,653		$	251,238,639			3,599,019		$	36,035,263

^(A)

Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.

^(B)

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

^(C)

See Note 9 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

122

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

Touchstone Anti-Benchmark^®
US Core Equity Fund^(A)							Touchstone Credit Opportunities II Fund
				For the Three
For the Period				Months Ended						For the Year						For the Year
Ended				September 30,						Ended						Ended
September 30, 2019				2019^(B)						June 30, 2019						June 30, 2018
Shares		Dollars		Shares			Dollars			Shares			Dollars			Shares			Dollars

	—	$	—		13,949		$	139,772			16,091		$	158,403			11,643		$	118,995
	—		—		698,322			6,996,031			—			—			—			—
	—		—		388			3,835			806			7,849			558			5,652
	—		—		(13,832	)		(138,793	)		(9,561	)		(94,507	)		(1,170	)		(11,882	)
	—		—		698,827			7,000,845			7,336			71,745			11,031			112,765

	—		—		8,188			79,994			12,217			121,216			—			—
	—		—		473,084			4,605,015			—			—			—			—
	—		—		193			1,918			554			5,381			152			1,561
	—		—		(28,936	)		(282,404	)		(2,267	)		(22,317	)		—			—
	—		—		452,529			4,404,523			10,504			104,280			152			1,561

	4,904		51,823		299,398			2,999,589			1,205,335			11,677,641			22,305			226,981
	—		—		3,543,051			36,187,744			—			—			—			—
	1		14		21,061			208,081			29,642			291,729			2,719			27,709
	—		—		(328,931	)		(3,317,098	)		(138,508	)		(1,372,382	)		(10,727	)		(108,970	)
	4,905		51,837		3,534,579			36,078,316			1,096,469			10,596,988			14,297			145,720

	2,500,250		25,002,500		28,432			284,408			451,288			4,456,115			621,437			6,398,512
	—		—		(44,528	)		911,375			—			—			—			—
	16,156		145,890		81,570			805,916			337,575			3,272,520			402,090			4,102,648
	—		—		(127,763	)		(1,284,942	)		(1,206,092	)		(11,920,827	)		(936,639	)		(9,748,075	)
	2,516,406		25,148,390		(62,289	)		716,757			(417,229	)		(4,192,192	)		86,888			753,085

	2,521,311	$	25,200,227		4,623,646		$	48,200,441			697,080		$	6,580,821			112,368		$	1,013,131

123

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

	Touchstone High Yield Fund												Touchstone Impact Bond Fund
	For the Year						For the Year						For the Year						For the Year
	Ended						Ended						Ended						Ended
	September30, 2019						September 30, 2018						September 30, 2019						September 30, 2018
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		1,662,137		$	13,446,109			826,207		$	6,792,726			555,411		$	5,610,755			246,995		$	2,465,673
Reinvestment of distributions		79,556			645,518			74,913			614,938			13,537			136,250			11,860			117,638
Cost of Shares redeemed		(1,506,488	)		(12,307,465	)		(1,375,365	)		(11,296,162	)		(186,508	)		(1,853,711	)		(182,335	)		(1,810,911	)
Change from Class A Share Transactions		235,205			1,784,162			(474,245	)		(3,888,498	)		382,440			3,893,294			76,520			772,400
Class C
Proceeds from Shares issued		123,518			996,259			75,920			625,636			74,026			748,774			12,328			121,899
Reinvestment of distributions		29,572			237,691			47,178			386,396			1,500			15,058			1,609			15,969
Cost of Shares redeemed		(764,130	)		(6,155,763	)		(506,081	)		(4,154,816	)		(45,500	)		(448,699	)		(87,921	)		(875,805	)
Change from Class C Share Transactions		(611,040	)		(4,921,813	)		(382,983	)		(3,142,784	)		30,026			315,133			(73,984	)		(737,937	)
Class Y
Proceeds from Shares issued		1,023,469			8,554,837			2,362,661			19,915,704			5,604,926			56,349,675			2,902,795			28,899,416
Reinvestment of distributions		287,205			2,388,747			350,079			2,953,500			188,739			1,901,861			127,091			1,260,431
Cost of Shares redeemed		(3,800,172	)		(31,284,845	)		(3,757,037	)		(32,063,659	)		(2,299,908	)		(23,117,754	)		(1,084,626	)		(10,748,769	)
Change from Class Y Share Transactions		(2,489,498	)		(20,341,261	)		(1,044,297	)		(9,194,455	)		3,493,757			35,133,782			1,945,260			19,411,078
Class Z
Proceeds from Shares issued		—			—			—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Cost of Shares redeemed		—			—			—			—			—			—			—			—
Change from Class Z Share Transactions		—			—			—			—			—			—			—			—
Institutional Class
Proceeds from Shares issued		3,302,732			27,657,744			1,507,908			12,770,100			8,802,855			88,365,326			7,061,877			70,368,762
Reinvestment of distributions		775,859			6,475,123			690,916			5,825,042			444,828			4,472,905			554,957			5,517,228
Cost of Shares redeemed		(1,560,919	)		(13,035,889	)		(1,806,857	)		(15,327,157	)		(8,961,385	)		(89,582,259	)		(9,938,463	)		(98,248,883	)
Change from Institutional Class Share Transactions		2,517,672			21,096,978			391,967			3,267,985			286,298			3,255,972			(2,321,629	)		(22,362,893	)

Change from Share Transactions		(347,661	)	$	(2,381,934	)		(1,509,558	)	$	(12,957,752	)		4,192,521		$	42,598,181			(373,833	)	$	(2,917,352	)

See accompanying Notes to Financial Statements.

124

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

Touchstone International ESG Equity Fund												Touchstone Mid Cap Fund
For the Year						For the Year						For the Year						For the Year
Ended						Ended						Ended						Ended
September 30, 2019						September 30, 2018						September 30, 2019						September 30, 2018
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	406,511		$	3,371,271			446,195		$	4,243,034			1,001,545		$	35,758,307			311,131		$	10,462,160
	134,546			1,090,024			83,641			791,031			34,482			1,060,010			9,770			312,443
	(575,998	)		(4,853,121	)		(1,696,141	)		(16,147,858	)		(499,397	)		(16,769,979	)		(407,887	)		(13,602,980	)
	(34,941	)		(391,826	)		(1,166,305	)		(11,113,793	)		536,630			20,048,338			(86,986	)		(2,828,377	)

	44,386			367,915			54,166			514,218			509,902			16,808,427			170,742			5,332,083
	195,625			1,576,867			73,917			697,634			56,462			1,632,881			16,395			497,757
	(1,013,055	)		(8,342,686	)		(471,966	)		(4,499,368	)		(431,317	)		(13,750,573	)		(454,687	)		(14,201,427	)
	(773,044	)		(6,397,904	)		(343,883	)		(3,287,516	)		135,047			4,690,735			(267,550	)		(8,371,587	)

	1,535,494			12,744,601			2,264,419			21,475,734			15,735,498			553,641,720			7,134,097			240,495,397
	615,371			4,964,614			332,905			3,141,078			728,248			22,612,002			177,867			5,749,414
	(6,077,399	)		(50,888,655	)		(4,795,212	)		(45,226,950	)		(6,276,827	)		(218,223,100	)		(5,074,801	)		(169,103,500	)
	(3,926,534	)		(33,179,440	)		(2,197,888	)		(20,610,138	)		10,186,919			358,030,622			2,237,163			77,141,311

	—			—			—			—			1,481,414			53,759,389			123,533			4,065,438
	—			—			—			—			22,445			685,676			6,115			194,402
	—			—			—			—			(495,884	)		(18,061,299	)		(178,047	)		(5,879,353	)
	—			—			—			—			1,007,975			36,383,766			(48,399	)		(1,619,513	)

	310			2,500			—			—			3,017,918			110,621,171			609,808			20,603,298
	1			4			—			—			107,708			3,349,524			23,603			764,136
	—			—			—			—			(552,634	)		(19,143,865	)		(674,827	)		(22,706,069	)
	311			2,504			—			—			2,572,992			94,826,830			(41,416	)		(1,338,635	)

	(4,734,208	)	$	(39,966,666	)		(3,708,076	)	$	(35,011,447	)		14,439,563		$	513,980,291			1,792,812		$	62,983,199

125

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

	Touchstone Mid Cap Value Fund												Touchstone Sands Capital Select Growth Fund
	For the Year						For the Year						For the Year						For the Year
	Ended						Ended						Ended						Ended
	September 30, 2019						September 30, 2018						September 30, 2019						September 30, 2018
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		149,145		$	2,505,536			405,525		$	7,739,321			2,882,491		$	37,466,635			1,530,095		$	23,879,960
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—			—			—			—			—
Reinvestment of distributions		35,492			573,460			54,126			1,018,503			1,241,615			14,489,643			901,203			12,454,611
Cost of Shares redeemed		(498,273	)		(8,493,315	)		(623,953	)		(11,796,723	)		(2,820,138	)		(36,415,606	)		(2,349,795	)		(37,622,638	)
Change from Class A Share Transactions		(313,636	)		(5,414,319	)		(164,302	)		(3,038,899	)		1,303,968			15,540,672			81,503			(1,288,067	)
Class C
Proceeds from Shares issued		63,277			969,925			87,904			1,638,187			800,446			8,970,545			410,822			5,810,983
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—			—			—			—			—
Reinvestment of distributions		17,876			279,049			34,727			637,944			1,491,943			15,381,930			1,021,594			12,974,235
Cost of Shares redeemed		(197,621	)		(3,252,689	)		(264,446	)		(4,826,498	)		(2,910,652	)		(33,616,304	)		(1,203,769	)		(17,702,423	)
Change from Class C Share Transactions		(116,468	)		(2,003,715	)		(141,815	)		(2,550,367	)		(618,263	)		(9,263,829	)		228,647			1,082,795
Class Y
Proceeds from Shares issued		4,148,451			71,207,884			5,764,255			109,669,627			47,984,180			671,020,656			26,383,564			444,886,154
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—			—			—			—			—
Reinvestment of distributions		936,465			15,250,844			1,094,842			20,691,929			17,298,614			216,916,626			18,105,846			263,802,146
Cost of Shares redeemed		(7,111,343	)		(120,504,725	)		(5,521,058	)		(104,822,459	)		(71,274,284	)		(1,025,920,882	)		(64,116,112	)		(1,091,150,314	)
Change from Class Y Share Transactions		(2,026,427	)		(34,045,997	)		1,338,039			25,539,097			(5,991,490	)		(137,983,600	)		(19,626,702	)		(382,462,014	)
Class Z
Proceeds from Shares issued		—			—			—			—			3,582,260			47,836,860			4,730,701			77,342,660
Reinvestment of distributions		—			—			—			—			10,414,025			121,739,953			7,798,859			107,858,220
Cost of Shares redeemed		—			—			—			—			(13,484,486	)		(179,874,046	)		(11,670,837	)		(186,751,034	)
Change from Class Z Share Transactions		—			—			—			—			511,799			(10,297,233	)		858,723			(1,550,154	)
Institutional Class
Proceeds from Shares issued		10,425,351			178,428,195			10,029,485			190,380,045			—			—			—			—
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—			—			—			—			—
Reinvestment of distributions		1,113,293			18,280,984			953,577			18,105,162			—			—			—			—
Cost of Shares redeemed		(9,324,209	)		(159,358,598	)		(5,241,757	)		(99,196,128	)		—			—			—			—
Change from Institutional Class Share Transactions		2,214,435			37,350,581			5,741,305			109,289,079			—			—			—			—

Change from Share Transactions		(242,096	)	$	(4,113,450	)		6,773,227		$	129,238,910			(4,793,986	)	$	(142,003,990	)		(18,457,829	)	$	(384,217,440	)

^(A)

See Note 9 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

126

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

Touchstone Small Cap Fund												Touchstone Small Cap Value Fund
For the Year						For the Year						For the Year						For the Year
Ended						Ended						Ended						Ended
September 30, 2019						September 30, 2018						September 30, 2019						September 30, 2018
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	38,055		$	472,167			91,315		$	1,437,365			195,449		$	4,249,270			430,771		$	11,885,292
	—			—			—			—			—			—			72,932			2,071,440
	101,878			1,089,083			136,257			2,061,771			209,490			4,705,373			353			9,467
	(337,532	)		(4,407,142	)		(429,220	)		(6,846,836	)		(2,367,137	)		(51,823,595	)		(475,661	)		(12,759,285	)
	(197,599	)		(2,845,892	)		(201,648	)		(3,347,700	)		(1,962,198	)		(42,868,952	)		28,395			1,206,914

	20,731			207,669			22,731			339,583			8,034			177,715			8,628			220,673
	—			—			—			—			—			—			16,657			461,382
	114,175			1,134,906			99,622			1,426,382			3,012			65,850			—			—
	(249,806	)		(2,631,113	)		(260,388	)		(3,947,706	)		(29,729	)		(680,560	)		(20,402	)		(544,363	)
	(114,900	)		(1,288,538	)		(138,035	)		(2,181,741	)		(18,683	)		(436,995	)		4,883			137,692

	810,114			9,668,277			743,774			12,307,802			328,553			7,538,534			36,388			973,923
	—			—			—			—			—			—			1,429,509			40,693,020
	750,085			8,160,920			924,185			14,180,457			102,758			2,312,572			1,058			28,836
	(1,917,077	)		(24,260,072	)		(3,290,472	)		(52,302,281	)		(874,577	)		(20,250,772	)		(95,731	)		(2,628,800	)
	(356,878	)		(6,430,875	)		(1,622,513	)		(25,814,022	)		(443,266	)		(10,399,666	)		1,371,224			39,066,979

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

	2,076,783			25,606,948			1,864,321			29,368,228			904,996			21,393,137			805,744			21,884,585

	—			—			—			—			—			—			127,709			3,632,489
	934,025			10,124,830			937,971			14,378,877			29,736			668,672			1,186			31,335
	(5,797,319	)		(75,407,605	)		(3,946,506	)		(64,949,956	)		(314,310	)		(7,382,966	)		(181,101	)		(5,026,656	)
	(2,786,511	)		(39,675,827	)		(1,144,214	)		(21,202,851	)		620,422			14,678,843			753,538			20,521,753

	(3,455,888	)	$	(50,241,132	)		(3,106,410	)	$	(52,546,314	)		(1,803,725	)	$	(39,026,770	)		2,158,040		$	60,933,338

127

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

	Touchstone Ultra Short Duration Fixed Income Fund
	For the Year						For the Year
	Ended						Ended
	September 30, 2019						September 30, 2018
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		1,561,834		$	14,461,350			2,186,773		$	20,262,081
Proceeds from Shares issued in connection with merger^(A)					—			8,852,517			82,262,174
Reinvestment of distributions		178,237			1,651,342			157,558			1,458,905
Cost of Shares redeemed		(2,308,007	)		(21,370,670	)		(4,424,320	)		(40,986,668	)
Change from Class A Share Transactions		(567,936	)		(5,257,978	)		6,772,528			62,996,492
Class C
Proceeds from Shares issued		469,828			4,349,002			140,726			1,304,964
Reinvestment of distributions		7,701			71,373			6,609			61,233
Cost of Shares redeemed		(508,717	)		(4,714,076	)		(275,175	)		(2,550,464	)
Change from Class C Share Transactions		(31,188	)		(293,701	)		(127,840	)		(1,184,267	)
Class S
Proceeds from Shares issued		6,326,264			58,524,099			3,243,115			30,015,459
Proceeds from Shares issued in connection with merger^(A)		—			—			18,778,658			174,475,987
Reinvestment of distributions		326,447			3,023,746			278,023			2,573,997
Cost of Shares redeemed		(7,401,049	)		(68,520,143	)		(6,950,386	)		(64,347,591	)
Change from Class S Share Transactions		(748,338	)		(6,972,298	)		15,349,410			142,717,852
Class Y
Proceeds from Shares issued		19,911,778			184,399,781			15,184,845			140,672,822
Proceeds from Shares issued in connection with merger^(A)		—			—			1,675,485			15,567,307
Reinvestment of distributions		616,968			5,717,131			467,260			4,327,179
Cost of Shares redeemed		(15,973,962	)		(147,823,922	)		(16,990,466	)		(157,357,424	)
Change from Class Y Share Transactions		4,554,784			42,292,990			337,124			3,209,884
Class Z
Proceeds from Shares issued		8,443,969			78,135,460			6,536,969			60,562,276
Reinvestment of distributions		416,624			3,860,213			388,685			3,600,301
Cost of Shares redeemed		(12,781,112	)		(118,395,872	)		(11,985,438	)		(111,031,474	)
Change from Class Z Share Transactions		(3,920,519	)		(36,400,199	)		(5,059,784	)		(46,868,897	)
Institutional Class
Proceeds from Shares issued		27,100,680			250,714,052			18,337,840			169,704,983
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—
Reinvestment of distributions		873,331			8,086,264			565,948			5,237,944
Cost of Shares redeemed		(18,658,124	)		(172,592,314	)		(16,833,220	)		(155,892,337	)
Change from Institutional Class Share Transactions		9,315,887			86,208,002			2,070,568			19,050,590

Change from Share Transactions		8,602,690		$	79,576,816			19,342,006		$	179,921,654

^(A)

See Note 9 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

128

Financial Highlights

Touchstone Active Bond Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.01		$	10.47		$	10.59		$	10.20		$	10.45
Income (loss) from investment operations:
Net investment income		0.27			0.23			0.24			0.26			0.26
Net realized and unrealized gains (losses) on investments		0.68			(0.43	)		(0.11	)		0.43			(0.23	)
Total from investment operations		0.95			(0.20	)		0.13			0.69			0.03
Distributions from:
Net investment income		(0.28	)		(0.26	)		(0.25	)		(0.30	)		(0.28	)
Realized capital gains		—			—	^(A)		—			—			—
Total distributions		(0.28	)		(0.26	)		(0.25	)		(0.30	)		(0.28	)
Net asset value at end of period	$	10.68		$	10.01		$	10.47		$	10.59		$	10.20
Total return^(B)		9.68	%		(1.87	%)		1.26	%		6.90	%		0.24	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	127,502		$	133,083		$	22,117		$	25,324		$	29,135
Ratio to average net assets:
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		1.00	%		0.97	%		1.18	%		1.19	%		1.19	%
Net investment income		2.68	%		2.34	%		2.33	%		2.52	%		2.50	%
Portfolio turnover rate		235	%		448	%^(C)		496	%		590	%		349	%

Touchstone Active Bond Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.23		$	9.68		$	9.82		$	9.48		$	9.73
Income (loss) from investment operations:
Net investment income		0.12			0.20			0.14			0.16			0.17
Net realized and unrealized gains (losses) on investments		0.68			(0.46	)		(0.10	)		0.41			(0.21	)
Total from investment operations		0.80			(0.26	)		0.04			0.57			(0.04	)
Distributions from:
Net investment income		(0.21	)		(0.19	)		(0.18	)		(0.23	)		(0.21	)
Realized capital gains		—			—	^(A)		—			—			—
Total distributions		(0.21	)		(0.19	)		(0.18	)		(0.23	)		(0.21	)
Net asset value at end of period	$	9.82		$	9.23		$	9.68		$	9.82		$	9.48
Total return^(B)		8.83	%		(2.64	%)		0.52	%		6.03	%		(0.47	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	11,743		$	23,807		$	4,642		$	6,513		$	6,946
Ratio to average net assets:
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Gross expenses		1.85	%		1.79	%		2.18	%		2.09	%		2.06	%
Net investment income		1.93	%		1.59	%		1.58	%		1.77	%		1.75	%
Portfolio turnover rate		235	%		448	%^(C)		496	%		590	%		349	%

^(A)

Less than $0.005 per share.

^(B)

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

^(C)

Portfolio turnover excludes the purchases and sales of securities by the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

129

Financial Highlights (Continued)

Touchstone Active Bond Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.00		$	10.46		$	10.59		$	10.20		$	10.45
Income (loss) from investment operations:
Net investment income		0.31			0.26			0.27			0.29			0.29
Net realized and unrealized gains (losses) on investments		0.67			(0.43	)		(0.12	)		0.43			(0.24	)
Total from investment operations		0.98			(0.17	)		0.15			0.72			0.05
Distributions from:
Net investment income		(0.31	)		(0.29	)		(0.28	)		(0.33	)		(0.30	)
Realized capital gains		—			—	^(A)		—			—			—
Total distributions		(0.31	)		(0.29	)		(0.28	)		(0.33	)		(0.30	)
Net asset value at end of period	$	10.67		$	10.00		$	10.46		$	10.59		$	10.20
Total return		9.96	%		(1.62	%)		1.43	%		7.18	%		0.49	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	90,336		$	165,937		$	79,648		$	76,544		$	57,394
Ratio to average net assets:
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.73	%		0.70	%		0.86	%		0.90	%		0.91	%
Net investment income		2.93	%		2.59	%		2.58	%		2.77	%		2.75	%
Portfolio turnover rate		235	%		448	%^(B)		496	%		590	%		349	%

Touchstone Active Bond Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	10.00		$	10.46		$	10.58		$	10.19		$	10.44
Income (loss) from investment operations:
Net investment income		0.30			0.27			0.25			0.33			0.30
Net realized and unrealized gains (losses) on investments		0.69			(0.43	)		(0.09	)		0.40			(0.24	)
Total from investment operations		0.99			(0.16	)		0.16			0.73			0.06
Distributions from:
Net investment income		(0.32	)		(0.30	)		(0.28	)		(0.34	)		(0.31	)
Realized capital gains		—			—	^(A)		—			—			—
Total distributions		(0.32	)		(0.30	)		(0.28	)		(0.34	)		(0.31	)
Net asset value at end of period	$	10.67		$	10.00		$	10.46		$	10.58		$	10.19
Total return		10.06	%		(1.54	%)		1.61	%		7.27	%		0.57	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	96,477		$	38,715		$	20,800		$	6,841		$	6,788
Ratio to average net assets:
Net expenses		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Gross expenses		0.66	%		0.66	%		0.87	%		1.00	%		0.95	%
Net investment income		3.01	%		2.67	%		2.66	%		2.85	%		2.83	%
Portfolio turnover rate		235	%		448	%^(B)		496	%		590	%		349	%

^(A)

Less than $0.005 per share.

^(B)

See accompanying Notes to Financial Statements.

130

Financial Highlights (Continued)

Touchstone Anti-Benchmark^®International Core Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout The Period

	Period Ended
	September 30,
	2019^(A)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.24
Net realized and unrealized gains (losses) on investments		(0.03	)
Total from investment operations		0.21
Distributions from:
Net investment income		(0.01	)
Net asset value at end of period	$	10.20
Total return		2.13	%^(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	3
Ratio to average net assets:
Net expenses		0.69	%^(C)
Gross expenses		373.97	%^(C)
Net investment income		2.74	%^(C)
Portfolio turnover rate		117	%^(B)(D)

Touchstone Anti-Benchmark^®International Core Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout The Period

	Period Ended
	September 30,
	2019^(A)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.21
Net realized and unrealized gains (losses) on investments		—
Total from investment operations		0.21
Distributions from:
Net investment income		(0.01	)
Net asset value at end of period	$	10.20
Total return		2.14	%^(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	36,710
Ratio to average net assets:
Net expenses		0.59	%^(C)
Gross expenses		1.13	%^(C)
Net investment income		2.84	%^(C)
Portfolio turnover rate		117	%^(B)(D)

^(A)

Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

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

See accompanying Notes to Financial Statements.

131

Financial Highlights (Continued)

Touchstone Anti-Benchmark^®US Core Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout The Period

	Period Ended
	September 30,
	2019^(A)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.09
Net realized and unrealized gains (losses) on investments		0.56
Total from investment operations		0.65
Distributions from:
Net investment income		(0.06	)
Net asset value at end of period	$	10.59
Total return		6.57	%^(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	52
Ratio to average net assets:
Net expenses		0.54	%^(C)
Gross expenses		110.89	%^(C)
Net investment income		2.10	%^(C)
Portfolio turnover rate		137	%^(B)(D)

Touchstone Anti-Benchmark^®US Core Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout The Period

	Period Ended
	September 30,
	2019^(A)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.19
Net realized and unrealized gains (losses) on investments		0.46
Total from investment operations		0.65
Distributions from:
Net investment income		(0.06	)
Net asset value at end of period	$	10.59
Total return		6.59	%^(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	26,648
Ratio to average net assets:
Net expenses		0.44	%^(C)
Gross expenses		0.85	%^(C)
Net investment income		2.21	%^(C)
Portfolio turnover rate		137	%^(B)(D)

^(A)

Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

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

See accompanying Notes to Financial Statements.

132

Financial Highlights (Continued)

Touchstone Credit Opportunities II Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Three Months
	Ended												Period Ended
	September 30,			Year Ended June 30,									June 30,
	2019^(A)			2019			2018			2017			2016^(B)
Net asset value at beginning of period	$	9.95		$	9.96		$	10.41		$	10.05		$	10.00
Income (loss) from investment operations:
Net investment income		0.20			0.52			0.49			0.45			0.22
Net realized and unrealized gains (losses) on investments		0.04			0.12			(0.13	)		0.45			0.07
Total from investment operations		0.24			0.64			0.36			0.90			0.29
Distributions from:
Net investment income		(0.12	)		(0.54	)		(0.53	)		(0.47	)		(0.23	)
Realized capital gains		(0.04	)		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.16	)		(0.65	)		(0.81	)		(0.54	)		(0.24	)
Net asset value at end of period	$	10.03		$	9.95		$	9.96		$	10.41		$	10.05
Total return^(C)		1.40	%^(D)		6.69	%		3.50	%		9.08	%		2.95	%^(D)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	7,239		$	226		$	153		$	45		$	43
Ratio to average net assets:
Net expenses (including dividend and interestexpense on securities sold short)^(E)		1.18	%^(F)		1.55	%		1.76	%		1.87	%		1.73	%^(F)
Gross expenses (including dividend and interestexpense on securities sold short)^(G)		2.55	%^(F)		7.56	%		10.00	%		16.01	%		38.32	%^(F)
Net investment income		5.43	%^(F)		5.46	%		5.00	%		4.44	%		3.53	%^(F)
Portfolio turnover rate		28	%^(D)(H)		94	%		70	%		84	%		91	%^(D)

^(A)

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

^(B)

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

^(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 dividend and interest expense on securities sold short was 1.08%, 1.45%, 1.69%, 1.69% and 1.69% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 2017 and for the period ended June 30, 2016, respectively.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 2.45%, 7.46%, 9.93%, 15.83% and 38.28% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 2017 and for the period ended June 30, 2016, respectively.

^(H)

Portfolio turnover excludes the purchases and sales of securities of the Touchstone Credit Opportunities Fund acquired on September 6, 2019 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

133

Financial Highlights (Continued)

Touchstone Credit Opportunities II Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Three Months
	Ended												Period Ended
	September 30,			Year Ended June 30,									June 30,
	2019^(A)			2019			2018			2017			2016^(B)
Net asset value at beginning of period	$	9.98		$	10.00		$	10.44		$	10.08		$	10.00
Income (loss) from investment operations:
Net investment income		0.19			0.43			0.44			0.34			0.17
Net realized and unrealized gains (losses) on investments		(0.27	)		0.14			(0.15	)		0.48			0.08
Total from investment operations		(0.08	)		0.57			0.29			0.82			0.25
Distributions from:
Net investment income		(0.11	)		(0.48	)		(0.45	)		(0.39	)		(0.16	)
Realized capital gains		(0.04	)		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.15	)		(0.59	)		(0.73	)		(0.46	)		(0.17	)
Net asset value at end of period	$	9.75		$	9.98		$	10.00		$	10.44		$	10.08
Total return^(C)		1.15	%^(D)		5.97	%		2.69	%		8.31	%		2.59	%^(D)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	4,538		$	127		$	22		$	22		$	6
Ratio to average net assets:
Net expenses (including dividend and interestexpense on securities sold short)^(E)		1.93	%^(F)		2.26	%		2.51	%		2.62	%		2.48	%^(F)
Gross expenses (including dividend and interestexpense on securities sold short)^(G)		3.62	%^(F)		11.81	%		34.60	%		73.30	%		276.34	%^(F)
Net investment income		4.68	%^(F)		4.75	%		4.25	%		3.69	%		2.79	%^(F)
Portfolio turnover rate		28	%^(D)(H)		94	%		70	%		84	%		91	%^(D)

^(A)

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

^(B)

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

^(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 dividend and interest expense on securities sold short was 1.83%, 2.16%, 2.44%, 2.44% and 2.44% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 2017 and for the period ended June 30, 2016, respectively.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short was 3.52%, 11.71%, 34.53%, 73.12% and 276.30% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 2017 and for the period ended June 30, 2016, respectively.

^(H)

See accompanying Notes to Financial Statements.

134

Financial Highlights (Continued)

Touchstone Credit Opportunities II Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Three Months
	Ended												Period Ended
	September 30,			Year Ended June 30,									June 30,
	2019^(A)			2019			2018			2017			2016^(B)
Net asset value at beginning of period	$	9.95		$	9.96		$	10.41		$	10.04		$	10.00
Income (loss) from investment operations:
Net investment income		0.17			0.60			0.50			0.39			0.31
Net realized and unrealized gains (losses) on investments		0.21			0.06			(0.12	)		0.54			(0.02	)
Total from investment operations		0.38			0.66			0.38			0.93			0.29
Distributions from:
Net investment income		(0.13	)		(0.56	)		(0.55	)		(0.49	)		(0.24	)
Realized capital gains		(0.04	)		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.17	)		(0.67	)		(0.83	)		(0.56	)		(0.25	)
Net asset value at end of period	$	10.16		$	9.95		$	9.96		$	10.41		$	10.04
Total return		1.54	%^(C)		7.05	%		3.73	%		9.39	%		3.04	%^(C)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	47,483		$	11,356		$	444		$	315		$	3
Ratio to average net assets:
Net expenses (including dividend and interestexpense on securities sold short)^(D)		0.93	%^(E)		1.09	%		1.51	%		1.62	%		1.48	%^(E)
Gross expenses (including dividend and interestexpense on securities sold short)^(F)		1.60	%^(E)		1.71	%		4.29	%		8.25	%		355.77	%^(E)
Net investment income		5.68	%^(E)		5.93	%		5.25	%		4.69	%		3.79	%^(E)
Portfolio turnover rate		28	%^(C)(G)		94	%		70	%		84	%		91	%^(C)

^(A)

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

^(B)

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

^(C)

Not annualized.

^(D)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 0.83%, 0.99%, 1.44%, 1.44% and 1.44% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 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 1.50%, 1.61%, 4.22%, 8.07% and 355.73% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 2017 and for the period ended June 30, 2016, respectively.

^(G)

See accompanying Notes to Financial Statements.

135

Financial Highlights (Continued)

Touchstone Credit Opportunities II Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Three Months
	Ended												Period Ended
	September 30,			Year Ended June 30,									June 30,
	2019^(A)			2019			2018			2017			2016^(B)
Net asset value at beginning of period	$	9.95		$	9.96		$	10.41		$	10.05		$	10.00
Income (loss) from investment operations:
Net investment income		0.15			0.58			0.55			0.50			0.28
Net realized and unrealized gains (losses) on investments		0.29			0.09			(0.16	)		0.43			0.03
Total from investment operations		0.44			0.67			0.39			0.93			0.31
Distributions from:
Net investment income		(0.13	)		(0.57	)		(0.56	)		(0.50	)		(0.25	)
Realized capital gains		(0.04	)		(0.11	)		(0.28	)		(0.07	)		(0.01	)
Total distributions		(0.17	)		(0.68	)		(0.84	)		(0.57	)		(0.26	)
Net asset value at end of period	$	10.22		$	9.95		$	9.96		$	10.41		$	10.05
Total return		1.57	%^(C)		7.04	%		3.85	%		9.47	%		3.22	%^(C)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	48,158		$	47,531		$	51,715		$	53,150		$	54,411
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short)^(D)		0.83	%^(E)		1.24	%		1.41	%		1.52	%		1.38	%^(E)
Gross expenses (including dividend and interest expense on securities sold short)^(F)		1.36	%^(E)		1.50	%		1.59	%		1.69	%		1.65	%^(E)
Net investment income		5.78	%^(E)		5.78	%		5.35	%		4.79	%		3.88	%^(E)
Portfolio turnover rate		28	%^(C)(G)		94	%		70	%		84	%		91	%^(C)

^(A)

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

^(B)

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

^(C)

Not annualized.

^(D)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short was 0.73%, 1.14%, 1.34%, 1.34% and 1.34% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 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 1.26%, 1.40%, 1.52%, 1.51% and 1.61% for the period ended September 30, 2019, years ended June 30, 2019, 2018, 2017 and for the period ended June 30, 2016, respectively.

^(G)

See accompanying Notes to Financial Statements.

136

Financial Highlights (Continued)

Touchstone High Yield Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	8.12		$	8.43		$	8.21		$	7.95		$	8.91
Income (loss) from investment operations:
Net investment income		0.40			0.41			0.39			0.41			0.43
Net realized and unrealized gains (losses) on investments		0.16			(0.31	)		0.21			0.26			(0.81	)
Total from investment operations		0.56			0.10			0.60			0.67			(0.38	)
Distributions from:
Net investment income		(0.41	)		(0.41	)		(0.38	)		(0.41	)		(0.44	)
Realized capital gains		—			—			—			—			(0.14	)
Total distributions		(0.41	)		(0.41	)		(0.38	)		(0.41	)		(0.58	)
Net asset value at end of period	$	8.27		$	8.12		$	8.43		$	8.21		$	7.95
Total return^(A)		7.08	%		1.24	%		7.45	%		8.78	%		(4.54	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	14,642		$	12,457		$	16,925		$	20,995		$	26,797
Ratio to average net assets:
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses		1.28	%		1.29	%		1.24	%		1.23	%		1.15	%
Net investment income		4.95	%		4.76	%		4.63	%		5.19	%		4.92	%
Portfolio turnover rate		63	%		59	%		69	%		56	%		35	%

Touchstone High Yield Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	8.10		$	8.41		$	8.19		$	7.93		$	8.90
Income (loss) from investment operations:
Net investment income		0.34			0.34			0.33			0.35			0.36
Net realized and unrealized gains (losses) on investments		0.16			(0.30	)		0.21			0.26			(0.82	)
Total from investment operations		0.50			0.04			0.54			0.61			(0.46	)
Distributions from:
Net investment income		(0.35	)		(0.35	)		(0.32	)		(0.35	)		(0.37	)
Realized capital gains		—			—			—			—			(0.14	)
Total distributions		(0.35	)		(0.35	)		(0.32	)		(0.35	)		(0.51	)
Net asset value at end of period	$	8.25		$	8.10		$	8.41		$	8.19		$	7.93
Total return^(A)		6.31	%		0.50	%		6.68	%		7.99	%		(5.28	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	4,582		$	9,444		$	13,025		$	16,372		$	24,755
Ratio to average net assets:
Net expenses		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%
Gross expenses		2.10	%		2.00	%		1.97	%		1.94	%		1.87	%
Net investment income		4.20	%		4.01	%		3.88	%		4.44	%		4.17	%
Portfolio turnover rate		63	%		59	%		69	%		56	%		35	%

^(A)

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

See accompanying Notes to Financial Statements.

137

Financial Highlights (Continued)

Touchstone High Yield Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	8.35		$	8.67		$	8.44		$	8.16		$	9.14
Income (loss) from investment operations:
Net investment income		0.47			0.44			0.43			0.46			0.47
Net realized and unrealized gains (losses) on investments		0.14			(0.32	)		0.21			0.25			(0.85	)
Total from investment operations		0.61			0.12			0.64			0.71			(0.38	)
Distributions from:
Net investment income		(0.44	)		(0.44	)		(0.41	)		(0.43	)		(0.46	)
Realized capital gains		—			—			—			—			(0.14	)
Total distributions		(0.44	)		(0.44	)		(0.41	)		(0.43	)		(0.60	)
Net asset value at end of period	$	8.52		$	8.35		$	8.67		$	8.44		$	8.16
Total return		7.52	%		1.44	%		7.74	%		9.11	%		(4.42	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	44,030		$	63,983		$	75,435		$	85,739		$	119,505
Ratio to average net assets:
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Gross expenses		0.91	%		0.88	%		0.90	%		0.91	%		0.87	%
Net investment income		5.20	%		5.01	%		4.88	%		5.44	%		5.17	%
Portfolio turnover rate		63	%		59	%		69	%		56	%		35	%

Touchstone High Yield Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	8.35		$	8.66		$	8.43		$	8.16		$	9.13
Income (loss) from investment operations:
Net investment income		0.44			0.44			0.42			0.44			0.46
Net realized and unrealized gains (losses) on investments		0.16			(0.30	)		0.22			0.27			(0.82	)
Total from investment operations		0.60			0.14			0.64			0.71			(0.36	)
Distributions from:
Net investment income		(0.44	)		(0.45	)		(0.41	)		(0.44	)		(0.47	)
Realized capital gains		—			—			—			—			(0.14	)
Total distributions		(0.44	)		(0.45	)		(0.41	)		(0.44	)		(0.61	)
Net asset value at end of period	$	8.51		$	8.35		$	8.66		$	8.43		$	8.16
Total return		7.47	%		1.63	%		7.70	%		9.19	%		(4.23	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	135,328		$	111,705		$	112,503		$	93,267		$	59,037
Ratio to average net assets:
Net expenses		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Gross expenses		0.77	%		0.76	%		0.75	%		0.77	%		0.75	%
Net investment income		5.28	%		5.09	%		4.96	%		5.52	%		5.25	%
Portfolio turnover rate		63	%		59	%		69	%		56	%		35	%

See accompanying Notes to Financial Statements.

138

Financial Highlights (Continued)

Touchstone Impact Bond Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.77		$	10.13		$	10.38		$	10.19		$	10.23
Income (loss) from investment operations:
Net investment income		0.23			0.22			0.18			0.24			0.22
Net realized and unrealized gains (losses) on investments		0.69			(0.33	)		(0.17	)		0.22			0.01
Total from investment operations		0.92			(0.11	)		0.01			0.46			0.23
Distributions from:
Net investment income		(0.25	)		(0.25	)		(0.26	)		(0.27	)		(0.27	)
Net asset value at end of period	$	10.44		$	9.77		$	10.13		$	10.38		$	10.19
Total return^(A)		9.59	%		(1.07	%)		0.15	%		4.57	%		2.24	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	10,083		$	5,697		$	5,137		$	8,639		$	5,749
Ratio to average net assets:
Net expenses		0.85	%		0.85	%		0.85	%		0.87	%		0.90	%
Gross expenses		1.19	%		1.30	%		1.22	%		1.25	%		1.26	%
Net investment income		2.28	%		2.25	%		1.98	%		2.26	%		2.10	%
Portfolio turnover rate		22	%		40	%		18	%		12	%		19	%

Touchstone Impact Bond Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.75		$	10.12		$	10.36		$	10.18		$	10.21
Income (loss) from investment operations:
Net investment income		0.16			0.16			0.11			0.15			0.14
Net realized and unrealized gains (losses) on investments		0.70			(0.35	)		(0.17	)		0.22			0.02
Total from investment operations		0.86			(0.19	)		(0.06	)		0.37			0.16
Distributions from:
Net investment income		(0.18	)		(0.18	)		(0.18	)		(0.19	)		(0.19	)
Net asset value at end of period	$	10.43		$	9.75		$	10.12		$	10.36		$	10.18
Total return^(A)		8.89	%		(1.94	%)		(0.51	%)		3.70	%		1.60	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,475		$	1,087		$	1,876		$	2,813		$	2,368
Ratio to average net assets:
Net expenses		1.60	%		1.60	%		1.60	%		1.62	%		1.65	%
Gross expenses		2.94	%		2.78	%		2.30	%		2.19	%		2.27	%
Net investment income		1.53	%		1.50	%		1.23	%		1.51	%		1.35	%
Portfolio turnover rate		22	%		40	%		18	%		12	%		19	%

^(A)

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

See accompanying Notes to Financial Statements.

139

Financial Highlights (Continued)

Touchstone Impact Bond Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.78		$	10.15		$	10.39		$	10.20		$	10.24
Income (loss) from investment operations:
Net investment income		0.26			0.24			0.24			0.26			0.25
Net realized and unrealized gains (losses) on investments		0.69			(0.33	)		(0.19	)		0.23			0.01
Total from investment operations		0.95			(0.09	)		0.05			0.49			0.26
Distributions from:
Net investment income		(0.28	)		(0.28	)		(0.29	)		(0.30	)		(0.30	)
Net asset value at end of period	$	10.45		$	9.78		$	10.15		$	10.39		$	10.20
Total return		9.84	%		(0.92	%)		0.50	%		4.82	%		2.51	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	95,218		$	54,895		$	37,233		$	49,484		$	39,751
Ratio to average net assets:
Net expenses		0.60	%		0.60	%		0.60	%		0.62	%		0.65	%
Gross expenses		0.68	%		0.67	%		0.73	%		0.71	%		0.70	%
Net investment income		2.53	%		2.50	%		2.23	%		2.51	%		2.35	%
Portfolio turnover rate		22	%		40	%		18	%		12	%		19	%

Touchstone Impact Bond Fund — Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.78		$	10.14		$	10.39		$	10.20		$	10.24
Income (loss) from investment operations:
Net investment income		0.27			0.26			0.25			0.28			0.26
Net realized and unrealized gains (losses) on investments		0.69			(0.33	)		(0.20	)		0.22			0.01
Total from investment operations		0.96			(0.07	)		0.05			0.50			0.27
Distributions from:
Net investment income		(0.29	)		(0.29	)		(0.30	)		(0.31	)		(0.31	)
Net asset value at end of period	$	10.45		$	9.78		$	10.14		$	10.39		$	10.20
Total return		9.95	%		(0.72	%)		0.51	%		4.94	%		2.65	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	207,462		$	191,224		$	222,013		$	166,008		$	134,877
Ratio to average net assets:
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Gross expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.61	%
Net investment income		2.63	%		2.60	%		2.33	%		2.63	%		2.50	%
Portfolio turnover rate		22	%		40	%		18	%		12	%		19	%

See accompanying Notes to Financial Statements.

140

Financial Highlights(Continued)

Touchstone International ESG Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.58		$	9.40		$	8.77		$	8.27		$	9.98
Income (loss) from investment operations:
Net investment income		0.15			0.24			0.25			0.22			0.24
Net realized and unrealized gains (losses) on investments		(0.29	)		0.35			0.62			1.04			(1.25	)
Total from investment operations		(0.14	)		0.59			0.87			1.26			(1.01	)
Distributions from:
Net investment income		(0.17	)		(0.23	)		(0.24	)		(0.21	)		(0.25	)
Realized capital gains		(0.77	)		(0.18	)		—			(0.55	)		(0.45	)
Total distributions		(0.94	)		(0.41	)		(0.24	)		(0.76	)		(0.70	)
Net asset value at end of period	$	8.50		$	9.58		$	9.40		$	8.77		$	8.27
Total return^(A)		(0.81	%)		6.41	%		10.10	%		16.80	%		(10.79	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	10,333		$	11,984		$	22,725		$	26,907		$	36,023
Ratio to average net assets:
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.52	%		1.41	%		1.36	%		1.34	%		1.25	%
Net investment income		1.71	%		2.16	%		2.69	%		2.57	%		2.57	%
Portfolio turnover rate		123	%		68	%		39	%		38	%		31	%

Touchstone International ESG Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.57		$	9.39		$	8.75		$	8.26		$	9.97
Income (loss) from investment operations:
Net investment income		0.09			0.14			0.17			0.15			0.17
Net realized and unrealized gains (losses) on investments		(0.30	)		0.38			0.64			1.04			(1.24	)
Total from investment operations		(0.21	)		0.52			0.81			1.19			(1.07	)
Distributions from:
Net investment income		(0.11	)		(0.16	)		(0.17	)		(0.15	)		(0.19	)
Realized capital gains		(0.77	)		(0.18	)		—			(0.55	)		(0.45	)
Total distributions		(0.88	)		(0.34	)		(0.17	)		(0.70	)		(0.64	)
Net asset value at end of period	$	8.48		$	9.57		$	9.39		$	8.75		$	8.26
Total return^(A)		(1.61	%)		5.62	%		9.42	%		15.81	%		(11.45	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	10,691		$	19,455		$	22,324		$	25,781		$	31,405
Ratio to average net assets:
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Gross expenses		2.16	%		2.07	%		2.05	%		2.05	%		2.00	%
Net investment income		1.05	%		1.41	%		1.94	%		1.82	%		1.82	%
Portfolio turnover rate		123	%		68	%		39	%		38	%		31	%

^(A)

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

See accompanying Notes to Financial Statements.

141

Financial Highlights(Continued)

Touchstone International ESG Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.55		$	9.38		$	8.75		$	8.25		$	9.97
Income (loss) from investment operations:
Net investment income		0.18			0.23			0.26			0.23			0.26
Net realized and unrealized gains (losses) on investments		(0.30	)		0.37			0.63			1.05			(1.25	)
Total from investment operations		(0.12	)		0.60			0.89			1.28			(0.99	)
Distributions from:
Net investment income		(0.19	)		(0.25	)		(0.26	)		(0.23	)		(0.28	)
Realized capital gains		(0.77	)		(0.18	)		—			(0.55	)		(0.45	)
Total distributions		(0.96	)		(0.43	)		(0.26	)		(0.78	)		(0.73	)
Net asset value at end of period	$	8.47		$	9.55		$	9.38		$	8.75		$	8.25
Total return		(0.57	%)		6.59	%		10.41	%		17.13	%		(10.58	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	16,554		$	56,185		$	75,763		$	99,953		$	100,772
Ratio to average net assets:
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		1.09	%		0.99	%		1.00	%		1.03	%		0.97	%
Net investment income		2.17	%		2.41	%		2.94	%		2.82	%		2.82	%
Portfolio turnover rate		123	%		68	%		39	%		38	%		31	%

Touchstone International ESG Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout The Period

	Period Ended
	September 30,
	2019^(A)
Net asset value at beginning of period	$	8.05	^(B)
Income (loss) from investment operations:
Net Investment loss		(0.01	)
Net realized and unrealized gains on investments		0.45
Total from investment operations		0.44
Distributions from:
Net investment income		(0.01	)
Net asset value at end of period	$	8.48
Total return		5.46	%^(C)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	3
Ratio to average net assets:
Net expenses		0.89	%^(D)
Gross expenses		2,643.52	%^(D)
Net investment loss		(0.97	)%^(D)
Portfolio turnover rate		123	%^(C)

^(A)

Represents the period from commencement of operations (August 23, 2019) through September 30, 2019.

^(B)

Net asset value at the beginning of period is based on the net asset value of Class A shares on August 23, 2019.

^(C)

Not annualized.

^(D)

Annualized.

See accompanying Notes to Financial Statements.

142

Financial Highlights(Continued)

Touchstone Mid Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	34.99		$	30.50		$	25.91		$	23.22		$	23.68
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.01	^(A)		(0.02	)^(A)		0.12			(0.02	)^(A)
Net realized and unrealized gains (losses) on investments		5.00			4.79			4.69			2.57			(0.44	)
Total from investment operations		5.05			4.80			4.67			2.69			(0.46	)
Distributions from:
Net investment income		(0.02	)		—			(0.08	)		—			—
Realized capital gains		(1.15	)		(0.31	)		—			—			—
Total distributions		(1.17	)		(0.31	)		(0.08	)		—			—
Net asset value at end of period	$	38.87		$	34.99		$	30.50		$	25.91		$	23.22
Total return^(B)		15.34	%		15.83	%		18.08	%		11.58	%		(1.94	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	61,772		$	36,824		$	34,761		$	53,044		$	62,717
Ratio to average net assets:
Net expenses		1.23	%		1.24	%		1.24	%		1.24	%		1.24	%
Gross expenses		1.36	%		1.35	%		1.36	%		1.35	%		1.35	%
Net investment income (loss)		0.19	%		0.04	%		(0.09	%)		0.43	%		(0.07	%)
Portfolio turnover rate		25	%		46	%		19	%		19	%		17	%

Touchstone Mid Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	33.01		$	29.02		$	24.76		$	22.35		$	22.97
Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.22	)^(A)		(0.22	)^(A)		(0.12	)		(0.20	)^(A)
Net realized and unrealized gains (losses) on investments		4.65			4.52			4.48			2.53			(0.42	)
Total from investment operations		4.48			4.30			4.26			2.41			(0.62	)
Distributions from:
Realized capital gains		(1.15	)		(0.31	)		—			—			—
Net asset value at end of period	$	36.34		$	33.01		$	29.02		$	24.76		$	22.35
Total return^(B)		14.48	%		14.91	%		17.21	%		10.78	%		(2.70	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	66,855		$	56,274		$	57,224		$	59,431		$	60,815
Ratio to average net assets:
Net expenses		1.98	%		1.99	%		1.99	%		1.99	%		1.99	%
Gross expenses		2.07	%		2.08	%		2.11	%		2.13	%		2.12	%
Net investment loss		(0.56	%)		(0.71	%)		(0.84	%)		(0.32	%)		(0.82	%)
Portfolio turnover rate		25	%		46	%		19	%		19	%		17	%

^(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.

See accompanying Notes to Financial Statements.

143

Financial Highlights(Continued)

Touchstone Mid Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	35.33		$	30.77		$	26.14		$	23.38		$	23.83
Income (loss) from investment operations:
Net investment income		0.14			0.10	^(A)		0.05	^(A)		0.18			0.05	^(A)
Net realized and unrealized gains (losses) on investments		5.05			4.82			4.74			2.59			(0.45	)
Total from investment operations		5.19			4.92			4.79			2.77			(0.40	)
Distributions from:
Net investment income		(0.04	)		(0.05	)		(0.16	)		(0.01	)		(0.05	)
Realized capital gains		(1.15	)		(0.31	)		—			—			—
Total distributions		(1.19	)		(0.36	)		(0.16	)		(0.01	)		(0.05	)
Net asset value at end of period	$	39.33		$	35.33		$	30.77		$	26.14		$	23.38
Total return		15.62	%		16.09	%		18.40	%		11.87	%		(1.69	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,194,001		$	712,578		$	551,794		$	476,831		$	481,735
Ratio to average net assets:
Net expenses		0.98	%		0.99	%		0.99	%		0.99	%		0.99	%
Gross expenses		1.07	%		1.05	%		1.08	%		1.07	%		1.11	%
Net investment income		0.44	%		0.29	%		0.16	%		0.68	%		0.18	%
Portfolio turnover rate		25	%		46	%		19	%		19	%		17	%

Touchstone Mid Cap Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	34.78		$	30.32		$	25.75		$	23.08		$	23.54
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.01	^(A)		(0.02	)^(A)		0.12			(0.02	)^(A)
Net realized and unrealized gains (losses) on investments		4.96			4.76			4.67			2.55			(0.44	)
Total from investment operations		5.01			4.77			4.65			2.67			(0.46	)
Distributions from:
Net investment income		(0.02	)		—			(0.08	)		(—	)^(B)		—
Realized capital gains		(1.15	)		(0.31	)		—			—			—
Total distributions		(1.17	)		(0.31	)		(0.08	)		(—	)^(B)		—
Net asset value at end of period	$	38.62		$	34.78		$	30.32		$	25.75		$	23.08
Total return		15.32	%		15.83	%		18.08	%		11.58	%		(1.95	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	61,657		$	20,464		$	19,312		$	18,934		$	18,693
Ratio to average net assets:
Net expenses		1.22	%		1.24	%		1.24	%		1.24	%		1.24	%
Gross expenses		1.37	%		1.40	%		1.44	%		1.46	%		1.44	%
Net investment income (loss)		0.19	%		0.04	%		(0.09	%)		0.43	%		(0.07	%)
Portfolio turnover rate		25	%		46	%		19	%		19	%		17	%

^(A)

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

^(B)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

144

Financial Highlights(Continued)

Touchstone Mid Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	35.38		$	30.81		$	26.18		$	23.40		$	23.85
Income (loss) from investment operations:
Net investment income		0.15			0.12	^(A)		0.07	^(A)		0.19			0.06	^(A)
Net realized and unrealized gains (losses) on investments		5.08			4.83			4.74			2.61			(0.44	)
Total from investment operations		5.23			4.95			4.81			2.80			(0.38	)
Distributions from:
Net investment income		(0.05	)		(0.07	)		(0.18	)		(0.02	)		(0.07	)
Realized capital gains		(1.15	)		(0.31	)		—			—			—
Total distributions		(1.20	)		(0.38	)		(0.18	)		(0.02	)		(0.07	)
Net asset value at end of period	$	39.41		$	35.38		$	30.81		$	26.18		$	23.40
Total return		15.71	%		16.18	%		18.50	%		11.92	%		(1.62	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	245,418		$	129,284		$	113,867		$	77,775		$	76,324
Ratio to average net assets:
Net expenses		0.91	%		0.92	%		0.92	%		0.92	%		0.92	%
Gross expenses		0.97	%		0.97	%		0.98	%		0.99	%		1.00	%
Net investment income		0.51	%		0.36	%		0.23	%		0.75	%		0.25	%
Portfolio turnover rate		25	%		46	%		19	%		19	%		17	%

^(A)

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

See accompanying Notes to Financial Statements.

145

Financial Highlights(Continued)

Touchstone Mid Cap Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	18.71		$	19.36		$	17.49		$	15.70		$	16.60
Income (loss) from investment operations:
Net investment income		0.12			0.07			0.04			0.09	^(A)		0.12
Net realized and unrealized gains (losses) on investments		(0.06	)		0.48			2.47			2.76			(0.28	)
Total from investment operations		0.06			0.55			2.51			2.85			(0.16	)
Distributions from:
Net investment income		(0.10	)		(0.06	)		(0.03	)		(0.10	)		(0.10	)
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)
Total distributions		(0.86	)		(1.20	)		(0.64	)		(1.06	)		(0.74	)
Net asset value at end of period	$	17.91		$	18.71		$	19.36		$	17.49		$	15.70
Total return^(B)		0.81	%		2.80	%		14.62	%		19.20	%		(1.14	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	10,866		$	17,217		$	21,001		$	21,867		$	7,663
Ratio to average net assets:
Net expenses		1.22	%		1.25	%		1.27	%		1.27	%		1.29	%
Gross expenses		1.53	%		1.48	%		1.47	%		1.59	%		1.66	%
Net investment income		0.59	%		0.32	%		0.19	%		0.56	%		0.55	%
Portfolio turnover rate		34	%		31	%		43	%		45	%		54	%

Touchstone Mid Cap Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	18.20		$	18.94		$	17.23		$	15.49		$	16.42
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.13	)		(0.06	)		(0.03	)^(A)		(0.04	)
Net realized and unrealized gains (losses) on investments		0.05			0.53			2.38			2.73			(0.25	)
Total from investment operations		(0.07	)		0.40			2.32			2.70			(0.29	)
Distributions from:
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)
Total distributions		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)
Net asset value at end of period	$	17.37		$	18.20		$	18.94		$	17.23		$	15.49
Total return^(B)		0.06	%		2.04	%		13.78	%		18.32	%		(1.91	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	5,378		$	7,755		$	10,758		$	4,088		$	1,752
Ratio to average net assets:
Net expenses		1.97	%		2.01	%		2.02	%		2.02	%		2.04	%
Gross expenses		2.40	%		2.31	%		2.33	%		2.75	%		2.83	%
Net investment loss		(0.17	%)		(0.43	%)		(0.56	%)		(0.19	%)		(0.20	%)
Portfolio turnover rate		34	%		31	%		43	%		45	%		54	%

^(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.

See accompanying Notes to Financial Statements.

146

Financial Highlights(Continued)

Touchstone Mid Cap Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	18.79		$	19.45		$	17.57		$	15.76		$	16.67
Income (loss) from investment operations:
Net investment income		0.14			0.11			0.08			0.13	^(A)		0.14
Net realized and unrealized gains (losses) on investments		(0.04	)		0.48			2.49			2.78			(0.27	)
Total from investment operations		0.10			0.59			2.57			2.91			(0.13	)
Distributions from:
Net investment income		(0.14	)		(0.11	)		(0.08	)		(0.14	)		(0.14	)
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)
Total distributions		(0.90	)		(1.25	)		(0.69	)		(1.10	)		(0.78	)
Net asset value at end of period	$	17.99		$	18.79		$	19.45		$	17.57		$	15.76
Total return		1.08	%		3.00	%		14.91	%		19.51	%		(0.91	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	286,407		$	337,247		$	322,979		$	292,978		$	208,525
Ratio to average net assets:
Net expenses		0.97	%		1.00	%		1.02	%		1.03	%		1.04	%
Gross expenses		1.19	%		1.05	%		1.10	%		1.13	%		1.13	%
Net investment income		0.84	%		0.57	%		0.43	%		0.81	%		0.81	%
Portfolio turnover rate		34	%		31	%		43	%		45	%		54	%

Touchstone Mid Cap Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	18.89		$	19.54		$	17.64		$	15.82		$	16.73
Income (loss) from investment operations:
Net investment income		0.17			0.12			0.09			0.16	^(A)		0.17
Net realized and unrealized gains (losses) on investments		(0.04	)		0.50			2.52			2.78			(0.27	)
Total from investment operations		0.13			0.62			2.61			2.94			(0.10	)
Distributions from:
Net investment income		(0.17	)		(0.13	)		(0.10	)		(0.16	)		(0.17	)
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)
Total distributions		(0.93	)		(1.27	)		(0.71	)		(1.12	)		(0.81	)
Net asset value at end of period	$	18.09		$	18.89		$	19.54		$	17.64		$	15.82
Total return		1.20	%		3.17	%		15.04	%		19.71	%		(0.76	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	453,198		$	431,412		$	334,083		$	185,989		$	124,592
Ratio to average net assets:
Net expenses		0.84	%		0.87	%		0.89	%		0.89	%		0.89	%
Gross expenses		0.97	%		0.99	%		1.01	%		1.03	%		1.03	%
Net investment income		0.97	%		0.70	%		0.57	%		0.94	%		0.96	%
Portfolio turnover rate		34	%		31	%		43	%		45	%		54	%

^(A)

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

See accompanying Notes to Financial Statements.

147

Financial Highlights(Continued)

Touchstone Sands Capital Select Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	17.73		$	16.58		$	16.14		$	16.48		$	18.15
Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.21	)		(0.34	)		(0.28	)		(0.15	)
Net realized and unrealized gains (losses) on investments		(0.72	)		4.72			2.94			1.47			(0.64	)
Total from investment operations		(0.78	)		4.51			2.60			1.19			(0.79	)
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)
Net asset value at end of period	$	13.12		$	17.73		$	16.58		$	16.14		$	16.48
Total return^(A)		(1.75	%)		33.03	%		19.63	%		7.17	%		(4.70	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	89,299		$	97,583		$	89,860		$	138,315		$	230,783
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(B)		1.44	%		1.43	%		1.23	%		1.07	%		1.10	%
Gross expenses (including liquidity provider expenses)^(C)		1.44	%		1.43	%		1.25	%		1.09	%		1.10	%
Net investment loss		(1.23	%)		(1.28	%)		(0.95	%)		(0.81	%)		(0.65	%)
Portfolio turnover rate		25	%^(D)		21	%^(D)		22	%		46	%		29	%

Touchstone Sands Capital Select Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	16.20		$	15.51		$	15.36		$	15.86		$	17.62
Income (loss) from investment operations:
Net investment loss		(0.51	)		(0.24	)		(0.79	)		(0.52	)		(0.30	)
Net realized and unrealized gains (losses) on investments		(0.34	)		4.29			3.10			1.55			(0.58	)
Total from investment operations		(0.85	)		4.05			2.31			1.03			(0.88	)
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)
Net asset value at end of period	$	11.52		$	16.20		$	15.51		$	15.36		$	15.86
Total return^(A)		(2.44	%)		32.11	%		18.77	%		6.32	%		(5.38	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	50,079		$	80,444		$	73,516		$	111,951		$	163,237
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(B)		2.19	%		2.18	%		1.98	%		1.82	%		1.85	%
Gross expenses (including liquidity
provider expenses)^(C)		2.21	%		2.19	%		2.01	%		1.84	%		1.85	%
Net investment loss		(1.98	%)		(2.03	%)		(1.70	%)		(1.56	%)		(1.40	%)
Portfolio turnover rate		25	%^(D)		21	%^(D)		22	%		46	%		29	%

^(A)

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

^(B)

The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A were 1.40% and 1.42% and for Class C were 2.15% and 2.17% for the years ended September 30, 2019 and 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(C)

The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A were 1.40% and 1.42% and for Class C were 2.17% and 2.18% for the years ended September 30, 2019 and 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(D)

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

See accompanying Notes to Financial Statements.

148

Financial Highlights(Continued)

Touchstone Sands Capital Select Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	18.73		$	17.29		$	16.70		$	16.96		$	18.61
Income (loss) from investment operations:
Net investment loss		(0.14	)		(0.18	)		(0.10	)		(0.11	)		(0.08	)
Net realized and unrealized gains (losses) on investments		(0.62	)		4.98			2.85			1.38			(0.69	)
Total from investment operations		(0.76	)		4.80			2.75			1.27			(0.77	)
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)
Net asset value at end of period	$	14.14		$	18.73		$	17.29		$	16.70		$	16.96
Total return		(1.45	%)		33.36	%		19.89	%		7.46	%		(4.46	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	1,089,979		$	1,556,324		$	1,775,755		$	2,209,841		$	3,198,758
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(A)		1.19	%^(B)		1.18	%^(B)		0.98	%		0.82	%		0.83	%
Gross expenses (including liquidity provider expenses)^(C)		1.18	%		1.17	%		0.99	%		0.82	%		0.83	%
Net investment loss		(0.98	%)		(1.03	%)		(0.70	%)		(0.56	%)		(0.39	%)
Portfolio turnover rate		25	%^(D)		21	%^(D)		22	%		46	%		29	%

Touchstone Sands Capital Select Growth Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	17.75		$	16.58		$	16.15		$	16.49		$	18.15
Income (loss) from investment operations:
Net investment loss		(0.17	)		(0.20	)		(0.32	)		(0.29	)		(0.19	)
Net realized and unrealized gains (losses) on investments		(0.61	)		4.73			2.91			1.48			(0.59	)
Total from investment operations		(0.78	)		4.53			2.59			1.19			(0.78	)
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)
Net asset value at end of period	$	13.14		$	17.75		$	16.58		$	16.15		$	16.49
Total return		(1.69	%)		33.10	%		19.62	%		7.24	%		(4.70	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	458,996		$	611,071		$	556,651		$	777,930		$	1,292,853
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(A)		1.43	%		1.42	%		1.22	%		1.04	%		1.08	%
Gross expenses (including liquidity- provider expenses)^(C)		1.49	%		1.47	%		1.28	%		1.11	%		1.13	%
Net investment loss		(1.22	%)		(1.27	%)		(0.94	%)		(0.79	%)		(0.64	%)
Portfolio turnover rate		25	%^(D)		21	%^(D)		22	%		46	%		29	%

^(A)

The ratio of net expenses to average net assets excluding liquidity provider expenses for Class Y were 1.15% and 1.17% and for Class Z were 1.39% and 1.41% for the years ended September 30, 2019 and 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(B)

Net expenses include amounts recouped by the Advisor.

^(C)

The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class Y were 1.14% and 1.16% and for Class Z were 1.45% and 1.46% for the years ended September 30, 2019 and 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(D)

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

See accompanying Notes to Financial Statements.

149

Financial Highlights(Continued)

Touchstone Small Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	16.24		$	17.73		$	16.24		$	17.73		$	20.55
Income (loss) from investment operations:
Net investment income		—	^(A)		0.32	^(B)(C)		0.02			—	^(A)		0.15	^(D)
Net realized and unrealized gains (losses) on investments		(0.49	)		1.52			1.47			0.59			(1.38	)
Total from investment operations		(0.49	)		1.84			1.49			0.59			(1.23	)
Distributions from:
Net investment income		—			(0.34	)		—			(0.13	)		(—	)^(A)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)
Total distributions		(3.40	)		(3.33	)		—			(2.08	)		(1.59	)
Net asset value at end of period	$	12.35		$	16.24		$	17.73		$	16.24		$	17.73
Total return^(E)		0.22	%		12.14	%		9.17	%		3.74	%		(6.36	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	3,750		$	8,142		$	12,461		$	37,942		$	62,423
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(F)		1.39	%		1.39	%		1.38	%		1.38	%		1.38	%
Gross expenses (including liquidity provider expenses)^(G)		2.01	%		1.65	%		1.52	%		1.45	%		1.42	%
Net investment income		0.02	%		1.99	%^(B)		0.00	%^(A)		0.00	%^(A)		0.75	%^(D)
Portfolio turnover rate		17	%^(H)		29	%^(H)		18	%		17	%		42	%

^(A)

Less than $0.005 per share or 0.005%.

^(B)

Includes impact of special dividend from Alexander & Baldwin Inc. in January, 2018 as part of the company’s conversion to a real estate investment trust. This special dividend enhanced the net investment income per share and ratio of net investment income for Class A by $0.34 and 2.10%, respectively.

^(C)

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

^(D)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class A net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

^(E)

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

^(F)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.34% and 1.38% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.96% and 1.64% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(H)

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

See accompanying Notes to Financial Statements.

150

Financial Highlights (Continued)

Touchstone Small Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	15.40		$	16.94		$	15.63		$	17.16		$	20.07
Income (loss) from investment operations:
Net investment income (loss)		(0.10	)		0.19	^(A)(B)		(0.31	)		(0.16	)		—	^(C)(D)
Net realized and unrealized gains (losses) on investments		(0.49	)		1.45			1.62			0.60			(1.32	)
Total from investment operations		(0.59	)		1.64			1.31			0.44			(1.32	)
Distributions from:
Net investment income		—			(0.19	)		—			(0.02	)		—
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)
Total distributions		(3.40	)		(3.18	)		—			(1.97	)		(1.59	)
Net asset value at end of period	$	11.41		$	15.40		$	16.94		$	15.63		$	17.16
Total return^(E)		(0.58	%)		11.33	%		8.38	%		2.92	%		(7.01	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	3,356		$	6,299		$	9,266		$	14,957		$	21,562
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(F)		2.14	%		2.14	%		2.13	%		2.13	%		2.13	%
Gross expenses (including liquidity provider expenses)^(G)		2.64	%		2.40	%		2.28	%		2.23	%		2.17	%
Net investment income (loss)		(0.73	%)		1.24	%^(A)		(0.75	%)		(0.75	%)		0.00	%^(C)(D)
Portfolio turnover rate		17	%^(H)		29	%^(H)		18	%		17	%		42	%

^(A)

^(B)

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

^(C)

Less than $0.005 per share or 0.005%.

^(D)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class C net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

^(E)

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

^(F)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 2.09% and 2.13% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 2.59% and 2.39% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(H)

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

See accompanying Notes to Financial Statements.

151

Financial Highlights (Continued)

Touchstone Small Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	16.45		$	17.94		$	16.44		$	17.93		$	20.72
Income (loss) from investment operations:
Net investment income		0.04			0.37	^(A)(B)		0.05			0.05			0.18	^(C)
Net realized and unrealized gains (losses) on investments		(0.50	)		1.53			1.50			0.58			(1.37	)
Total from investment operations		(0.46	)		1.90			1.55			0.63			(1.19	)
Distributions from:
Net investment income		—			(0.40	)		(0.05	)		(0.17	)		(0.01	)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)
Total distributions		(3.40	)		(3.39	)		(0.05	)		(2.12	)		(1.60	)
Net asset value at end of period	$	12.59		$	16.45		$	17.94		$	16.44		$	17.93
Total return		0.44	%		12.44	%		9.46	%		3.97	%		(6.11	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	34,709		$	51,218		$	84,954		$	295,198		$	333,971
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(D)		1.14	%		1.14	%		1.13	%		1.13	%		1.11	%
Gross expenses (including liquidity provider expenses)^(E)		1.31	%		1.17	%		1.15	%		1.14	%		1.11	%
Net investment income		0.27	%		2.24	%^(A)		0.25	%		0.25	%		1.02	%^(C)
Portfolio turnover rate		17	%^(F)		29	%^(F)		18	%		17	%		42	%

^(A)

^(B)

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

^(C)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class Y net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

^(D)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.09% and 1.13% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(E)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.26% and 1.16% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(F)

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

See accompanying Notes to Financial Statements.

152

Financial Highlights (Continued)

Touchstone Small Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	16.40		$	17.93		$	16.43		$	17.92		$	20.69
Income (loss) from investment operations:
Net investment income		0.06			0.38	^(A)(B)		0.16			0.07			0.24	^(C)
Net realized and unrealized gains (losses) on investments		(0.51	)		1.53			1.41			0.57			(1.41	)
Total from investment operations		(0.45	)		1.91			1.57			0.64			(1.17	)
Distributions from:
Net investment income		—			(0.45	)		(0.07	)		(0.18	)		(0.01	)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)
Total distributions		(3.40	)		(3.44	)		(0.07	)		(2.13	)		(1.60	)
Net asset value at end of period	$	12.55		$	16.40		$	17.93		$	16.43		$	17.92
Total return		0.54	%		12.52	%		9.57	%		4.05	%		(6.01	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	36,691		$	93,636		$	122,876		$	255,422		$	301,868
Ratio to average net assets:
Net expenses (including liquidity provider expenses)^(D)		1.06	%		1.06	%		1.05	%		1.04	%		1.04	%
Gross expenses (including liquidity provider expenses)^(E)		1.20	%		1.10	%		1.05	%		1.04	%		1.04	%
Net investment income		0.35	%		2.32	%^(A)		0.34	%		0.34	%		1.10	%^(C)
Portfolio turnover rate		17	%^(F)		29	%^(F)		18	%		17	%		42	%

^(A)

^(B)

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

^(C)

Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Institutional Class net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

^(D)

The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.01% and 1.05% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(E)

The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.15% and 1.09% for the year ended September 30, 2019 and September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(F)

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

See accompanying Notes to Financial Statements.

153

Financial Highlights (Continued)

Touchstone Small Cap Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	27.91		$	26.06		$	22.20		$	20.17		$	23.23
Income (loss) from investment operations:
Net investment income		0.11			0.02			0.03			0.23			0.36
Net realized and unrealized gains (losses) on investments		(2.29	)		1.83			3.85			2.80			(2.15	)
Total from investment operations		(2.18	)		1.85			3.88			3.03			(1.79	)
Distributions from:
Net investment income		(0.03	)		—	^(A)		(0.02	)		(0.27	)		(0.35	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)
Total distributions		(1.73	)		—	^(A)		(0.02	)		(1.00	)		(1.27	)
Net asset value at end of period	$	24.00		$	27.91		$	26.06		$	22.20		$	20.17
Total return^(B)		(7.37	%)		7.12	%		17.46	%		15.63	%		(8.32	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	24,389		$	83,139		$	76,884		$	150,081		$	24,659
Ratio to average net assets:
Net expenses		1.38	%		1.38	%		1.38	%		1.38	%		1.38	%
Gross expenses		1.68	%		1.75	%		1.83	%		1.67	%		1.60	%
Net investment income		0.19	%		0.09	%		0.07	%		1.05	%		1.51	%
Portfolio turnover rate		28	%		49	%^(C)(D)		63	%^(D)		155	%		112	%

Touchstone Small Cap Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	27.22		$	25.60		$	21.95		$	19.98		$	23.00
Income (loss) from investment operations:
Net investment income (loss)		(0.41	)		(0.11	)		(0.22	)		0.06			0.17
Net realized and unrealized gains (losses) on investments		(1.90	)		1.73			3.87			2.77			(2.10	)
Total from investment operations		(2.31	)		1.62			3.65			2.83			(1.93	)
Distributions from:
Net investment income		—			—			—			(0.13	)		(0.17	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)
Total distributions		(1.70	)		—			—			(0.86	)		(1.09	)
Net asset value at end of period	$	23.21		$	27.22		$	25.60		$	21.95		$	19.98
Total return^(B)		(8.07	%)		6.29	%		16.63	%		14.72	%		(9.01	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	788		$	1,433		$	1,223		$	1,376		$	1,396
Ratio to average net assets:
Net expenses		2.13	%		2.13	%		2.13	%		2.13	%		2.13	%
Gross expenses		3.57	%		3.66	%		3.69	%		3.39	%		3.13	%
Net investment income (loss)		(0.56	%)		(0.66	%)		(0.68	%)		0.30	%		0.76	%
Portfolio turnover rate		28	%		49	%^(C)(D)		63	%^(D)		155	%		112	%

^(A)

Less than $0.005 per share.

^(B)

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

^(C)

Portfolio turnover excludes the purchases and sales of securities of the Touchstone Small Cap Value Opportunities 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.

^(D)

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

See accompanying Notes to Financial Statements.

154

Financial Highlights (Continued)

Touchstone Small Cap Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	27.96		$	26.14		$	22.24		$	20.20		$	23.25
Income (loss) from investment operations:
Net investment income		0.10			0.15			0.06			0.24			0.42
Net realized and unrealized gains (losses) on investments		(2.23	)		1.78			3.88			2.84			(2.14	)
Total from investment operations		(2.13	)		1.93			3.94			3.08			(1.72	)
Distributions from:
Net investment income		(0.08	)		(0.11	)		(0.04	)		(0.31	)		(0.41	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)
Total distributions		(1.78	)		(0.11	)		(0.04	)		(1.04	)		(1.33	)
Net asset value at end of period	$	24.05		$	27.96		$	26.14		$	22.24		$	20.20
Total return		(7.16	%)		7.41	%		17.80	%		15.86	%		(8.08	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	24,921		$	41,365		$	2,829		$	3,080		$	4,419
Ratio to average net assets:
Net expenses		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Gross expenses		1.30	%		1.71	%		1.95	%		1.70	%		1.44	%
Net investment income		0.44	%		0.34	%		0.32	%		1.30	%		1.76	%
Portfolio turnover rate		28	%		49	%^(A)(B)		63	%^(B)		155	%		112	%

Touchstone Small Cap Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	27.94		$	26.14		$	22.22		$	20.19		$	23.24
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.28			(0.06	)		0.30			0.45
Net realized and unrealized gains (losses) on investments		(2.27	)		1.69			4.04			2.80			(2.13	)
Total from investment operations		(2.09	)		1.97			3.98			3.10			(1.68	)
Distributions from:
Net investment income		(0.11	)		(0.17	)		(0.06	)		(0.34	)		(0.45	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)
Total distributions		(1.81	)		(0.17	)		(0.06	)		(1.07	)		(1.37	)
Net asset value at end of period	$	24.04		$	27.94		$	26.14		$	22.22		$	20.19
Total return		(6.98	%)		7.53	%		17.93	%		16.05	%		(7.93	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	40,104		$	29,279		$	7,699		$	23,740		$	25,968
Ratio to average net assets:
Net expenses		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Gross expenses		1.17	%		1.27	%		1.52	%		1.22	%		1.19	%
Net investment income		0.59	%		0.49	%		0.47	%		1.45	%		1.91	%
Portfolio turnover rate		28	%		49	%^(A)(B)		63	%^(B)		155	%		112	%

^(A)

^(B

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

See accompanying Notes to Financial Statements.

155

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Income (loss) from investment operations:
Net investment income		0.23			0.16			0.13			0.10			0.06
Net realized and unrealized gains (losses) on investments		0.04			(0.01	)		(0.02	)		0.02			(0.03	)
Total from investment operations		0.27			0.15			0.11			0.12			0.03
Distributions from:
Net investment income		(0.23	)		(0.19	)		(0.14	)		(0.12	)		(0.12	)
Net asset value at end of period	$	9.29		$	9.25		$	9.29		$	9.32		$	9.32
Total return^(A)		2.95	%		1.50	%		1.29	%		1.35	%		0.31	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	71,684		$	76,623		$	14,080		$	16,946		$	10,675
Ratio to average net assets:
Net expenses		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Gross expenses		0.80	%		0.81	%		0.90	%		0.97	%		0.99	%
Net investment income		2.43	%		1.88	%		1.40	%		1.09	%		0.54	%
Portfolio turnover rate		91	%		143	%^(B)		136	%		169	%		132	%

Touchstone Ultra Short Duration Fixed Income Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Income (loss) from investment operations:
Net investment income		0.18			0.13			0.08			0.06			—	^(C)
Net realized and unrealized gains (losses) on investments		0.04			(0.03	)		(0.02	)		0.02			(0.02	)
Total from investment operations		0.22			0.10			0.06			0.08			(0.02	)
Distributions from:
Net investment income		(0.18	)		(0.14	)		(0.09	)		(0.08	)		(0.07	)
Net asset value at end of period	$	9.29		$	9.25		$	9.29		$	9.32		$	9.32
Total return^(A)		2.45	%		1.00	%		0.77	%		0.84	%		(0.19	%)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	4,225		$	4,492		$	5,704		$	7,961		$	8,291
Ratio to average net assets:
Net expenses		1.19	%		1.19	%		1.19	%		1.19	%		1.19	%
Gross expenses		1.71	%		1.67	%		1.56	%		1.54	%		1.48	%
Net investment income		1.93	%		1.38	%		0.90	%		0.59	%		0.04	%
Portfolio turnover rate		91	%		143	%^(B)		136	%		169	%		132	%

^(A)

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

^(B)

Portfolio turnover excludes the purchases and sales of securities of the Sentinel Low Duration Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

^(C)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

156

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class S

Selected Data for a Share Outstanding Throughout The Period

	Year Ended September 30, 2019			Period Ended September 30, 2018^(A)
Net asset value at beginning of period	$	9.25		$	9.29
Income (loss) from investment operations:
Net investment income		0.21			0.13
Net realized and unrealized losses on investments		0.03			(0.02	)
Total from investment operations		0.24			0.11
Distributions from:
Net investment income		(0.21	)		(0.15	)
Net asset value at end of period	$	9.28		$	9.25
Total return		2.59	%		1.24	%^(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	135,565		$	141,918
Ratio to average net assets:
Net expenses		0.94	%		0.94	%^(C)
Gross expenses		0.99	%		0.99	%^(C)
Net investment income		2.18	%		1.63	%^(C)
Portfolio turnover rate		91	%		143	%^(D)

Touchstone Ultra Short Duration Fixed Income Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Income (loss) from investment operations:
Net investment income		0.25			0.20			0.15			0.13			0.07
Net realized and unrealized gains (losses) on investments		0.04			(0.03	)		(0.02	)		0.02			(0.02	)
Total from investment operations		0.29			0.17			0.13			0.15			0.05
Distributions from:
Net investment income		(0.25	)		(0.21	)		(0.16	)		(0.15	)		(0.14	)
Net asset value at end of period	$	9.29		$	9.25		$	9.29		$	9.32		$	9.32
Total return		3.21	%		1.75	%		1.55	%		1.60	%		0.56	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	305,997		$	262,571		$	260,830		$	206,313		$	200,456
Ratio to average net assets:
Net expenses		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Gross expenses		0.51	%		0.50	%		0.51	%		0.53	%		0.52	%
Net investment income		2.68	%		2.13	%		1.65	%		1.34	%		0.79	%
Portfolio turnover rate		91	%		143	%^(D)		136	%		169	%		132	%

^(A)

Represents the period from commencement of operations (October 27, 2017) through September 30, 2018.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

See accompanying Notes to Financial Statements.

157

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Income (loss) from investment operations:
Net investment income		0.23			0.18			0.13			0.10			0.05
Net realized and unrealized gains (losses) on investments		0.04			(0.03	)		(0.02	)		0.02			(0.02	)
Total from investment operations		0.27			0.15			0.11			0.12			0.03
Distributions from:
Net investment income		(0.23	)		(0.19	)		(0.14	)		(0.12	)		(0.12	)
Net asset value at end of period	$	9.29		$	9.25		$	9.29		$	9.32		$	9.32
Total return		2.95	%		1.50	%		1.29	%		1.35	%		0.31	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	128,199		$	163,898		$	211,797		$	245,252		$	304,553
Ratio to average net assets:
Net expenses		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Gross expenses		0.77	%		0.78	%		0.78	%		0.79	%		0.76	%
Net investment income		2.43	%		1.88	%		1.40	%		1.09	%		0.54	%
Portfolio turnover rate		91	%		143	%^(A)		136	%		169	%		132	%

Touchstone Ultra Short Duration Fixed Income Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Income (loss) from investment operations:
Net investment income		0.26			0.21			0.16			0.13			0.08
Net realized and unrealized gains (losses) on investments		0.03			(0.03	)		(0.02	)		0.02			(0.02	)
Total from investment operations		0.29			0.18			0.14			0.15			0.06
Distributions from:
Net investment income		(0.26	)		(0.22	)		(0.17	)		(0.15	)		(0.15	)
Net asset value at end of period	$	9.28		$	9.25		$	9.29		$	9.32		$	9.32
Total return		3.17	%		1.80	%		1.60	%		1.54	%		0.61	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	362,921		$	275,561		$	257,777		$	142,913		$	49,389
Ratio to average net assets:
Net expenses		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Gross expenses		0.46	%		0.46	%		0.45	%		0.46	%		0.48	%
Net investment income		2.73	%		2.18	%		1.70	%		1.39	%		0.84	%
Portfolio turnover rate		91	%		143	%^(A)		136	%		169	%		132	%

^(A)

See accompanying Notes to Financial Statements.

158

Notes to Financial Statements

September 30, 2019

1. Organization

The Touchstone Funds Group 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 Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated October 25, 1993. The Trust consists of the following thirteen funds (individually, a “Fund,” and collectively, the “Funds”):

Touchstone Active Bond Fund (“Active Bond Fund”)

Touchstone Anti-Benchmark^® International Core Equity Fund (“Anti-Benchmark^® International Core Equity Fund”)

Touchstone Anti-Benchmark^® US Core Equity Fund (“Anti-Benchmark^® US Core Equity Fund”)

Touchstone Credit Opportunities II Fund (“Credit Opportunities II Fund”) (formerly known as Touchstone Credit Opportunities Fund)

Touchstone High Yield Fund (“High Yield Fund”)

Touchstone Impact Bond Fund (“Impact Bond Fund”)

Touchstone International ESG Equity Fund (“International ESG Equity Fund”) (formerly known as Touchstone Premium Yield Equity Fund)

Touchstone Mid Cap Fund (“Mid Cap Fund”)

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

Touchstone Sands Capital Select Growth Fund (“Sands Capital Select Growth Fund”)

Touchstone Small Cap Fund (“Small Cap Fund”)

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

Touchstone Ultra Short Duration Fixed Income Fund (“Ultra Short Duration Fixed Income Fund”)

Each Fund is diversified, with the exception of the Credit Opportunities II Fund, the Sands Capital Select Growth Fund and the Small Cap Fund, which are non-diversified.

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

Class A

Class C

Class S

Class Y

Class Z

Institutional
Class

Active Bond Fund

Anti-Benchmark^®International Core Equity Fund

Anti-Benchmark^®US Core Equity Fund

Credit Opportunities II Fund

High Yield Fund

Impact Bond Fund

International ESG Equity Fund

Mid Cap Fund

Mid Cap Value Fund

Sands Capital Select Growth Fund

Small Cap Fund

Small Cap Value Fund

Ultra Short Duration Fixed Income Fund

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

2. Significant Accounting Policies

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

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

Security valuation and fair value measurements —U.S. generally accepted accounting principles (“US 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

159

Notes to Financial Statements(Continued)

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 September 30, 2019, for each Fund’s investments, 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 II Fund held Level 3 categorized securities during the three months ended September 30, 2019.

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

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

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

160

Notes to Financial Statements(Continued)

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

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

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 Active Bond Fund, Credit Opportunities II Fund and Ultra Short Duration Fixed Income 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 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 September 30, 2019, the Funds did not hold any unfunded loan commitments.

161

Notes to Financial Statements (Continued)

Collateralized Loan Obligations —The Active Bond Fund, Credit Opportunities II Fund and Ultra Short Duration Fixed Income 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.

Securities sold short —The Funds may engage in selling securities short, which obligates the Fund to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates. As of September 30, 2019, the Credit Opportunities II Fund had securities sold short with a fair value of $(1,686,739), and pledged securities with a fair value of $2,459,251, as collateral and pledged cash collateral of $634,319 for both securities sold short and written options held at the prime broker.

Options —The Funds may write or purchase financial option contracts primarily to hedge against changes in the value of equity securities (or securities that the Funds intend 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 Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. The Funds’ option strategy primarily focuses on the use of writing and/or purchasing call or put options on equity indexes. When the Funds write or purchase an option, an amount equal to the premium received or paid by the Funds 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 Funds 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 Funds have realized a gain or loss on investment transactions. The Funds, 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 bear the market risk of an unfavorable change in the price of the security

162

Notes to Financial Statements (Continued)

underlying the written option. The Funds, as purchaser of an option, bear 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. The maximum risk of loss associated with writing put options is the notional amount as presented in the Portfolio of Investments. In certain circumstances, the maximum risk of loss amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. The maximum risk of loss associated with writing call options is potentially unlimited.

As of September 30, 2019, the Credit Opportunities II Fund held purchased options with a fair value of $12,045.

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.

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

When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate the futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

As of September 30, 2019, the Active Bond Fund did not hold any futures contracts.

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

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or

163

Notes to Financial Statements (Continued)

other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, bilateral swap agreements, 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. A 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 are 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 in the Statements of Assets and Liabilities as receivable or payable for variation margin on swap agreements and settled daily. Upfront premiums and liquidation payments received or paid are recorded as realized gains or losses at the termination or maturity of the swap. Net periodic payments received or paid by the Fund are recorded as realized gain or loss.

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

As of September 30, 2019, the Credit Opportunities II Fund held a swap agreement with an unrealized appreciation of $31,928.

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.

164

Notes to Financial Statements (Continued)

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

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

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency.

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

Real Estate Investment Trusts —The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

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

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 Active Bond Fund and the Credit Opportunities II Fund may enter into an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement” or “MNA”) or similar agreement with certain counterparties. An ISDA Master Agreement

165

Notes to Financial Statements(Continued)

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

When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and 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 a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund (counterparty) to accelerate payment of any net liability owed to the counterparty (Fund).

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

As of September 30, 2019, the Funds did not hold any assets and liabilities that were subject to a MNA in the statement of assets and liabilities:

The following table sets forth the fair value of the Funds’ derivative financial instruments by primary risk exposure as of September 30, 2019:

Fair Value of Derivative Investments

as of September 30, 2019

	Derivatives not accounted for as hedging	Asset		Liability
Fund	instruments under ASC 815	Derivatives		Derivatives
Credit Opportunities II Fund	Purchased Options-Equity Contracts^*	$	12,045	$	—
	Swap Agreements - Credit Contracts^**		74,921		—

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

^** Statements of Assets and Liabilities Location: Receivable for variation margin on swap agreements. Variation margin reported in the Portfolio of Investments and other tables in the Notes to the Financial Statements is the cumulative unrealized appreciation (depreciation).

The following table sets forth the effect of the Funds’ derivative financial instruments by primary risk exposure on the Statements of Operations for the year ended September 30, 2019:

166

Notes to Financial Statements(Continued)

The Effect of Derivative Investments on the Statements of Operations
for the Year Ended September 30, 2019
					Change in
					Unrealized
		Realized Gain			Appreciation
	Derivatives not accounted for as hedging	(Loss)			(Depreciation)
Fund	instruments under ASC 815	on Derivatives			on Derivatives
Active Bond Fund	Futures-Interest Rate Contracts^*	$	(120,980	)	$	—
Credit Opportunities II Fund	Purchased Options-Equity Contracts^**		(39,292	)		12,313
	Written Options-Equity Contracts^***		3,091			2
	Swap Agreements - Credit Contracts^****		(26,945	)		31,928

^* Statements of Operations Location: Net realized losses on futures contracts.

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

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

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

For the year ended September 30, 2019, the average quarterly balances of outstanding derivative financial instruments were as follows:

	Active		Credit
	Bond		Opportunities II
	Fund		Fund
Equity contracts:
Purchased Options - Cost	$	—	$	54,082
Written Options - Premiums received		—		639
Credit contracts:
Credit Default Swaps - Notional value		—		137,500
Interest rate contracts:
Futures Contracts - Notional value		36,140,476		—

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

		Market		Market
		Value of		Value of
		Securities		Collateral		Net
Fund	Security Type	Loaned^*		Received^**		Amount^***
Anti-Benchmark^® International Core Equity Fund	Common Stocks	$	269,436	$	284,683	$	15,247
Anti-Benchmark^® US Core Equity Fund	Common Stocks		337,218		345,800		8,582
High Yield Fund	Corporate Bonds		3,158,405		3,287,850		129,445
International ESG Equity Fund	Common Stocks		814,849		828,520		13,671
Mid Cap Value Fund	Common Stocks		32,307		32,670		363
Sands Capital Select Growth Fund	Common Stocks		63,544,666		65,735,696		2,191,030
Small Cap Fund	Common Stocks		1,428,982		1,471,270		42,288

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Notes to Financial Statements(Continued)

Market

Value of

Securities

Collateral

Net

Fund

Security Type

Loaned*

Received^**

Amount^***

Small Cap Value Fund

Common Stocks

849,506

899,120

49,614

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

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

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

The maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Active Bond Fund, High Yield Fund, Impact Bond Fund and Ultra Short Duration Fixed Income Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the fixed income funds (Active Bond Fund, High Yield Fund, Impact Bond Fund and Ultra Short Duration Fixed Income Fund) is equal to the NAV per share plus a sales load equal to 2.04% of the NAV (or 2.00% of the offering price). There is no sales load on equity or fixed income fund purchases when aggregate purchases in all Touchstone funds equal at least $1 million or $500,000, respectively. The maximum offering price per share of Classes C, S, Y, Z, and Institutional Class shares of the Funds is equal to the NAV per share.

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

168

Notes to Financial Statements(Continued)

0.50%, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.

Investment income —Dividend income from securities is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income from securities is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal paydowns on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding adjustment in the 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. The Anti-Benchmark^® International Core Equity Fund, Anti-Benchmark^® US Core Equity Fund, International ESG Equity Fund, Mid Cap Fund, and Small Cap Fund distribute their income, if any, annually, as a dividend to shareholders. The Credit Opportunities II Fund, Mid Cap Value Fund, Sands Capital Select Growth Fund, and Small Cap Value Fund declare and distribute their income, if any, quarterly, as a dividend to shareholders. The Active Bond Fund, High Yield Fund and Impact Bond Fund declare and distribute their income, if any, monthly, as a dividend to shareholders. The Ultra Short Duration Fixed Income Fund declares its income, if any, daily, and distributes such income monthly, as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds’ net investment income from investments in Underlying Funds is affected by the timing of dividend declarations by the Underlying Funds.

Allocations —Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for a Fund are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon their proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all the Funds in the Trust, and, if applicable, Touchstone Institutional Funds Trust, Touchstone Strategic 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 year ended September 30, 2019 for all Funds except for the Credit Opportunities II Fund which is for the three months ended September 30, 2019:

169

Notes to Financial Statements(Continued)

			Anti-
			Benchmark^®		Anti-		Credit
	Active		International		Benchmark^®		Opportunities
	Bond		Core Equity		US Core Equity		II
	Fund		Fund^*		Fund^*		Fund^**
Purchases of investment securities	$	116,682,820	$	53,320,815	$	39,886,192	$	19,957,378
Proceeds from sales and maturities	$	138,750,722	$	36,973,971	$	34,479,613	$	21,088,856

			Impact		International
	High Yield		Bond		ESG Equity		Mid Cap
	Fund		Fund		Fund		Fund
Purchases of investment securities	$	117,978,100	$	41,510,463	$	80,380,921	$	751,138,531
Proceeds from sales and maturities	$	121,221,181	$	27,057,767	$	124,744,215	$	283,783,256

	Mid Cap		Sands Capital				Small Cap
	Value		Select Growth		Small Cap		Value
	Fund		Fund***		Fund***		Fund
Purchases of investment securities	$	244,049,234	$	455,577,803	$	15,228,028	$	29,511,377
Proceeds from sales and maturities	$	284,491,617	$	755,800,782	$	67,833,092	$	74,746,070

	Ultra Short
	Duration Fixed
	Income Fund
Purchases of investment securities	$	775,982,355
Proceeds from sales and maturities	$	634,841,687

^*The Anti-Benchmark^®International Core Equity Fund and Anti-Benchmark^® US Core Equity Fund had a subscription-in-kind on November 19, 2018, which resulted in a subscription into each fund of $25,000,000 and is excluded from the purchases of investment securities. The subscription was comprised of securities and cash in the amount of $19,944,872 and $5,055,128, respectively, for the Anti-Benchmark^®International Core Equity Fund and $19,947,912 and $5,052,088, respectively, for the Anti-Benchmark^® US Core Equity Fund.

^**The cost of purchases and proceeds from sales and maturities excludes the purchases and sales of the Touchstone Credit Opportunities Fund for the Touchstone Credit Opportunities II Fund (see Note 9). If these transactions were included, purchases and sales would have been higher.

^***Sands Capital Select Growth Fund and Small Cap Fund had redemptions-in-kind out of the Fund of $348,853,123 and $22,566,768, respectively, which are excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $305,892,762 and $42,960,361, respectively, for the Sands Capital Select Growth Fund and $19,099,097 and $3,467,671, respectively, for the Small Cap Fund.

For the year ended September 30, 2019, purchases and proceeds from sales and maturities in U.S. Government Securities were $644,419,610 and $676,819,004, respectively, for the Active Bond Fund, $57,489,808 and $30,656,796, respectively, for the Impact Bond Fund and $106,302,824 and $119,215,877, respectively, for the Ultra Short Duration Fixed Income Fund. There were no purchases or proceeds from sales and maturities of U.S. Government Securities by the remaining Funds for the year ended September 30, 2019.

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’

170

Notes to Financial Statements(Continued)

compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $237,214 for the year ended September 30, 2019.

MANAGEMENT & EXPENSE LIMITATION AGREEMENTS

The Advisor provides general investment supervisory services for the Funds, under the terms of an advisory agreement (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.

Active Bond Fund	0.40% on the first $300 million
	0.35% on such assets over $300 million
Anti-Benchmark^® International Core Equity Fund	0.45% on the first $1 billion
	0.40% on such assets over $1 billion
Anti-Benchmark^® US Core Equity Fund	0.35% on the first $1 billion
	0.30% on such assets over $1 billion
Credit Opportunities II Fund^*	0.60%
High Yield Fund	0.60% on the first $50 million
	0.50% on the next $250 million
	0.45% on such assets over $300 million
Impact Bond Fund	0.35%
International ESG Equity Fund^**	0.65% on the first $1 billion
	0.60% on such assets over $1 billion
Mid Cap Fund^***	0.80% on the first $1 billion
	0.70% on the next $500 million
	0.60% on such assets over $1.5 billion
Mid Cap Value Fund	0.75%
Sands Capital Select Growth Fund	0.85% on the first $1 billion
	0.80% on the next $500 million
	0.75% on the next $500 million
	0.70% on such assets over $2 billion
Small Cap Fund^****	0.85% on the first $250 million
	0.80% on the next $250 million
	0.70% on such assets over $500 million
Small Cap Value Fund	0.85%
Ultra Short Duration Fixed Income Fund	0.25%

^*Prior to March 1, 2019, the Fund paid 1.10%.

^**Prior to August 23, 2019, the Fund paid 0.70% on the first $100 million, 0.65% on such assets over $100 million.

^***Prior to June 1, 2019, the Fund paid 0.80% on the first $500 million, 0.75% on the next $500 million, 0.70% on such assets over $1 billion.

^****Prior to June 1, 2019, the Fund paid 0.85% on all assets.

In addition to the base advisory fee shown above for the Sands Capital Select Growth Fund, a performance fee adjustment will be added to or subtracted from the base advisory fee if the Fund outperforms or underperforms its benchmark index by more than 2.50% (the “Hurdle Rate”), for the preceding twelve month period, as follows:

			Performance
	Benchmark	Required	Adjustment
	Index	Hurdle Rate	Rate
Sands Capital Select Growth Fund	Russell1000^® Growth Index	+/-2.50%	+/-0.15%

For the year ended September 30, 2019, the Advisor’s base fee was increased by $1,426,083 as a result of the performance fee adjustment.

171

Notes to Financial Statements(Continued)

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

Ares Capital Management II LLC	The London Company
Credit Opportunities II Fund	Mid Cap Fund
	Small Cap Fund
EARNEST Partners LLC
Impact Bond Fund	Rockefeller & Co. LLC
	International ESG Equity Fund
Fort Washington Investment Advisors, Inc.*
Active Bond Fund	Sands Capital Management, LLC
High Yield Fund	Sands Capital Select Growth Fund
Ultra Short Duration Fixed Income Fund
	TOBAM S.A.S.
LMCG Investments, LLC	Anti-Benchmark^® International Core Equity Fund
Mid Cap Value Fund	Anti-Benchmark^® US Core Equity Fund
Small Cap Value Fund

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

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

The Advisor entered into an expense limitation agreement (the “Expense Limitation Agreement”) to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds’ liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of “Acquired Fund Fees and Expenses”, if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Advisor has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

																Institutional
	Class A			Class C			Class S			Class Y			Class Z			Class
Active Bond Fund		0.90	%		1.65	%		—			0.65	%		—			0.57	%
Anti-Benchmark^® International Core Equity Fund		—			—			—			0.69	%		—			0.59	%
Anti-Benchmark^® US Core Equity Fund		—			—			—			0.54	%		—			0.44	%
Credit Opportunities II Fund^*		1.08	%		1.83	%		—			0.83	%		—			0.73	%
High Yield Fund		1.05	%		1.80	%		—			0.80	%		—			0.72	%
Impact Bond Fund		0.85	%		1.60	%		—			0.60	%		—			0.50	%
International ESG Equity Fund^**		1.17	%		1.95	%		—			0.90	%		—			0.89	%
Mid Cap Fund^***		1.21	%		1.96	%		—			0.96	%		1.21	%		0.89	%
Mid Cap Value Fund		1.22	%		1.97	%		—			0.97	%		—			0.84	%
Sands Capital Select Growth Fund^****		0.25	%		0.25	%		—			0.25	%		0.25	%		—
Small Cap Fund^*****		1.24	%		1.99	%		—			0.99	%		—			0.91	%
Small Cap Value Fund		1.38	%		2.13	%		—			1.13	%		—			0.98	%
Ultra Short Duration Fixed Income Fund		0.69	%		1.19	%		0.94	%		0.44	%		0.69	%		0.39	%

^*Prior to March 1, 2019, the expense limitations for Classes A, C, Y and Institutional Class shares were 1.69%, 2.44%, 1.44% and 1.34%, respectively.

^**Prior to August 23, 2019, the expense limitations for Class A, C and Y shares were 1.20%, 1.95%, and 0.95%, respectively.

^***Prior to June 1, 2019, the expense limitations for Classes A, C, Y, Z and Institutional Class shares were 1.24%, 1.99%, 0.99%, 1.24% and 0.92%, respectively.

^****The Expense Limitation Agreement for Sands Capital Select Growth Fund limits other operating expenses to 0.25% for all classes of the Fund. Other operating expenses include all operating expenses of the Fund except for investment advisory fees, administration fees, performance fees, distribution fees (12b-1), shareholder service fees and any expenses excluded in the Expense Limitation Agreement.

^*****Prior to June 1, 2019, the expense limitations for Classes A, C, Y and Institutional Class shares were 1.38%, 2.13%, 1.13% and 1.05%, respectively.

These expense limitations will remain in effect for all Funds through at least January 29, 2020, except for Credit Opportunities II Fund, which will remain in effect through at least September 29, 2020, Mid Cap Fund and Small Cap Value Fund, which will remain in effect through at least May 30, 2020 and International ESG

172

Notes to Financial Statements(Continued)

Equity Fund, which will remain in effect through at least August 30, 2020. The Expense Limitation Agreement can be terminated by a vote of the Funds’ Board if it deems the termination to be beneficial to the Funds’ shareholders.

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

					Other
	Investment				Operating
	Advisory		Administration		Expenses
	Fees		Fees		Reimbursed/
	Waived		Waived		Waived		Total
Active Bond Fund	$	—	$	172,592	$	142,375	$	314,967
Anti-Benchmark^® International Core Equity Fund		99,736		39,300		16,312		155,348
Anti-Benchmark^® US Core Equity Fund		50,834		31,851		16,337		99,022
Credit Opportunities II Fund		63,962		26,405		21,982		112,349
High Yield Fund		—		59,937		109,918		169,855
Impact Bond Fund		—		116,215		183,244		299,459
International ESG Equity Fund		—		13,566		117,798		131,364
Mid Cap Fund		—		255,143		839,486		1,094,629
Mid Cap Value Fund		—		543,790		720,884		1,264,674
Sands Capital Select Growth Fund		—		—		341,505		341,505
Small Cap Fund		—		66,068		110,399		176,467
Small Cap Value Fund		—		141,804		111,496		253,300
Ultra Short Duration Fixed Income Fund		—		319,433		396,160		715,593

Under the terms of the Expense Limitation Agreement, the Advisor is entitled to recover, subject to approval by the Funds’ Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Advisor reduced its compensation or assumed expenses for the Funds. A Fund will make repayments to the Advisor only if such repayment does not cause the Fund’s operating expenses (after the repayment is taken into account) to exceed the Fund’s expense limit in place when such amounts were waived or reimbursed by the Advisor and the Fund’s current expense limitation.

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

	Expires		Expires		Expires		Expires		Expires		Expires
	on or		on or		on or		on or		on or		on or
	before		before		before		before		before		before
	June		September		June		September		June		September
	30,		30,		30,		30,		30,		30,
Fund	2020		2020		2021		2021		2022		2022		Total
Active Bond Fund	$	—	$	224,157	$	—	$	150,083	$	—	$	232,470	$	606,710
Anti-Benchmark^® International Core Equity Fund		—		—		—		—		—		155,348		155,348
Anti-Benchmark^® US Core Equity Fund		—		—		—		—		—		99,022		99,022
Credit Opportunities II Fund		86,848		—		112,035		—		172,127		107,785		478,795
High Yield Fund		—		122,090		—		103,212		—		122,051		347,353
Impact Bond Fund		—		243,198		—		278,009		—		270,814		792,021
International ESG Equity Fund		—		46,012		—		26,244		—		77,175		149,431
Mid Cap Fund		—		576,954		—		468,850		—		1,014,098		2,059,902
Mid Cap Value Fund		—		555,571		—		692,241		—		1,211,849		2,459,661

173

Notes to Financial Statements(Continued)

	Expires		Expires		Expires		Expires		Expires		Expires
	on or		on or		on or		on or		on or		on or
	before		before		before		before		before		before
	June		September		June		September		June		September
	30,		30,		30,		30,		30,		30,
Fund	2020		2020		2021		2021		2022		2022		Total
Sands Capital Select Growth Fund	$	—	$	425,897	$	—	$	343,929	$	—	$	341,505	$	1,111,331
Small Cap Fund		—		38,986		—		63,116		—		147,751		249,853
Small Cap Value Fund		—		462,615		—		231,612		—		174,347		868,574
Ultra Short Duration Fixed Income Fund		—		457,716		—		570,299		—		610,602		1,638,617

For the year ended September 30, 2019, the Advisor recouped previously waived fees or reimbursed expenses from Sands Capital Select Growth Fund of $110,440.

ADMINISTRATION AGREEMENT

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

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

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

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

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

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

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

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

TRANSFER AGENT AGREEMENT

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

The Funds may reimburse the Advisor for fees paid to intermediaries such as banks, broker-dealers, financial advisors or other financial institutions for sub-transfer agency, sub-administration and other services provided to investors whose shares of record are held in omnibus, other group accounts, retirement plans or accounts traded through registered securities clearing agents. These fees may vary based on, for example, the nature of services provided, but generally range up to 0.15% of the assets of the class serviced or maintained by the intermediary or up to $22 per sub-account maintained by the intermediary.

174

Notes to Financial Statements(Continued)

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, excluding the Active Bond Fund and High Yield Fund, pays an annual fee not to exceed 0.25% of average daily net assets that are attributable to Class A shares. The Active Bond Fund and High Yield Fund pay an annual fee not to exceed 0.35% of average daily net assets that are attributable to Class A shares. The Active Bond Fund and High Yield Fund currently limit the 12b-1 fees for Class A shares to 0.25% of average daily net assets attributable to such shares. Under the Class C plan, each Fund offering Class C shares (except the Ultra Short Duration Fixed Income Fund) 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). The Ultra Short Duration Fixed Income Fund has limited the amount of the 12b-1 fees for Class C shares to 0.75% of average daily net assets through January 29, 2020. Under the Class S plan, the Ultra Short Duration Fixed Income Fund pays an annual shareholder servicing fee not to exceed 0.50% of average daily net assets that are attributable to Class S shares (of which up to 0.25% is a distribution fee and up to 0.25% is a shareholder servicing fee). Under the Class Z plan, each Fund offering Class Z shares pays an annual shareholder servicing fee not to exceed 0.25% of average daily net assets that are attributable to Class Z shares.

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 year ended September 30, 2019:

Fund	Amount
Active Bond Fund	$	2,611
Credit Opportunities Fund II		22
High Yield Fund		1,243
Impact Bond Fund		950
International ESG Equity Fund		2,614
Mid Cap Fund		21,221
Mid Cap Value Fund		1,804
Sands Capital Select Growth Fund		13,279
Small Cap Fund		1,210
Small Cap Value Fund		1,190
Ultra Short Duration Fixed Income Fund		3,189

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

Fund	Class A		Class C
Active Bond Fund	$	27	$	14
High Yield Fund		—		6
International ESG Equity Fund		—		284
Mid Cap Fund		—		140
Mid Cap Value Fund		—		85
Sands Capital Select Growth Fund		—		331
Ultra Short Duration Fixed Income Fund		—		670

175

Notes to Financial Statements(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 year ended September 30, 2019, the Credit Opportunities II Fund had purchases and sales under Rule 17a-7 of $1,999,393 and $180,900, respectively.

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 year ended September 30, 2019, 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
Sands Capital Select Growth Fund		24,868,021	$	305,892,762
Small Cap Fund		1,902,209		19,099,097

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 year ended September 30, 2019, the following Funds participated as lenders in the interfund lending program. The daily average amount loaned, weighted average interest rate and interest income were as follows:

	Daily		Weighted
	Average Amount		Average Interest			Interest
Fund	Loaned		Rate			Income*
Mid Cap Fund	$	67,357		2.83	%	$	1,940
Sands Capital Select Growth Fund	$	829,593		2.57	%	$	22,017

*Included in Interest in the Statements of Operations.

During the year ended September 30, 2019, the following Funds participated as borrowers in the interfund lending program. The daily average amount borrowed, weighted average interest rate and interest expense were as follows:

	Daily		��	Weighted
	Average Amount			Average Interest			Interest
Fund	Borrowed			Rate			Expense*
Active Bond Fund	$	50,173			2.12	%	$	1,078
High Yield Fund	$	23,135			2.16	%	$	505
Mid Cap Value Fund	$	124,752			2.92	%	$	3,740

176

Notes to Financial Statements(Continued)

	Daily		Weighted
	Average Amount		Average Interest			Interest
Fund	Borrowed		Rate			Expense*
Sands Capital Select Growth Fund	$	36,758		2.14	%	$	798
Small Cap Fund	$	16,874		2.14	%	$	366

*Included in Other expenses in the Statements of Operations.

6. Federal Tax Information

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

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

The tax character of distributions paid for the years or periods ended September 30, 2019 and 2018 for all funds except for the Credit Opportunities II Fund, which is for the three months ended September 30, 2019 and the years ended June 30, 2019 and 2018, are as follows:

					Anti-Benchmark^®
					International Core		Anti-Benchmark^®
					Equity		US Core Equity
	Active Bond Fund				Fund		Fund
	Year Ended		Year Ended		Period Ended		Period Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2018		2019^(A)		2019^(A)
From ordinary income	$	9,614,220	$	10,048,932	$	32,749	$	145,904
From long-term capital gains		—		—		—		—
Total distributions	$	9,614,220	$	10,048,932	$	32,749	$	145,904

	Credit Opportunities II Fund						High Yield Fund
	Three Months
	Ended		Year Ended		Year Ended		Year Ended		Year Ended
	September 30,		June 30,		June 30,		September 30,		September 30,
	2019^(B)		2019		2018		2019		2018
From ordinary income	$	3,206,036	$	3,271,569	$	3,211,801	$	10,001,955	$	10,245,696
From long-term capital gains		—		307,535		926,076		—		—
Total distributions	$	3,206,036	$	3,579,104	$	4,137,877	$	10,001,955	$	10,245,696

					International
	Impact Bond				ESG Equity				Mid Cap
	Fund				Fund				Fund
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
	2019		2018		2019		2018		2019		2018
From ordinary income	$	7,791,647	$	8,079,643	$	1,316,207	$	2,656,746	$	9,903,400	$	2,340,836
From long-term capital gains		—		—		6,831,966		2,381,070		23,663,184		6,743,129
Total distributions	$	7,791,647	$	8,079,643	$	8,148,173	$	5,037,816	$	33,566,584	$	9,083,965

177

Notes to Financial Statements(Continued)

	Midcap				Sands Capital				Small
	Value Fund				Select Growth Fund				Cap Fund
	Year ended		Year ended		Year ended		Year ended		Year ended		Year ended
	September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
	2019		2018		2019		2018		2019		2018
From ordinary income	$	15,017,130	$	13,722,613	$	—	$	—	$	125,425	$	4,992,245
From long-term capital gains		23,697,909		33,142,075		422,272,917		476,473,679		23,461,668		34,210,136
Total distributions	$	38,715,039	$	46,864,688	$	422,272,917	$	476,473,679	$	23,587,093	$	39,202,381

	Small Cap				Ultra Short Duration
	Value Fund				Fixed Income Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2018		2019		2018
From ordinary income	$	1,637,755	$	158,448	$	25,162,001	$	19,867,119
From long-term capital gains		8,137,372		—		—		—
Total distributions	$	9,775,127	$	158,448	$	25,162,001	$	19,867,119

^(A)

Represents the period from commencement of operations (November 19, 2018) through September 30, 2019.

^(B)

The fund changed its fiscal year end from June 30 to September 30.

The following information is computed on a tax basis for each item as of September 30, 2019:

				Anti-Benchmark^®			Anti-Benchmark^®
	Active Bond			International Core Equity			US Core Equity
	Fund			Fund			Fund
Tax cost of portfolio investments	$	314,865,859		$	36,441,595		$	25,106,002
Gross unrealized appreciation on investments		10,137,421			3,403,486			2,881,001
Gross unrealized depreciation on investments		(1,258,932	)		(3,049,893	)		(958,878	)
Net unrealized appreciation (depreciation) on investments		8,878,489			353,593			1,922,123
Net unrealized appreciation (depreciation) on foreign currency transactions		—			(2,004	)		—
Capital loss carryforwards		(89,826,888	)		(399,296	)		(761,830	)
Undistributed ordinary income		133,667			726,380			340,464
Other temporary differences		(216,822	)		—			—
Accumulated earnings (deficit)	$	(81,031,554	)	$	678,673		$	1,500,757

	Credit Opportunities II			High Yield			Impact Bond
��	Fund			Fund			Fund
Tax cost of portfolio investments	$	105,371,029		$	201,702,943		$	300,313,024
Gross unrealized appreciation on investments		2,908,716			6,359,367			12,287,873
Gross unrealized depreciation on investments		(1,986,881	)		(4,675,129	)		(786,917	)
Net unrealized appreciation (depreciation) on investments		921,835			1,684,238			11,500,956
Net unrealized appreciation (depreciation) on short sales, derivatives and foreign currency transactions		43,605			—			—
Capital loss carryforwards		(15,678,785	)		(16,246,404	)		(6,199,718	)
Undistributed ordinary income		—			149,564			158,080
Other temporary differences		(31,928	)		—			—
Accumulated earnings (deficit)	$	(14,745,273	)	$	(14,412,602	)	$	5,459,318

178

Notes to Financial Statements(Continued)

	International ESG Equity			Mid Cap			Mid Cap Value
	Fund			Fund			Fund
Tax cost of portfolio investments	$	37,105,814		$	1,307,369,028		$	679,611,778
Gross unrealized appreciation on investments		2,072,630			337,458,220			149,664,604
Gross unrealized depreciation on investments		(760,939	)		(17,461,603	)		(73,330,053	)
Net unrealized appreciation (depreciation) on investments		1,311,691			319,996,617			76,334,551
Net unrealized appreciation (depreciation) on foreign currency transactions		85			—			—
Capital loss carryforwards		—			—			(6,125,290	)
Undistributed ordinary income		91,912			5,522,326			123,522
Undistributed capital gains		6,554,323			40,623,312			—
Accumulated earnings (deficit)	$	7,958,011		$	366,142,255		$	70,332,783

										Ultra Short
	Sands Capital									Duration
	Select Growth			Small Cap			Small Cap Value			Fixed Income
	Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	971,328,034		$	58,427,167		$	85,929,371		$	1,017,123,395
Gross unrealized appreciation on investments		846,145,613			25,489,040			11,892,853			3,180,469
Gross unrealized depreciation on investments		(60,512,920	)		(3,567,600	)		(8,129,407	)		(1,082,093	)
Net unrealized appreciation (depreciation) on investments		785,632,693			21,921,440			3,763,446			2,098,376
Capital loss carryforwards		—			—			(13,061,170	)		(98,605,855	)
Qualified late-year losses		(14,924,293	)		—			—			—
Undistributed ordinary income		—			83,867			—			713,681
Undistributed capital gains		255,631,902			5,777,772			—			—
Other temporary differences		—			—			—			(219,489	)
Accumulated earnings (deficit)	$	1,026,340,302		$	27,783,079		$	(9,297,724	)	$	(96,013,287	)

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals, investments in passive foreign investment company (“PFIC”) adjustments, amortization adjustments on bonds, preferred income outstanding and taxable interest on defaulted securities.

As of September 30, 2019, the Funds had the following capital loss carryforwards for federal income tax purposes:

	No		No
	Expiration		Expiration
	Short Term		Long Term		Total
Active Bond Fund^*	$	47,122,290	$	42,704,598	$	89,826,888
Anti-Benchmark^® International Core Equity Fund		399,296		—		399,296
Anti-Benchmark^®US Core Equity Fund		761,830		—		761,830
Credit Opportunities II Fund^*		3,186,350		12,492,435		15,678,785
High Yield Fund		—		16,246,404		16,246,404
Impact Bond Fund		583,609		5,616,109		6,199,718
Mid Cap Value Fund		796,735		5,328,555		6,125,290
Small Cap Value Fund		7,162,930		5,898,240		13,061,170
Ultra Short Duration Fixed Income Fund^*		28,083,144		70,522,711		98,605,855

^* Future utilization may be limited under current tax rules

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.

179

Notes to Financial Statements(Continued)

The following Funds had capital losses expire in the current year as follows:

Fund		Amount
Ultra Short Duration Fixed Income Fund		$	933,830

During the year ended September 30, 2019, the following Funds utilized capital loss carryforwards:

Fund	Amount
Active Bond Fund	$	4,003,956
Impact Bond Fund		587,569

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 September 30, 2019, the following Funds elected to defer the following losses:

	Ordinary
Fund	Losses
Sands Capital Select Growth Fund	$	14,924,293

The Funds have analyzed their tax positions taken on federal income tax returns for all open tax years (tax years ended September 30, 2016 through 2019) and have concluded that no provision for income tax is required in their financial statements.

Certain reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital. These reclassifications have no impact on the net assets or NAV per share of the Fund. The following reclassifications, which are primarily attributed to the tax treatment of, deemed distributions on shareholder redemptions, reclassification of net operating losses, expiration of capital loss carryforwards, nondeductible stock issuance costs, in-kind distributions on shareholder redemptions, and various temporary book/tax differences due to mergers have been made to the following Funds for the year or period ended September 30, 2019:

	Paid-In			Distributable
Fund	Capital			Earnings
Anti-Benchmark^®International Core Equity Fund	$	(1,407	)	$	1,407
Anti-Benchmark^®US Core Equity Fund		(1,407	)		1,407
Credit Opportunities II Fund		16,168,304			(16,168,304	)
International ESG Equity Fund		1,503,159			(1,503,159	)
Sands Capital Select Growth Fund		240,092,900			(240,092,900	)
Small Cap Fund		16,277,070			(16,277,070	)
Small Cap Value Fund		(1,211,248	)		1,211,248
Ultra Short Duration Fixed Income Fund		(933,831	)		933,831

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

180

Notes to Financial Statements (Continued)

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.

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 the Fund’s returns because the 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

Credit Opportunities II Fund:

The shareholders of the Touchstone Credit Opportunities Fund, a series of the Touchstone Strategic Trust, approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Touchstone Credit Opportunities Fund, to the Touchstone Credit Opportunities II Fund. The performance and accounting history of the Credit Opportunities Fund was assumed by the Credit Opportunities II Fund. The tax-free reorganization took place on September 6, 2019.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the reorganization.

181

Notes to Financial Statements(Continued)

						After
	Before Reorganization					Reorganization
	Touchstone			Touchstone		Touchstone
	Credit			Credit		Credit
	Opportunities			Opportunities II		Opportunities II
	Fund			Fund		Fund
Class A
Shares		26,000	^(A)		698,600		724,600
Net Assets	$	260,370		$	6,996,031	$	7,256,401
Net Asset Value	$	10.01	^(A)	$	10.01	$	10.01
Class C
Shares		13,143	^(B)		472,827		485,970
Net Assets	$	127,998		$	4,605,015	$	4,733,013
Net Asset Value	$	9.74	^(B)	$	9.74	$	9.74
Class Y
Shares		1,219,670	^(C)		3,570,947		4,790,617
Net Assets	$	12,359,997		$	36,187,744	$	48,547,741
Net Asset Value	$	10.13	^(C)	$	10.13	$	10.13
Institutional Class
Shares		4,655,172	^(D)		89,421		4,744,593
Net Assets	$	47,445,148		$	911,375	$	48,356,523
Net Asset Value	$	10.19	^(D)	$	10.19	$	10.19
Fund Total
Shares Outstanding		5,913,985			4,831,795		10,745,780
Net Assets	$	60,193,513		$	48,700,165	$	108,893,678
Unrealized Appreciation (Depreciation)	$	394,743		$	846,606	$	1,241,349

^(A)

Reflects a 0.9894:1 stock split which occurred on the date of reorganization, September 6, 2019.

^(B)

Reflects a 1:1.0199 reverse stock split which occurred on the date of reorganization, September 6, 2019.

^(C)

Reflects a 0.9776:1 stock split which occurred on the date of reorganization, September 6, 2019.

^(D)

Reflects a 0.9720:1 stock split which occurred on the date of reorganization, September 6, 2019.

Assuming the reorganization had been completed on October 1, 2018, the Credit Opportunities II Fund’s results of operations for the year ended September 30, 2019 would have been as follows:

Net investment income	$	3,495,929
Net realized and unrealized gain (loss) on investments	$	(254,625	)
Net increase in net assets resulting from operations	$	3,241,304

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 Credit Opportunities II Fund that have been included in its statement of operations since the reorganization.

Small Cap Value Fund:

The shareholders of the Touchstone Small Cap Value Opportunities Fund, a series of the Touchstone Strategic Trust, approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Touchstone Small Cap Value Opportunities Fund to the Touchstone Small Cap Value 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 reorganization.

182

Notes to Financial Statements(Continued)

						After
	Before Reorganization					Reorganization
	Touchstone
	Small Cap Value			Touchstone		Touchstone
	Opportunities			Small Cap		Small Cap
	Fund			Value Fund		Value Fund
Class A
Shares		72,932	^(A)		2,759,552		2,832,484
Net Assets	$	2,071,440		$	78,377,638	$	80,449,078
Net Asset Value	$	28.40	^(A)	$	28.40	$	28.40
Class C
Shares		16,657	^(B)		36,296		52,953
Net Assets	$	461,382		$	1,005,378	$	1,466,760
Net Asset Value	$	27.70	^(B)	$	27.70	$	27.70
Class Y
Shares		1,429,509	^(C)		102,513		1,532,022
Net Assets	$	40,693,020		$	2,918,178	$	43,611,198
Net Asset Value	$	28.47	^(C)	$	28.47	$	28.47
Institutional Class
Shares		127,709	^(D)		950,401		1,078,110
Net Assets	$	3,632,489		$	27,032,700	$	30,665,189
Net Asset Value	$	28.44	^(D)	$	28.44	$	28.44
Fund Total
Shares Outstanding		2,667,791			3,848,762		5,495,569
Net Assets	$	46,858,331		$	109,333,894	$	156,192,225
Unrealized Appreciation (Depreciation)	$	7,807,725		$	9,757,990	$	17,565,715

^(A)

Reflects a 0.5757:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(B)

Reflects a 0.5610:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(C)

Reflects a 0.6191:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(D)

Reflects a 0.6307:1 stock split which occurred on the date of reorganization, September 21, 2018.

Assuming the reorganization had been completed on October 1, 2017, the Small Cap Value Fund’s results of operations for the year ended September 30, 2018 would have been as follows:

Net investment income	$	329
Net realized and unrealized gain (loss) on investments	$	14,366,801
Net increase in net assets resulting from operations	$	14,367,130

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 Cap Value Fund that have been included in its statement of operations since the reorganization.

Active Bond Fund:

The shareholders of the Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund, both a series of the Sentinel Group Funds, Inc., approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund to the Touchstone Active Bond Fund. The tax-free reorganizations took place on October 27, 2017.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the reorganizations.

183

Notes to Financial Statements(Continued)

							After
	Before Reorganizations						Reorganizations
	Sentinel			Sentinel			Touchstone		Touchstone
	Government			Total Return			Active		Active
	Securities			Bond			Bond		Bond
	Fund			Fund			Fund		Fund
Class A^*
Shares		11,174,957	^(A)		3,834,554	^(D)		2,051,008		17,060,519
Net Assets	$	116,518,985		$	39,982,285		$	21,385,481	$	177,886,751
Net Asset Value	$	10.43	^(A)	$	10.43	^(D)	$	10.43	$	10.43
Class C
Shares		1,315,564	^(B)		1,646,712	^(E)		470,496		3,432,772
Net Assets	$	12,682,178		$	15,874,543		$	4,535,633	$	33,092,354
Net Asset Value	$	9.64	^(B)	$	9.64	^(E)	$	9.64	$	9.64
Class Y^**
Shares		1,572,671	^(C)		11,128,019	^(F)		7,576,068		20,276,758
Net Assets	$	16,389,043		$	115,967,591		$	78,951,815	$	211,308,449
Net Asset Value	$	10.42	^(C)	$	10.42	^(F)	$	10.42	$	10.42
Institutional Class
Shares		—			—			2,374,145		2,374,145
Net Assets		—			—		$	24,733,043	$	24,733,043
Net Asset Value		—			—		$	10.42	$	10.42
Fund Total
Shares Outstanding		15,103,361			16,500,456			12,471,717		43,144,194
Net Assets	$	145,590,206		$	171,824,419		$	129,605,972	$	447,020,597
Unrealized Appreciation (Depreciation)	$	857,879		$	3,044,192		$	1,368,123	$	5,270,194

^(A)Reflects a 0.9244:1 stock split which occurred on the date of reorganizations, October 27, 2017.

^(B)Reflects a 1.0008:1 reverse stock split which occurred on the date of reorganizations, October 27, 2017.

^(C)Reflects a 0.9252:1 stock split which occurred on the date of reorganizations, October 27, 2017.

^(D)Reflects a 0.9985: 1 stock split on Class A shares and a 0.9984: 1 stock split on Class R3 shares which occurred on the date of reorganization, October 27, 2017.

^(E)Reflects a 1.0769:1 reverse stock split which occurred on the date of reorganizations, October 27, 2017.

^(F)Reflects a 0.9997: 1 stock split on Class I shares and a 0.9999:1 stock split on Class R6 shares which occurred on the date of reorganization, October 27, 2017.

^* The Sentinel Total Return Bond Fund had Class R3 shares outstanding immediately prior to the reorganizations, which were exchanged for Class A shares of the Active Bond Fund.

^** The Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund had Class I and Class R6 shares outstanding immediately prior to the reorganizations, which were exchanged for Class Y shares of the Active Bond Fund.

Assuming the reorganization had been completed on October 1, 2017, the Active Bond Fund’s results of operations for the year ended September 30, 2018 would have been as follows:

Net investment income	$	18,802,056
Net realized and unrealized gain (loss) on investments	$	(15,782,337	)
Net increase in net assets resulting from operations	$	3,019,719

Because the combined investment portfolios have been managed as a single portfolio since the reorganization were completed, it is not practical to separate the amounts of revenue and earnings to the Active Bond Fund that have been included in its statement of operations since the reorganization.

184

Notes to Financial Statements(Continued)

Ultra Short Duration Fixed Income Fund:

The shareholders of the Sentinel Low Duration Bond Fund, a series of the Sentinel Group Funds, Inc., approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Sentinel Low Duration Bond Fund to the Touchstone Ultra Short Duration Fixed Income Fund. The tax-free reorganization took place on October 27, 2017.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the reorganization.

							After
	Before Reorganization						Reorganization
				Touchstone			Touchstone
				Ultra Short			Ultra Short
	Sentinel Low			Duration			Duration
	Duration			Fixed Income			Fixed Income
	Bond Fund			Fund			Fund
Class A
Shares		8,852,517	^(A)		1,724,258			10,576,775
Net Assets	$	82,262,174		$	16,022,642		$	98,284,816
Net Asset Value	$	9.29	^(A)	$	9.29		$	9.29
Class C
Shares		—			595,689			595,689
Net Assets	$	—		$	5,536,888		$	5,536,888
Net Asset Value	$	—		$	9.29		$	9.29
Class S
Shares		18,778,658	^(B)		—			18,778,658
Net Assets	$	174,475,987		$	—		$	174,475,987
Net Asset Value	$	9.29	^(B)	$	—		$	9.29
Class Y^*
Shares		1,675,485	^(C)		28,460,319			30,135,804
Net Assets	$	15,567,307		$	264,430,327		$	279,997,634
Net Asset Value	$	9.29	^(C)	$	9.29		$	9.29
Class Z
Shares		—			22,972,057			22,972,057
Net Assets	$	—		$	213,484,506		$	213,484,506
Net Asset Value	$	—		$	9.29		$	9.29
Institutional Class
Shares		—			28,593,394			28,593,394
Net Assets	$	—		$	265,515,783		$	265,515,783
Net Asset Value	$	—		$	9.29		$	9.29
Fund Total
Shares Outstanding		32,123,347			82,345,717			111,652,377
Net Assets	$	272,305,468		$	764,990,146		$	1,037,295,614
Unrealized Appreciation (Depreciation)	$	1,842,713		$	(518,337	)	$	1,324,376

^(A)Reflects a 0.9113:1 stock split which occurred on the date of reorganization, October 27, 2017.

^(B)Reflects a 0.9127:1 stock split which occurred on the date of reorganization, October 27, 2017.

^(C)Reflects a 0.9131:1 stock split which occurred on the date of reorganization, October 27, 2017.

^* The Sentinel Low Duration Bond Fund had Class I shares outstanding immediately prior to the reorganization, which were exchanged for Class Y shares of the Ultra Short Duration Fixed Income Fund.

Assuming the reorganization had been completed on October 1, 2017, the Ultra Short Duration Fixed Income Fund’s results of operations for the year ended September 30, 2018 would have been as follows:

Net investment income	$	21,984,626
Net realized and unrealized gain (loss) on investments	$	(4,319,634	)
Net increase in net assets resulting from operations	$	17,664,992

185

Notes to Financial Statements(Continued)

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 Ultra Short Duration Fixed Income Fund that have been included in its statement of operations since the reorganization.

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.

186

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Touchstone Funds Group Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Touchstone Funds Group Trust (the “Trust”) (comprising Touchstone Active Bond Fund, Touchstone Anti-Benchmark^® International Core Equity Fund, Touchstone Anti-Benchmark^® US Core Equity Fund, Touchstone Credit Opportunities II Fund (formerly known as Touchstone Credit Opportunities Fund), Touchstone High Yield Fund, Touchstone Impact Bond Fund, Touchstone International ESG Equity Fund (formerly known as Touchstone Premium Yield Equity Fund),Touchstone Mid Cap Fund, Touchstone Mid Cap Value Fund, Touchstone Sands Capital Select Growth Fund, Touchstone Small Cap Fund, Touchstone Small Cap Value Fund, and Touchstone Ultra Short Duration Fixed Income Fund (collectively referred to as the “Funds”)), including the portfolios of investments, as of September 30, 2019, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Touchstone Funds Group Trust at September 30, 2019, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Funds
comprising the
Touchstone Funds Group	Statement of	Statements of
Trust	operations	changes in net assets	Financial highlights
Touchstone Active Bond Fund	For the year ended	For each of the two years in the	For each of the five years in the
Touchstone High Yield Fund	September 30, 2019	period ended September 30, 2019	period ended September 30, 2019
Touchstone Impact Bond
Fund
Touchstone International ESG
Equity Fund
Touchstone Mid Cap Fund
Touchstone Mid Cap Value
Fund
Touchstone Sands Capital
Select Growth Fund
Touchstone Small Cap Fund
Touchstone Small Cap Value
Fund
Touchstone Ultra Short
Duration Fixed Income Fund
Touchstone Credit	For the period from July 1,	For the period from July 1, 2019 to	For the period from July 1, 2019 to
Opportunities II Fund	2019 to September 30,	September 30, 2019 and for each	September 30, 2019 and for each
	2019 and for the year	of the two years in the period	of the three years in the period
	ended June 30, 2019	ended June 30, 2019	ended June 30, 2019 and the
			period from September 1, 2015
			(commencement of operations)
			through June 30, 2016
Touchstone Anti-Benchmark^®	For the period from November 19, 2018 (commencement of operations) through September 30,2019
International Core Equity
Fund
Touchstone Anti-Benchmark^®
US Core Equity Fund

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm

187

Report of Independent Registered Public Accounting Firm (Continued)

registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian, transfer agent, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Touchstone Investments’ investment companies since 1999.

Cincinnati, Ohio

November 22, 2019

188

Other Items(Unaudited)

Qualified Dividend Income

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year or period ended September 30, 2019 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates. The Funds intend to pass through the maximum allowable percentage for Form 1099 Div.

Anti-Benchmark^® International Core Equity Fund	99.14	%
Anti-Benchmark^® US Core Equity Fund	84.69	%
Credit Opportunities II Fund	42.14	%
International ESG Equity Fund	100.00	%
Mid Cap Fund	91.59	%
Mid Cap Value Fund	81.11	%
Small Cap Fund	72.18	%
Small Cap Value Fund	100.00	%

Dividend Received Deduction

For corporate shareholders, the following ordinary distributions paid during the current fiscal year or period ended September 30, 2019 qualify for the corporate dividends received deduction. The Funds intend to pass through the maximum allowable percentage.

Anti-Benchmark^® US Core Equity Fund	75.80	%
Credit Opportunities II Fund	40.58	%
International ESG Equity Fund	97.87	%
Mid Cap Fund	89.92	%
Mid Cap Value Fund	81.32	%
Small Cap Fund	71.96	%
Small Cap Value Fund	100.00	%

For the fiscal year ended September 30, 2019, the Funds designated long-term capital gains as follows:

International ESG Equity Fund	$	8,509,849
Mid Cap Fund	$	40,623,312
Mid Cap Value Fund	$	23,697,909
Sands Capital Select Growth Fund	$	505,223,390
Small Cap Fund	$	33,829,040
Small Cap Value Fund	$	8,137,372

Foreign Tax Income and Foreign Tax Credit

The Anti-Benchmark^®International Core Equity Fund and the International ESG Equity Fund intend to pass through a foreign tax credit to the shareholders. For the fiscal year or period ended September 30, 2019, the total amount of foreign source income is $990,745 or $0.28 per share and 364,907 or $0.08 per share, respectively. The total amount of foreign taxes to be paid is $65,595 or $0.02 per share and $55,167 or $0.01, respectively. Shareholder’s allocable share of the foreign tax credit will be reported on Form 1099 Div.

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

189

Other Items (Unaudited) (Continued)

June 30, which will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission’s website at sec.gov.

Quarterly Portfolio Disclosure

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

Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) and (2) ongoing costs, including investment advisory fees; shareholder servicing fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2019 through September 30, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

190

Other Items(Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		September 30,			April 1,		September 30,		September 30,
		2019			2019		2019		2019*
Touchstone Active Bond Fund
Class A	Actual		0.90	%	$	1,000.00	$	1,055.00	$	4.64
Class A	Hypothetical		0.90	%	$	1,000.00	$	1,020.56	$	4.56

Class C	Actual		1.65	%	$	1,000.00	$	1,050.50	$	8.48
Class C	Hypothetical		1.65	%	$	1,000.00	$	1,016.80	$	8.34

Class Y	Actual		0.65	%	$	1,000.00	$	1,056.40	$	3.35
Class Y	Hypothetical		0.65	%	$	1,000.00	$	1,021.81	$	3.29

Institutional Class	Actual		0.57	%	$	1,000.00	$	1,057.80	$	2.94
Institutional Class	Hypothetical		0.57	%	$	1,000.00	$	1,022.21	$	2.89

Anti-Benchmark^® International Core Equity Fund
Class Y	Actual		0.69	%	$	1,000.00	$	1,011.90	$	3.48
Class Y	Hypothetical		0.69	%	$	1,000.00	$	1,021.61	$	3.50

Institutional Class	Actual		0.59	%	$	1,000.00	$	1,011.90	$	2.98
Institutional Class	Hypothetical		0.59	%	$	1,000.00	$	1,022.11	$	2.99

Anti-Benchmark^® US Core Equity Fund
Class Y	Actual		0.54	%	$	1,000.00	$	1,048.50	$	2.77
Class Y	Hypothetical		0.54	%	$	1,000.00	$	1,022.36	$	2.74

Institutional Class	Actual		0.44	%	$	1,000.00	$	1,048.50	$	2.26
Institutional Class	Hypothetical		0.44	%	$	1,000.00	$	1,022.86	$	2.23

Touchstone Credit Opportunities II Fund
Class A^(A)	Actual		1.18	%	$	1,000.00	$	1,014.00	$	3.00	**
Class A	Hypothetical		1.18	%	$	1,000.00	$	1,019.15	$	5.97	**

Class C^(A)	Actual		1.93	%	$	1,000.00	$	1,011.50	$	4.89	**
Class C	Hypothetical		1.93	%	$	1,000.00	$	1,015.39	$	9.75	**

Class Y^(A)	Actual		0.93	%	$	1,000.00	$	1,015.40	$	2.36	**
Class Y	Hypothetical		0.93	%	$	1,000.00	$	1,020.41	$	4.71	**

Institutional Class^(A)	Actual		0.83	%	$	1,000.00	$	1,015.70	$	2.11	**
Institutional Class	Hypothetical		0.83	%	$	1,000.00	$	1,020.91	$	4.20	**

Touchstone High Yield Fund
Class A	Actual		1.05	%	$	1,000.00	$	1,038.50	$	5.37
Class A	Hypothetical		1.05	%	$	1,000.00	$	1,019.80	$	5.32

Class C	Actual		1.80	%	$	1,000.00	$	1,034.80	$	9.18
Class C	Hypothetical		1.80	%	$	1,000.00	$	1,016.04	$	9.10

Class Y	Actual		0.80	%	$	1,000.00	$	1,040.40	$	4.09
Class Y	Hypothetical		0.80	%	$	1,000.00	$	1,021.06	$	4.05

Institutional Class	Actual		0.72	%	$	1,000.00	$	1,040.80	$	3.68
Institutional Class	Hypothetical		0.72	%	$	1,000.00	$	1,021.46	$	3.65

191

Other Items(Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		September 30,			April 1,		September 30,		September 30,
		2019			2019		2019		2019*
Touchstone Impact Bond Fund
Class A	Actual		0.85	%	$	1,000.00	$	1,054.20	$	4.38
Class A	Hypothetical		0.85	%	$	1,000.00	$	1,020.81	$	4.31

Class C	Actual		1.60	%	$	1,000.00	$	1,050.50	$	8.22
Class C	Hypothetical		1.60	%	$	1,000.00	$	1,017.05	$	8.09

Class Y	Actual		0.60	%	$	1,000.00	$	1,054.40	$	3.09
Class Y	Hypothetical		0.60	%	$	1,000.00	$	1,022.06	$	3.04

Institutional Class	Actual		0.50	%	$	1,000.00	$	1,054.90	$	2.58
Institutional Class	Hypothetical		0.50	%	$	1,000.00	$	1,022.56	$	2.54

Touchstone International ESG Equity Fund
Class A	Actual		1.20	%	$	1,000.00	$	1,026.00	$	6.09
Class A	Hypothetical		1.20	%	$	1,000.00	$	1,019.05	$	6.07

Class C	Actual		1.95	%	$	1,000.00	$	1,022.70	$	9.89
Class C	Hypothetical		1.95	%	$	1,000.00	$	1,015.29	$	9.85

Class Y	Actual		0.94	%	$	1,000.00	$	1,027.20	$	4.78
Class Y	Hypothetical		0.94	%	$	1,000.00	$	1,020.36	$	4.76

Institutional Class^(B)	Actual		0.89	%	$	1,000.00	$	1,054.00	$	0.90
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.61	$	0.89

Touchstone Mid Cap Fund
Class A	Actual		1.22	%	$	1,000.00	$	1,123.70	$	6.50
Class A	Hypothetical		1.22	%	$	1,000.00	$	1,018.95	$	6.17

Class C	Actual		1.97	%	$	1,000.00	$	1,119.50	$	10.47
Class C	Hypothetical		1.97	%	$	1,000.00	$	1,015.19	$	9.95

Class Y	Actual		0.97	%	$	1,000.00	$	1,125.00	$	5.17
Class Y	Hypothetical		0.97	%	$	1,000.00	$	1,020.21	$	4.91

Class Z	Actual		1.22	%	$	1,000.00	$	1,123.70	$	6.50
Class Z	Hypothetical		1.22	%	$	1,000.00	$	1,018.95	$	6.17

Institutional Class	Actual		0.90	%	$	1,000.00	$	1,125.70	$	4.80
Institutional Class	Hypothetical		0.90	%	$	1,000.00	$	1,020.56	$	4.56

Touchstone Mid Cap Value Fund
Class A	Actual		1.22	%	$	1,000.00	$	1,045.90	$	6.26
Class A	Hypothetical		1.22	%	$	1,000.00	$	1,018.95	$	6.17

Class C	Actual		1.97	%	$	1,000.00	$	1,042.00	$	10.08
Class C	Hypothetical		1.97	%	$	1,000.00	$	1,015.19	$	9.95

Class Y	Actual		0.97	%	$	1,000.00	$	1,047.10	$	4.98
Class Y	Hypothetical		0.97	%	$	1,000.00	$	1,020.21	$	4.91

Institutional Class	Actual		0.84	%	$	1,000.00	$	1,048.10	$	4.31
Institutional Class	Hypothetical		0.84	%	$	1,000.00	$	1,020.86	$	4.26

192

Other Items (Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		September 30,			April 1,		September 30,		September 30,
		2019			2019		2019		2019^*
Touchstone Sands Capital Select Growth Fund
Class A	Actual		1.33	%	$	1,000.00	$	985.00	$	6.62	***
Class A	Hypothetical		1.33	%	$	1,000.00	$	1,018.40	$	6.73	***

Class C	Actual		2.09	%	$	1,000.00	$	980.40	$	10.38	***
Class C	Hypothetical		2.09	%	$	1,000.00	$	1,014.59	$	10.56	***

Class Y	Actual		1.08	%	$	1,000.00	$	986.70	$	5.38	***
Class Y	Hypothetical		1.08	%	$	1,000.00	$	1,019.65	$	5.47	***

Class Z	Actual		1.32	%	$	1,000.00	$	985.00	$	6.57	***
Class Z	Hypothetical		1.32	%	$	1,000.00	$	1,018.45	$	6.68	***

Touchstone Small Cap Fund
Class A	Actual		1.32	%	$	1,000.00	$	1,050.20	$	6.78	****
Class A	Hypothetical		1.32	%	$	1,000.00	$	1,018.45	$	6.68	****

Class C	Actual		2.07	%	$	1,000.00	$	1,045.80	$	10.62	****
Class C	Hypothetical		2.07	%	$	1,000.00	$	1,014.69	$	10.45	****

Class Y	Actual		1.07	%	$	1,000.00	$	1,050.90	$	5.50	****
Class Y	Hypothetical		1.07	%	$	1,000.00	$	1,019.70	$	5.42	****

Institutional Class	Actual		0.99	%	$	1,000.00	$	1,051.90	$	5.09	****
Institutional Class	Hypothetical		0.99	%	$	1,000.00	$	1,020.10	$	5.01	****

Touchstone Small Cap Value Fund
Class A	Actual		1.38	%	$	1,000.00	$	1,021.30	$	6.99
Class A	Hypothetical		1.38	%	$	1,000.00	$	1,018.15	$	6.98

Class C	Actual		2.13	%	$	1,000.00	$	1,017.10	$	10.77
Class C	Hypothetical		2.13	%	$	1,000.00	$	1,014.39	$	10.76

Class Y	Actual		1.13	%	$	1,000.00	$	1,022.40	$	5.73
Class Y	Hypothetical		1.13	%	$	1,000.00	$	1,019.40	$	5.72

Institutional Class	Actual		0.98	%	$	1,000.00	$	1,023.20	$	4.97
Institutional Class	Hypothetical		0.98	%	$	1,000.00	$	1,020.16	$	4.96

Touchstone Ultra Short Duration Fixed Income Fund
Class A	Actual		0.69	%	$	1,000.00	$	1,016.00	$	3.49
Class A	Hypothetical		0.69	%	$	1,000.00	$	1,021.61	$	3.50

Class C	Actual		1.19	%	$	1,000.00	$	1,012.30	$	6.00
Class C	Hypothetical		1.19	%	$	1,000.00	$	1,019.10	$	6.02

Class S	Actual		0.94	%	$	1,000.00	$	1,013.60	$	4.74
Class S	Hypothetical		0.94	%	$	1,000.00	$	1,020.36	$	4.76

Class Y	Actual		0.44	%	$	1,000.00	$	1,017.30	$	2.23
Class Y	Hypothetical		0.44	%	$	1,000.00	$	1,022.86	$	2.23

Class Z	Actual		0.69	%	$	1,000.00	$	1,016.00	$	3.49
Class Z	Hypothetical		0.69	%	$	1,000.00	$	1,021.61	$	3.50

193

Other Items (Unaudited) (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		September 30,			April 1,		September 30,		September 30,
		2019			2019		2019		2019^*
Institutional Class	Actual		0.39	%	$	1,000.00	$	1,016.40	$	1.97
Institutional Class	Hypothetical		0.39	%	$	1,000.00	$	1,023.11	$	1.98

^(A)

Represents the three month period from July, 1 2019 through September 30, 2019. Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365.

^(B)

Represents the period from commencement of operations (August 23, 2019) through September 30, 2019. Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 36/365.

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

^**

Excluding interest and dividend expenses on securities sold short, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $2.74, $4.64, $2.11 and $1.85, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $5.47, $9.25, $4.20 and $3.70, respectively.

^***

Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Class Z would be $6.57, $10.33, $5.33 and $6.52, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Class Z would be $6.68, $10.50, $5.42 and $6.63, respectively.

^****

Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.63, $10.46, $5.35 and $4.94, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.53, $10.30, $5.27 and $4.86, respectively.

Basis for Board’s Approval of Sub-Advisory Agreement

At an in-person meeting held on May 16, 2019,Touchstone Advisors, Inc. (the “Advisor”) proposed the replacement of the then-current sub-advisor to the Touchstone International ESG Equity Fund, formerly known as Touchstone Premium Yield Equity Fund (the “Fund”), Miller/Howard Investments, Inc. (“Miller/Howard”), to the Board of Trustees (the “Board”) of Touchstone Funds Group Trust. The Board approved replacing Miller/Howard with Rockefeller & Co. LLC (“Rockefeller”). In connection with this sub-advisor change, the Board also approved changes to the Fund’s investment goal, principal investment strategies and name.

The Advisor provided the Board with various written materials in advance of the May 16, 2019 to assist with the Board’s consideration of a proposed Sub-Advisory Agreement between the Advisor and Rockefeller (the “Sub-Advisory Agreement”). The Advisor provided written and oral information stating the basis for its recommendation to engage Rockefeller and to transition the Fund to Rockefeller’s international ESG equity strategy. The information also included details regarding Rockefeller’s: (a) investment philosophy and investment process; (b) investment management services proposed to be provided to the Fund; (c) investment management personnel; (d) operating history, infrastructure and financial condition; (e) proposed sub-advisory fees that would be paid to Rockefeller by the Advisor; and (f) reputation, expertise and resources of Rockefeller. The Board then discussed the written materials that the Board received before the meeting and all other information that the Board received at the meeting.

In approving the Sub-Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services to be provided to the Fund, including the investment personnel who would be providing such services; (2) Rockefeller’s proposed compensation; (3) the investment performance of the Fund and that of equity investment strategies similar to the one Rockefeller proposed to use in managing the Fund; 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 to be Provided; Investment Personnel.The Board considered information provided by the Advisor regarding the services to be provided by Rockefeller. The Board considered Rockefeller’s

194

Other Items (Unaudited) (Continued)

level of knowledge and investment style. The Board reviewed the experience and credentials of the investment personnel who would be responsible for managing the investment of portfolio securities with respect to the Fund. The Board also noted that it is familiar with Rockefeller, as Rockefeller serves as a sub-advisor to the Touchstone Global ESG Equity Fund (“Global ESG Equity Fund”), a series of Touchstone Series Trust, which it manages in accordance with its global ESG strategy. The Board noted that Rockefeller would utilize a similar strategy currently employed for the Global ESG Equity Fund in managing the Fund. The Board also noted that the investment team who would manage the Fund would be the same investment team that currently manages the Global ESG Equity Fund. The Board also took into consideration that the Advisor was satisfied with Rockefeller’s in-house risk and compliance teams and its familiarity with Rockefeller given Rockefeller’s management of the Global ESG Equity Fund.

Anticipated Profitability.The Board took into consideration the financial condition of Rockefeller and any direct and indirect benefits to be derived by Rockefeller from its relationship with the Fund. In considering the anticipated level of profitability to Rockefeller, the Board noted the proposed contractual undertaking of the Advisor to maintain expense limitations for the Fund and also noted that the sub-advisory fee under the Sub-Advisory Agreement would be paid by the Advisor out of the advisory fee that it receives from the Fund, and that the proposed sub-advisory fee was negotiated at arm’s length between the Advisor and Rockefeller. Therefore, the anticipated level of profitability to Rockefeller from its relationship with the Fund was not a substantial factor in the Board’s deliberations. For similar reasons, the Board did not consider potential economies of scale in Rockefeller’s management of the Fund to be a substantial factor in its consideration, although it noted that the proposed sub-advisory fee would include a breakpoint. The Board noted that, in connection with the proposed change in sub-advisor, the Advisor also proposed to reduce the Fund’s advisory fee and expense limitations.

Proposed Sub-Advisory Fee.The Board considered that the Fund would pay an advisory fee to the Advisor and that the Advisor would pay the sub-advisory fee to Rockefeller out of the advisory fee. The Board compared Rockefeller’s proposed sub-advisory fee to the sub-advisory fee paid to Miller/Howard, noting that the proposed sub-advisory fee was lower than the current sub-advisory fee. The Board noted that the proposed sub-advisory fee to be paid to Rockefeller for managing the Fund will be identical to the sub-advisory fee paid to Rockefeller for managing the Global ESG Equity Fund. The Board considered the amount of the advisory fee to be retained by the Advisor and the amount to be paid to Rockefeller with respect to the various services to be provided by the Advisor and Rockefeller. Based upon their review, the Trustees concluded that the Fund’s proposed sub-advisory fee was reasonable considering the services to be provided to the Fund by Rockefeller.

Investment Performance.The Board considered Rockefeller’s investment performance and the Fund’s investment performance under the management of Miller/Howard. The Trustees also took into consideration the investment performance of Rockefeller’s non-U.S., non-ESG equity strategy and the Global ESG Equity Fund, which included investments in non-U.S. companies.

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

195

Management of the Trust (Unaudited)

Listed below is required information regarding the Trustees and principal officers of the Trust. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request by calling 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com.

Interested Trustee¹:
				Number
				of Funds
				Overseen
		Term of		in the
Name	Position(s)	Office And		Touchstone	Other
Address	Held with	Length of	Principal Occupation(s)	Fund	Directorships
Year of Birth	Trust	Time Served	During Past 5 Years	Complex²	Held During Past 5 Years³
Jill T. McGruder Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1955	Trustee and President	Until retirement at age 75 or until she resigns or is removed Trustee since 1999	President and CEO of IFS Financial Services, Inc. (a holding company).	40	IFS Financial Services, Inc. (a holding company) from 1999 to the present; Integrity and National Integrity Life Insurance Co. from 2005 to the present; Touchstone Securities (the Trust’s distributor) from 1999 to the present; Touchstone Advisors, Inc. (the Trust’s investment advisor and administrator) from 1999 to the present; W&S Brokerage Services (a brokerage company) from 1999 to the present; W&S Financial Group Distributors (a distribution company) from 1999 to the present; Cincinnati Analysts, Inc. from 2012 to the present; Columbus Life Insurance Co. from 2016 to the present; The Lafayette Life Insurance Co. from 2016 to the present; Taft Museum of Art from 2007 to the present; YWCA of Greater Cincinnati from 2012 to the present; and LL Global, Inc. from 2016 to the present.
Independent Trustees:
Karen Carnahan c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1954	Trustee	Until retirement at age 75 or until she resigns or is removed Trustee since 2019	Retired; former Chief Operating Officer of Shred-it (a business services company) from 2014 to 2015.	40	Director of Boys & Girls Club of West Chester/Liberty from 2016 to the present; and Director of Cintas Corporation from 2019 to the present.
Phillip R. Cox c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1947	Trustee	Until retirement at age 75 or until he resigns or is removed Trustee since 1999	President and Chief Executive Officer of Cox Financial Corp. (a financial services company) from 1971 to the present.	40	Director of Cincinnati Bell (a communications company) from 1994 to 2019; Bethesda Inc. (a hospital) from 2005 to the present; Timken Co. (a manufacturing company) from 2004 to 2014; TimkenSteel from 2014 to 2019; Diebold, Inc. (a technology solutions company) from 2004 to the present; Ohio Business Alliance for Higher Education and the Economy from 2005 to the present; and Chairman of Ohio Business Round Table from 2005 to 2018.

196

Management of the Trust (Unaudited) (Continued)

Independent Trustees (Continued):
				Number
				of Funds
				Overseen
		Term of		in the
Name	Position(s)	Office And		Touchstone	Other
Address	Held with	Length of	Principal Occupation(s)	Fund	Directorships
Year of Birth	Trust	Time Served	During Past 5 Years	Complex²	Held During the Past 5 Years³
William C. Gale c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1952	Trustee	Until retirement at age 75 or until he resigns or is removed Trustee since 2013	Retired; formerly Senior Vice President and Chief Financial Officer (from 2003 to January 2015) of Cintas Corporation (a business services company).	40	None.
Susan J. Hickenlooper c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1946	Trustee	Until retirement at age 75 or until she resigns or is removed Trustee since 2009	Retired; formerly Financial Analyst for Impact 100 (charitable organization) from November 2012 to 2013.	40	Trustee of Diocese of Southern Ohio from 2014 to the present; and Trustee of Cincinnati Parks Foundation from 2000 to 2016.
Kevin A. Robie c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1956	Trustee	Until retirement at age 75 or until he resigns or is removed Trustee since 2013	Vice President of Portfolio Management at Soin International LLC (a private multinational holding company) from 2004 to the present.	40	Director of SaverSystems, Inc. from 2015 to the present; Director of Buckeye EcoCare, Inc. (a lawn care company) from 2013 to the present; Trustee of Dayton Region New Market Fund, LLC (a private fund) from 2010 to the present; and Trustee of the Entrepreneurs Center, Inc. (a small business incubator) from 2006 to the present.
Edward J. VonderBrink c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1944	Trustee	Until retirement at age 75 or until he resigns or is removed Trustee since 2013	Consultant, VonderBrink Consulting LLC from 2000 to the present.	40	Director of Streamline Health Solutions, Inc. (healthcare IT) from 2006 to 2015; Mercy Health from 2013 to the present; Mercy Health Foundation (healthcare nonprofit) from 2008 to the present; Al Neyer Inc. (a construction company) from 2013 to the present; and BASCO Shower Door from 2010 to the present.
William H. Zimmer III c/o Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1953	Trustee	Until retirement at age 75 or until he resigns or is removed Trustee since 2019	Independent Treasury Consultant from 2014 to the present.	40	Director of Deaconess Associations, Inc. (healthcare) from 2001 to the present; Trustee of Huntington Funds from 2006 to 2015; and Director of National Association of Corporate Treasurers from 2011 to 2015.

¹ Ms. McGruder, as a director of the Advisor and the Distributor, and an officer of affiliates of the Advisor and the Distributor, is an “interested person” of the Trust within the meaning of Section 2(a) (19) of the 1940 Act.

² As of September 30, 2019, the Touchstone Fund Complex consisted of 13 series of the Trust, 1 series of Touchstone Institutional Funds Trust, 19 series of the Touchstone Strategic Trust, and 7 variable annuity series of Touchstone Variable Series Trust.

³ Each Trustee is also a Trustee of Touchstone Institutional Funds Trust, Touchstone Strategic Trust, and Touchstone Variable Series Trust.

197

Management of the Trust (Unaudited) (Continued)

Principal Officers:
		Term of
Name	Position(s)	Office And
Address	Held with	Length of	Principal Occupation(s)
Year of Birth	Trust¹	Time Served	During Past 5 Years
Jill T. McGruder Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1955	President and Trustee	Until resignation, removal or disqualification President since 2006	See biography above.
Steven M. Graziano Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1954	Vice President	Until resignation, removal or disqualification Vice President since 2009	President of Touchstone Advisors, Inc.
Timothy D. Paulin Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1963	Vice President	Until resignation, removal or disqualification Vice President since 2010	Senior Vice President of Investment Research and Product Management of Touchstone Advisors, Inc.
Timothy S. Stearns Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1963	Chief Compliance Officer	Until resignation, removal or disqualification Chief Compliance Officer since 2013	Chief Compliance Officer of Touchstone Advisors, Inc.
Terrie A. Wiedenheft Touchstone Advisors, Inc. 303 Broadway Suite 1100 Cincinnati, Ohio 45202 Year of Birth: 1962	Controller and Treasurer	Until resignation, removal or disqualification Controller and Treasurer since 2006	Senior Vice President, Chief Financial Officer and Chief Operations Officer of IFS Financial Services, Inc. (a holding company).
Meredyth A. Whitford Western & Southern Financial Group 400 Broadway Cincinnati, Ohio 45202 Year of Birth: 1981	Secretary	Until resignation, removal or disqualification Secretary since 2018	Counsel - Securities/Mutual Funds of Western & Southern Financial Group (2015 to present); Associate at Morgan Lewis & Bockius LLP (law firm) (2014 to 2015); Associate at Bingham McCutchen LLP (law firm) (2008 to 2014).

¹ Each officer also holds the same office with Touchstone Institutional Funds Trust, Touchstone Strategic Trust, and Touchstone Variable Series Trust.

198

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 Annual Report.

199

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-56-TFGT-AR-1910

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

(e)

Not applicable.

(f)

A copy of the code of ethics is attached hereto as Exhibit 13(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Mr. William Gale is the registrant’s audit committee financial expert and is an independent trustee within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

Audit fees for Touchstone Funds Group Trust totaled $252,000 and $242,850 for the fiscal years ended September 30, 2019 and September 30, 2018, respectively, including fees associated with the annual audits and filings of Form N-1A and Form N-SAR.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $22,000 and $8,000 for the fiscal years ended September 30, 2019 and September 30, 2018, respectively. The fees for 2019 and 2018 relate to review of N-1A filings.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $108,990 and $92,521 for the fiscal years ended September 30, 2019 and September 30, 2018, respectively. The fees relate to the preparation of federal income and excise tax returns, review of capital gains distribution calculations, tax agent services and out of scope tax services.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $17,134 and $15,173 for the fiscal years ended September 30, 2019 and September 2018, respectively. The fees relate to the PFIC analyzer and Global Withholding Tax Reporter subscriptions.

(e)(1)

Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Audit Committee’s pre-approval policies describe the types of audit, audit-related, tax and other services that have the general pre-approval of the Audit Committee. The pre-approval policies provide that annual audit service fees, tax services not specifically granted pre-approval, services exceeding pre-approved cost levels and other services that have not received general pre-approval will be subject to specific pre-approval by the Audit Committee. The pre-approval policies further provide that the Committee may grant general pre-approval to other audit services (statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings), audit-related services (accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services,” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities, agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters and assistance with internal control reporting requirements under Form N-CSR), tax services that have historically been provided by the auditor that the Committee believes would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence and permissible non-audit services classified as “all other services” that are routine and recurring services.

(e)(2)

All of the services described in paragraphs (b) through (d) of Item 4 were approved by the Audit Committee.

(f)

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g)

The aggregate non-audit fees for Touchstone Funds Group Trust and certain entities*, totaled approximately $731,244 and $569,146 for the fiscal years ended September 30, 2019 and September 30, 2018, respectively.

These include the advisors (excluding non-affiliated sub-advisors) and any entity controlling, controlled by or under common control with the advisors that provides ongoing services to the registrant (Funds).

(h)

The registrant's audit committee of the board of trusteeshas considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics, and any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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 Funds Group Trust

By (Signature and Title)*	/s/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date

November 29, 2019

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

By (Signature and Title)*	/s/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date

November 29, 2019

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

Date

November 29, 2019

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

Touchstone Mid Cap Value Fund (TCVAX) N-CSRCertified annual shareholder report (management investment company)