Touchstone Mid Cap Value Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08104

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: March 31, 2015

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, 100 F Street, NE, Washington, DC 20549. 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.

March 31, 2015

Semi-Annual Report

Touchstone Funds Group Trust

Touchstone Arbitrage Fund

Touchstone Emerging Markets Equity Fund

Touchstone Global Real Estate Fund

Touchstone International Fixed Income Fund

Touchstone Merger Arbitrage Fund

Touchstone Mid Cap Fund

Touchstone Mid Cap Value Fund

Touchstone Premium Yield Equity Fund

Touchstone Sands Capital Select Growth Fund

Touchstone Small Cap Core Fund

Touchstone Small Cap Value Fund

Touchstone Total Return Bond Fund

Touchstone Ultra Short Duration Fixed Income Fund

Table of Contents

		Page
Tabular Presentation of Portfolios of Investments		3 - 6
Portfolio of Investments:
Touchstone Arbitrage Fund		7
Touchstone Emerging Markets Equity Fund		10
Touchstone Global Real Estate Fund		13
Touchstone International Fixed Income Fund		17
Touchstone Merger Arbitrage Fund		21
Touchstone Mid Cap Fund		24
Touchstone Mid Cap Value Fund		25
Touchstone Premium Yield Equity Fund		27
Touchstone Sands Capital Select Growth Fund		29
Touchstone Small Cap Core Fund		30
Touchstone Small Cap Value Fund		32
Touchstone Total Return Bond Fund		34
Touchstone Ultra Short Duration Fixed Income Fund		39
Statements of Assets and Liabilities		48 - 55
Statements of Operations		56 - 59
Statements of Changes in Net Assets		60 - 65
Statements of Changes in Net Assets - Capital Stock Activity		66 - 75
Financial Highlights		76 - 107
Notes to Financial Statements		108 - 130
Other Items		131 - 142
Privacy Protection Policy		143

This report identifies the Funds' investments on March 31, 2015. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

Tabular Presentation of Portfolios of Investments (Unaudited)

March 31, 2015

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 Arbitrage Fund
Sector Allocation*	(% of Net Assets)
Long Positions
Common Stocks
Information Technology		16.6	%
Consumer Discretionary		14.0
Financials		13.1
Health Care		12.7
Materials		8.5
Utilities		7.8
Energy		6.2
Industrials		6.1
Preferred Stock		2.2
Exchange Traded Funds		0.7
Fixed Income Securities		5.1
Investment Funds		16.3
Cash Collateral for Securities Sold		24.8
Short
Other Assets/Liabilities (Net)		(5.0	)
		129.1
Short Positions
Common Stocks
Financials		(11.3	)
Information Technology		(8.8	)
Materials		(3.5	)
Utilities		(2.5	)
Telecommunication Services		(2.1	)
Consumer Discretionary		(0.9	)
		(29.1	)
Total		100.0	%

Touchstone Emerging Markets Equity Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
India		15.2	%
Korea		10.8
Taiwan		8.8
Mexico		7.8
Brazil		7.4
China		5.6
Hong Kong		5.5
Thailand		4.7
Bermuda		4.6
South Africa		4.3
Cayman Islands		2.8
Indonesia		2.6
United Kingdom		2.5
Turkey		2.0
Czech Republic		2.0
Malaysia		1.9
South Korea		1.8
Chile		1.4
Luxembourg		1.4
United States		1.1
Israel		1.1
Jersey		0.9
Canada		0.5
Greece		0.3
Investment Funds		3.7
Other Assets/Liabilities (Net)		(0.7	)
Total		100.0	%

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

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

Touchstone Global Real Estate Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
United States		31.5	%
Japan		9.3
Singapore		8.7
Australia		8.3
Hong Kong		5.7
United Kingdom		5.4
Canada		5.2
Germany		3.3
France		2.9
Mexico		2.3
Finland		1.9
South Africa		1.3
Thailand		1.2
Sweden		1.1
New Zealand		0.9
Jersey		0.8
China		0.7
Bermuda		0.5
Preferred Stocks		5.6
Investment Funds		3.8
Other Assets/Liabilities (Net)		(0.4	)
Total		100.0	%

Touchstone International Fixed Income Fund
Credit Quality*	(% of Investment Securities)
AAA/Aaa	21.2	%
AA/Aa	25.0
A/A	6.2
BBB/Baa	28.9
BB/Ba	8.8
B/B	0.4
Not Rated	9.5
Total	100.0	%

Touchstone Merger Arbitrage Fund
Sector Allocation**	(% of Net Assets)
Long Positions
Common Stocks
Financials	15.3	%
Information Technology	13.1
Consumer Discretionary	11.5
Materials	8.0
Health Care	6.9
Utilities	6.2
Energy	5.1
Industrials	4.2
Preferred Stock	2.2
Corporate Bonds	4.7
Commercial Paper	9.7
Exchange Traded Fund	0.7
Investment Fund	23.1
Cash Collateral for Securities Sold Short	13.4
Other Assets/Liabilities (Net)	(1.5	)
	122.6
Short Positions
Common Stocks
Financials	(9.3	)
Information Technology	(7.2	)
Materials	(2.0	)
Utilities	(1.8	)
Telecommunication Services	(1.7	)
Consumer Discretionary	(0.6	)
	(22.6	)
Total	100.0	%

* Credit quality may be rated by Standard & Poor's, Moody's and Fitch. If all three agencies rate the bond, the middle or common rating is used; if two of the agencies rate the bond, the lower rating is used; if one agency rates the bond, that rating is used; if none of the agencies rate the bond, the bond will be classified as not-rated.

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

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

Touchstone Mid Cap Fund
Sector Allocation*	(% of Net Assets)
Consumer Discretionary	33.5	%
Information Technology	14.8
Financials	13.7
Consumer Staples	12.0
Materials	10.8
Industrials	9.2
Health Care	3.3
Energy	1.8
Investment Funds	7.1
Other Assets/Liabilities (Net)	(6.2	)
Total	100.0	%

Touchstone Mid Cap Value Fund
Sector Allocation*	(% of Net Assets)
Financials		25.0	%
Information Technology		15.0
Consumer Discretionary		11.5
Industrials		11.1
Consumer Staples		9.0
Utilities		8.4
Health Care		7.7
Materials		6.5
Energy		4.7
Investment Funds		4.7
Other Assets/Liabilities (Net)		(3.6	)
Total		100.0	%

Touchstone Premium Yield Equity Fund
Sector Allocation*	(% of Net Assets)
Financials	25.3	%
Health Care	16.3
Energy	15.8
Information Technology	11.7
Utilities	8.9
Industrials	5.8
Materials	5.6
Telecommunication Services	5.2
Consumer Discretionary	2.7
Investment Fund	7.9
Other Assets/Liabilities (Net)	(5.2	)
Total	100.0	%

Touchstone Sands Capital Select Growth Fund
Sector Allocation*	(% of Net Assets)
Information Technology	39.2	%
Health Care	23.4
Consumer Discretionary	17.7
Energy	7.2
Financials	4.5
Materials	3.6
Consumer Staples	3.0
Investment Funds	6.8
Other Assets/Liabilities (Net)	(5.4	)
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 Core Fund
Sector Allocation*	(% of Net Assets)
Consumer Discretionary	25.1	%
Financials	24.2
Industrials	18.5
Materials	11.9
Energy	7.8
Health Care	4.1
Consumer Staples	3.5
Information Technology	2.7
Investment Funds	7.0
Other Assets/Liabilities (Net)	(4.8	)
Total	100.0	%

Touchstone Small Cap Value Fund
Sector Allocation*	(% of Net Assets)
Financials	35.6	%
Industrials	20.4
Energy	11.6
Materials	8.1
Consumer Discretionary	6.9
Information Technology	6.5
Consumer Staples	6.1
Health Care	2.3
Investment Funds	11.9
Other Assets/Liabilities (Net)	(9.4	)
Total	100.0	%

Touchstone Total Return Bond Fund
Credit Quality (% of Investment Securities)**
Aaa	61.4	%
Aa	3.7
A	10.9
Baa	16.1
Ba	3.3
B	1.0
Not Rated	3.6
Total	100.0	%

Touchstone Ultra Short Duration Fixed Income Fund
Credit Quality (% of Investment Securities)**
AAA	29.7	%
AA	18.8
A	19.6
BBB	16.0
B	0.2
CCC	0.2
Not Rated	15.5
Total	100.0	%

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

** Credit quality may be rated by Standard & Poor's, Moody's and Fitch. If all three agencies rate the bond, the middle or common rating is used; if two of the agencies rate the bond, the lower rating is used; if one agency rates the bond, that rating is used; if none of the agencies rate the bond, the bond will be classified as not-rated.

Portfolio of Investments

Touchstone Arbitrage Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 85.0%

Information Technology — 16.6%
Advent Software, Inc.		99,150	$	4,373,506
Carbonite, Inc.*†		151,400		2,165,020
Covisint Corp.*		35,064		71,179
Emulex Corp.*		213,115		1,698,527
Freescale Semiconductor Ltd.*†		115,860		4,722,454
Mavenir Systems, Inc.*		183,780		3,260,257
Riverbed Technology, Inc.*		110,000		2,300,100
Tokyo Electron Ltd. ADR		345,817		6,006,841
				24,597,884

Consumer Discretionary — 14.0%
DIRECTV*^††		72,830		6,197,833
Family Dollar Stores, Inc.		62,335		4,939,425
Fiat Chrysler Automobiles N.V.*†		91,976		1,500,129
Liberty Interactive Corp. - Class A*^††		54,300		1,585,017
TRW Automotive Holdings Corp.*		61,340		6,431,499
				20,653,903

Financials — 13.1%
City National Corp.^††		72,060		6,419,105
Hudson City Bancorp, Inc.^††		622,800		6,526,944
National Interstate Corp.^††		88,866		2,495,357
Susquehanna Bancshares, Inc.^††		288,505		3,955,404
				19,396,810

Health Care — 12.7%
Aviv REIT, Inc. REIT		107,896		3,938,204
Hospira, Inc.*		52,695		4,628,729
Pharmacyclics, Inc.*		18,440		4,719,718
Salix Pharmaceuticals Ltd.*		31,485		5,440,923
				18,727,574

Materials — 8.5%
Ainsworth Lumber Co. Ltd. (Canada)*†		900,000		2,484,000
RTI International Metals, Inc.*		141,250		5,072,288
Sigma-Aldrich Corp.^††		35,725		4,938,981
				12,495,269

Utilities — 7.8%
Integrys Energy Group, Inc.		65,000		4,681,300
Pepco Holdings, Inc.^††		252,930		6,786,112
				11,467,412

Energy — 6.2%
Dresser-Rand Group, Inc.*^††		58,000		4,660,300
Talisman Energy, Inc.		587,150		4,509,312
				9,169,612

Industrials — 6.1%
Exelis, Inc.^††		169,220		4,123,891
Polypore International, Inc.*		83,000		4,888,700
				9,012,591
Total Common Stocks			$	125,521,055

Preferred Stock — 2.2%

Financials — 2.2%
GMAC Capital Trust I, 8.13%^(A)		120,887		3,173,284

Exchange Traded Fund — 0.7%
SPDR Barclays Short Term High Yield
Bond ETF^††		33,845		988,274

Principal
Amount

		Asset-Backed Security — 0.2%
$	300,387	Taxable Newman Capital Trust, Ser
		2000-1, Class A, 144a,
		7.000%, 7/5/17		304,322

		Corporate Bonds — 4.9%

		Energy — 1.8%
	2,500,000	Kodiak Oil & Gas Corp.,
		8.125%, 12/1/19		2,618,750

		Consumer Staples — 1.5%
	2,125,000	US Foods, Inc., 8.500%, 6/30/19		2,231,250

		Financials — 1.0%
	1,620,000	PNC Preferred Funding Trust II, 144a,
		1.493%, 3/29/49^(A)		1,482,300

		Utilities — 0.6%
	975,000	AES Corp. VA, 3.262%, 6/1/19^(A)		970,125
		Total Corporate Bonds	$	7,302,425

Investment Funds — 16.3%
Invesco Government & Agency
Portfolio, Institutional Class, 0.01%**^∞Ω	6,087,449		6,087,449
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω	18,007,690		18,007,690
Total Investment Funds			24,095,139

Total Long Positions
(Cost $159,483,026)		$	161,384,499

Touchstone Arbitrage Fund (Unaudited) (Continued)

				Market
	Shares			Value

Securities Sold Short —(29.1%)

Common Stocks — (29.1%)

Financials — (11.3%)
BB&T Corp.		(72,990	)	$	(2,845,880	)
M&T Bank Corp.		(52,336	)		(6,646,673	)
Omega Healthcare Investors, Inc., REIT		(97,026	)		(3,936,345	)
Royal Bank of Canada		(53,965	)		(3,257,327	)
					(16,686,225	)

Information Technology — (8.8%)
Applied Materials, Inc.		(280,919	)		(6,337,533	)
Harris Corp.		(17,344	)		(1,366,013	)
Mitel Networks Corp.*		(124,048	)		(1,261,568	)
Nxp Semiconductors N.V.*		(40,794	)		(4,094,086	)
					(13,059,200	)

Materials — (3.5%)
Alcoa, Inc.		(400,088	)		(5,169,137	)

Utilities — (2.5%)
Wisconsin Energy Corp.		(73,320	)		(3,629,340	)

Telecommunication Services — (2.1%)
AT&T, Inc.		(94,679	)		(3,091,269	)

Consumer Discretionary — (0.9%)
Dollar Tree, Inc.*		(15,484	)		(1,256,450	)
Total Common Stocks				$	(42,891,621	)

Total Securities Sold Short
(Proceeds $41,104,767)				$	(42,891,621	)

Total—80.2%				$	118,492,878

Cash Collateral for Securities
Sold Short — 24.8%					36,675,246

Liabilities in Excess of Other Assets — (5.0%)					(7,465,676	)

Net Assets — 100.0%				$	147,702,448

^(A)

Variable rate security - Rate reflected is the rate in effect as of March 31, 2015.

Non-income producing security.

Represents collateral for securities loaned.

Affiliated Fund. See Note 4 in Notes to Financial Statements.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $5,754,609.

^††

All or a portion of these securities are held as collateral for securities sold short. The total value of the securities held as collateral as of March 31, 2015 was $48,677,218.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange Traded Funds

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 March 31, 2015, these securities were valued at $1,786,622 or 1.2% 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:

Common Stocks

125,521,055

—

125,521,055

Preferred Stock

3,173,284

—

3,173,284

Exchanged Traded Fund

988,274

—

988,274

Asset-Backed Security

—

304,322

—

304,322

Corporate Bonds

—

7,302,425

—

7,302,425

Investment Funds

24,095,139

—

24,095,139

161,384,499

Touchstone Arbitrage Fund (Unaudited) (Continued)

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Liabilities:

Securities Sold Short

Common Stocks

(42,891,621

)

—

(42,891,621

)

Transactions in written options for the period ended March 31, 2015.

	*Number of*
	*Contracts*			*Proceeds*
Beginning of Period, September 30, 2014		715		$	114,795
Put Options Closed		(340	)		(79,680	)
Call Options Expired		(340	)		(24,686	)
Put Options Expired		(35	)		(10,429	)
March 31, 2015		—		$	—

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Emerging Markets Equity Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.0%

India — 15.2%

Consumer Discretionary — 4.3%
Bharat Forge Ltd.		482,538	$	9,850,258
Mahindra & Mahindra Ltd.		220,696		4,189,080

Consumer Staples — 1.7%
ITC Ltd.		1,107,770		5,758,827

Energy — 2.4%
Oil & Natural Gas Corp. Ltd.		742,837		3,636,116
Reliance Industries Ltd.		325,790		4,302,702

Health Care — 2.3%
Lupin Ltd.		233,267		7,486,163

Information Technology — 1.9%
HCL Technologies Ltd.		410,066		6,405,931

Materials — 1.6%
UPL Ltd.		765,248		5,406,642

Telecommunication Services — 1.0%
Bharti Airtel Ltd.		512,805		3,220,404
Total India				50,256,123

Korea — 10.8%

Consumer Discretionary — 1.4%
Kia Motors Corp.		119,177		4,843,106

Financials — 4.1%
BS Financial Group, Inc.		488,487		6,680,193
Shinhan Financial Group Co. Ltd.		180,005		6,762,756

Information Technology — 4.6%
Samsung Electronics Co. Ltd.		11,648		15,104,583

Materials — 0.7%
POSCO		11,207		2,449,491
Total Korea				35,840,129

Taiwan — 8.8%

Consumer Discretionary — 3.4%
Eclat Textile Co. Ltd.		303,938		3,982,728
Giant Manufacturing Co. Ltd.		767,091		7,400,178

Information Technology — 5.4%
Delta Electronics, Inc.		645,908		4,070,150
Hermes Microvision, Inc.		48,400		2,784,550
Taiwan Semiconductor
Manufacturing Co. Ltd.		2,338,113		10,866,524
Total Taiwan				29,104,130

Mexico — 7.8%

Consumer Staples — 3.9%
Fomento Economico Mexicano SAB DE CV ADR*		52,970		4,952,695
Kimberly-Clark de Mexico SAB de CV - Class A		1,399,062		2,923,139
Wal-Mart DE Mexico SAB de CV - Class A		1,941,079		4,836,950

Financials — 2.3%
Grupo Financiero Banorte SAB de CV - Class O		1,306,170		7,573,191

Health Care — 0.5%
Genomma Lab Internacional SAB DE CV*		1,779,300		1,662,243

Telecommunication Services — 1.1%
America Movil SAB de CV, Series L
ADR		181,832		3,720,283
Total Mexico				25,668,501

Brazil — 7.4%

Consumer Discretionary — 1.2%
Lojas Americanas SA (Preference)		739,649		3,823,913

Financials — 1.9%
Banco Bradesco SA (Preference)		679,155		6,305,206

Health Care — 1.6%
Odontoprev SA		1,571,433		5,391,484

Industrials — 1.4%
Localiza Rent A Car SA		410,360		4,703,348

Information Technology — 0.5%
Totvs SA		149,466		1,716,385

Materials — 0.8%
Gerdau SA (Preference)		462,313		1,473,179
Vale SA ADR†		139,751		789,593
Vale SA (Preference)		67,463	��	327,216
Total Brazil				24,530,324

China — 5.6%

Energy — 1.0%
PetroChina Co. Ltd. - Class H		2,996,137		3,327,208

Financials — 2.2%
Industrial & Commercial Bank of China - Class H		9,952,230		7,361,488

Industrials — 1.9%
Weichai Power Co. Ltd. - Class H		1,647,997		6,353,889

Materials — 0.5%
China BlueChemical Ltd.		4,042,731		1,542,838
Total China				18,585,423

Touchstone Emerging Markets Equity Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 97.0% (Continued)

Hong Kong — 5.5%
Energy — 1.7%
CNOOC Ltd.		3,952,792	$	5,578,676

Financials — 3.8%
China Overseas Land & Investment Ltd.		2,218,707		7,165,085
Wharf Holdings Ltd.		774,525		5,406,840
Total Hong Kong				18,150,601

Thailand — 4.7%

Energy — 2.6%
PTT Exploration & Production PCL		1,726,192		5,780,171
Thai Oil PCL		1,825,362		2,913,387

Financials — 1.1%
Kasikornbank PCL		520,392		3,677,789

Materials — 1.0%
Siam Cement PCL		98,960		1,551,033
Siam Cement PCL (Non- Voting)		105,723		1,663,272
Total Thailand				15,585,652

Bermuda — 4.6%

Financials — 3.2%
Credicorp Ltd.		50,290		7,072,283
First Pacific Co. Ltd.		3,640,992		3,635,051

Information Technology — 1.4%
VTech Holdings Ltd.		326,152		4,647,673
Total Bermuda				15,355,007

South Africa — 4.3%

Consumer Discretionary — 3.3%
Foschini Group Ltd.		276,792		4,115,324
Woolworths Holdings Ltd.		946,279		6,708,859

Telecommunication Services — 1.0%
MTN Group Ltd.		193,728		3,265,703
Total South Africa				14,089,886

Cayman Islands — 2.8%

Consumer Discretionary — 0.5%
Daphne International Holdings Ltd.		4,699,954		1,576,220

Consumer Staples — 0.8%
Tingyi Cayman Islands Holding Corp.		1,160,300		2,498,132

Information Technology — 1.5%
ASM Pacific Technology Ltd.		82,748		861,290
Tencent Holdings Ltd.		224,191		4,257,369
Total Cayman Islands				9,193,011

Indonesia — 2.6%

Financials — 1.1%
Bank Mandiri Persero Tbk PT		3,890,573		3,710,321

Telecommunication Services — 1.5%
Telekomunikasi Indonesia Persero Tbk PT		22,334,294		4,924,620
Total Indonesia				8,634,941

United Kingdom — 2.5%

Consumer Staples — 2.5%
SABMiller PLC		159,533		8,356,583

Turkey — 2.0%

Energy — 0.4%
Tupras Turkiye Petrol Rafine*		58,095		1,376,366

Financials — 0.6%
Turkiye Garanti Bankasi AS		655,936		2,139,064

Telecommunication Services — 1.0%
Turkcell Iletisim Hizmetleri AS		615,956		3,159,289
Total Turkey				6,674,719

Czech Republic — 2.0%

Financials — 2.0%
Komercni Banka A/S		30,578		6,595,630

Malaysia — 1.9%

Consumer Staples — 1.9%
British American Tobacco Malaysia Bhd		331,459		6,144,256

South Korea — 1.8%

Consumer Discretionary — 1.8%
Hankook Tire Co. Ltd.		142,882		5,829,897

Chile — 1.4%

Utilities — 1.4%
Enersis SA		14,406,206		4,713,332

Luxembourg — 1.4%
Energy — 1.4%
Tenaris SA ADR		168,153		4,708,284

United States — 1.1%

Materials — 1.1%
Southern Copper Corp.†		125,079		3,649,805

Israel — 1.1%

Health Care — 1.1%
Teva Pharmaceutical Industries Ltd. ADR		56,621		3,527,488

Touchstone Emerging Markets Equity Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 97.0% (Continued)

Jersey — 0.9%

Materials — 0.9%
Randgold Resources Ltd. ADR†		40,973	$	2,838,200

Canada — 0.5%

Materials — 0.5%
Eldorado Gold Corp.		334,905		1,536,298

Greece — 0.3%

Financials — 0.3%
Alpha Bank AE*		3,917,300		1,160,360
Total Common Stocks			$	320,728,580

Investment Funds — 3.7%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^**∞Ω		6,242,750		6,242,750
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		6,121,491		6,121,491
Total Investment Funds			$	12,364,241

Total Investment Securities —100.7%
(Cost $333,945,460)			$	333,092,821

Liabilities in Excess of Other Assets — (0.7%)				(2,372,012	)

Net Assets — 100.0%			$	330,720,809

Non-income producing security.

Represents collateral for securities loaned.

Affiliated Fund. See Note 4 in Notes to Financial Statements.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $5,990,575.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Common Stocks

India

12,892,805

37,363,318

—

50,256,123

Korea

—

35,840,129

—

35,840,129

Taiwan

—

29,104,130

—

29,104,130

Mexico

25,668,501

—

25,668,501

Brazil

24,530,324

—

24,530,324

China

—

18,585,423

—

18,585,423

Hong Kong

—

18,150,601

—

18,150,601

Thailand

—

15,585,652

—

15,585,652

Bermuda

10,707,334

4,647,673

—

15,355,007

South Africa

—

14,089,886

—

14,089,886

Cayman Islands

1,576,220

7,616,791

—

9,193,011

Indonesia

—

8,634,941

—

8,634,941

United Kingdom

—

8,356,583

—

8,356,583

Turkey

—

6,674,719

—

6,674,719

Czech Republic

—

6,595,630

—

6,595,630

Malaysia

—

6,144,256

—

6,144,256

South Korea

—

5,829,897

—

5,829,897

Chile

4,713,332

—

4,713,332

Luxembourg

4,708,284

—

4,708,284

United States

3,649,805

—

3,649,805

Israel

3,527,488

—

3,527,488

Jersey

2,838,200

—

2,838,200

Canada

1,536,298

—

1,536,298

Greece

—

1,160,360

—

1,160,360

Investment Funds

12,364,241

—

12,364,241

333,092,821

At March 31, 2015, equity securities valued at $212,107,561 were transferred from Level 1 to Level 2. Transfers from Level 1 to level 2 are due to significant movement of a designated U.S. market index, triggering a systematic valuation model provided by an independent third party to fair value the international equity securities.

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Global Real Estate Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 91.0%

United States — 31.5%

Diversified — 4.9%
EPR Properties REIT		9,681	$	581,150
Outfront Media, Inc. REIT		6,962		208,303
Spirit Realty Capital, Inc. REIT		33,445		404,016

Industrial — 2.7%
ProLogis, Inc. REIT		2,604		113,430
STAG Industrial, Inc. REIT		13,131		308,841
Terreno Realty Corp. REIT		10,533		240,152

Mortgage — 4.4%
Apollo Commercial Real Estate Finance, Inc. REIT		29,225		502,086
Starwood Property Trust, Inc. REIT		24,017		583,613

Office — 6.5%
Boston Properties, Inc. REIT		1,187		166,750
Digital Realty Trust, Inc. REIT		5,583		368,255
Douglas Emmett, Inc. REIT		2,300		68,563
Hudson Pacific Properties, Inc. REIT		2,994		99,371
Kilroy Realty Corp. REIT		946		72,057
Mack-Cali Realty Corp. REIT		23,106		445,484
QTS Realty Trust, Inc. - Class A REIT		6,758		246,059
SL Green Realty Corp. REIT		1,035		132,873

Residential — 4.5%
AvalonBay Communities, Inc. REIT		666		116,050
Bluerock Residential Growth REIT, Inc. REIT		23,000		306,590
Camden Property Trust REIT		900		70,317
Campus Crest Communities, Inc. REIT		62,869		450,142
Equity Residential REIT		821		63,923
Essex Property Trust, Inc. REIT		449		103,225

Retail — 1.9%
General Growth Properties, Inc. REIT		3,016		89,123
Retail Opportunity Investments Corp. REIT		5,163		94,483
Simon Property Group, Inc. REIT		971		189,966
Taubman Centers, Inc. REIT		1,281		98,804

Specialized — 6.6%
Aviv REIT, Inc. REIT		15,371		561,042
Chatham Lodging Trust REIT		8,664		254,808
Extra Space Storage, Inc. REIT		1,090		73,651
HCP, Inc. REIT		1,799		77,735
Omega Healthcare Investors, Inc. REIT		5,565		225,772
Public Storage REIT		583		114,933
Sabra Health Care REIT, Inc. REIT		9,152		303,389
Total United States				7,734,956

Japan — 9.3%

Diversified — 3.9%
Kenedix Realty Investment Corp. REIT		93		510,292
Premier Investment Corp. REIT		79		454,707

Diversified Real Estate Activities — 1.0%
Mitsubishi Estate Co. Ltd.		10,000		231,920

Office — 1.6%
Nippon Building Fund, Inc. REIT		18		88,425
Orix J REIT, Inc. REIT		212		303,638

Real Estate Operating Companies — 0.5%
Aeon Mall Co. Ltd.		6,090		120,601

Residential — 1.1%
Invincible Investment Corp. REIT		157		80,391
Kenedix Residential Investment Corp. REIT		63		195,544

Retail — 1.2%
Japan Retail Fund Investment Corp. REIT		147		292,101
Total Japan				2,277,619

Singapore — 8.7%

Diversified — 0.8%
Soilbuild Business Space REIT		329,100		194,244

Diversified Financial Services — 1.6%
Religare Health Trust		512,200		406,700

Industrial — 2.1%
AIMS AMP Capital Industrial REIT		212,900		231,152
Mapletree Logistics Trust REIT		317,700		288,249

Office — 1.4%
Keppel REIT		395,400		345,829

Retail — 2.8%
CapitaRetail China Trust REIT		175,540		205,760
Fortune Real Estate Investment Trust REIT		71,000		75,420
Mapletree Greater China Commercial Trust REIT		420,000		318,241
Suntec Real Estate Investment Trust REIT		58,200		78,602
Total Singapore				2,144,197

Australia — 8.3%

Diversified — 2.4%
Dexus Property Group REIT		11,516		66,297
GPT Group REIT		27,212		94,517
Stockland REIT		128,361		438,556

Diversified Financial Services — 1.8%
Scentre Group		151,953		431,673

Industrial — 1.2%
Australian Industrial REIT		77,201		137,592
Industria REIT		104,305		158,760

Touchstone Global Real Estate Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 91.0% (Continued)

Australia — (Continued)

Office — 1.2%
Cromwell Property Group REIT		345,222	$	297,947

Retail — 1.7%
Charter Hall Retail REIT		126,194		411,255
Total Australia				2,036,597

Hong Kong — 5.7%

Diversified — 1.2%
Hui Xian Real Estate Investment Trust REIT		560,000		305,182

Diversified Real Estate Activities — 0.3%
Hang Lung Properties Ltd.		28,000		78,666

Office — 1.2%
Prosperity REIT		815,000		296,375

Real Estate Operating Companies — 0.4%
Hysan Development Co. Ltd.		21,000		92,049

Retail — 1.1%
Yuexiu Real Estate Investment Trust REIT		456,000		260,106

Specialized — 1.5%
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		767,500		361,597
Total Hong Kong				1,393,975

United Kingdom — 5.4%

Diversified — 3.1%
British Land Co. PLC REIT		44,117		543,735
Land Securities Group PLC REIT		5,855		108,699
Londonmetric Property PLC REIT		46,737		112,175

Industrial — 1.4%
Segro PLC REIT		55,016		339,733

Specialized — 0.9%
Primary Health Properties PLC REIT		39,402		236,571
Total United Kingdom				1,340,913

Canada — 5.2%

Diversified — 2.5%
Crombie Real Estate Investment Trust REIT		9,014		95,937
Dream Office Real Estate Investment Trust REIT		25,439		529,247

Health Care Facilities — 1.6%
Leisureworld Senior Care Corp.†		34,180		400,213

Retail — 0.3%
RioCan Real Estate Investment Trust REIT		3,109		71,113

Specialized — 0.8%
InnVest Real Estate Investment Trust REIT		42,898		195,430
Total Canada				1,291,940

Germany — 3.3%

Diversified — 1.5%
Hamborner Reit AG		34,203		376,242

Office — 1.5%
Alstria Office REIT-AG		26,288		369,490

Real Estate Operating Companies — 0.3%
LEG Immobilien AG		770		61,080
Total Germany				806,812

France — 2.9%

Diversified — 0.5%
Unibail-Rodamco SE REIT		452		122,056

Retail — 2.4%
Altarea REIT		1,673		318,403
Mercialys SA REIT		10,628		269,933
Total France				710,392

Mexico — 2.3%

Industrial — 2.3%
Mexico Real Estate Management SA de CV REIT		282,119		444,444
Prologis Property Mexico SA de CV REIT		65,226		117,166
Total Mexico				561,610

Finland — 1.9%

Real Estate Operating Companies — 1.9%
Citycon OYJ		93,360		302,995
Sponda OYJ		41,135		176,519
Total Finland				479,514

South Africa — 1.3%

Diversified — 1.3%
Redefine Properties Ltd. REIT		325,276		332,169

Thailand — 1.2%

Real Estate Development — 1.2%
Ticon Industrial Connection PCL		660,660		305,827

Touchstone Global Real Estate Fund (Unaudited) (Continued)

			Market
	Shares		Value

Common Stocks — 91.0% (Continued)

Sweden — 1.1%

Diversified — 0.8%
Akelius Residential AB		4,911	$	196,733

Real Estate Operating Companies — 0.3%
Hufvudstaden AB - Class A†		4,576		62,751
Total Sweden				259,484

New Zealand — 0.9%

Diversified — 0.9%
Kiwi Property Group Ltd.		221,706		214,545

Jersey — 0.8%

Real Estate Operating Companies — 0.8%
Atrium European Real Estate Ltd.		39,946		186,883

China — 0.7%

Real Estate Operating Companies — 0.7%
Guangzhou R&F Properties Co. Ltd.		167,862		172,497

Bermuda — 0.5%

Real Estate Operating Companies — 0.5%
Hongkong Land Holdings Ltd.		17,600		132,879
Total Common Stocks			$	22,382,809

Preferred Stocks — 5.6%

Specialized — 2.4%
Ashford Hospitality Trust, Inc. REIT, 9.00%		22,342		594,297

Hotels, Resorts & Cruise Lines — 2.0%
Sunstone Hotel Investors, Inc., 8.00%		18,788		490,367

Industrial — 1.2%
STAG Industrial, Inc. REIT, 9.00%		7,188		197,670
Terreno Realty Corp. REIT, 7.75%		3,557		92,980
				290,650
Total Preferred Stocks			$	1,375,314

Investment Funds — 3.8%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^**∞Ω		361,425		361,425
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		560,381		560,381
Total Investment Funds			$	921,806

Total Investment Securities —100.4%
(Cost $23,785,883)			$	24,679,929

Liabilities in Excess of Other Assets — (0.4%)				(92,026	)

Net Assets — 100.0%			$	24,587,903

Represents collateral for securities loaned.

Affiliated Fund. See Note 4 in Notes to Financial Statements.

†

All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $344,079.

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

PCL - Public Company Limited

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

Touchstone Global Real Estate Fund (Unaudited) (Continued)

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Common Stocks

United States

7,734,956

—

7,734,956

Japan

—

2,277,619

—

2,277,619

Singapore

425,396

1,718,801

—

2,144,197

Australia

137,592

1,899,005

—

2,036,597

Hong Kong

—

1,393,975

—

1,393,975

United Kingdom

348,746

992,167

—

1,340,913

Canada

1,291,940

—

1,291,940

Germany

—

806,812

—

806,812

France

318,403

391,989

—

710,392

Mexico

561,610

—

561,610

Finland

—

479,514

—

479,514

South Africa

—

332,169

—

332,169

Thailand

—

305,827

—

305,827

Sweden

196,733

62,751

—

259,484

New Zealand

—

214,545

—

214,545

Jersey

186,883

—

186,883

China

—

172,497

—

172,497

Bermuda

132,879

—

132,879

Preferred Stocks

1,375,314

—

1,375,314

Investment Funds

921,806

—

921,806

24,679,929

At March 31, 2015, equity securities valued at $10,422,429 were transferred from Level 1 to Level 2. Transfers from Level 1 to level 2 are due to significant movement of a designated U.S. market index, triggering a systematic valuation model provided by an independent third party to fair value the international equity securities.

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone International Fixed Income Fund – March 31, 2015 (Unaudited)

Principal			Market
Amount			Value

		Sovereign Government Obligations — 61.2%

		Brazil — 7.6%
	1,000,000	Brazil Notas do Tesouro Nacional
		Serie B (BRL), 6.000%, 5/15/17	$	811,562
	1,000,000	Brazil Notas do Tesouro Nacional
		Serie B (BRL), 6.000%, 8/15/22		797,154
	1,000,000	Brazil Notas do Tesouro Nacional
		Serie F (BRL), 10.000%, 1/1/19		285,988
		Total Brazil		1,894,704

		New Zealand — 6.6%
	700,000	New Zealand Government Bond
		(NZD), 6.000%, 4/15/15		523,840
	1,300,000	New Zealand Government Bond
		(NZD), 6.000%, 5/15/21		1,123,856
		Total New Zealand		1,647,696

		Ireland — 6.0%
	250,000	Ireland Government Bond (EUR),
		3.400%, 3/18/24		332,679
	360,000	Ireland Government Bond (EUR),
		4.500%, 4/18/20		469,713
	450,000	Ireland Government Bond (EUR),
		5.400%, 3/13/25		698,264
		Total Ireland		1,500,656

		Portugal — 5.7%
	700,000	Portugal Obrigacoes do Tesouro OT
		(EUR), 144a, 4.200%, 10/15/16		800,332
	500,000	Portugal Obrigacoes do Tesouro OT
		(EUR), 144a, 4.750%, 6/14/19		626,584
		Total Portugal		1,426,916

		Australia — 5.7%
	600,000	Australia Government Bond (AUD),
		4.750%, 6/15/16		473,034
	1,000,000	Australia Government Bond (AUD),
		5.750%, 7/15/22		947,476
		Total Australia		1,420,510

		South Africa — 4.7%
	10,500,000	South Africa Government Bond
		(ZAR), 6.250%, 3/31/36		688,919
	2,000,000	South Africa Government Bond
		(ZAR), 6.750%, 3/31/21		159,914
	4,000,000	South Africa Government Bond
		(ZAR), 8.000%, 12/21/18		339,735
		Total South Africa		1,188,568

		Italy — 4.3%
	500,000	Italy Buoni Poliennali Del Tesoro
		(EUR), 3.750%, 3/1/21		631,127
	380,000	Italy Buoni Poliennali Del Tesoro
		(EUR), 4.750%, 5/1/17		447,184
		Total Italy		1,078,311

		Netherlands — 3.9%
	750,000	Netherlands Government Bond
		(EUR), 144a, 3.250%, 7/15/21		968,955

		Mexico — 2.9%
	6,000,000	Mexican Bonos Ser M20 (MXN),
		7.500%, 6/3/27		436,536
	3,500,000	Mexican Bonos, Ser M20 (MXN),
		10.000%, 12/5/24		297,994
		Total Mexico		734,530

		France — 2.4%
	450,000	France Government Bond OAT
		(EUR), 3.750%, 4/25/21		590,667

		United Kingdom — 2.2%
	330,000	United Kingdom Gilt (GBP),
		3.750%, 9/7/19		547,978

		Japan — 2.0%
	60,000,000	Japan Finance Organization for Municipalities (JPY),
		2.000%, 5/9/16		510,641

		Turkey — 1.5%
	1,000,000	Turkey Government Bond (TRY),
		8.500%, 9/14/22		388,249

		Belgium — 1.5%
	300,000	Belgium Government Bond (EUR),
		144a, 2.600%, 6/22/24		387,982

		Germany — 1.4%
	300,000	Bundesrepublik Deutschland (EUR),
		1.500%, 9/4/22		358,015

		Spain — 1.2%
	200,000	Spain Government Bond (EUR),
		144a, 5.150%, 10/31/28		310,002

		Canada — 1.1%
	300,000	Canadian Government Bond (CAD),
		3.250%, 6/1/21		270,593

		Bulgaria — 0.5%
	100,000	Bulgaria Government International
		Bond (EUR), 2.950%, 9/3/24		113,153
		Total Sovereign Government Obligations	$	15,338,126

		Corporate Bonds — 22.3%

		United Kingdom — 6.2%

		Financials — 5.8%
	200,000	HSBC Bank PLC (USD), 144a,
		1.500%, 5/15/18		199,916

Touchstone International Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 22.3% (Continued)

		United Kingdom — (Continued)

		Financials — (Continued)
	300,000	LCR Finance PLC (GBP),
		4.500%, 12/7/28	$	571,924
	300,000	Northern Rock Asset Management
		PLC (EUR), 3.875%, 11/16/20		386,830
	250,000	Northern Rock Asset Management
		PLC (EUR), 4.125%, 3/27/17		290,383

		Industrials — 0.4%
	56,000	Network Rail Infrastructure Finance
		PLC EMTN (GBP),
		4.750%, 11/29/35		115,732
		Total United Kingdom		1,564,785

		Germany — 4.7%

		Financials — 4.7%
	120,000,000	KFW (JPY), 2.050%, 2/16/26		1,181,063

		France — 1.7%

		Financials — 1.7%
	50,000,000	Caisse Francaise de Financement
		Local (JPY), 1.800%, 5/9/17		430,188

		Supranational — 1.6%

		Financials — 1.6%
	40,000,000	European Investment Bank (JPY),
		1.900%, 1/26/26		388,232

		Jersey — 1.4%

		Financials — 1.4%
	200,000	Great Portland Estates Capital
		Jersey Ltd. (GBP),
		1.000%, 9/10/18		357,320

		Spain — 1.3%

		Consumer Discretionary — 0.9%
	100,000	International Consolidated Airlines
		Group SA (EUR), 1.750%, 5/31/18		213,511

		Financials — 0.4%
	100,000	Caixabank SA EMTN (EUR),
		4.500%, 11/22/16		99,514
		Total Spain		313,025

		Cayman Islands — 1.1%

		Technology — 1.1%
	2,000,000	ASM Pacific Technology Ltd. (HKD),
		2.000%, 3/28/19		277,646

		Netherlands — 1.1%

		Industrials — 1.1%
	250,000	Siemens Financieringsmaatschappij
		N.V. (USD), 1.050%, 8/16/17		276,050

		Virgin Islands (British) — 1.0%

		Utilities — 1.0%
	2,000,000	Shine Power International Ltd.
		(HKD), 1.343%, 7/28/19#		248,624

		Armenia — 0.8%

		Financials — 0.8%
	200,000	National Bank of Abu Dhabi PJSC
		EMTN (USD), 1.000%, 3/12/18		209,000

		Luxembourg — 0.6%

		Consumer Discretionary — 0.6%
	100,000	SAF-Holland SA (EUR),
		1.000%, 9/12/20		141,438

		Taiwan — 0.4%
		Technology — 0.4%
	100,000	Epistar Corp. (USD), 1.476%, 8/7/18#		103,825

		Australia — 0.4%

		Materials — 0.4%
	100,000	Barminco Finance Pty Ltd. (USD),
		144a, 9.000%, 6/1/18		96,875
		Total Corporate Bonds	$	5,588,071

		U.S. Treasury Obligation — 5.8%
	1,000,000	U.S. Treasury Bond, 5.000%, 5/15/37		1,453,438

Shares

		Investment Fund — 6.8%
	1,705,727	Touchstone Institutional Money
		Market Fund, 0.01%^^∞Ω		1,705,727

		Total Investment Securities —96.1%
		(Cost $26,985,094)	$	24,085,362

		Other Assets in Excess of Liabilities — 3.9%		964,703

		Net Assets — 100.0%	$	25,050,065

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

Affiliated Fund. See Note 4 in Notes to Financial Statements.

Touchstone International Fixed Income Fund (Unaudited) (Continued)

^∞

Open-End Fund.

^Ω

Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

AUD - Australian Dollar

BRL - Brazil Real

CAD - Canadian Dollar

CSK - Czechoslovakia Koruna

DKK - Danish Krone

EMTN - Euro medium term note

EUR – Euro

GBP - British Pound

HKD - Hong Kong Dollar

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PLC - Public Limited Company

TRY - Turkey Lira

USD - United States Dollar

ZAR - South African Rand

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 March 31, 2015, these securities were valued at $3,390,646 or 13.5% 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

Assets:

Sovereign Government Obligations

—

15,338,126

—

15,338,126

Corporate Bonds

—

5,588,071

—

5,588,071

U.S. Treasury Obligation

—

1,453,438

—

1,453,438

Investment Fund

1,705,727

—

1,705,727

24,085,362

Other Financial Instruments*

Assets:

Forward Foreign Currency Contracts

—

1,449,245

—

1,449,245

Liabilities:

Futures Interest Rate Contracts

(13,077

)

—

(13,077

)

Forward Foreign Currency Contracts

—

(817,930

)

—

(817,930

)

(831,007

)

* Other Financial Instruments are derivative instruments not reflected in total investments. Amounts shown represent unrealized appreciation (depreciation).

Touchstone International Fixed Income Fund (Unaudited) (Continued)

Futures Contracts

At March 31, 2015, $60,003 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Morgan Stanley, open at March 31, 2015:

Expiration

Number of

Notional

Unrealized

Description

Date

Contracts

Value

Depreciation

Short Futures:

Canadian 10-Year Bond Future

June 2015

563,499

(3,005

)

Long Gilt Future

June 2015

895,599

(9,126

)

Euro BUXL 30-Year Bond Future

June 2015

378,831

(946

)

(13,077

)

Forward Foreign Currency Exchange Contracts

Unrealized

Contract to

Appreciation/

Counterparty

Expiration Date

Receive

Deliver

(Depreciation)

UBS AG

04/16/2015

CAD

606,600

USD

509,735

(30,890

)

UBS AG

04/16/2015

EUR

6,342,000

USD

7,477,662

(656,932

)

UBS AG

04/16/2015

GBP

188,500

USD

284,761

(5,173

)

UBS AG

04/16/2015

JPY

880,312,978

USD

7,382,606

(40,811

)

UBS AG

04/16/2015

MXN

3,549,000

USD

242,026

(9,612

)

UBS AG

04/16/2015

NOK

9,404,925

USD

1,222,813

(55,895

)

UBS AG

04/16/2015

NZD

773,971

USD

579,856

(2,191

)

UBS AG

04/16/2015

USD

1,532,272

AUD

1,886,500

96,824

UBS AG

04/16/2015

USD

651,128

AUD

800,000

42,403

UBS AG

04/16/2015

USD

626,430

CSK

14,976,500

42,102

UBS AG

04/16/2015

USD

484,475

DKK

3,057,003

44,278

UBS AG

04/16/2015

USD

7,850,838

EUR

6,658,500

689,717

UBS AG

04/16/2015

USD

679,802

GBP

450,000

12,348

UBS AG

04/16/2015

USD

799,945

HKD

6,202,500

(66

)

UBS AG

04/16/2015

USD

1,828,868

JPY

220,000,000

(5,928

)

UBS AG

04/16/2015

USD

1,800,000

JPY

213,019,200

23,424

UBS AG

04/16/2015

USD

527,286

MXN

7,728,500

21,167

UBS AG

04/16/2015

USD

1,238,365

NOK

9,404,925

71,447

UBS AG

04/16/2015

USD

1,723,004

NZD

2,225,500

61,967

UBS AG

04/16/2015

USD

599,216

NZD

773,971

21,551

UBS AG

04/16/2015

USD

336,403

ZAR

3,930,000

13,290

UBS AG

04/16/2015

ZAR

3,084,900

USD

264,064

(10,432

)

UBS AG

05/05/2015

USD

996,352

BRL

2,649,000

174,213

UBS AG

05/05/2015

USD

750,000

BRL

2,200,500

67,057

UBS AG

05/05/2015

USD

385,000

BRL

1,023,599

67,317

UBS AG

07/14/2015

JPY

53,269,500

GBP

300,000

140

631,315

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Merger Arbitrage Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 70.3%

Financials — 15.3%
Aviv REIT, Inc. REIT		160,396	$	5,854,454
City National Corp.^††		74,200		6,609,736
Hudson City Bancorp, Inc.^††		1,270,741		13,317,366
Levy Acquisition Corp.*		274,360		3,607,834
Morgan Stanley Capital Trust III*		119,000		3,049,970
National Interstate Corp.^††		225,332		6,327,323
Susquehanna Bancshares, Inc.^††		513,681		7,042,567
				45,809,250

Information Technology — 13.1%
Advent Software, Inc.		154,540		6,816,758
Carbonite, Inc.*		223,826		3,200,712
Covisint Corp.*		86,677		175,955
Emulex Corp.*		303,513		2,418,999
Freescale Semiconductor Ltd.*^††		182,140		7,424,026
Mavenir Systems, Inc.*		257,935		4,575,767
Riverbed Technology, Inc.*		187,110		3,912,470
Tokyo Electron Ltd. ADR		616,378		10,706,486
				39,231,173

Consumer Discretionary — 11.5%
DIRECTV*^††		121,905		10,374,116
Family Dollar Stores, Inc.		93,570		7,414,487
Fiat Chrysler Automobiles N.V.*		196,981		3,212,760
Liberty Interactive Corp. - Class A*^††		117,385		3,426,468
TRW Automotive Holdings Corp.*^††		93,930		9,848,560
				34,276,391

Materials — 8.0%
Ainsworth Lumber Co. Ltd. (Canada)*		3,500,000		9,660,000
RTI International Metals, Inc.*		161,870		5,812,752
Sigma-Aldrich Corp.^††		60,000		8,295,000
				23,767,752

Health Care — 6.9%
Hospira, Inc.*		76,330		6,704,827
Pharmacyclics, Inc.*		24,600		6,296,370
Salix Pharmaceuticals Ltd.*		44,935		7,765,217
				20,766,414

Utilities — 6.2%
Integrys Energy Group, Inc.		97,110		6,993,862
Pepco Holdings, Inc.^††		432,699		11,609,314
				18,603,176

Energy — 5.1%
Dresser-Rand Group, Inc.*^††		108,670		8,731,634
Talisman Energy, Inc.		847,635		6,509,837
				15,241,471

Industrials — 4.2%
Exelis, Inc.^††		256,740		6,256,754
Polypore International, Inc.*		108,560		6,394,184
				12,650,938
Total Common Stocks			$	210,346,565

Preferred Stock — 2.2%

Financials — 2.2%
GMAC Capital Trust I, 0.05%^(A)		249,600		6,552,000

Principal
Amount

		Corporate Bonds — 4.7%

		Energy — 1.9%
$	5,450,000	Kodiak Oil & Gas Corp.,
		8.125%, 12/1/19		5,708,875

		Consumer Staples — 1.6%
	4,650,000	US Foods, Inc., 8.500%, 6/30/19		4,882,500

		Financials — 1.2%
	3,845,000	PNC Preferred Funding Trust II, 144a,
		1.493%, 3/29/49^(A)		3,518,175
		Total Corporate Bonds	$	14,109,550

		Commercial Paper — 9.7%
$	1,900,000	Bell Canada, 0.500%, 4/15/15^(B)	$	1,899,660
	3,000,000	Eastman Chemical Co.,
		0.570%, 4/6/15^(B)		2,999,828
	3,000,000	Eaton Corp., 0.550%, 4/8/15^(B)		2,999,847
	3,000,000	Equifax Inc., 0.540%, 4/13/15^(B)		2,999,751
	3,000,000	Ford Motor Credit, 0.630%, 4/24/15^(B)		2,999,114
	3,000,000	Marriott International,
		0.570%, 4/10/15^(B)		2,999,642
	3,000,000	Starwood Hotels & Resorts,
		0.530%, 4/1/15^(B)		2,999,971
	6,000,000	Thermo Fisher Scientific,
		0.650%, 4/6/15^(B)		5,999,590
	3,000,000	Wyndham Worldwide Corp.,
		0.900%, 4/24/15^(B)		2,999,114
		Total Commercial Paper	$	28,896,517

	Shares
Exchange Traded Fund — 0.7%
SPDR Barclays Short Term High Yield
Bond ETF^††		76,105		2,222,265

Investment Fund — 23.1%
Touchstone Institutional Money Market
Fund, 0.01%^^∞Ω		69,115,513		69,115,513

Total Long Positions
(Cost $326,714,483)			$	331,242,410

Touchstone Merger Arbitrage Fund (Unaudited) (Continued)

				Market
	Shares			Value

Securities Sold Short —(22.6%)

Common Stocks — (22.6%)

Financials — (9.3%)
BB&T Corp.		(129,966	)	$	(5,067,373	)
M&T Bank Corp.		(106,654	)		(13,545,059	)
Omega Healthcare Investors, Inc., REIT		(144,357	)		(5,856,563	)
Royal Bank of Canada		(55,571	)		(3,354,266	)
					(27,823,261	)

Information Technology — (7.2%)
Applied Materials, Inc.		(500,731	)		(11,296,491	)
Harris Corp.		(26,243	)		(2,066,899	)
Mitel Networks Corp. (Canada)*		(174,134	)		(1,770,943	)
NXP Semiconductors N.V.*		(64,135	)		(6,436,589	)
					(21,570,922	)

Materials — (2.0%)
Alcoa, Inc.		(458,338	)		(5,921,727	)

Utilities — (1.8%)
Wisconsin Energy Corp.		(109,511	)		(5,420,794	)

Telecommunication Services — (1.7%)
AT&T, Inc.		(158,477	)		(5,174,274	)

Consumer Discretionary — (0.6%)
Dollar Tree, Inc.*		(23,242	)		(1,885,972	)
Total Common Stocks				$	(67,796,950	)

Total Securities Sold Short
(Proceeds $63,185,861)				$	(67,796,950	)

Total —88.1%				$	263,445,460

Cash Collateral for Securities
Sold Short — 13.4%					40,134,769

Liabilities in Excess of Other Assets — (1.5%)					(4,449,159	)

Net Assets — 100.0%				$	299,131,070

^(A)	Variable rate security - Rate reflected is the rate in effect as of March 31, 2015.

^(B)	Rate reflects yield at the time of purchase.

*	Non-income producing security.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

^††	All or a portion of these securities are held as collateral for securities sold short. The total value of the securities held as collateral as of March 31, 2015 was $97,120,414.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange Traded Funds

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 March 31, 2015, these securities were valued at $3,518,175 or 1.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

210,346,565

—

210,346,565

Preferred Stock

6,552,000

—

6,552,000

Corporate Bonds

—

14,109,550

—

14,109,550

Commercial Paper

—

28,896,517

—

28,896,517

Exchanged Traded Fund

2,222,265

—

2,222,265

Investment Fund

69,115,513

—

69,115,513

331,242,410

Liabilities:

Securities Sold Short

Common Stocks

(67,796,950

)

—

(67,796,950

)

Touchstone Merger Arbitrage Fund (Unaudited) (Continued)

Transactions in written options for the period ended March 31, 2015.

	*Number of*
	*Contracts*			*Proceeds*
Beginning of Period, September 30, 2014		2,527		$	597,434
Put Options Closed		(971	)		(204,785	)
Call Options Expired		(971	)		(218,343	)
Put Options Expired		(585	)		(174,306	)
March 31, 2015		—		$	—

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Mid Cap Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 99.1%

Consumer Discretionary — 33.5%
Cabela's, Inc.*†		227,702	$	12,746,759
CarMax, Inc.*		388,049		26,779,261
Deckers Outdoor Corp.*		171,010		12,461,499
Dollar Tree, Inc.*		495,700		40,223,576
H&R Block, Inc.		516,810		16,574,097
Hasbro, Inc.		248,933		15,742,523
PulteGroup, Inc.		1,060,960		23,585,141
Tempur Sealy International, Inc.*		348,050		20,096,407
Whirlpool Corp.		112,771		22,786,508
				190,995,771

Information Technology — 14.8%
Amphenol Corp. - Class A		440,022		25,930,496
NetApp, Inc.		535,110		18,975,001
Paychex, Inc.		438,198		21,741,194
Symantec Corp.		760,250		17,763,241
				84,409,932

Financials — 13.7%
Alleghany Corp.*		50,063		24,380,681
M&T Bank Corp.†		178,491		22,668,357
MBIA, Inc.*		1,446,279		13,450,395
Voya Financial, Inc.		412,890		17,799,688
				78,299,121

Consumer Staples — 12.0%
Brown-Forman Corp. - Class B		182,967		16,531,068
Energizer Holdings, Inc.		188,617		26,038,577
Lorillard, Inc.		270,338		17,666,588
Pricesmart, Inc.		96,163		8,171,932
				68,408,165

Materials — 10.8%
Albemarle Corp.		274,142		14,485,663
NewMarket Corp.		64,530		30,832,434
Vulcan Materials Co.		195,835		16,508,890
				61,826,987

Industrials — 9.2%
Cintas Corp.		413,725		33,772,372
Old Dominion Freight Line, Inc.*		237,725		18,376,142
				52,148,514

Health Care — 3.3%
Tenet Healthcare Corp.*		373,603		18,497,085

Energy — 1.8%
Atwood Oceanics, Inc.		372,231		10,463,413
Total Common Stocks			$	565,048,988

Investment Funds — 7.1%
Invesco Government & Agency
Portfolio, Institutional Class, 0.01%^**∞Ω		27,459,980		27,459,980
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		12,803,702		12,803,702
Total Investment Funds			$	40,263,682

Total Investment Securities —106.2%
(Cost $508,177,634)			$	605,312,670

Liabilities in Excess of Other Assets — (6.2%)				(35,107,015	)

Net Assets — 100.0%			$	570,205,655

*	Non-income producing security.

**	Represents collateral for securities loaned.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

†	All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $26,625,331.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Common Stocks

565,048,988

—

565,048,988

Investment Funds

40,263,682

—

40,263,682

605,312,670

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Mid Cap Value Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.9%

Financials — 25.0%
Alexandria Real Estate Equities, Inc., REIT		71,158	$	6,976,330
Allstate Corp. (The)		48,887		3,479,288
American Campus Communities, Inc., REIT		134,902		5,783,249
Ameriprise Financial, Inc.		34,251		4,481,401
Brixmor Property Group, Inc., REIT		202,381		5,373,216
ETRADE Financial Corp.		157,616		4,500,725
Fifth Third Bancorp		275,061		5,184,900
Hancock Holding Co.		107,927		3,222,700
Hanover Insurance Group, Inc. (The)		68,558		4,975,940
Hartford Financial Services Group, Inc.		139,550		5,835,981
Host Hotels & Resorts, Inc., REIT		287,428		5,800,297
Investors Bancorp, Inc.		402,964		4,722,738
Reinsurance Group of America, Inc.		40,310		3,756,489
SunTrust Banks, Inc.		120,599		4,955,413
TCF Financial Corp.		270,994		4,260,026
Unum Group		160,909		5,427,461
Willis Group Holdings PLC (Ireland)		75,917		3,657,681
Zions Bancorporation		177,315		4,787,505
				87,181,340

Information Technology — 15.0%
Cadence Design Systems, Inc.*		344,310		6,349,076
Citrix Systems, Inc.*		81,146		5,182,795
Diebold, Inc.		115,619		4,099,850
Equinix, Inc., REIT		26,173		6,094,383
Fidelity National Information Services, Inc.		80,897		5,505,850
IAC/InterActiveCorp.		67,755		4,571,430
Juniper Networks, Inc.		149,538		3,376,568
Microchip Technology, Inc.†		115,757		5,660,517
Solera Holdings, Inc.		100,540		5,193,896
Synopsys, Inc.*		139,938		6,481,928
				52,516,293

Consumer Discretionary — 11.5%
American Eagle Outfitters, Inc.		224,819		3,839,909
Bed Bath & Beyond, Inc.*		55,693		4,275,830
BorgWarner, Inc.		89,142		5,391,308
Cabela's, Inc.*†		88,229		4,939,059
Dollar General Corp.		49,578		3,737,190
Harley-Davidson, Inc.		49,634		3,014,769
Hasbro, Inc.†		69,498		4,395,054
Interpublic Group of Cos, Inc. (The)		156,676		3,465,673
LKQ Corp.*		93,855		2,398,934
Sally Beauty Holdings, Inc.		133,381		4,584,305
				40,042,031

Industrials — 11.1%
Aercap Holdings N.V.		119,077		5,197,711
Cintas Corp.		42,247		3,448,623
Clean Harbors, Inc.*†		77,992		4,428,386
Dover Corp.		60,313		4,168,835
Fluor Corp.		57,187		3,268,809
KAR Auction Services, Inc.		146,384		5,552,345
Parker Hannifin Corp.		31,429		3,733,137
Pentair PLC (Ireland)		25,509		1,604,261
Regal-Beloit Corp.		58,044		4,638,876
Xylem, Inc.		79,071		2,769,066
				38,810,049

Consumer Staples — 9.0%
Coca-Cola Enterprises, Inc.		92,323		4,080,677
Darling International, Inc.*		297,692		4,170,665
Ingredion, Inc.		48,831		3,800,028
JM Smucker Co. (The)		52,732		6,102,674
Kroger Co. (The)		58,764		4,504,848
Molson Coors Brewing Co. - Class B		65,099		4,846,621
Sysco Corp.		108,979		4,111,778
				31,617,291

Utilities — 8.4%
AGL Resources, Inc.		94,260		4,680,009
Edison International		68,973		4,308,743
Great Plains Energy, Inc.		186,611		4,978,781
Portland General Electric Co.		149,676		5,551,483
SCANA Corp.		76,609		4,212,729
Xcel Energy, Inc.		160,936		5,602,182
				29,333,927

Health Care — 7.7%
AmerisourceBergen Corp.		33,781		3,839,886
Charles River Laboratories International, Inc.*		58,791		4,661,538
Cooper Cos, Inc. (The)		32,702		6,129,009
DENTSPLY International, Inc.		67,731		3,446,831
Patterson Cos., Inc.		86,486		4,219,652
Quest Diagnostics, Inc.		58,044		4,460,681
				26,757,597

Materials — 6.5%
Air Products & Chemicals, Inc.		19,118		2,892,171
Albemarle Corp.		50,519		2,669,424
Allegheny Technologies, Inc.		158,917		4,769,099
Bemis Co., Inc.		76,166		3,527,247
Cabot Corp.		94,564		4,255,380
FMC Corp.		80,427		4,604,446
				22,717,767

Energy — 4.7%
EQT Corp.		51,653		4,280,484
Newfield Exploration Co.*		79,016		2,772,671
Oasis Petroleum, Inc.*†		94,620		1,345,496
Pioneer Natural Resources Co.		24,513		4,008,121
Range Resources Corp.		18,592		967,528
Spectra Energy Corp.		81,008		2,930,059
				16,304,359
Total Common Stocks			$	345,280,654

Touchstone Mid Cap Value Fund (Unaudited) (Continued)

			Market
	Shares		Value

Investment Funds — 4.7%
Invesco Government & Agency
Portfolio, Institutional Class, 0.01%^**∞Ω		13,886,434	$	13,886,434
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		2,690,102		2,690,102
Total Investment Funds			$	16,576,536

Total Investment Securities —103.6%
(Cost $311,212,812)				361,857,190

Liabilities in Excess of Other Assets — (3.6%)				(12,707,608	)

Net Assets — 100.0%			$	349,149,582

*	Non-income producing security.

**	Represents collateral for securities loaned.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

†	All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $13,373,116.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

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

345,280,654

—

345,280,654

Investment Funds

16,576,536

—

16,576,536

361,857,190

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Premium Yield Equity Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.3%

Financials — 25.3%
Ares Capital Corp.		121,471	$	2,085,657
Bank of Montreal (Canada)		56,686		3,399,459
CME Group, Inc. IL		35,541		3,366,088
Digital Realty Trust, Inc., REIT		81,880		5,400,805
HCP, Inc., REIT		126,869		5,482,009
Hospitality Properties Trust, REIT		144,415		4,764,251
Host Hotels & Resorts, Inc., REIT		193,003		3,894,801
Lamar Advertising Co.- Class A,, REIT		130,918		7,759,510
Omega Healthcare Investors, Inc., REIT		56,236		2,281,495
People's United Financial, Inc.		192,553		2,926,806
Senior Housing Properties Trust, REIT		81,880		1,816,917
Ventas, Inc., REIT		63,885		4,664,883
Weyerhaeuser Co., REIT		181,756		6,025,211
				53,867,892

Health Care — 16.3%
AbbVie, Inc.		78,731		4,608,913
Baxter International, Inc.		52,637		3,605,634
GlaxoSmithKline PLC, ADR		96,727		4,463,951
Johnson & Johnson		62,985		6,336,291
Merck & Co., Inc.		122,370		7,033,828
Novartis AG, ADR		46,789		4,613,863
Pfizer, Inc.		120,571		4,194,665
				34,857,145

Energy — 15.8%
Golar Lng Ltd. (Bermuda)		45,889		1,527,186
Kinder Morgan, Inc. Delaware		284,938		11,984,484
Pembina Pipeline Corp. (Canada)		62,985		1,994,105
Spectra Energy Corp.		223,146		8,071,191
Williams Cos., Inc. (The)		200,773		10,157,106
				33,734,072

Information Technology — 11.7%
Cisco Systems, Inc.		169,159		4,656,101
Maxim Integrated Products, Inc.		103,025		3,586,300
Microchip Technology, Inc.		103,475		5,059,928
Microsoft Corp.		129,119		5,249,333
Seagate Technology PLC (Ireland)		74,232		3,862,291
STMicroelectronics N.V.		281,182		2,606,557
				25,020,510

Utilities — 8.9%
American Water Works Co., Inc.		95,827		5,194,782
NiSource, Inc.		124,159		5,482,861
ONEOK, Inc.		172,758		8,333,846
				19,011,489

Industrials — 5.8%
Covanta Holding Corp.		94,927		2,129,213
Eaton Corp. PLC (Ireland)		54,887		3,729,023
General Electric Co.		260,487		6,462,682
				12,320,918

Materials — 5.6%
Domtar Corp.		109,324		5,052,955
LyondellBasell Industries N.V. - Class A (Netherlands)		79,181		6,952,092
				12,005,047

Telecommunication Services — 5.2%
AT&T, Inc.		106,624		3,481,274
BCE, Inc. (Canada)		38,691		1,638,951
Verizon Communications, Inc.		50,838		2,472,252
Vodafone Group PLC (Great Britain), ADR		105,724		3,455,060
				11,047,537

Consumer Discretionary — 2.7%
Coach, Inc.		136,767		5,666,257
Total Common Stocks			$	207,530,867

Investment Fund — 7.9%
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		16,829,456		16,829,456

Total Investment Securities —105.2%
(Cost $196,590,394)			$	224,360,323

Liabilities in Excess of Other Assets — (5.2)%				(11,185,458	)

Net Assets — 100.0%			$	213,174,865

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Touchstone Premium Yield Equity Fund (Unaudited) (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Common Stocks

207,530,867

—

207,530,867

Investment Fund

16,829,456

—

16,829,456

224,360,323

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Sands Capital Select Growth Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 98.6%

Information Technology — 39.2%
Adobe Systems, Inc.*		1,659,000	$	122,666,460
Alibaba Group Holding, Ltd. ADR*†		1,876,000		156,158,240
ARM Holdings PLC ADR		3,902,000		192,368,600
ASML Holding NV†		1,516,000		153,161,480
Baidu, Inc. ADR*		1,042,000		217,152,800
Facebook, Inc. - Class A*		2,830,000		232,668,450
Google, Inc. - Class C*		189,000		103,572,000
Google, Inc. - Class A*		247,000		137,010,900
LinkedIn Corp. - Class A*		812,000		202,886,320
Salesforce.com, Inc.*		3,363,000		224,682,030
Splunk, Inc.*		1,602,000		94,838,400
Visa, Inc. - Class A		8,308,000		543,426,280
				2,380,591,960

Health Care — 23.4%
Alexion Pharmaceuticals, Inc.*		1,059,000		183,524,700
athenahealth, Inc.*†		969,000		115,688,910
Biogen Idec, Inc.*		760,000		320,902,400
BioMarin Pharmaceutical, Inc.*		1,801,000		224,440,620
Cerner Corp.*		2,848,000		208,644,480
Regeneron Pharmaceuticals, Inc.*		810,000		365,698,800
				1,418,899,910

Consumer Discretionary — 17.7%
Chipotle Mexican Grill, Inc.*		395,000		256,963,300
Las Vegas Sands Corp.		3,014,000		165,890,560
NIKE, Inc. - Class B		2,067,000		207,382,110
Priceline Group, Inc. (The)*		239,000		278,231,850
Twenty-First Century Fox, Inc., Class A		4,828,000		163,379,520
				1,071,847,340

Energy — 7.2%
FMC Technologies, Inc.*		3,275,000		121,207,750
Schlumberger Ltd. (Curacao)		2,573,000		214,691,120
Southwestern Energy Co.*		4,425,000		102,615,750
				438,514,620

Financials — 4.5%
Charles Schwab Corp. (The)		5,984,000		182,152,960
LendingClub Corp.*†		4,659,000		91,549,350
				273,702,310

Materials — 3.6%
Monsanto Co.		1,934,000		217,652,360

Consumer Staples — 3.0%
Whole Foods Market, Inc.		3,429,000		178,582,320
Total Common Stocks			$	5,979,790,820

Investment Funds — 6.8%
Invesco Government & Agency
Portfolio, Institutional Class, 0.01%^**∞Ω		330,439,256		330,439,256
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		84,181,372		84,181,372
Total Investment Funds			$	414,620,628

Total Investment Securities —105.4%
(Cost $4,093,060,728)			$	6,394,411,448

Liabilities in Excess of Other Assets — (5.4%)				(326,517,327	)

Net Assets — 100.0%			$	6,067,894,121

*	Non-income producing security.

**	Represents collateral for securities loaned.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

†	All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $323,449,892.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviation:

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

5,979,790,820

—

5,979,790,820

Investment Funds

414,620,628

—

414,620,628

6,394,411,448

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Small Cap Core Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.8%

Consumer Discretionary — 25.1%
American Eagle Outfitters, Inc.		649,749	$	11,097,713
Cabela's, Inc.*†		558,116		31,243,334
Dana Holding Corp.		1,004,390		21,252,892
Deckers Outdoor Corp.*		313,920		22,875,350
Service Corp. International		1,807,690		47,090,324
Sturm Ruger & Co., Inc.†		337,012		16,725,906
Tempur Sealy International, Inc.*		528,440		30,512,126
Vista Outdoor, Inc.*		616,590		26,402,384
				207,200,029

Financials — 24.2%
Alexander & Baldwin, Inc.		514,938		22,235,023
Corrections Corp. of America REIT		851,640		34,287,026
Eaton Vance Corp.		411,219		17,123,159
First Industrial Realty Trust, Inc. REIT		1,371,301		29,386,980
MBIA, Inc.*		1,601,234		14,891,476
Montpelier Re Holdings Ltd. (Bermuda)		528,082		20,299,472
Tejon Ranch Co.*		366,321		9,689,190
Waddell & Reed Financial, Inc. - Class A		628,820		31,151,743
White Mountains Insurance Group Ltd. (Bermuda)		30,389		20,801,878
				199,865,947

Industrials — 18.5%
Exelis, Inc.		1,366,090		33,291,613
Kaman Corp.		270,768		11,488,686
Matson, Inc.		541,935		22,847,980
MRC Global, Inc.*		635,990		7,536,482
Old Dominion Freight Line, Inc.*		39,736		3,071,593
Orbital ATK, Inc.		561,332		43,014,871
Ritchie Bros Auctioneers, Inc. (Canada)†		382,425		9,537,680
USG Corp.*		818,740		21,860,358
				152,649,263

Materials — 11.9%
NewMarket Corp.		115,833		55,345,007
Olin Corp.		1,076,490		34,490,740
Tredegar Corp.		394,900		7,941,439
				97,777,186

Energy — 7.8%
Atwood Oceanics, Inc.		854,316		24,014,823
Superior Energy Services, Inc.		1,187,200		26,522,048
World Fuel Services Corp.		241,754		13,896,021
				64,432,892

Health Care — 4.1%
Tenet Healthcare Corp.*		686,817		34,004,310

Consumer Staples — 3.5%
Pricesmart, Inc.		337,555		28,685,424

Information Technology — 2.7%
Advent Software, Inc.		498,695		21,997,436
Total Common Stocks			$	806,612,487

Warrants — 0.0%

Financials — 0.0%
Tejon Ranch Co., Expiration 08/31/16*		63,145		50,516

Investment Funds — 7.0%
Invesco Government & Agency
Portfolio, Institutional Class, 0.01%^**∞Ω		45,855,943		45,855,943
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		11,679,284		11,679,284
Total Investment Funds			$	57,535,227

Total Investment Securities — 104.8%
(Cost $645,595,161)			$	864,198,230

Liabilities in Excess of Other Assets — (4.8%)				(39,410,505	)

Net Assets — 100.0%			$	824,787,725

*	Non-income producing security.

**	Represents collateral for securities loaned.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

†	All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $44,167,176.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

REIT - Real Estate Investment Trust

Touchstone Small Cap Core Fund (Unaudited) (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Common Stocks

806,612,487

—

806,612,487

Warrants

50,516

—

50,516

Investment Funds

57,535,227

—

57,535,227

864,198,230

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Small Cap Value Fund – March 31, 2015 (Unaudited)

			Market
	Shares		Value

Common Stocks — 97.5%

Financials — 35.6%
Astoria Financial Corp.		68,145	$	882,478
Brookline Bancorp, Inc.		95,902		963,815
Capitol Federal Financial, Inc.		57,329		716,612
Chemical Financial Corp.		38,769		1,215,796
Columbia Banking System, Inc.		46,234		1,339,400
CVB Financial Corp.		36,614		583,627
First Financial Bancorp		68,228		1,215,141
First Merchants Corp.		21,632		509,217
First Midwest Bancorp, Inc.		56,979		989,725
FNB Corp.		140,539		1,846,682
Hancock Holding Co.		45,729		1,365,468
Iberiabank Corp.		17,529		1,104,853
Infinity Property & Casualty Corp.		8,981		736,891
MB Financial, Inc.		26,468		828,713
Medical Properties Trust, Inc. REIT		38,151		562,346
National Bank Holdings Corp. - Class A		95,830		1,802,562
National Penn Bancshares, Inc.		109,317		1,177,344
New Residential Investment Corp. REIT		114,019		1,713,706
Northfield Bancorp, Inc.		27,654		409,832
Northwest Bancshares, Inc.		70,764		838,553
Old National Bancorp.		78,312		1,111,247
ProAssurance Corp.		30,118		1,382,717
Provident Financial Services, Inc.		32,077		598,236
Trustmark Corp.		29,871		725,268
Westamerica Bancorporation†		29,922		1,292,930
				25,913,159

Industrials — 20.4%
ABM Industries, Inc.		27,544		877,552
Acacia Research Corp.†		148,365		1,587,506
Astec Industries, Inc.		25,929		1,111,836
Briggs & Stratton Corp.		61,814		1,269,660
CLARCOR, Inc.		21,086		1,392,941
Crane Co.		10,909		680,831
Granite Construction, Inc.		55,112		1,936,636
Harsco Corp.		53,597		925,084
Herman Miller, Inc.		45,399		1,260,276
KBR, Inc.		8,039		116,405
Knoll, Inc.		7,828		183,410
McGrath RentCorp		22,447		738,731
Regal-Beloit Corp.		20,938		1,673,365
Tetra Tech, Inc.		45,158		1,084,695
				14,838,928

Energy — 11.6%
CARBO Ceramics, Inc.†		50,022		1,526,171
Green Plains Renewable Energy, Inc.		31,139		889,018
Patterson-UTI Energy, Inc.		104,852		1,968,596
Precision Drilling Corp.		199,744		1,266,377
Superior Energy Services, Inc.		80,890		1,807,083
Tidewater, Inc.†		50,318		963,087
				8,420,332

Materials — 8.1%
Commercial Metals Co.		4,189		67,820
Compass Minerals International, Inc.		7,517		700,660
Globe Specialty Metals, Inc.		54,360		1,028,491
Greif, Inc. - Class A		22,468		882,318
Haynes International, Inc.		18,364		819,218
Kronos Worldwide, Inc.		77,941		985,954
OM Group, Inc.		45,555		1,368,017
				5,852,478

Consumer Discretionary — 6.9%
Abercrombie & Fitch Co. - Class A†		26,437		582,671
Chico's FAS, Inc.		78,106		1,381,695
Finish Line, Inc. (The) - Class A		994		24,373
Men's Wearhouse, Inc. (The)		30,386		1,586,149
Sotheby's†		33,851		1,430,543
				5,005,431

Information Technology — 6.5%
ADTRAN, Inc.		61,526		1,148,690
Cohu, Inc.		53,081		580,706
Diebold, Inc.		49,603		1,758,922
Micrel, Inc.		82,168		1,239,093
				4,727,411

Consumer Staples — 6.1%
Andersons, Inc. (The)		17,892		740,192
Dean Foods Co.		74,404		1,229,898
Snyder's-Lance, Inc.		30,706		981,364
Universal Corp.		31,696		1,494,783
				4,446,237

Health Care — 2.3%
Bio-Techne Corp.		16,817		1,686,577
Total Common Stocks			$	70,890,553

Investment Funds — 11.9%
Invesco Government & Agency
Portfolio, Institutional Class, 0.01%^**∞Ω		6,714,500		6,714,500
Touchstone Institutional Money Market Fund, 0.01%^^∞Ω		1,952,151		1,952,151
Total Investment Funds			$	8,666,651

Total Investment Securities —109.4%
(Cost $79,220,514)			$	79,557,204

Liabilities in Excess of Other Assets — (9.4%)				(6,804,001	)

Net Assets — 100.0%			$	72,753,203

**	Represents collateral for securities loaned.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

Touchstone Small Cap Value Fund (Unaudited) (Continued)

†	All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2015 was $6,585,600.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

REIT - Real Estate Investment Trust

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Common Stocks

70,890,553

—

70,890,553

Investment Funds

8,666,651

—

8,666,651

79,557,204

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Total Return Bond Fund – March 31, 2015 (Unaudited)

Principal			Market
Amount			Value

		Corporate Bonds — 28.0%

		Industrials — 8.0%
$	1,660,312	American Airlines 2011-1 Class B Pass
		Through Trust, 144a,
		7.000%, 1/31/18	$	1,801,438
	50,220	Burlington Northern and Santa Fe
		Railway Co. 1998-C Pass Through
		Trust, 6.230%, 7/2/18		52,852
	97,521	Burlington Northern and Santa Fe
		Railway Co. 2004-1 Pass Through
		Trust, 4.575%, 1/15/21		105,175
	388,682	Burlington Northern and Santa Fe
		Railway Co. 2005-3 Pass Through
		Trust, 4.830%, 1/15/23		428,552
	857,105	Burlington Northern and Santa Fe
		Railway Co. 2005-4 Pass Through
		Trust, 4.967%, 4/1/23		954,180
	1,503,305	Continental Airlines 2000-2 Class A-1
		Pass Through Trust, 7.707%, 4/2/21		1,676,185
	637,926	CSX Transportation, Inc.,
		6.251%, 1/15/23		755,144
	1,163,234	Delta Air Lines 2010-2 Class A Pass
		Through Trust, 4.950%, 5/23/19		1,246,115
	1,073,016	Federal Express Corp. 1998 Pass
		Through Trust, 6.845%, 1/15/19		1,185,683
	490,728	Federal Express Corp. 1999 Pass
		Through Trust, 7.650%, 1/15/22		591,327
	600,000	Kansas City Southern DE Mexico SA
		DE CV, 3.000%, 5/15/23		591,932
	1,027,000	Republic Services, Inc.,
		5.250%, 11/15/21		1,179,469
	1,162,035	Southwest Airlines Co. 2007-1 Pass
		Through Trust, 6.150%, 8/1/22		1,336,341
	66,678	Union Pacific Railroad Co. 2001 Pass
		Through Trust, 6.630%, 1/27/22		74,926
	1,010,261	Union Pacific Railroad Co. 2003 Pass
		Through Trust, 4.698%, 1/2/24		1,105,664
	520,304	Union Pacific Railroad Co. 2006 Pass
		Through Trust, 5.866%, 7/2/30		610,296
	1,325,000	United Rentals North America, Inc.,
		5.750%, 11/15/24		1,368,062
			$	15,063,341

		Financials — 7.2%
	1,885,000	American Express Co.,
		2.650%, 12/2/22		1,875,356
	1,216,000	Delphi Financial Group, Inc.,
		7.875%, 1/31/20		1,466,289
	1,350,000	Ford Motor Credit Co. LLC,
		4.375%, 8/6/23		1,458,586
	1,604,000	General Electric Capital Corp. MTN,
		5.625%, 5/1/18		1,801,034
	1,500,000	Provident Cos., Inc., 7.000%, 7/15/18		1,711,486
	1,398,000	Torchmark Corp., 3.800%, 9/15/22		1,463,466
	2,000,000	USB Capital IX, 3.500%, 10/29/49^(A)		1,655,000
	2,000,000	Wachovia Capital Trust III,
		5.570%, 3/29/49^(A)		1,974,800
			$	13,406,017

		Utilities — 6.4%
	1,576,966	Bruce Mansfield Unit, 6.850%, 6/1/34		1,667,815
	450,000	California Water Service Co.,
		5.500%, 12/1/40		599,380
	800,000	Commonwealth Edison Co.,
		5.900%, 3/15/36		1,050,976
	1,780,000	Dominion Resources, Inc.,
		2.573%, 9/30/66^(A)		1,655,847
	1,700,000	Entergy Louisiana LLC,
		4.440%, 1/15/26		1,927,378
	1,046,708	Kiowa Power Partners LLC, 144a,
		5.737%, 3/30/21		1,136,725
	2,000,000	NextEra Energy Capital Holdings, Inc.,
		6.350%, 10/1/66^(A)		1,967,660
	1,800,000	South Carolina Electric & Gas Co.,
		4.600%, 6/15/43		2,034,799
			$	12,040,580

		Energy — 3.7%
	1,000,000	Apache Corp., 3.250%, 4/15/22		1,016,213
	1,253,000	Chesapeake Energy Corp.,
		6.625%, 8/15/20		1,293,722
	1,530,000	Newfield Exploration Co.,
		5.750%, 1/30/22		1,595,025
	1,551,000	Petrobras International Finance Co. -
		Pifco, 3.500%, 2/6/17		1,451,503
	1,500,000	Petroleos Mexicanos (Mexico),
		4.875%, 1/24/22		1,591,875
			$	6,948,338

		Telecommunication Services — 1.0%
	1,500,000	Verizon Communications, Inc.,
		6.000%, 4/1/41		1,804,012

		Consumer Staples — 0.9%
	1,442,037	CVS Pass-Through Trust,
		6.036%, 12/10/28		1,704,629

		Health Care — 0.8%
	1,400,000	HCA, Inc., 4.250%, 10/15/19		1,438,500
		Total Corporate Bonds	$	52,405,417

		Asset-Backed Securities — 2.6%
	1,261,268	321 Henderson Receivables I LLC, Ser
		2012-1A, Class A, 144a,
		4.210%, 2/16/65		1,360,399
	1,227,175	321 Henderson Receivables I LLC, Ser
		2012-2A, Class A, 144a,
		3.840%, 10/15/59		1,300,512
	575,000	FPL Recovery Funding LLC, Ser
		2007-A, Class A4, 5.256%, 8/1/21		630,072
	1,325,000	JCP&L Transition Funding LLC, Ser
		2006-A, Class A4, 5.610%, 6/5/23		1,539,557
		Total Asset-Backed Securities	$	4,830,540

Touchstone Total Return Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		U.S. Government Mortgage-Backed Obligations — 18.1%
$	328,388	FHLMC, Pool #A89148,
		4.000%, 10/1/39	$	352,037
	222,203	FNMA, Pool #465711, 4.680%, 8/1/28		261,201
	1,604,300	FNMA, Pool #469616, 3.500%, 11/1/21		1,736,279
	1,700,000	FNMA, Pool #469667, 3.540%, 12/1/21		1,838,142
	114,962	FNMA, Pool #874210, 5.260%, 1/1/25		136,295
	195,800	FNMA, Pool #888829, 5.832%, 6/1/37		240,890
	192,632	FNMA, Pool #958736, 4.940%, 5/1/19		215,319
	253,277	FNMA, Pool #AB1152, 4.000%, 6/1/25		269,294
	351,360	FNMA, Pool #AD0101, 4.890%, 7/1/19		393,978
	418,450	FNMA, Pool #AD0166, 4.864%, 8/1/19		469,299
	1,028,276	FNMA, Pool #AD0342, 4.662%, 10/1/19		1,146,000
	443,710	FNMA, Pool #AD0786, 4.501%, 1/1/20		495,380
	516,353	FNMA, Pool #AD0910, 4.603%, 4/1/20		574,451
	78,103	FNMA, Pool #AD1608, 4.000%, 2/1/25		82,761
	394,417	FNMA, Pool #AE0209, 4.380%, 6/1/20		437,673
	1,273,303	FNMA, Pool #AE0446, 4.047%, 9/1/20		1,402,991
	734,865	FNMA, Pool #AE2771, 3.500%, 8/1/26		785,021
	468,415	FNMA, Pool #AE8886, 3.500%, 12/1/25		497,794
	328,918	FNMA, Pool #AH1519, 3.500%, 12/1/25		349,602
	340,328	FNMA, Pool #AH8854, 4.500%, 4/1/41		372,987
	532,353	FNMA, Pool #AI1856, 4.500%, 5/1/41		589,965
	1,852,862	FNMA, Pool #AM0157, 2.680%, 2/1/22		1,908,157
	1,941,165	FNMA, Pool #AM0566, 1.940%, 9/1/19		1,962,784
	2,732,736	FNMA, Pool #AP7488, 3.500%, 9/1/42		2,874,418
	1,324,658	FNMA, Pool #AT0924, 2.000%, 3/1/28		1,317,468
	2,993,145	FNMA, Pool #AU1628, 3.000%, 7/1/43		3,065,089
	3,276,890	FNMA, Pool #AX7699, 3.500%, 2/1/45		3,445,188
	1,547,323	GNMA, Pool #5276, 3.000%, 1/20/27		1,632,317
	1,879,492	GNMA, Pool #710077, 4.700%, 5/20/61		2,016,994
	358,225	GNMA, Pool #751408, 4.826%, 6/20/61		398,610
	750,566	GNMA, Pool #751409, 4.626%, 7/20/61		807,357
	436,759	GNMA, Pool #752631,
		4.500%, 10/20/40		484,201
	696,480	GNMA, Pool #756686, 4.697%, 9/20/61		752,082
	542,706	GNMA, Pool #757327, 4.295%, 7/20/61		580,123
		Total U.S. Government Mortgage-Backed Obligations	$	33,892,147

		Agency Collateralized Mortgage Obligations — 5.2%
	1,000,000	FREMF Mortgage Trust, Ser 2011-K702,
		Class B, 144a, 4.770%, 4/25/44^(A)		1,074,218
	1,000,000	FREMF Mortgage Trust, Ser 2012-K19,
		Class B, 144a, 4.036%, 5/25/45^(A)		1,068,404
	1,035,000	FREMF Mortgage Trust, Ser 2012-K710,
		Class B, 144a, 3.819%, 6/25/47^(A)		1,085,499
	1,508	GNMA, Ser 2009-86, Class A,
		3.536%, 9/16/35		1,507
	899,823	GNMA, Ser 2011-147, Class A,
		2.174%, 7/16/38		902,892
	542,927	GNMA, Ser 2011-31, Class A,
		2.210%, 12/16/35		545,125
	11,242	GNMA, Ser 2011-47, Class A,
		2.070%, 4/16/32		11,235
	373,975	GNMA, Ser 2012-22, Class AB,
		1.661%, 3/16/33		376,376
	3,070,031	GNMA, Ser 2012-53, Class AC,
		2.381%, 12/16/43		3,083,512
	1,663,886	GNMA, Ser 2013-40, Class AC,
		1.584%, 1/16/46		1,635,932
		Total Agency Collateralized Mortgage Obligations	$	9,784,700

		U.S. Treasury Obligations — 3.2%
	1,500,000	U.S. Treasury Note, 1.750%, 5/15/22		1,504,101
	3,385,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/40#		1,769,417
	5,650,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/43#		2,706,056
		Total U.S. Treasury Obligations	$	5,979,574

		Commercial Mortgage-Backed Securities — 5.9%
	1,675,000	Citigroup Commercial Mortgage Trust,
		Ser 2007-C6, Class A4,
		5.703%, 12/10/49^(A)		1,812,002
	505,000	Citigroup/Deutsche Bank Commercial
		Mortgage Trust, Ser 2006-CD3,
		Class AJ, 5.688%, 10/15/48		501,267
	1,725,000	Citigroup/Deutsche Bank Commercial
		Mortgage Trust, Ser 2007-CD4,
		Class A4, 5.322%, 12/11/49		1,816,075
	1,699,745	Commercial Mortgage Trust, Ser
		2005-GG5, Class A5,
		5.224%, 4/10/37^(A)		1,712,288
	2,115,726	GS Mortgage Securities Corp. II, Ser
		2007-GG10, Class A4,
		5.796%, 8/10/45^(A)		2,284,785
	1,200,000	JP Morgan Chase Commercial
		Mortgage Securities Corp., Ser
		2005-LDP4, Class AM,
		5.000%, 10/15/42^(A)		1,209,509
	1,550,000	ML-CFC Commercial Mortgage Trust,
		Ser 2006-3, Class AM,
		5.456%, 7/12/46^(A)		1,636,493
		Total Commercial Mortgage-Backed Securities	$	10,972,419

		Municipal Bonds — 3.5%

		California — 0.8%
	1,450,274	CA State HFA Residential Mortgage
		Rev, Ser A, 2.900%, 2/1/42		1,461,398

		Florida — 0.7%
	1,372,407	FL State HFC Rev, Homeownership
		Mortgage Special Project,
		2.800%, 7/1/41		1,353,399

Touchstone Total Return Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Municipal Bonds — 3.5% (Continued)

		Missouri — 0.7%
$	1,340,000	MO State Housing Development
		Commission, Special
		Homeownership Loan Program, Ser
		C, 2.650%, 11/1/40	$	1,308,644

		Texas — 0.6%
	1,195,000	TX State Dept of Housing, Ser A,
		2.800%, 3/1/36		1,190,794

		Virginia — 0.7%
	1,296,465	VA State Housing Development
		Authority, Pass Thru Ser C,
		2.750%, 4/25/42		1,287,013
		Total Municipal Bonds	$	6,601,248

		U.S. Government Agency Obligations — 28.7%
	44,791	Astro Offshore Corp.,
		6.000%, 12/20/19		47,813
	354,000	Canal Barge Co., Inc., 4.500%, 11/12/34		402,093
	2,439	Ecuador Government AID Bond,
		7.050%, 5/1/15		2,450
	621,260	EJM Airport LLC, 6.271%, 5/15/20		703,873
	2,000,000	Fishers Lane Associates LLC, 144a,
		3.666%, 8/5/30		2,071,796
	1,505,000	Israel Government AID Bond,
		5.500%, 9/18/33		2,079,871
	208,000	Matson Navigation Co., Inc.,
		5.337%, 9/4/28		239,089
	1,705,500	Petroleos Mexicanos (Mexico),
		2.290%, 2/15/24		1,732,235
	20,347	Small Business Administration
		Participation Certificates,
		6.150%, 2/1/18		21,135
	37,294	Small Business Administration
		Participation Certificates, Ser
		2001-20A, Class 1, 6.290%, 1/1/21		40,179
	86,945	Small Business Administration
		Participation Certificates, Ser
		2001-20K, Class 1, 5.340%, 11/1/21		93,480
	218,745	Small Business Administration
		Participation Certificates, Ser
		2002-20H, Class 1, 5.310%, 8/1/22		235,731
	222,901	Small Business Administration
		Participation Certificates, Ser
		2003-20B, Class 1, 4.840%, 2/1/23		239,830
	78,659	Small Business Administration
		Participation Certificates, Ser
		2003-20D, Class 1, 4.760%, 4/1/23		84,608
	55,204	Small Business Administration
		Participation Certificates, Ser
		2004-20D, Class 1, 4.770%, 4/1/24		58,792
	496,999	Small Business Administration
		Participation Certificates, Ser
		2004-20K, Class 1, 4.880%, 11/1/24		537,452
	13,741	Small Business Administration
		Participation Certificates, Ser
		2005-10E, Class 1, 4.540%, 9/1/15		13,902
	284,194	Small Business Administration
		Participation Certificates, Ser
		2005-20B, Class 1, 4.625%, 2/1/25		303,263
	265,722	Small Business Administration
		Participation Certificates, Ser
		2005-20H, Class 1, 5.110%, 8/1/25		289,365
	1,309,470	Small Business Administration
		Participation Certificates, Ser
		2006-20B, Class 1, 5.350%, 2/1/26		1,425,243
	469,620	Small Business Administration
		Participation Certificates, Ser
		2006-20H, Class 1, 5.700%, 8/1/26		524,882
	1,179,731	Small Business Administration
		Participation Certificates, Ser
		2006-20K, Class 1, 5.360%, 11/1/26		1,286,903
	889,544	Small Business Administration
		Participation Certificates, Ser
		2006-20L, Class 1, 5.120%, 12/1/26		970,895
	1,010,438	Small Business Administration
		Participation Certificates, Ser
		2007-20A, Class 1, 5.320%, 1/1/27		1,123,360
	1,318,312	Small Business Administration
		Participation Certificates, Ser
		2007-20E, Class 1, 5.310%, 5/1/27		1,466,224
	514,294	Small Business Administration
		Participation Certificates, Ser
		2007-20F, Class 1, 5.710%, 6/1/27		580,479
	1,216,445	Small Business Administration
		Participation Certificates, Ser
		2007-20L, Class 1, 5.290%, 12/1/27		1,353,041
	797,154	Small Business Administration
		Participation Certificates, Ser
		2008-20A, Class 1, 5.170%, 1/1/28		887,773
	944,379	Small Business Administration
		Participation Certificates, Ser
		2008-20K, Class 1, 6.770%, 11/1/28		1,088,770
	1,194,635	Small Business Administration
		Participation Certificates, Ser
		2009-20B, Class 1, 4.760%, 2/1/29		1,325,107
	1,209,912	Small Business Administration
		Participation Certificates, Ser
		2009-20C, Class 1, 4.660%, 3/1/29		1,341,687
	279,418	Small Business Administration
		Participation Certificates, Ser
		2009-20D, Class 1, 4.310%, 4/1/29		305,117
	1,336,518	Small Business Administration
		Participation Certificates, Ser
		2009-20E, Class 1, 4.430%, 5/1/29		1,470,936

Touchstone Total Return Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		U.S. Government Agency Obligations — 28.7% (Continued)
$	901,014	Small Business Administration
		Participation Certificates, Ser
		2009-20F, Class 1, 4.950%, 6/1/29	$	1,018,324
	1,370,628	Small Business Administration
		Participation Certificates, Ser
		2009-20J, Class 1, 3.920%, 10/1/29		1,460,922
	1,254,216	Small Business Administration
		Participation Certificates, Ser
		2010-20F, Class 1, 3.880%, 6/1/30		1,343,638
	1,971,755	Small Business Administration
		Participation Certificates, Ser
		2010-20I, Class 1, 3.210%, 9/1/30		2,053,530
	1,473,184	Small Business Administration
		Participation Certificates, Ser
		2012-10C, Class 1, 1.240%, 5/1/22		1,454,272
	2,206,336	Small Business Administration
		Participation Certificates, Ser
		2013-20C, Class 1, 2.220%, 3/1/33		2,183,768
	2,509,211	Small Business Administration
		Participation Certificates, Ser
		2013-20E, Class 1, 2.070%, 5/1/33		2,470,483
	2,688,875	Small Business Administration
		Participation Certificates, Ser
		2013-20G, Class 1, 3.150%, 7/1/33		2,810,665
	3,020,879	Small Business Administration
		Participation Certificates, Ser
		2014-20H, Class 1, 2.880%, 8/1/34		3,097,328
	2,552,000	Small Business Administration
		Participation Certificates, Ser
		2014-20K, Class 1, 2.800%, 11/1/34		2,601,577
	125,364	Sterling Equipment, 6.125%, 9/28/19		139,535
	1,700,033	Tagua Leasing LLC, 1.581%, 11/16/24		1,666,898
	1,650,000	Tennessee Valley Authority,
		4.650%, 6/15/35		1,982,254
	1,056,000	Totem Ocean Trailer Express, Inc.,
		6.365%, 4/15/28		1,236,080
	1,549,000	Vessel Management Services, Inc.,
		5.125%, 4/16/35		1,824,677
	1,825,000	Vessel Management Services, Inc.,
		6.080%, 5/20/24		2,098,814
		Total U.S. Government Agency Obligations	$	53,790,139

			Market
Shares			Value

		Investment Fund — 3.6%
	6,749,744	Touchstone Institutional Money
		Market Fund, 0.01%^^∞Ω	$	6,749,744

		Total Investment Securities —98.8%
		(Cost $180,745,384)	$	185,005,928

		Other Assets in Excess of Liabilities — 1.2%		2,309,135

		Net Assets — 100.0%	$	187,315,063

#	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.

^(A)	Variable rate security - Rate reflected is the rate in effect as of March 31, 2015.

^	Affiliated Fund. See Note 4 in Notes to Financial Statements.

^∞	Open-End Fund.

^Ω	Represents the 7-day SEC yield as of March 31, 2015.

Portfolio Abbreviations:

AID - Agency for International Development

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FREMF - Finnish Real Estate Management Federation

GNMA - Government National Mortgage Association

HFA - Housing Finance Authority/Agency

HFC - Housing Finance Corporation

LLC - Limited Liability Company

MTN - Medium Term Note

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 March 31, 2015, these securities were valued at $10,898,991 or 5.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone Total Return Bond Fund (Unaudited) (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Corporate Bonds

—

52,405,417

—

52,405,417

Asset-Backed Securities

—

4,830,540

—

4,830,540

U.S. Government Mortgage-Backed Obligations

—

33,892,147

—

33,892,147

Agency Collateralized Mortgage Obligations

—

9,784,700

—

9,784,700

U.S. Treasury Obligations

—

5,979,574

—

5,979,574

Commercial Mortgage-Backed Securities

—

10,972,419

—

10,972,419

Municipal Bonds

—

6,601,248

—

6,601,248

U.S. Government Agency Obligations

—

53,790,139

—

53,790,139

Investment Fund

6,749,744

—

6,749,744

185,005,928

See accompanying Notes to Financial Statements.

Portfolio of Investments

Touchstone Ultra Short Duration Fixed Income Fund – March 31, 2015 (Unaudited)

Principal			Market
Amount			Value

		Corporate Bonds — 21.2%

		Financials — 6.5%
$	1,700,000	Bank of America Corp.,
		1.500%, 10/9/15	$	1,707,216
	4,800,000	Credit Suisse/New York (Switzerland)
		MTN, 0.751%, 5/26/17^(A)		4,798,675
	3,603,000	DBS Bank Ltd.(Singapore), 144a,
		0.863%, 7/15/21^(A)		3,566,970
	2,300,000	HSBC Finance Corp., 5.000%, 6/30/15		2,324,589
	1,000,000	ING Bank NV (Netherlands), 144a,
		5.125%, 5/1/15		1,002,999
	9,500,000	JPMorgan Chase & Co.,
		2.600%, 1/15/16		9,631,176
	7,200,000	Kayne Anderson MLP Investment Co.,
		1.519%, 8/19/16^(A)		7,195,054
	555,000	KeyBank NA/Cleveland OH,
		7.413%, 5/6/15		556,300
	1,000,000	Morgan Stanley, 5.375%, 10/15/15		1,024,449
	3,670,000	Platinum Underwriters Finance, Inc.,
		7.500%, 6/1/17		4,086,582
	315,000	Prudential Covered Trust, 144a,
		2.997%, 9/30/15		318,122
	790,000	Prudential Financial, Inc. MTN,
		4.750%, 9/17/15		804,098
	1,475,000	Security Benefit Life Insurance Co.,
		144a, 8.750%, 5/15/16		1,576,129
	775,000	SunTrust Bank/Atlanta GA,
		0.555%, 4/1/15^(A)		774,999
	72,736	WHC-IRS Trust, 6.980%, 5/15/15		73,162
				39,440,520

		Energy — 3.2%
	2,800,000	Buckeye Partners LP, 2.650%, 11/15/18		2,798,970
	4,300,000	Continental Resources, Inc./OK,
		7.125%, 4/1/21		4,498,875
	8,780,000	Florida Gas Transmission Co. LLC,
		144a, 4.000%, 7/15/15		8,851,338
	3,176,000	Plains Exploration & Production Co.,
		6.625%, 5/1/21		3,350,680
				19,499,863

		Materials — 2.9%
	1,900,000	Glencore Canada Corp. (Canada),
		6.000%, 10/15/15		1,948,463
	4,500,000	Glencore Finance Canada Ltd.
		(Canada), 144a, 2.050%, 10/23/15		4,518,900
	4,800,000	Glencore Finance Canada Ltd.
		(Canada), 144a, 5.800%, 11/15/16		5,108,304
	3,300,000	Rio Tinto Finance USA PLC (United
		Kingdom), 1.111%, 6/17/16^(A)		3,307,428
	2,600,000	Vale Overseas Ltd. (Cayman Islands),
		6.250%, 1/11/16		2,688,166
				17,571,261

		Consumer Discretionary — 2.8%
	5,675,000	Daimler Finance North America LLC,
		144a, 1.650%, 4/10/15		5,675,636
	5,150,000	Ford Motor Credit Co. LLC,
		1.506%, 5/9/16^(A)		5,186,354
	700,000	Ford Motor Credit Co. LLC,
		4.207%, 4/15/16		720,009
	2,600,000	Hyundai Capital America, 144a,
		1.625%, 10/2/15		2,611,440
	2,500,000	Hyundai Capital Services, Inc. (Korea),
		144a, 6.000%, 5/5/15		2,509,538
				16,702,977

		Health Care — 2.1%
	4,800,000	Amgen, Inc., 0.642%, 5/22/17^(A)		4,799,731
	2,800,000	Bayer US Finance LLC, 144a,
		0.504%, 10/7/16^(A)		2,800,832
	1,782,000	Mylan, Inc. PA, 144a, 7.875%, 7/15/20		1,882,703
	3,200,000	Ventas Realty LP REIT, 1.550%, 9/26/16		3,221,245
				12,704,511

		Industrials — 1.7%
	1,145,000	Brambles USA, Inc., 144a,
		3.950%, 4/1/15		1,145,000
	500,000	Dollar General Corp., 1.875%, 4/15/18		494,635
	1,942,000	Dun & Bradstreet Corp. (The),
		3.250%, 12/1/17		1,986,200
	5,160,000	Embraer Overseas Ltd. (Cayman Islands), 6.375%, 1/24/17		5,505,720
	1,000,000	L-3 Communications Corp.,
		1.500%, 5/28/17		993,733
	33,760	Petrodrill Five Ltd. (Virgin Islands),
		4.390%, 4/15/16		34,373
	29,180	Petrodrill Four Ltd. (Virgin Islands),
		4.240%, 1/15/16		29,594
				10,189,255

		Telecommunication Services — 1.4%
	5,500,000	America Movil SAB DE CV (Mexico),
		2.375%, 9/8/16		5,590,145
	2,334,000	AT&T, Inc., 2.500%, 8/15/15		2,349,719
	42,310	BellSouth Telecommunications, Inc.,
		6.300%, 12/15/15		43,165
	600,000	Crown Castle Towers LLC, 144a,
		5.495%, 1/15/17		629,284
				8,612,313

		Consumer Staples — 0.4%
	2,580,000	Bunge Ltd. Finance Corp.,
		5.100%, 7/15/15		2,610,116

		Utilities — 0.2%
	900,000	Southwestern Electric Power Co.,
		5.375%, 4/15/15		901,028
		Total Corporate Bonds	$	128,231,844

		Asset-Backed Securities — 36.4%
	4,500,000	ACA CLO 2006-2 Ltd., Ser 2006-2A,
		Class A2, 144a, 0.677%, 1/20/21^(A)		4,458,542

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Asset-Backed Securities — 36.4% (Continued)
$	6,000,000	Ally Auto Receivables Trust, Ser
		2012-1, Class B, 144a,
		1.840%, 11/15/16	$	6,009,276
	2,200,000	Ally Auto Receivables Trust, Ser
		2012-2, Class C, 144a,
		2.260%, 7/16/18		2,210,701
	2,222,057	Ally Auto Receivables Trust, Ser
		2013-SN1, Class A3,
		0.720%, 5/20/16		2,222,521
	239,652	American Credit Acceptance
		Receivables Trust, Ser 2012-3, Class
		A, 144a, 1.640%, 11/15/16		239,674
	611,369	AmeriCredit Automobile Receivables,
		Ser 2011-2, Class C,
		3.190%, 10/12/16		612,126
	197,974	AmeriCredit Automobile Receivables
		Trust, Ser 2010-3, Class C,
		3.340%, 4/8/16		198,065
	615,767	AmeriCredit Automobile Receivables
		Trust, Ser 2011-1, Class C,
		2.850%, 8/8/16		616,005
	9,550,000	AmeriCredit Automobile Receivables
		Trust, Ser 2011-1, Class E,
		6.230%, 7/9/18		9,664,199
	1,640,000	AmeriCredit Automobile Receivables
		Trust, Ser 2011-2, Class D,
		4.000%, 5/8/17		1,652,976
	7,600,000	AmeriCredit Automobile Receivables
		Trust, Ser 2011-2, Class E, 144a,
		5.480%, 9/10/18		7,684,033
	5,550,000	AmeriCredit Automobile Receivables
		Trust, Ser 2011-3, Class E, 144a,
		5.760%, 12/10/18		5,698,557
	3,000,000	AmeriCredit Automobile Receivables
		Trust, Ser 2011-5, Class C,
		3.440%, 10/8/17		3,032,721
	59,705	AmeriCredit Automobile Receivables
		Trust, Ser 2012-1, Class B,
		1.730%, 2/8/17		59,733
	964,775	AmeriCredit Automobile Receivables
		Trust, Ser 2012-2, Class B,
		1.780%, 3/8/17		965,996
	12,575	AmeriCredit Automobile Receivables
		Trust, Ser 2012-3, Class A3,
		0.960%, 1/9/17		12,575
	1,325,000	AmeriCredit Automobile Receivables
		Trust, Ser 2012-3, Class B,
		1.590%, 7/10/17		1,328,403
	200,545	AmeriCredit Automobile Receivables
		Trust, Ser 2012-4, Class A3,
		0.670%, 6/8/17		200,544
	73,446	Ascentium Equipment Receivables
		LLC, Ser 2012-1A, Class A, 144a,
		1.830%, 9/15/19		73,471
	4,376,013	Ascentium Equipment Receivables
		LLC, Ser 2014-1A, Class A2, 144a,
		1.040%, 1/10/17		4,373,576
	4,750,000	Ascentium Equipment Receivables
		LLC, Ser 2015-1A, Class A2, 144a,
		1.150%, 7/10/17		4,754,498
	1,965,969	AXIS Equipment Finance Receivables
		II LLC, Ser 2013-1A, Class A, 144a,
		1.750%, 3/20/17		1,965,912
	5,658,617	Bayview Financial Acquisition Trust,
		Ser 2004-D, Class M1,
		0.808%, 8/28/44^(A)		5,638,851
	972,969	California Republic Auto Receivables
		Trust, Ser 2012-1, Class A, 144a,
		1.180%, 8/15/17		974,559
	585,000	Capital Auto Receivables Asset Trust,
		Ser 2013-1, Class A3,
		0.790%, 6/20/17		585,232
	19,192	CarMax Auto Owner Trust, Ser 2012-1,
		Class A3, 0.890%, 9/15/16		19,197
	2,012,262	Carnow Auto Receivables Trust, Ser
		2014-1A, Class A, 144a,
		0.960%, 1/17/17		2,009,781
	2,658,205	CFC 2012-1 LLC, Ser 2014-1A, Class A,
		144a, 1.460%, 12/17/18		2,654,032
	487,313	CFC 2013-1 LLC, Ser 2013-1A, Class A,
		144a, 1.650%, 7/17/17		487,581
	3,846,999	CFC 2013-2 LLC, Ser 2013-2A, Class A,
		144a, 1.750%, 11/15/17		3,853,570
	58,885	College & University Facility Loan
		Trust, Ser 2 Class D, 4.000%, 6/1/18		59,425
	577,307	Countrywide Asset-Backed
		Certificates, Ser 2005-6, Class M1,
		0.664%, 12/25/35^(A)		576,105
	2,300,000	Dell Equipment Finance Trust, Ser
		2014-1, Class B, 144a,
		1.360%, 6/22/20		2,301,976
	6,001,718	Direct Capital Funding V LLC, Ser
		2013-2, Class A2, 144a,
		1.730%, 8/20/18		6,010,871
	2,123,354	Elara HGV Timeshare Issuer 2014-A
		LLC, Ser 2014-A, Class A, 144a,
		2.530%, 2/25/27		2,119,131
	1,475,715	Exeter Automobile Receivables Trust,
		Ser 2013-1A, Class A, 144a,
		1.290%, 10/16/17		1,478,046
	851,561	Exeter Automobile Receivables Trust,
		Ser 2013-2A, Class A, 144a,
		1.490%, 11/15/17		853,110
	2,155,492	Exeter Automobile Receivables Trust,
		Ser 2014-2A, Class A, 144a,
		1.060%, 8/15/18		2,150,071
	6,650,000	Exeter Automobile Receivables Trust,
		Ser 2015-1A, Class A, 144a,
		1.600%, 6/17/19		6,653,631

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Asset-Backed Securities — 36.4% (Continued)
$	1,388,490	First Investors Auto Owner Trust, Ser
		2013-3A, Class A2, 144a,
		0.890%, 9/15/17	$	1,388,538
	319,865	Great America Leasing Receivables,
		Ser 2013-1, Class A3, 144a,
		0.780%, 6/15/16		319,968
	3,810,000	Great America Leasing Receivables
		LLC, Ser 2012-1, Class B, 144a,
		2.300%, 4/17/17		3,840,404
	5,411,828	Gulf Stream - Sextant Clo 2007-1X,
		Class A1A Ltd. Reg S Global Senior
		Notes, 0.468%, 6/17/21		5,385,830
	134,260	Harley-Davidson Motorcycle Trust, Ser
		2011-1, Class A4, 1.310%, 3/15/17		134,447
	1,051,533	Jersey Street CLO Ltd., Ser 2006-1A,
		Class A, 144a, 0.507%, 10/20/18^(A)		1,050,387
	1,679,686	Madison Avenue Manufactured
		Housing Contract, Ser 2002-A, Class
		M2, 2.424%, 3/25/32^(A)		1,679,646
	2,495,385	Marriott Vacation Club Owner Trust,
		Ser 2009-2A, Class A, 144a,
		4.809%, 7/20/31		2,499,830
	2,719,533	Mayport CLO Ltd., Ser 2006-1A, Class
		A2L, 144a, 0.622%, 2/22/20^(A)		2,709,092
	167,568	MMAF Equipment Finance LLC, Ser
		2009-AA, Class A4, 144a,
		3.510%, 1/15/30		169,414
	1,872,730	Navitas Equipment Receivables LLC,
		Ser 2013-1, Class A, 144a,
		1.950%, 11/15/16		1,872,666
	4,931,484	Orange Lake Timeshare Trust, Ser
		2012-AA, Class A, 144a,
		3.450%, 3/10/27		5,074,817
	573,406	RAMP Trust, Ser 2003-RZ3, Class A6,
		3.900%, 3/25/33^(B)		584,569
	605,505	Santander Drive Auto Receivables
		Trust, Ser 2011-3, Class C,
		3.090%, 5/15/17		607,413
	6,008,824	Santander Drive Auto Receivables
		Trust, Ser 2012-1, Class C,
		3.780%, 11/15/17		6,061,744
	527,988	Santander Drive Auto Receivables
		Trust, Ser 2012-3, Class B,
		1.940%, 12/15/16		528,197
	5,010,000	Santander Drive Auto Receivables
		Trust, Ser 2012-3, Class C,
		3.010%, 4/16/18		5,056,984
	1,571,863	Santander Drive Auto Receivables
		Trust, Ser 2012-4, Class B,
		1.830%, 3/15/17		1,573,472
	2,666,366	Santander Drive Auto Receivables
		Trust, Ser 2012-5, Class B,
		1.560%, 8/15/18		2,670,749
	3,213,934	Santander Drive Auto Receivables
		Trust, Ser 2012-6, Class B,
		1.330%, 5/15/17		3,215,583
	5,700,000	Santander Drive Auto Receivables
		Trust, Ser 2012-AA, Class B, 144a,
		1.210%, 10/16/17		5,704,053
	1,345,000	Santander Drive Auto Receivables
		Trust, Ser 2012-AA, Class C, 144a,
		1.780%, 11/15/18		1,349,636
	638,542	Sierra Timeshare Receivables Funding
		LLC, Ser 2011-1A, Class A, 144a,
		3.350%, 4/20/26		650,882
	2,301,527	Sierra Timeshare Receivables Funding
		LLC, Ser 2011-2A, Class A, 144a,
		3.260%, 5/20/28		2,340,775
	2,459,123	Sierra Timeshare Receivables Funding
		LLC, Ser 2011-3A, Class A, 144a,
		3.370%, 7/20/28		2,515,253
	1,286,732	Sierra Timeshare Receivables Funding
		LLC, Ser 2012-1A, Class A, 144a,
		2.840%, 11/20/28		1,306,875
	5,824,542	Sierra Timeshare Receivables Funding
		LLC, Ser 2012-3A, Class A, 144a,
		1.870%, 8/20/29		5,838,189
	2,130,536	Sierra Timeshare Receivables Funding
		LLC, Ser 2013-1A, Class A, 144a,
		1.590%, 11/20/29		2,127,939
	5,082,698	Sierra Timeshare Receivables Funding
		LLC, Ser 2014-3A, Class A, 144a,
		2.300%, 10/20/31		5,130,211
	1,423,566	SNAAC Auto Receivables Trust, Ser
		2012-1A, Class C, 144a,
		4.380%, 6/15/17		1,425,479
	4,980,505	SpringCastle America Funding LLC,
		Ser 2014-AA, Class A, 144a,
		2.700%, 5/25/23		4,993,324
	4,338,234	Structured Asset Investment Loan
		Trust, Ser 2005-5, Class M1,
		0.804%, 6/25/35^(A)		4,340,698
	1,894,268	Tidewater Auto Receivables Trust, Ser
		2014-AA, Class A2, 144a,
		0.960%, 7/15/17		1,893,934
	2,300,000	United Auto Credit Securitization
		Trust, Ser 2013-1, Class D, 144a,
		2.900%, 12/15/17		2,309,384
	4,760,000	United Auto Credit Securitization
		Trust, Ser 2015-1, Class A, 144a,
		1.160%, 2/15/17		4,759,524
	4,500,000	Venture V CDO Ltd., Ser 2005-1A, Class
		A2, 144a, 0.712%, 11/22/18^(A)		4,483,372
	129,339	Volkswagen Auto Loan Enhanced
		Trust, Ser 2012-1, Class A3,
		0.850%, 8/22/16		129,435
	52,398	Volvo Financial Equipment LLC, Ser
		2012-1A, Class A4, 144a,
		1.090%, 8/15/17		52,412
	3,513,347	Welk Resorts LLC, Ser 2013-AA, Class
		A, 144a, 3.100%, 3/15/29		3,537,557
	4,603,135	Westgate Resorts, Ser 2015-1A, Class
		A, 144a, 2.750%, 5/20/27		4,601,889

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Asset-Backed Securities — 36.4% (Continued)
$	1,664,854	Westgate Resorts LLC, Ser 2012-2A,
		Class A, 144a, 3.000%, 1/20/25	$	1,669,349
	1,576,640	Westgate Resorts LLC, Ser 2012-3A,
		Class A, 144a, 2.500%, 3/20/25		1,577,744
	2,876,530	Westgate Resorts LLC, Ser 2012-3A,
		Class B, 144a, 4.500%, 3/20/25		2,894,077
	4,290,645	Westgate Resorts LLC, Ser 2013-1A,
		Class A, 144a, 2.250%, 8/20/25		4,279,060
	2,042,719	Westlake Automobile Receivables
		Trust, Ser 2013-1A, Class A2, 144a,
		1.120%, 1/15/18		2,043,687
	5,670,531	Westlake Automobile Receivables
		Trust, Ser 2014-1A, Class A2, 144a,
		0.700%, 5/15/17		5,666,993
		Total Asset-Backed Securities	$	220,504,754

		Commercial Mortgage-Backed Securities — 9.7%
	1,334,339	Banc of America Commercial
		Mortgage Trust, Ser 2007-2, Class
		A2, 5.597%, 4/10/49^(A)		1,334,889
	7,099,957	Banc of America Merrill Lynch
		Commercial Mortgage, Inc., Ser
		2004-2, Class F, 144a,
		4.992%, 11/10/38^(A)		7,218,320
	36,793	Banc of America Merrill Lynch
		Commercial Mortgage, Inc., Ser
		2006-4, Class A4, 5.634%, 7/10/46		38,153
	3,101,112	Bear Stearns Commercial Mortgage
		Securities, Ser 2005-PWR8, Class A4,
		4.674%, 6/11/41^††		3,103,422
	1,101,209	Bear Stearns Commercial Mortgage
		Securities Trust, Ser 2007-T28, Class
		AAB, 5.746%, 9/11/42^††		1,101,938
	6,693,000	COMM Mortgage Trust, Ser
		2014-SAVA, Class A, 144a,
		1.325%, 6/15/34^(A)		6,680,886
	9,821	Commercial Mortgage Trust, Ser
		2007-C2, Class A2,
		5.448%, 1/15/49^(A)		9,791
	1,631,768	DBUBS Mortgage Trust, Ser
		2011-LC2A, Class A1FL, 144a,
		1.528%, 7/12/44^(A)		1,657,640
	187,060	DBUBS Mortgage Trust, Ser
		2011-LC3A, Class A1,
		2.238%, 8/10/44		187,944
	62,584	FDIC Structured Sale Guaranteed
		Notes, Ser 2010-C1, Class A, 144a,
		2.980%, 12/6/20		64,256
	1,968,263	First Union Commercial Mortgage
		Trust, Ser 1999-C1, Class F, 144a,
		5.350%, 10/15/35		1,983,452
	3,140,000	GE Capital Commercial Mortgage
		Corp., Ser 2005-C2, Class C,
		5.133%, 5/10/43^(A)		3,138,116
	2,800,000	Hyatt Hotel Portfolio Trust, Ser
		2015-HYT, Class A, 144a,
		1.425%, 11/15/29^(A)		2,803,450
	1,481,997	JP Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2005-CB11, Class AJ,
		5.637%, 8/12/37^(A)		1,481,628
	5,227,373	JP Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2005-LDP3, Class A4A,
		4.936%, 8/15/42^(A)		5,243,254
	36,524	JP Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2007-CB19, Class A3,
		5.694%, 2/12/49^(A)		36,528
	3,050,000	JP Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2014-FBLU, Class B, 144a,
		1.672%, 12/15/28^(A)		3,051,873
	2,210,000	LB-UBS Commercial Mortgage Trust,
		Ser 2004-C7, Class H, 144a,
		4.866%, 10/15/36^(A)††		2,269,323
	114,586	Merrill Lynch Mortgage Investors
		Trust, Ser 1998-C1, Class A3,
		6.720%, 11/15/26^(A)		118,748
	2,544,948	Merrill Lynch Mortgage Trust, Ser
		2005-MCP1, Class A4,
		4.747%, 6/12/43^(A)		2,546,200
	547,295	Morgan Stanley Capital I Trust, Ser
		2004-IQ8, Class C,
		5.300%, 6/15/40^(A)		546,995
	4,273,640	Morgan Stanley Capital I Trust, Ser
		2005-T19, Class A4A,
		4.890%, 6/12/47		4,277,943
	903,860	Morgan Stanley Capital I Trust, Ser
		2007-HQ12, Class A2,
		5.671%, 4/12/49^(A)		902,823
	3,686,143	PFP III 2014-1 Ltd., Ser 2014-1, Class A,
		144a, 1.345%, 6/14/31^(A)		3,691,949
	221,637	Wachovia Bank Commercial Mortgage
		Trust, Ser 2005-C20, Class A7,
		5.118%, 7/15/42^(A)		222,100
	5,000,000	Wells Fargo Commercial Mortgage
		Trust, Ser 2014-TISH, Class B, 144a,
		1.522%, 2/15/27^(A)		4,972,310
		Total Commercial Mortgage-Backed Securities	$	58,683,931

		U.S. Government Mortgage-Backed Obligations — 8.3%
	312,209	FHLMC, Pool #1B1580,
		2.533%, 3/1/34^(A)		326,064
	202,381	FHLMC, Pool #1B2629,
		2.318%, 11/1/34^(A)		216,076
	685,060	FHLMC, Pool #1B7189,
		3.026%, 3/1/36^(A)		746,947

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		U.S. Government Mortgage-Backed Obligations — 8.3% (Continued)
$	219,604	FHLMC, Pool #1G1471,
		2.201%, 1/1/37^(A)	$	234,265
	1,058,980	FHLMC, Pool #1H1354,
		2.375%, 11/1/36^(A)		1,135,289
	143,026	FHLMC, Pool #1H2524,
		2.393%, 8/1/35^(A)		152,968
	597,652	FHLMC, Pool #1J1813,
		2.425%, 8/1/37^(A)		641,706
	549,427	FHLMC, Pool #1K1238,
		2.376%, 7/1/36^(A)		588,335
	283,977	FHLMC, Pool #1L0087,
		2.375%, 6/1/35^(A)		303,689
	539,702	FHLMC, Pool #1L0147,
		2.415%, 7/1/35^(A)		577,750
	390,936	FHLMC, Pool #1L1288,
		2.402%, 5/1/36^(A)		417,297
	364,867	FHLMC, Pool #1Q0080,
		2.187%, 1/1/36^(A)		388,281
	692,223	FHLMC, Pool #1Q0119,
		2.355%, 9/1/36^(A)		745,987
	1,595,204	FHLMC, Pool #1Q0187,
		2.272%, 12/1/36^(A)		1,695,979
	823,869	FHLMC, Pool #1Q0339,
		2.489%, 4/1/37^(A)		884,088
	265,174	FHLMC, Pool #1Q0669,
		2.272%, 11/1/37^(A)		282,595
	934,134	FHLMC, Pool #1Q1303,
		2.375%, 11/1/36^(A)		1,000,811
	1,086,428	FHLMC, Pool #781515,
		2.378%, 4/1/34^(A)		1,158,114
	415,560	FHLMC, Pool #782760,
		2.375%, 11/1/36^(A)		445,325
	372,029	FHLMC, Pool #847795,
		2.405%, 4/1/35^(A)		397,055
	251,944	FHLMC, Pool #848088,
		2.382%, 4/1/35^(A)		269,564
	916,460	FHLMC, Pool #848539,
		4.149%, 4/1/37^(A)		984,134
	2,103,613	FHLMC, Pool #848583,
		2.426%, 1/1/36^(A)		2,250,824
	29,939	FHLMC, Pool #A92646, 5.500%, 6/1/40		34,341
	29,046	FHLMC, Pool #C03505, 5.500%, 6/1/40		32,585
	74,820	FHLMC, Pool #C66916, 7.000%, 5/1/32		87,088
	21,650	FHLMC, Pool #D94598, 6.500%, 4/1/21		24,802
	98,126	FHLMC, Pool #G01840, 5.000%, 7/1/35		109,287
	4,536	FHLMC, Pool #G11072,
		7.500%, 12/1/15		4,568
	1,444,602	FHLMC, Pool #G11769,
		5.000%, 10/1/20		1,538,942
	915,085	FHLMC, Pool #G11773,
		5.000%, 10/1/20		974,886
	21,211	FHLMC, Pool #G30085,
		7.500%, 10/1/17		22,168
	514,252	FHLMC, Pool #J10895,
		4.000%, 10/1/19		543,300
	303,587	FNMA, Pool #254868, 5.000%, 9/1/33		339,007
	144,558	FNMA, Pool #256272, 5.500%, 6/1/26		162,667
	231,723	FNMA, Pool #256852, 6.000%, 8/1/27		263,906
	48,550	FNMA, Pool #323832, 7.500%, 7/1/29		57,824
	3,851	FNMA, Pool #334593, 7.000%, 5/1/24		4,324
	304,398	FNMA, Pool #555380,
		2.262%, 4/1/33^(A)		325,001
	4,839	FNMA, Pool #555646, 7.500%, 9/1/16		4,886
	104,407	FNMA, Pool #665773, 7.500%, 6/1/31		117,829
	168,417	FNMA, Pool #679742,
		2.788%, 1/1/40^(A)		174,836
	89,432	FNMA, Pool #681842,
		2.277%, 2/1/33^(A)		94,200
	306,474	FNMA, Pool #681898,
		2.256%, 4/1/33^(A)		328,969
	313,130	FNMA, Pool #725245,
		2.280%, 2/1/34^(A)		336,432
	334,178	FNMA, Pool #725424, 5.500%, 4/1/34		378,563
	1,948,805	FNMA, Pool #725490,
		2.165%, 4/1/34^(A)		2,077,156
	475,187	FNMA, Pool #735439, 6.000%, 9/1/19		496,155
	198,132	FNMA, Pool #735539,
		2.378%, 4/1/35^(A)		211,632
	129,266	FNMA, Pool #743207,
		2.117%, 10/1/33^(A)		136,879
	105,059	FNMA, Pool #745467,
		2.460%, 4/1/36^(A)		112,628
	183,426	FNMA, Pool #745790,
		2.194%, 8/1/36^(A)		195,768
	1,033,588	FNMA, Pool #761411, 4.500%, 5/1/19		1,085,199
	180,543	FNMA, Pool #784365,
		1.925%, 5/1/34^(A)		189,952
	357,736	FNMA, Pool #791978,
		1.892%, 9/1/34^(A)		373,667
	113,854	FNMA, Pool #804001,
		2.310%, 10/1/34^(A)		120,184
	112,511	FNMA, Pool #809897,
		2.284%, 3/1/35^(A)		120,297
	300,630	FNMA, Pool #813170,
		2.200%, 1/1/35^(A)		321,500
	359,715	FNMA, Pool #820364,
		1.590%, 4/1/35^(A)		379,372
	1,204,644	FNMA, Pool #827787,
		1.925%, 5/1/35^(A)		1,267,840
	139,119	FNMA, Pool #828480,
		2.355%, 6/1/35^(A)		148,095
	268,008	FNMA, Pool #839239,
		2.260%, 9/1/35^(A)		282,915
	197,672	FNMA, Pool #888179,
		2.379%, 2/1/37^(A)		212,770
	116,606	FNMA, Pool #888548,
		2.354%, 5/1/35^(A)		124,652
	213,147	FNMA, Pool #889060, 6.000%, 1/1/38		245,792
	205,069	FNMA, Pool #889061, 6.000%, 1/1/38		237,555
	13,007	FNMA, Pool #889382, 5.500%, 4/1/38		14,901

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		U.S. Government Mortgage-Backed Obligations — 8.3% (Continued)
$	695,922	FNMA, Pool #922674,
		2.474%, 4/1/36^(A)	$	741,974
	655,613	FNMA, Pool #931676, 5.500%, 1/1/19		689,160
	234,266	FNMA, Pool #950385,
		1.331%, 8/1/37^(A)		240,291
	128,053	FNMA, Pool #960376, 5.500%, 12/1/37		144,094
	142,437	FNMA, Pool #995284, 5.500%, 3/1/20		149,726
	1,181,208	FNMA, Pool #AA1150, 4.000%, 4/1/23		1,248,085
	16,911	FNMA, Pool #AD0941, 5.500%, 4/1/40		19,458
	150,223	FNMA, Pool #AE0363, 5.000%, 7/1/37		167,874
	856,334	FNMA, Pool #AE0727, 4.000%, 10/1/20		904,818
	246,114	FNMA, Pool #AE5441, 5.000%, 10/1/40		276,434
	340,094	FNMA, Pool #AI6588, 4.000%, 7/1/26		362,542
	310,626	FNMA, Pool #AI8506, 4.000%, 8/1/26		331,086
	329,105	FNMA, Pool #AL0211, 5.000%, 4/1/41		369,650
	64,457	FNMA, Pool #AL0302, 5.000%, 4/1/24		70,364
	1,871,875	FNMA, Pool #AL0478,
		2.336%, 4/1/36^(A)		1,995,813
	562,541	FNMA, Pool #AL0543, 5.000%, 7/1/41		628,238
	329,562	FNMA, Pool #AL1105, 4.500%, 12/1/40		364,419
	194,925	FNMA, Pool #AL2591, 5.500%, 5/1/38		213,346
	24,593	GNMA, Pool #344233, 8.000%, 2/15/23		27,332
	74,361	GNMA, Pool #345123,
		8.000%, 12/15/23		83,181
	8,817	GNMA, Pool #569337, 6.500%, 4/15/22		10,093
	10,161	GNMA, Pool #578189, 6.000%, 2/15/32		11,568
	25,322	GNMA, Pool #780322,
		8.000%, 11/15/22		29,166
	3,718	GNMA, Pool #780327,
		8.000%, 11/15/17		3,917
	782,741	GNMA, Pool #80826,
		1.625%, 2/20/34^(A)		811,728
	427,591	GNMA, Pool #80889,
		1.625%, 4/20/34^(A)		443,034
	659,286	GNMA, Pool #81016,
		1.625%, 8/20/34^(A)		682,232
	11,881	GNMA, Pool #814, 8.000%, 8/20/17		12,325
	4,583	GNMA, Pool #8426,
		3.000%, 11/20/18^(A)		4,711
	126,554	GNMA, Pool #894160,
		2.051%, 6/20/61^(A)		133,416
	2,015,098	GNMA, Pool #MA2392,
		2.000%, 11/20/44^(A)		2,057,943
	6,614,255	GNMA, Pool #MA2466,
		2.000%, 12/20/44^(A)		6,755,083
		Total U.S. Government Mortgage-Backed Obligations	$	50,141,564

		Non-Agency Collateralized Mortgage Obligations — 4.9%
	5,230,368	American Credit Acceptance
		Receivables Trust 2014-4, Ser
		2014-4, Class A, 144a,
		1.330%, 7/10/18		5,235,593
	3,587,458	Bear Stearns ARM Trust, Ser 2003-1,
		Class 5A1, 2.249%, 4/25/33^(A)††		3,587,608
	492,644	Bear Stearns ARM Trust, Ser 2004-1,
		Class 13A3, 2.610%, 4/25/34^(A)††		475,403
	363,909	Bear Stearns Asset Backed Securities
		Trust, Ser 2003-AC7, Class A2,
		5.750%, 1/25/34^(B)††		379,176
	157,069	Community Program Loan Trust, Ser
		1987-A, Class A5, 4.500%, 4/1/29		158,346
	146,601	FDIC Structured Sale Guaranteed
		Notes, Ser 2010-S3, Class A, 144a,
		2.740%, 12/3/20		149,392
	291,538	JP Morgan Mortgage Trust, Ser
		2006-A4, Class 2A2,
		2.348%, 6/25/36^(A)		265,415
	25,848	Merrill Lynch Mortgage Investors
		Trust, Ser 2003-A1, Class 2A,
		2.245%, 12/25/32^(A)		25,684
	500,221	Merrill Lynch Mortgage Investors
		Trust, Ser 2004-1, Class 1A,
		2.132%, 12/25/34^(A)		494,075
	4,193,206	People's Choice Home Loan Securities
		Trust Series 2005-1, Ser 2005-1,
		Class M3, 1.044%, 1/25/35^(A)		4,195,794
	193,452	RALI Trust, Ser 2003-QS10, Class A7,
		5.500%, 5/25/33		198,196
	1,341,262	RFMSI Trust, Ser 2007-SA1, Class 1A1,
		2.998%, 2/25/37^(A)		1,156,946
	10,573,265	Springleaf Mortgage Loan Trust, Ser
		2012-2A, Class A, 144a,
		2.220%, 10/25/57^(A)		10,605,947
	1,669,775	Springleaf Mortgage Loan Trust, Ser
		2012-3A, Class A, 144a,
		1.570%, 12/25/59^(A)		1,673,932
	291,790	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-G, Class
		A1, 2.490%, 6/25/33^(A)		294,303
	783,553	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-M, Class
		A1, 2.615%, 12/25/33^(A)		784,556
		Total Non-Agency Collateralized Mortgage Obligations	$	29,680,366

		Municipal Bonds — 2.5%

		Connecticut — 0.1%
	425,000	State of Connecticut, Ser A, UTGO,
		0.940%, 5/15/18^(A)		429,229

		Louisiana — 0.0%
	163,462	LA St Local Govt Envrnm Facs &
		Cmnty Dev Auth, Tranches A-1, A-2,
		1.520%, 2/1/18		164,000

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Municipal Bonds — 2.5% (Continued)

		Massachusetts — 0.2%
$	1,000,000	MA St Dev Fin Agy R, Waste
		Management Inc Proj Ser B, 2.125%,
		12/1/29^(A)	$	1,011,169

		New Jersey — 0.3%
	2,100,000	NJ St Econ Dev Auth Rev, Sch Facs
		Constr, Ser E, 1.720%, 2/1/16^(A)		2,107,938

		New Mexico — 0.0%
	85,000	NM St Edl Assistan, Libor Fltg Ser A 2,
		0.912%, 12/1/28^(A)		85,028

		New York — 0.7%
	4,050,000	Brookhaven NY IDA, Variable
		Intercounty Asso, (LOC: Capital One
		NA), 0.370%, 1/1/25^(A)		4,050,000

		Ohio — 0.5%
	885,000	Akron OH COP, Muni Baseball
		Stadium, 1.300%, 12/1/15		887,009
	1,540,000	Akron OH COP, Muni Baseball
		Stadium, 1.750%, 12/1/16		1,551,026
	870,000	Medina Co OH IDR, Mack Inds Proj,
		(LOC: JP Morgan Chase Bank NA),
		0.190%, 7/1/16^(A)		869,999
				3,308,034

		Pennsylvania — 0.4%
	2,500,000	PA St Econ Dev Fing, Waste Mgmt Proj,
		1.750%, 12/1/33^(A)		2,522,075

		Texas — 0.3%
	1,500,000	TX St Muni Gas Acquisition, 5.000%,
		12/15/15		1,546,350
		Total Municipal Bonds	$	15,223,823

		Commercial Paper — 7.3%
	10,000,000	Canadian Natural Resources		9,998,071
	6,525,000	Crane CO		6,524,958
	10,000,000	KCP&L Greater Missouri		9,999,936
	10,000,000	Oneok Partners LP		9,999,936
	8,000,000	South Carolina Electric & Gas		7,999,540
		Total Commercial Paper	$	44,522,441

		Agency Collateralized Mortgage Obligations — 1.5%
	77,910	FHLMC REMIC, Ser 2510 Class TA,
		4.000%, 6/15/32		81,292
	688,496	FHLMC REMIC, Ser 2770 Class FH,
		0.575%, 3/15/34^(A)		691,998
	30,010	FHLMC REMIC, Ser 2778 Class BR,
		5.000%, 6/15/33		30,025
	317,247	FHLMC REMIC, Ser 3414 Class MB,
		4.250%, 12/15/19		329,911
	87,104,986	FHLMC REMIC, Ser K003 Class AX1,
		0.460%, 5/25/19^(A)(C)		1,626,163
	61,670	FNMA, 5.000%, 5/1/35		68,692
	236,999	FNMA REMIC, Ser 2003-106, Class WE,
		4.500%, 11/25/22		237,372
	431,186	FNMA REMIC, Ser 2003-119, Class PU,
		4.000%, 11/25/33		445,958
	22,041	FNMA REMIC, Ser 2003-19, Class ME,
		4.000%, 1/25/33		22,279
	137,422	FNMA REMIC, Ser 2003-33, Class AM,
		4.250%, 5/25/33		148,591
	128,664	FNMA REMIC, Ser 2003-42, Class CA,
		4.000%, 5/25/33		135,755
	10,403	FNMA REMIC, Ser 2003-66, Class AP,
		3.500%, 11/25/32		10,536
	590,617	FNMA REMIC, Ser 2003-81, Class FE,
		0.674%, 9/25/33^(A)		596,027
	303,078	FNMA REMIC, Ser 2008-35, Class IO,
		4.500%, 4/25/23^(C)		12,414
	3,959	FNMA REMIC, Ser 2009-80, Class EJ,
		4.500%, 3/25/27		3,957
	287,329	FNMA REMIC, Ser 2010-13, Class WD,
		4.250%, 3/25/25		300,008
	189,066	FNMA REMIC, Ser 2010-54, Class NA,
		4.500%, 10/25/39		196,403
	307,174	FNMA REMIC, Ser 2011-52, Class AH,
		2.750%, 10/25/18		313,545
	582,616	FNMA REMIC, Ser 2012-102, Class NA,
		1.500%, 9/25/27		578,014
	142,031	FNMA REMIC Trust, Ser 2001-W4, Class
		AF5, 6.114%, 2/25/32^(B)		170,234
	216,894	GNMA, Ser 2002-72, Class AB,
		4.500%, 10/20/32		234,935
	321,119	GNMA, Ser 2011-161, Class A,
		1.738%, 1/16/34		320,778
	217,604	GNMA, Ser 2011-57, Class BA,
		3.000%, 5/20/40		224,767
	374,672	GNMA, Ser 2011-78, Class AB,
		2.450%, 2/16/39		378,542
	10,820,989	GNMA, Ser 2011-78, Class IX,
		0.897%, 8/16/46^(A)(C)		521,518
	307,551	GNMA, Ser 2012-27, Class A,
		1.614%, 7/16/39		304,116
	27,568,059	GNMA, Ser 2013-121, Class KX,
		0.696%, 10/16/44^(A)(C)		949,057
		Total Agency Collateralized Mortgage Obligations	$	8,932,887

		U.S. Government Agency Obligations — 0.8%
	955,000	Government Trust Certificate,
		0.431%, 5/15/15#		953,756
	583,000	Government Trust Certificate,
		0.665%, 10/1/16#		573,498
	1,400,000	Overseas Private Investment Corp.,
		0.110%, 3/15/17^(A)		1,400,000

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		U.S. Government Agency Obligations — 0.8% (Continued)
$	1,010,000	Overseas Private Investment Corp.,
		0.631%, 4/30/15#	$	1,027,150
	53,605	Small Business Administration
		Participation Certificates, Ser
		2002-20A, Class 1, 6.140%, 1/1/22		58,003
	74,412	Small Business Administration
		Participation Certificates, Ser
		2003-20E, Class 1, 4.640%, 5/1/23		79,789
	25,080	Small Business Administration Pools,
		507442, 3.625%, 5/25/16^(A)		25,125
	258,328	Small Business Administration Pools,
		507682, 0.650%, 1/25/26^(A)		258,059
	190,432	Small Business Administration Pools,
		508374, 0.750%, 4/25/28^(A)		190,713
		Total U.S. Government Agency Obligations	$	4,566,093

	Shares
		Investment Fund — 5.1%
	30,770,125	Touchstone Institutional Money
		Market Fund, 0.01%^^∞Ω		30,770,125


		Total Investment Securities —97.7%
		(Cost $593,078,149)	$	591,257,828

		Other Assets in Excess of
		Liabilities — 2.3%		14,190,683

		Net Assets — 100.0%	$	605,448,511

^(A)

Variable rate security - Rate reflected is the rate in effect as of March 31, 2015.

^(B)

Step Bond - A bond that pays an initial interest rate for the first period and then a higher interest rate for the following periods until maturity. The interest rate shown reflects the rate in effect at March 31, 2015.

^(C)

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

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

Affiliated Fund. See Note 4 in Notes to Financial Statements.

^††

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 March 31, 2015.

Portfolio Abbreviations:

ARM - Adjustable Rate Mortgage

COP - Certificate of Participation

CLO - Collateralized Loan Obligations

FDIC - Federal Deposit Insurance Corporation

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

IDA - Industrial Development Agency

IDR - Industrial Development Revenue

LLC - Limited Liability Company

LOC - Letter of Credit

LP - Limited Partnership

MLP - Master Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

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 March 31, 2015, these securities were valued at $255,448,511 or 42.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone Ultra Short Duration Fixed Income Fund (Unaudited) (Continued)

Other Information:

Valuation inputs at Reporting Date:

Description

Level 1

Level 2

Level 3

Total

Corporate Bonds

—

128,231,844

—

128,231,844

Asset-Backed Securities

—

220,504,754

—

220,504,754

Commercial Mortgage-Backed Securities

—

58,683,931

—

58,683,931

U.S. Government Mortgage-Backed Obligations

—

50,141,564

—

50,141,564

Non-Agency Collateralized Mortgage Obligations

—

29,680,366

—

29,680,366

Municipal Bonds

—

15,223,823

—

15,223,823

Commercial Paper

—

44,522,441

—

44,522,441

Agency Collateralized Mortgage Obligations

—

8,932,887

—

8,932,887

U.S. Government Agency Obligations

—

4,566,093

—

4,566,093

Investment Fund

30,770,125

—

30,770,125

591,257,828

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)

				Touchstone			Touchstone			Touchstone
	Touchstone			Emerging			Global			International
	Arbitrage			Markets Equity			Real Estate			Fixed Income
	Fund			Fund			Fund			Fund
Assets
Investments, at cost	$	159,483,026		$	333,945,460		$	23,785,883		$	26,985,094
Affiliated securities, at market value	$	18,007,690		$	6,121,491		$	560,381		$	1,705,727
Non-affiliated securities, at market value		143,376,809			326,971,330			24,119,548			22,379,635
Investments, at market value ^(A)	$	161,384,499		$	333,092,821		$	24,679,929		$	24,085,362
Cash		12,518			—			—			—
Foreign Currency ^(B)		57			1,231,446			—			35,585
Cash collateral for securities sold short and written options		36,675,246			—			—			60,003
Unrealized appreciation on forward foreign currency contracts		—			—			—			1,449,245
Dividends and interest receivable		174,534			920,681			154,160			278,188
Receivable for capital shares sold		1,312,710			2,041,197			310,149			17,406
Receivable for investments sold		576,006			92,980			—			1,116,216
Receivable for securities lending income		3,499			443			1,828			—
Tax reclaim receivable		2,896			56,669			5,577			1,032
Other assets		16,213			27,165			31,823			8,562
Total Assets		200,158,178			337,463,402			25,183,466			27,051,599
Liabilities
Securities sold short^(D)		42,891,621			—			—			—
Dividends payable for securities sold short		39,954			—			—			—
Dividends payable		—			—			33			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			817,930
Payable for return of collateral for securities on loan		6,087,449			6,242,750			361,425			—
Payable for capital shares redeemed		315,391			67,872			7,450			1,196
Payable for variation margin for futures contracts		—			—			—			13,049
Payable for investments purchased		2,889,825			—			167,961			1,131,100
Payable to Investment Advisor		130,043			272,983			10,043			4,682
Payable to other affiliates		30,655			44,070			523			170
Payable to Trustees		3,210			3,210			3,210			3,210
Payable for professional services		13,087			13,874			22,821			9,810
Payable to Transfer Agent		23,855			32,566			1,099			914
Payable for reports to shareholders		23,218			20,398			13,972			15,570
Other accrued expenses and liabilities		7,422			44,870			7,026			3,903
Total Liabilities		52,455,730			6,742,593			595,563			2,001,534
Net Assets	$	147,702,448		$	330,720,809		$	24,587,903		$	25,050,065
Net assets consist of:
Par value	$	147,312		$	297,690		$	21,638		$	27,807
Paid-in capital		148,089,370			376,227,459			24,071,108			29,427,122
Accumulated net investment income (loss)		(611,324	)		(248,103	)		(110,388	)		(407,362	)
Accumulated net realized gains (losses) on investments, foreign currency transactions, written options and securities sold short		(37,527	)		(44,661,466	)		(288,384	)		(1,696,631	)
Net unrealized appreciation (depreciation) on investments, foreign currency transactions, written options, futures contracts and securities sold short		114,617			(894,771	)		893,929			(2,300,871	)
Net Assets	$	147,702,448		$	330,720,809		$	24,587,903		$	25,050,065
^(A)Includes market value of securities on loan of:	$	5,754,609		$	5,990,575		$	344,079		$	—
^(B)Cost of foreign currency:	$	59		$	1,232,006		$	—		$	35,966
^(D)Proceeds received for securities sold short:	$	41,104,767		$	—		$	—		$	—

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (Unaudited) (Continued)

Touchstone			Touchstone			Touchstone
Merger			Mid			Mid Cap
Arbitrage			Cap			Value
Fund			Fund			Fund

$	326,714,483		$	508,177,634		$	311,212,812
$	69,115,513		$	12,803,702		$	2,690,102
	262,126,897			592,508,968			359,167,088
$	331,242,410		$	605,312,670		$	361,857,190
	31,610			—			—
	57			—			—
	40,134,769			—			—
	—			—			—
	333,372			549,256			547,448
	87,902			2,160,273			484,533
	808,640			—			6,925,982
	—			3,038			1,938
	12,183			—			172
	23,090			34,925			39,186
	372,674,033			608,060,162			369,856,449

	67,796,950			—			—
	62,213			—			—
	—			—			126
	—			—			—
	—			27,459,980			13,886,434
	1,172,842			992,605			517,332
	—			—			—
	4,056,024			8,812,442			5,991,113
	273,619			367,945			250,771
	69,450			109,321			15,289
	3,210			3,210			3,210
	17,619			12,282			9,774
	49,859			69,456			30,512
	31,966			25,857			—
	9,211			1,409			2,306
	73,542,963			37,854,507			20,706,867
$	299,131,070		$	570,205,655		$	349,149,582

$	280,142		$	219,607		$	202,055
	303,503,685			599,977,336			289,731,945
	(3,997,602	)		159,272			119,327
	(571,991	)		(127,285,596	)		8,451,877
	(83,164	)		97,135,036			50,644,378
$	299,131,070		$	570,205,655		$	349,149,582
$	—		$	26,625,331		$	13,373,116
$	59		$	—		$	—
$	63,185,861		$	—		$	—

Statements of Assets and Liabilities (Unaudited) (Continued)

				Touchstone
				Emerging			Touchstone			Touchstone
	Touchstone			Markets			Global			International
	Arbitrage			Equity			Real Estate			Fixed Income
	Fund			Fund			Fund			Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	20,957,553		$	4,572,929		$	5,348,051		$	631,690
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		2,097,192			408,799			477,876			70,297
Net asset value price per share*	$	9.99		$	11.19		$	11.19		$	8.99
Maximum sales charge - Class A shares		5.75	%		5.75	%		5.75	%		4.75	%
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share - Class A shares	$	10.60		$	11.87		$	11.87		$	9.44

Pricing of Class C Shares
Net assets applicable to Class C shares	$	10,428,108		$	2,087,987		$	1,284,101		$	143,360
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		1,053,247			190,363			114,430			16,100
Net asset value, offering price per share**	$	9.90		$	10.97		$	11.22		$	8.90

Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	108,660,933		$	85,940,554		$	6,527,186		$	215,782
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		10,819,587			7,737,015			575,726			23,999
Net asset value, offering price and redemption price per share	$	10.04		$	11.11		$	11.34		$	8.99

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	$	7,655,854		$	238,119,339		$	11,428,565		$	24,059,233
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		761,124			21,432,822			995,721			2,670,280
Net asset value, offering price and redemption price per share	$	10.06		$	11.11		$	11.48		$	9.01

* There is no sales load on subscriptions of $1 million or more. Redemptions that were part of a $1 million or more subscription may be subject to a contingent deferred sales load if redeemed within a one-year period from the date of purchase.

** Redemption price per share varies by length of time shares are held.

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (Unaudited) (Continued)

Touchstone			Touchstone			Touchstone
Merger			Mid			Mid Cap
Arbitrage			Cap			Value
Fund			Fund			Fund

$	40,542,753		$	52,111,641		$	8,579,713
	3,812,485			2,008,047			499,195
$	10.63		$	25.95		$	17.19
	5.75	%		5.75	%		5.75	%
$	11.28		$	27.53		$	18.24


$	25,548,847		$	57,303,855		$	2,149,685
	2,465,723			2,285,487			126,602
$	10.36		$	25.07		$	16.98


$	121,385,822		$	339,545,953		$	203,650,807
	11,333,525			13,011,742			11,801,691
$	10.71		$	26.10		$	17.26


$	—		$	24,150,740		$	—
	—			936,385			—
$	—		$	25.79		$	—


$	111,653,648		$	97,093,466		$	134,769,377
	10,402,501			3,718,993			7,778,012
$	10.73		$	26.11		$	17.33

Statements of Assets and Liabilities (Unaudited) (Continued)

	Touchstone		Touchstone			Touchstone		Touchstone
	Premium		Sands Capital			Small		Small
	Yield Equity		Select Growth			Cap Core		Cap Value
	Fund		Fund			Fund		Fund
Assets
Investments, at cost	$	196,590,394	$	3,886,972,876		$	645,595,161	$	79,220,514
Affiliated securities, at market value	$	16,829,456	$	84,181,372		$	11,679,284	$	1,952,151
Non-affiliated securities, at market value		207,530,867		6,104,142,224			852,518,946		77,605,053
Investments, at market value ^(A)	$	224,360,323	$	6,188,323,596		$	864,198,230	$	79,557,204
Dividends and interest receivable		477,647		3,452,730			1,406,209		127,737
Receivable for capital shares sold		610,479		7,922,945			694,488		28,357
Receivable for investments sold		—		22,157,995			7,354,818		430,732
Receivable from securities lending income		—		16,841			47,602		11,493
Tax reclaim receivable		10,629		—			1,117		—
Other assets		20,891		112,662			35,494		15,616
Total Assets		225,479,969		6,221,986,769			873,737,958		80,171,139

Liabilities
Bank overdrafts		—		—			—		—
Dividends payable		1,878		—			—		—
Payable for return of collateral for securities on loan		—		124,351,404			45,855,943		6,714,500
Payable for capital shares redeemed		306,850		21,848,399			633,919		195,132
Payable for investments purchased		11,758,716		—			1,624,579		402,157
Payable to Investment Advisor		114,428		3,025,546			583,386		52,326
Payable to other affiliates		63,520		3,548,317			137,580		5,243
Payable to Trustees		3,210		3,210			3,210		3,210
Payable for professional services		11,682		64,451			17,946		10,752
Payable to Transfer Agent		30,070		1,037,087			63,168		16,316
Payable for reports to shareholders		14,141		183,197			26,365		14,226
Other accrued expenses and liabilities		609		31,037			4,137		4,074
Total Liabilities		12,305,104		154,092,648			48,950,233		7,417,936
Net Assets	$	213,174,865	$	6,067,894,121		$	824,787,725	$	72,753,203

Net assets consist of:
Par value	$	224,261	$	3,316,749		$	391,499	$	30,726
Paid-in capital		183,625,819		3,646,282,611			562,768,832		78,102,436
Accumulated net investment income (loss)		173,602		(25,173,482	)		609,436		16,432
Accumulated net realized gains (losses) on investments		1,381,254		142,117,523			42,414,889		(5,733,081	)
Net unrealized appreciation (depreciation) on investments		27,769,929		2,301,350,720			218,603,069		336,690
Net Assets	$	213,174,865	$	6,067,894,121		$	824,787,725	$	72,753,203
^(A)Includes market value of securities on loan of:	$	—	$	122,431,770		$	44,167,176	$	6,585,600

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (Unaudited) (Continued)

			Touchstone
Touchstone			Ultra Short
Total Return			Duration Fixed
Bond Fund			Income Fund

$	180,745,384		$	593,078,149
$	6,749,744		$	30,770,125
	178,256,184			560,487,703
$	185,005,928		$	591,257,828
	1,431,689			2,030,302
	993,553			16,588,762
	—			2,092,683
	—			—
	—			—
	31,189			34,636
	187,462,359			612,004,211


	—			342
	—			132,596
	—			—
	38,956			3,452,017
	—			2,250,370
	46,867			115,327
	17,344			453,172
	3,210			3,210
	11,580			18,143
	6,351			76,894
	15,984			32,617
	7,004			21,012
	147,296			6,555,700
$	187,315,063		$	605,448,511


$	179,931		$	646,628
	184,237,360			630,597,057
	(429,491	)		(2,279,704	)
	(933,281	)		(21,695,149	)
	4,260,544			(1,820,321	)
$	187,315,063		$	605,448,511
$	—		$	—

Statements of Assets and Liabilities (Unaudited) (Continued)

	Touchstone			Touchstone			Touchstone			Touchstone
	Premium			Sands Capital			Small			Small
	Yield Equity			Select Growth			Cap Core			Cap Value
	Fund			Fund			Fund			Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	48,877,947		$	297,679,936		$	81,446,460		$	30,702,741
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		5,135,340			16,540,895			3,893,304			1,297,036
Net asset value price per share*	$	9.52		$	18.00		$	20.92		$	23.67
Maximum sales charge - Class A shares		5.75	%		5.75	%		5.75	%		5.75	%
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share - Class A shares	$	10.10		$	19.10		$	22.20		$	25.11

Pricing of Class C Shares
Net assets applicable to Class C shares	$	36,800,362		$	199,575,010		$	26,972,757		$	1,888,115
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		3,870,569			11,481,145			1,327,633			80,553
Net asset value, offering price per share**	$	9.51		$	17.38		$	20.32		$	23.44

Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	127,496,556		$	3,881,065,934		$	326,607,914		$	8,968,157
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		13,420,148			209,791,985			15,458,956			378,422
Net asset value, offering price and redemption price per share	$	9.50		$	18.50		$	21.13		$	23.70

Pricing of Class Z Shares
Net assets applicable to Class Z shares	$	—		$	1,689,573,241		$	—		$	—
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		—			93,860,870			—			—
Net asset value, offering price and redemption price per share	$	—		$	18.00		$	—		$	—

Pricing of Institutional Class Shares
Net assets applicable to Institutional Class Shares	$	—		$	—		$	389,760,594		$	31,194,190
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		—			—			18,470,002			1,316,575
Net asset value, offering price and redemption price per share	$	—		$	—		$	21.10		$	23.69

** Redemption price per share varies by length of time shares are held.

See accompanying Notes to Financial Statements.

Statements of Assets and Liabilities (Unaudited) (Continued)

			Touchstone
Touchstone			Ultra Short
Total Return			Duration Fixed
Bond Fund			Income Fund

$	6,279,067		$	9,004,727
	603,842			961,803
$	10.40		$	9.36
	4.75	%		2.00	%
$	10.92		$	9.55


$	2,054,107		$	8,576,286
	197,780			915,833
$	10.39		$	9.36


$	31,544,052		$	209,251,708
	3,029,113			22,349,179
$	10.41		$	9.36


$	—		$	328,605,986
	—			35,094,110
$	—		$	9.36


$	147,437,837		$	50,009,804
	14,162,389			5,341,846
$	10.41		$	9.36

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)

				Touchstone			Touchstone			Touchstone
	Touchstone			Emerging			Global			International
	Arbitrage			Markets Equity			Real Estate			Fixed Income
	Fund			Fund			Fund			Fund
Investment Income
Dividends from affiliated securities	$	844		$	139		$	34		$	63
Dividends from non-affiliated securities^(A)		1,575,491			2,275,230			463,126			—
Interest		155,698			—			—			469,138
Income from securities loaned		12,883			12,289			2,553			—
Total Investment Income		1,744,916			2,287,658			465,713			469,201
Expenses
Investment advisory fees		863,936			1,714,513			71,409			81,869
Administration fees		126,390			254,273			13,520			22,875
Compliance fees and expenses		876			876			876			876
Custody fees		10,847			100,461			8,925			5,830
Professional fees		15,149			34,309			16,713			13,802
Transfer Agent fees, Class A		12,962			12,998			1,064			779
Transfer Agent fees, Class C		2,183			2,687			378			122
Transfer Agent fees, Class Y		36,937			41,049			165			96
Transfer Agent fees, Class Z		—			—			—			—
Transfer Agent fees, Institutional Class		146			30,199			58			120
Pricing expense		3,548			10,669			11,644			7,603
Registration Fees, Class A		8,210			7,867			3,958			3,799
Registration Fees, Class C		468			5,273			1,516			3,312
Registration Fees, Class Y		6,286			8,656			1,875			2,540
Registration Fees, Class Z		—			—			—			—
Registration Fees, Institutional Class		386			16,317			1,516			1,980
Dividend expense on securities sold short		690,273			—			—			—
Reports to Shareholders, Class A		6,120			3,525			2,921			2,929
Reports to Shareholders, Class C		3,429			3,158			2,949			2,889
Reports to Shareholders, Class Y		6,648			6,497			2,891			2,891
Reports to Shareholders, Class Z		—			—			—			—
Reports to Shareholders, Institutional Class		3,227			3,571			2,887			2,919
Shareholder servicing fees, Class Z		—			—			—			—
Distribution expenses, Class A		26,708			6,073			3,836			1,012
Distribution and shareholder servicing expenses, Class C		53,742			12,203			4,606			977
Trustee fees		6,240			6,240			6,240			6,240
Other expenses		6,829			10,495			3,668			3,052
Total Expenses		1,891,540			2,291,909			163,615			168,512
Fees waived and/or reimbursed by the Advisor and/or Affiliates^(B)		(9,701	)		(68,914	)		(62,131	)		(62,966	)
Fees eligible for recoupment by the Advisor^(B)		—			—			—			—
Net Expenses		1,881,839			2,222,995			101,484			105,546
Net Investment Income (Loss)		(136,923	)		64,663			364,229			363,655
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) from non-affiliated securities		3,192,419			(3,428,700	)		56,195			365,488
Net realized gains (losses) on foreign currency transactions		113,555			(190,746	)		(7,310	)		(2,062,116	)
Net realized losses on written options		(207,198	)		—			—			—
Net realized losses on securities sold short		(3,084,651	)		—			—			—
Net change in unrealized appreciation (depreciation) on investments		(779,188	)		(8,584,226	)		1,018,419			(1,316,941	)
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(87,992	)		(7,342	)		499			204,297
Net change in unrealized appreciation (depreciation) on written options		130,020			—			—			—
Net change in unrealized appreciation (depreciation) on futures contracts		—			—			—			(13,077	)
Net change in unrealized appreciation (depreciation) on securities sold short		2,917,242			—			—			—
Net Realized and Unrealized Gains (Losses) on Investments		2,194,207			(12,211,014	)		1,067,803			(2,822,349	)
Change in Net Assets Resulting from Operations	$	2,057,284		$	(12,146,351	)	$	1,432,032		$	(2,458,694	)
^(A)Net of foreign tax withholding of:	$	16,853		$	239,811		$	20,947		$	7,944
^(B)See Note 4 in Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Statements of Operations (Unaudited) (Continued)

Touchstone			Touchstone				Touchstone
Merger			Mid				Mid Cap
Arbitrage			Cap				Value
Fund			Fund				Fund

$	3,199		$	576			$	144
	3,122,089			3,368,713				3,365,967
	305,161			—				—
	—			14,295		��		7,338
	3,430,449			3,383,584				3,373,449

	1,873,649			1,969,578				1,452,541
	273,718			375,228				272,474
	876			876				876
	18,323			5,659				5,828
	20,391			17,089				14,673
	24,790			20,128				9,221
	14,939			23,105				1,349
	28,789			93,132				77,923
	—			8,088				—
	4,062			6,570				7,468
	3,858			657				1,707
	11,892			7,882				8,449
	5,929			7,482				4,355
	16,018			12,434				9,546
	—			8,443				—
	6,763			6,885				10,221
	1,966,326			—				—
	7,845			5,598				4,013
	4,529			5,035				3,173
	11,114			9,518				12,843
	—			3,667				—
	3,416			3,190				5,155
	—			20,891				—
	78,884			52,319				12,730
	148,707			235,407				10,336
	6,240			6,240				6,240
	19,118			20,127				17,932
	4,550,176			2,925,228				1,949,053
	—			(206,502	)			(228,682	)
	—			—				14,756
	4,550,176			2,718,726				1,735,127
	(1,119,727	)		664,858				1,638,322

	1,303,406			9,215,813				10,292,722
	830,941			—				—
	(322,140	)		—				—
	(2,278,053	)		—				—
	2,213,040			35,200,810				16,183,849
	(508,350	)		—				—
	125,496			—				—
	—			—				—
	5,683,757			—				—
	7,048,097			44,416,623				26,476,571
$	5,928,370		$	45,081,481			$	28,114,893
$	31,655		$	—			$	—

Statements of Operations (Unaudited) (Continued)

	Touchstone			Touchstone			Touchstone			Touchstone
	Premium Yield			Sands Capital			Small Cap			Small Cap
	Equity			Select Growth			Core			Value
	Fund			Fund			Fund			Fund
Investment Income
Dividends from affiliated securities	$	262		$	5,099		$	480		$	111
Dividends from non-affiliated securities^(A)		3,860,418			14,345,742			4,848,944			1,088,494
Interest		—			—			—			—
Income from securities loaned		—			81,636			484,941			25,664
Total Investment Income		3,860,680			14,432,477			5,334,365			1,114,269
Expenses
Investment advisory fees		657,422			18,439,400			3,279,462			331,557
Administration fees		148,349			4,783,101			588,819			56,268
Compliance fees and expenses		876			876			876			876
Custody fees		4,170			41,760			7,956			5,283
Professional fees		12,785			120,749			22,950			11,641
Transfer Agent fees, Class A		20,655			110,725			39,304			20,894
Transfer Agent fees, Class C		11,199			75,388			10,905			2,270
Transfer Agent fees, Class Y		38,943			892,562			95,735			5,208
Transfer Agent fees, Class Z		—			1,308,838			—			—
Transfer Agent fees, Institutional Class		—			—			29,504			118
Pricing expense		1,010			691			784			1,449
Registration Fees, Class A		8,461			15,315			9,791			6,482
Registration Fees, Class C		6,360			7,565			6,321			5,203
Registration Fees, Class Y		7,018			70,403			10,050			3,440
Registration Fees, Class Z		—			28,435			—			—
Registration Fees, Institutional Class		—			—			7,619			2,273
Reports to Shareholders, Class A		6,141			20,183			8,313			5,446
Reports to Shareholders, Class C		3,869			13,025			4,160			3,070
Reports to Shareholders, Class Y		5,011			103,573			8,937			3,141
Reports to Shareholders, Class Z		—			121,285			—			—
Reports to Shareholders, Institutional Class		—			—			4,077			4,446
Shareholder servicing fees, Class Z		—			2,335,713			—			—
Distribution expenses, Class A		59,647			375,267			87,839			39,492
Distribution and shareholder servicing expenses, Class C		170,540			1,021,361			131,927			10,341
Trustee fees		6,240			6,240			6,240			6,240
Other expenses		8,893			128,428			23,909			9,377
Total Expenses		1,177,589			30,020,883			4,385,478			534,515
Fees waived and/or reimbursed by the Advisor and/or Affiliates^(B)		(22,146	)		(608,812	)		(24,985	)		(91,552	)
Fees eligible for recoupment by the Advisor^(B)		—			41,727			—			—
Net Expenses		1,155,443			29,453,798			4,360,493			442,963
Net Investment Income (Loss)		2,705,237			(15,021,321	)		973,872			671,306
Realized and Unrealized Gains (Losses) on Investments
Net realized gains on investments		2,072,535			192,700,966			46,513,577			606,394
Net change in unrealized appreciation (depreciation) on investments		(1,875,822	)		82,340,241			30,900,678			3,703,536
Net Realized and Unrealized Gains (Losses) on Investments		196,713			275,041,207			77,414,255			4,309,930
Change in Net Assets Resulting from Operations	$	2,901,950		$	260,019,886		$	78,388,127		$	4,981,236
^(A)Net of foreign tax withholding of:	$	48,087		$	23,800		$	16,535		$	1,700
^(B)See Note 4 in Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Statements of Operations (Unaudited) (Continued)

			Touchstone
Touchstone			Ultra Short
Total Return			Duration
Bond			Fixed Income
Fund			Fund

$	423		$	693
	—			—
	2,402,652			3,757,200
	—			—
	2,403,075			3,757,893

	282,387			819,059
	122,559			501,575
	876			876
	4,769			12,388
	12,981			23,290
	6,132			5,492
	884			3,451
	5,215			61,160
	—			115,899
	12,793			939
	12,351			34,812
	5,148			7,905
	3,892			7,631
	4,748			10,898
	—			15,396
	10,653			8,850
	3,322			3,345
	2,946			3,206
	3,094			6,317
	—			17,641
	3,160			2,932
	—			453,290
	7,623			12,069
	9,102			38,423
	6,240			6,240
	6,175			26,065
	527,050			2,199,149
	(87,787	)		(266,874	)
	—			—
	439,263			1,932,275
	1,963,812			1,825,618

	166,024			86,849
	2,951,867			(528,362	)
	3,117,891			(441,513	)
$	5,081,703		$	1,384,105
$	—		$	—

Statements of Changes in Net Assets

	Touchstone						Touchstone
	Arbitrage						Emerging Markets
	Fund						Equity Fund
	For the						For the
	Six Months						Six Months
	Ended			For the			Ended			For the
	March 31,			Year Ended			March 31,			Year Ended
	2015			September 30,			2015			September 30,
	(Unaudited)			2014^(A)			(Unaudited)			2014
From Operations
Net investment income (loss)	$	(136,923	)	$	(1,353,000	)	$	64,663		$	4,023,192
Net realized gains (losses) on investments, foreign currency transactions, written options and securities sold short		14,125			1,115,422			(3,619,446	)		(3,847,285	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions, written options, futures contracts and securities sold short		2,180,082			(2,065,465	)		(8,591,568	)		11,984,745
Change in Net Assets from Operations		2,057,284			(2,303,043	)		(12,146,351	)		12,160,652
Distributions to Shareholders from:
Net investment income, Class A		—			—			(24,587	)		(25,019	)
Net investment income, Class C		—			—			—			—
Net investment income, Class Y		—			—			(871,078	)		(1,423,044	)
Net investment income, Institutional Class		—			—			(2,505,846	)		(2,744,620	)
Net realized gains, Class A		(33,828	)		—			—			—
Net realized gains, Class C		(16,826	)		—			—			—
Net realized gains, Class Y		(167,228	)		—			—			—
Net realized gains, Institutional Class		(70,593	)		—			—			—
Total Distributions		(288,475	)		—			(3,401,511	)		(4,192,683	)

Net Increase (Decrease) from Share Transactions^(B)		(51,255,817	)		199,492,499			(1,571,608	)		(30,664,199	)

Total Increase (Decrease) in Net Assets		(49,487,008	)		197,189,456			(17,119,470	)		(22,696,230	)

Net Assets
Beginning of period		197,189,456			—			347,840,279			370,536,509
End of period	$	147,702,448		$	197,189,456		$	330,720,809		$	347,840,279
Accumulated Net Investment Income (Loss)	$	(611,324	)	$	(474,401	)	$	(248,103	)	$	3,088,745

^(A)Represents the period from commencement of operations (October 1, 2013) through September 30, 2014.

^(B)For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity in pages 66-69.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone						Touchstone
Global Real Estate						International Fixed Income						Merger Arbitrage
Fund						Fund						Fund
For the						For the						For the
Six Months						Six Months						Six Months
Ended			For the			Ended			For the			Ended			For the
March 31,			Year Ended			March 31,			Year Ended			March 31,			Year Ended
2015			September 30,			2015			September 30,			2015			September 30,
(Unaudited)			2014			(Unaudited)			2014			(Unaudited)			2014

$	364,229		$	706,713		$	363,655		$	643,794		$	(1,119,727	)	$	(6,967,055	)
	48,885			(87,425	)		(1,696,628	)		602,853			(465,846	)		7,491,803
	1,018,918			787,982			(1,125,721	)		(955,206	)		7,513,943			(9,163,261	)
	1,432,032			1,407,270			(2,458,694	)		291,441			5,928,370			(8,638,513	)

	(91,563	)		(49,075	)		(11,893	)		(6,819	)		—			(1,133,607	)
	(23,775	)		(25,115	)		(1,554	)		(1,294	)		—			—
	(31,069	)		(21,354	)		(4,962	)		(2,845	)		—			(1,487,742	)
	(332,316	)		(878,015	)		(494,499	)		(252,050	)		—			(1,216,543	)
	—			(91,730	)		(28,976	)		(13,011	)		(270,079	)		(7,622,004	)
	—			(56,232	)		(7,903	)		(3,243	)		(136,421	)		(1,468,984	)
	—			(40,405	)		(10,057	)		(4,908	)		(654,494	)		(6,316,580	)
	—			(1,918,096	)		(1,026,856	)		(361,675	)		(505,070	)		(4,856,576	)
	(478,723	)		(3,080,022	)		(1,586,700	)		(645,845	)		(1,566,064	)		(24,102,036	)

	9,457,230			(1,188,269	)		(7,413,095	)		6,104,419			(135,916,314	)		(225,458,912	)

	10,410,539			(2,861,021	)		(11,458,489	)		5,750,015			(131,554,008	)		(258,199,461	)


	14,177,364			17,038,385			36,508,554			30,758,539			430,685,078			688,884,539
$	24,587,903		$	14,177,364		$	25,050,065		$	36,508,554		$	299,131,070		$	430,685,078
$	(110,388	)	$	4,106		$	(407,362	)	$	(258,109	)	$	(3,997,602	)	$	(2,877,875	)

Statements of Changes in Net Assets (Continued)

	Touchstone						Touchstone
	Mid Cap						Mid Cap Value
	Fund						Fund
	For the						For the
	Six Months						Six Months
	Ended			For the			Ended			For the
	March 31,			Year Ended			March 31,			Year Ended
	2015			September 30,			2015			September 30,
	(Unaudited)			2014			(Unaudited)			2014
From Operations
Net investment income (loss)	$	664,858		$	607,481		$	1,638,322		$	1,643,920
Net realized gains on investments		9,215,813			10,224,597			10,292,722			13,549,055
Net change in unrealized appreciation (depreciation) on investments		35,200,810			39,529,023			16,183,849			4,289,764
Change in Net Assets from Operations		45,081,481			50,361,101			28,114,893			19,482,739
Distributions to Shareholders from:
Net investment income, Class A		—			(55,665	)		(25,554	)		(38,804	)
Net investment income, Class C		—			—			—			—
Net investment income, Class Y		(609,062	)		(499,864	)		(943,962	)		(593,150	)
Net investment income, Class Z		—			(3,557	)		—			—
Net investment income, Institutional Class		(258,983	)		(188,068	)		(697,696	)		(947,640	)
Net realized gains, Class A		—			—			(376,327	)		(358,204	)
Net realized gains, Class C		—			—			(76,516	)		(70,196	)
Net realized gains, Class Y		—			—			(7,781,540	)		(1,353,853	)
Net realized gains, Class Z		—			—			—			—
Net realized gains, Institutional Class		—			—			(5,200,106	)		(12,333,363	)
Total Distributions		(868,045	)		(747,154	)		(15,101,701	)		(15,695,210	)

Net Increase (Decrease) from Share Transactions^(A)		80,009,028			59,436,231			(27,558,252	)		193,135,111

Total Increase (Decrease) in Net Assets		124,222,464			109,050,178			(14,545,060	)		196,922,640

Net Assets
Beginning of period		445,983,191			336,933,013			363,694,642			166,772,002
End of period	$	570,205,655		$	445,983,191		$	349,149,582		$	363,694,642
Accumulated Net Investment Income (Loss)	$	159,272		$	362,459		$	119,327		$	148,217

^(A)

For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 69-71.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (Continued)

						Touchstone
Touchstone						Sands Capital
Premium Yield						Select Growth
Equity Fund						Fund
For the						For the
Six Months						Six Months
Ended			For the			Ended			For the
March 31,			Year Ended			March 31,			Year Ended
2015			September 30,			2015			September 30,
(Unaudited)			2014			(Unaudited)			2014

$	2,705,237		$	6,939,577		$	(15,021,321	)	$	(48,203,007	)
	2,072,535			10,080,991			192,700,966			370,507,684
	(1,875,822	)		7,915,835			82,340,241			414,249,592
	2,901,950			24,936,403			260,019,886			736,554,269

	(706,757	)		(2,538,944	)		—			—
	(381,326	)		(910,643	)		—			—
	(1,845,661	)		(3,422,480	)		—			—
	—			—			—			—
	—			—			—			—
	(2,197,270	)		—			(14,093,187	)		(3,338,561	)
	(1,531,929	)		—			(10,111,362	)		(1,618,597	)
	(5,137,668	)		—			(183,460,194	)		(20,484,118	)
	—			—			(90,266,864	)		(16,954,589	)
	—			—			—			—
	(11,800,611	)		(6,872,067	)		(297,931,607	)		(42,395,865	)

	36,558,712			(9,373,472	)		(163,263,767	)		134,315,820

	27,660,051			8,690,864			(201,175,488	)		828,474,224


	185,514,814			176,823,950			6,269,069,609			5,440,595,385
$	213,174,865		$	185,514,814		$	6,067,894,121		$	6,269,069,609
$	173,602		$	402,109		$	(25,173,482	)	$	(10,152,161	)

Statements of Changes in Net Assets (Continued)

	Touchstone						Touchstone
	Small Cap						Small Cap
	Core Fund						Value Fund
	For the						For the
	Six Months						Six Months
	Ended			For the			Ended			For the
	March 31,			Year Ended			March 31,			Year Ended
	2015			September 30,			2015			September 30,
	(Unaudited)			2014			(Unaudited)			2014
From Operations
Net investment income (loss)	$	973,872		$	(1,713,269	)	$	671,306		$	965,911
Net realized gains (losses) on investments		46,513,577			60,635,559			606,394			6,848,831
Net change in unrealized appreciation (depreciation) on investments		30,900,678			16,994,276			3,703,536			(9,011,029	)
Change in Net Assets from Operations		78,388,127			75,916,566			4,981,236			(1,196,287	)
Distributions to Shareholders from:
Net investment income, Class A		(4,964	)		(1,986,763	)		(259,475	)		(471,862	)
Net investment income, Class C		—			(238,421	)		(9,207	)		(12,264	)
Net investment income, Class Y		(146,568	)		(4,569,477	)		(86,169	)		(88,877	)
Net investment income, Class Z		—			—			—			—
Net investment income, Institutional Class		(212,904	)		(8,066,410	)		(318,753	)		(380,917	)
Net realized gains, Class A		(4,610,591	)		(1,883,497	)		(1,209,646	)		—
Net realized gains, Class C		(2,081,129	)		(436,531	)		(80,833	)		—
Net realized gains, Class Y		(23,363,113	)		(3,655,120	)		(346,677	)		—
Net realized gains, Institutional Class		(29,583,949	)		(6,236,216	)		(1,174,928	)		—
Total Distributions		(60,003,218	)		(27,072,435	)		(3,485,688	)		(953,920	)

Net Increase (Decrease) from Share Transactions^(A)		16,398,464			(63,711,351	)		(1,611,904	)		35,918,484

Total Increase (Decrease) in Net Assets		34,783,373			(14,867,220	)		(116,356	)		33,768,277

Net Assets
Beginning of period		790,004,352			804,871,572			72,869,559			39,101,282
End of period	$	824,787,725		$	790,004,352		$	72,753,203		$	72,869,559
Accumulated Net Investment Income (Loss)	$	609,436		$	—		$	16,432		$	18,730

^(A)

For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 72-75.

See accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (Continued)

						Touchstone
Touchstone						Ultra Short
Total Return						Duration Fixed
Bond Fund						Income Fund
For the						For the
Six Months						Six Months
Ended			For the			Ended			For the
March 31,			Year Ended			March 31,			Year Ended
2015			September 30,			2015			September 30,
(Unaudited)			2014			(Unaudited)			2014

$	1,963,812		$	4,063,028		$	1,825,618		$	6,239,044
	166,024			(86,471	)		86,849			1,454,719
	2,951,867			3,229,980			(528,362	)		(643,012	)
	5,081,703			7,206,537			1,384,105			7,050,751

	(80,544	)		(206,484	)		(65,685	)		(211,746	)
	(17,193	)		(40,162	)		(44,655	)		(102,390	)
	(383,929	)		(613,793	)		(1,779,299	)		(3,782,121	)
	—			—			(2,467,335	)		(5,101,470	)
	(1,927,747	)		(4,011,329	)		(435,672	)		(900,708	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(2,409,413	)		(4,871,768	)		(4,792,646	)		(10,098,435	)

	42,064,241			(27,064,186	)		(110,599,444	)		(13,617,210	)

	44,736,531			(24,729,417	)		(114,007,985	)		(16,664,894	)


	142,578,532			167,307,949			719,456,496			736,121,390
$	187,315,063		$	142,578,532		$	605,448,511		$	719,456,496
$	(429,491	)	$	16,110		$	(2,279,704	)	$	687,324

Statements of Changes in Net Assets - Capital Stock Activity

	Touchstone Arbitrage Fund
	For the Six Months
	Ended						For the Year
	March 31, 2015						Ended
	(Unaudited)						September 30, 2014^(A)
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		219,584		$	2,172,514			9,950,955		$	99,281,747
Reinvestment of distributions		3,413			33,623			—			—
Cost of Shares redeemed		(427,395	)		(4,212,303	)		(7,649,365	)		(75,910,986	)
Change from Class A Share Transactions		(204,398	)		(2,006,166	)		2,301,590			23,370,761
Class C
Proceeds from Shares issued		157,762			1,545,549			1,168,934			11,647,230
Reinvestment of distributions		1,654			16,174			—			—
Cost of Shares redeemed		(238,208	)		(2,333,359	)		(36,895	)		(364,881	)
Change from Class C Share Transactions		(78,792	)		(771,636	)		1,132,039			11,282,349
Class Y
Proceeds from Shares issued		2,791,046			27,707,788			15,352,300			153,248,950
Reinvestment of distributions		16,743			165,594			—			—
Cost of Shares redeemed	��	(3,858,106	)		(38,213,379	)		(3,482,396	)		(34,581,935	)
Change from Class Y Share Transactions		(1,050,317	)		(10,339,997	)		11,869,904			118,667,015
Institutional Class
Proceeds from Shares issued		7,378			84,174			5,485,908			54,843,892
Reinvestment of distributions		7,123			70,593			—			—
Cost of Shares redeemed		(3,867,323	)		(38,292,785	)		(871,962	)		(8,671,518	)
Change from Institutional Class Share Transactions		(3,852,822	)		(38,138,018	)		4,613,946			46,172,374

Change from Share Transactions		(5,186,329	)	$	(51,255,817	)		19,917,479		$	199,492,499

^(A)

Represents the period from commencement of operations (October 1, 2013) through September 30, 2014.

See accompanying Notes to Financial Statements.

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

Touchstone Emerging Markets Equity Fund												Touchstone Global Real Estate Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
March 31, 2015						Ended						March 31, 2015						Ended
(Unaudited)						September 30, 2014						(Unaudited)						September 30, 2014
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	175,159		$	1,948,898			349,399		$	4,146,928			364,121		$	4,019,051			76,285		$	845,552
	2,103			23,322			1,822			20,389			8,112			88,169			12,669			129,331
	(223,120	)		(2,498,042	)		(751,096	)		(8,760,914	)		(25,429	)		(274,195	)		(11,552	)		(126,540	)
	(45,858	)		(525,822	)		(399,875	)		(4,593,597	)		346,804			3,833,025			77,402			848,343

	19,414			218,333			42,073			476,030			66,720			734,953			17,395			191,715
	—			—			—			—			2,141			23,271			7,938			81,077
	(80,506	)		(890,274	)		(118,966	)		(1,322,746	)		(4,229	)		(46,590	)		(8,800	)		(96,687	)
	(61,092	)		(671,941	)		(76,893	)		(846,716	)		64,632			711,634			16,533			176,105

	705,359			7,859,810			2,450,097			27,330,935			523,716			5,994,244			31,559			354,367
	79,179			870,970			127,955			1,422,862			2,097			23,521			5,690			58,651
	(2,134,199	)		(23,761,608	)		(5,490,496	)		(63,225,764	)		(4,720	)		(53,408	)		(5,322	)		(55,823	)
	(1,349,661	)		(15,030,828	)		(2,912,444	)		(34,471,967	)		521,093			5,964,357			31,927			357,195

	2,879,462			32,171,721			10,770,410			119,377,600			2,976			33,626			22,314			258,716
	227,026			2,497,286			245,616			2,731,248			29,826			332,316			268,374			2,796,111
	(1,785,730	)		(20,012,024	)		(9,818,030	)		(112,860,767	)		(126,028	)		(1,417,728	)		(484,042	)		(5,624,739	)
	1,320,758			14,656,983			1,197,996			9,248,081			(93,226	)		(1,051,786	)		(193,354	)		(2,569,912	)

	(135,853	)	$	(1,571,608	)		(2,191,216	)	$	(30,664,199	)		839,303		$	9,457,230			(67,492	)	$	(1,188,269	)

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

	Touchstone International Fixed Income Fund
	For the Six Months
	Ended						For the Year
	March 31, 2015						Ended
	(Unaudited)						September 30, 2014
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		734		$	6,784			12,293		$	130,596
Reinvestment of distributions		3,651			34,698			1,588			16,322
Cost of Shares redeemed		(22,832	)		(212,585	)		(20,015	)		(208,848	)
Change from Class A Share Transactions		(18,447	)		(171,103	)		(6,134	)		(61,930	)
Class C
Proceeds from Shares issued		154			1,434			138			1,444
Reinvestment of distributions		1,005			9,457			418			4,261
Cost of Shares redeemed		(7,856	)		(72,157	)		(338	)		(3,511	)
Change from Class C Share Transactions		(6,697	)		(61,266	)		218			2,194
Class Y
Proceeds from Shares issued		637			6,337			2,338			25,000
Reinvestment of distributions		1,427			13,568			754			7,753
Cost of Shares redeemed		(8,942	)		(85,053	)		(8,147	)		(84,116	)
Change from Class Y Share Transactions		(6,878	)		(65,148	)		(5,055	)		(51,363	)
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		376,604			3,638,084			1,668,761			17,481,749
Reinvestment of distributions		83,428			794,758			39,876			410,356
Cost of Shares redeemed		(1,181,151	)		(11,548,420	)		(1,102,296	)		(11,676,587	)
Change from Institutional Class Share Transactions		(721,119	)		(7,115,578	)		606,341			6,215,518

Change from Share Transactions		(753,141	)	$	(7,413,095	)		595,370		$	6,104,419

See accompanying Notes to Financial Statements.

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

Touchstone Merger Arbitrage Fund												Touchstone Mid Cap Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
March 31, 2015						Ended						March 31, 2015						Ended
(Unaudited)						September 30, 2014						(Unaudited)						September 30, 2014
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	112,194		$	1,178,337			3,878,209		$	42,296,612			735,012		$	18,416,276			1,607,880		$	35,975,560
	24,938			261,606			799,051			8,581,806			—			—			2,129			48,558
	(5,562,397	)		(58,309,056	)		(20,412,258	)		(218,274,531	)		(226,550	)		(5,630,181	)		(2,200,002	)		(50,866,081	)
	(5,425,265	)		(56,869,113	)		(15,734,998	)		(167,396,113	)		508,462			12,786,095			(589,993	)		(14,841,963	)

	1,850			19,018			243,767			2,595,260			642,146			15,551,051			785,197			17,197,751
	13,289			136,208			138,877			1,462,374			—			—			—			—
	(1,031,620	)		(10,559,275	)		(1,508,097	)		(15,791,020	)		(160,815	)		(3,821,537	)		(209,079	)		(4,696,977	)
	(1,016,481	)		(10,404,049	)		(1,125,453	)		(11,733,386	)		481,331			11,729,514			576,118			12,500,774

	1,206,092			12,737,670			10,667,004			115,257,589			3,358,741			84,609,749			6,434,227			146,829,608
	59,303			626,234			689,761			7,445,499			14,093			358,948			10,996			251,910
	(6,834,450	)		(72,135,232	)		(11,756,123	)		(126,058,926	)		(1,540,779	)		(38,129,536	)		(3,906,835	)		(89,013,478	)
	(5,569,055	)		(58,771,328	)		(399,358	)		(3,355,838	)		1,832,055			46,839,161			2,538,388			58,068,040

	—			—			—			—			572,586			14,265,217			423,307			9,357,895
	—			—			—			—			—			—			157			3,557
	—			—			—			—			(128,763	)		(3,151,810	)		(551,283	)		(12,364,897	)
	—			—			—			—			443,823			11,113,407			(127,819	)		(3,003,445	)

	1,376,411			14,483,173			4,951,127			53,306,003			149,194			3,695,911			1,648,145			37,556,817
	43,999			465,514			531,575			5,752,897			7,316			186,413			4,442			101,755
	(2,346,315	)		(24,820,511	)		(9,517,077	)		(102,032,475	)		(252,764	)		(6,341,473	)		(1,371,685	)		(30,945,747	)
	(925,905	)		(9,871,824	)		(4,034,375	)		(42,973,575	)		(96,254	)		(2,459,149	)		280,902			6,712,825

	(12,936,706	)	$	(135,916,314	)		(21,294,184	)	$	(225,458,912	)		3,169,417		$	80,009,028			2,677,596		$	59,436,231

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

	Touchstone Mid Cap Value Fund
	For the Six Months
	Ended						For the Year
	March 31, 2015						Ended
	(Unaudited)						September 30, 2014
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		104,216		$	1,744,206			324,500		$	5,381,879
Proceeds from Shares issued in connection with merger^(A)		—			—			913,005			14,967,633
Reinvestment of distributions		23,407			384,299			25,012			387,892
Cost of Shares redeemed		(473,608	)		(7,941,098	)		(747,164	)		(12,458,550	)
Change from Class A Share Transactions		(345,985	)		(5,812,593	)		515,353			8,278,854
Class C
Proceeds from Shares issued		24,168			403,017			23,980			391,285
Proceeds from Shares issued in connection with merger^(A)		—			—			75,102			1,220,480
Reinvestment of distributions		4,467			72,234			4,492			68,682
Cost of Shares redeemed		(23,972	)		(405,105	)		(26,575	)		(437,861	)
Change from Class C Share Transactions		4,663			70,146			76,999			1,242,586
Class Y
Proceeds from Shares issued		467,688			7,914,641			6,542,963			111,989,634
Proceeds from Shares issued in connection with merger^(A)		—			—			6,892,271			113,504,503
Reinvestment of distributions		518,422			8,567,411			119,461			1,892,632
Cost of Shares redeemed		(1,988,173	)		(33,705,549	)		(1,728,316	)		(28,855,210	)
Change from Class Y Share Transactions		(1,002,063	)		(17,223,497	)		11,826,379			198,531,559
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		1,133,558			19,208,434			4,545,432			75,400,128
Proceeds from Shares issued in connection with merger^(A)		—			—			1,714,774			28,350,276
Reinvestment of distributions		245,288			4,071,738			841,759			13,125,594
Cost of Shares redeemed		(1,624,897	)		(27,872,480	)		(8,026,469	)		(131,793,886	)
Change from Institutional Class Share Transactions		(246,051	)		(4,592,308	)		(924,504	)		(14,917,888	)

Change from Share Transactions		(1,589,436	)	$	(27,558,252	)		11,494,227		$	193,135,111

^(A)See Note 11 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

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

Touchstone Premium Yield Equity Fund												Touchstone Sands Capital Select Growth Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
March 31, 2015						Ended						March 31, 2015						Ended
(Unaudited)						September 30, 2014						(Unaudited)						September 30, 2014
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	1,303,279		$	12,748,630			2,063,274		$	19,884,099			2,619,925		$	47,265,046			6,373,482		$	110,334,538
	—			—			—			—			—			—			—			—
	282,768			2,688,185			251,310			2,362,109			632,172			11,233,693			160,574			2,694,434
	(971,786	)		(9,422,680	)		(7,456,862	)		(70,214,159	)		(2,660,760	)		(47,974,262	)		(16,479,495	)		(288,364,437	)
	614,261			6,014,135			(5,142,278	)		(47,967,951	)		591,337			10,524,477			(9,945,439	)		(175,335,465	)

	865,287			8,368,735			908,611			8,805,613			411,558			7,150,763			984,805			16,621,353
	—			—			—			—			—			—			—			—
	174,192			1,650,659			82,247			774,646			427,832			7,358,711			71,038			1,164,306
	(296,424	)		(2,842,381	)		(559,961	)		(5,291,191	)		(925,252	)		(16,162,847	)		(2,109,370	)		(35,791,274	)
	743,055			7,177,013			430,897			4,289,068			(85,862	)		(1,653,373	)		(1,053,527	)		(18,005,615	)

	3,476,075			33,239,469			6,488,873			62,999,341			45,577,645			858,673,515			79,243,960			1,412,688,866
	—			—			—			—			—			—			—			—
	649,258			6,164,403			315,597			2,995,329			6,959,585			127,012,426			782,694			13,438,856
	(1,663,416	)		(16,036,308	)		(3,331,773	)		(31,689,259	)		(29,421,002	)		(543,896,333	)		(56,640,205	)		(990,118,898	)
	2,461,917			23,367,564			3,472,697			34,305,411			23,116,228			441,789,608			23,386,449			436,008,824

	—			—			—			—			8,363,036			150,865,817			28,862,264			500,750,877
	—			—			—			—			5,044,388			89,638,768			1,005,601			16,873,992
	—			—			—			—			(46,358,850	)		(854,429,064	)		(36,175,701	)		(625,976,793	)
	—			—			—			—			(32,951,426	)		(613,924,479	)		(6,307,836	)		(108,351,924	)

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

	3,819,233		$	36,558,712			(1,238,684	)	$	(9,373,472	)		(9,329,723	)	$	(163,263,767	)		6,079,647		$	134,315,820

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

	Touchstone Small Cap Core Fund
	For the Six Months
	Ended						For the Year
	March 31, 2015						Ended
	(Unaudited)						September 30, 2014
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		1,683,787		$	32,569,103			1,137,776		$	23,406,870
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—
Reinvestment of distributions		225,866			4,210,298			179,857			3,724,471
Cost of Shares redeemed		(948,071	)		(18,735,263	)		(4,682,878	)		(97,669,839	)
Change from Class A Share Transactions		961,582			18,044,138			(3,365,245	)		(70,538,498	)
Class C
Proceeds from Shares issued		34,388			638,545			42,416			855,387
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—
Reinvestment of distributions		100,136			1,817,469			28,666			578,774
Cost of Shares redeemed		(157,081	)		(3,064,266	)		(230,065	)		(4,680,435	)
Change from Class C Share Transactions		(22,557	)		(608,252	)		(158,983	)		(3,246,274	)
Class Y
Proceeds from Shares issued		2,273,775			45,635,904			5,304,875			110,996,257
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—
Reinvestment of distributions		874,336			16,458,603			325,231			6,788,917
Cost of Shares redeemed		(2,619,562	)		(52,041,055	)		(3,873,708	)		(80,927,924	)
Change from Class Y Share Transactions		528,549			10,053,452			1,756,398			36,857,250
Institutional Class
Proceeds from Shares issued^(B)		2,917,743			58,216,190			5,823,585			121,353,906
Proceeds from Shares issued in connection with merger^(A)		—			—			—			—
Reinvestment of distributions		978,565			18,399,911			382,417			7,971,468
Cost of Shares redeemed		(4,430,934	)		(87,706,975	)		(7,427,639	)		(156,109,203	)
Change from Institutional Class Share Transactions		(534,626	)		(11,090,874	)		(1,221,637	)		(26,783,829	)

Change from Share Transactions		932,948		$	16,398,464			(2,989,467	)	$	(63,711,351	)

^(A)See Note 11 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

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

Touchstone Small Cap Value Fund
For the Six Months
Ended						For the Year
March 31, 2015						Ended
(Unaudited)						September 30, 2014
Shares			Dollars			Shares			Dollars

	22,718		$	556,743			187,663		$	4,638,930
	—			—			100,358			2,549,878
	60,514			1,416,274			18,458			456,503
	(154,143	)		(3,701,890	)		(466,686	)		(11,448,628	)
	(70,911	)		(1,728,873	)		(160,207	)		(3,803,317	)

	7,615			181,269			24,281			591,537
	—			—			59,836			1,506,072
	2,269			52,402			314			7,732
	(23,600	)		(551,036	)		(27,353	)		(660,561	)
	(13,716	)		(317,365	)		57,078			1,444,780

	20,519			470,238			154,794			3,859,535
	—			—			269,342			6,856,609
	16,222			379,917			2,269			55,553
	(49,637	)		(1,177,205	)		(68,791	)		(1,714,797	)
	(12,896	)		(327,050	)		357,614			9,056,900

	111,481			2,657,604			1,053,391			26,269,962
	—			—			233,106			5,932,909
	63,696			1,493,681			15,448			380,917
	(142,206	)		(3,389,901	)		(135,191	)		(3,363,667	)
	32,971			761,384			1,166,754			29,220,121

	(64,552	)	$	(1,611,904	)		1,421,239		$	35,918,484

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

	Touchstone Total Return Bond Fund
	For the Six Months
	Ended						For the Year
	March 31, 2015						Ended
	(Unaudited)						September 30, 2014
	Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		361,067		$	3,731,648			114,274		$	1,162,191
Reinvestment of distributions		6,801			70,418			18,766			190,466
Cost of Shares redeemed		(267,064	)		(2,765,928	)		(838,745	)		(8,488,953	)
Change from Class A Share Transactions		100,804			1,036,138			(705,705	)		(7,136,296	)
Class C
Proceeds from Shares issued		78,743			814,878			17,872			180,777
Reinvestment of distributions		1,403			14,517			3,760			38,169
Cost of Shares redeemed		(42,349	)		(437,996	)		(105,839	)		(1,071,393	)
Change from Class C Share Transactions		37,797			391,399			(84,207	)		(852,447	)
Class Y
Proceeds from Shares issued		1,943,680			20,097,548			1,297,006			13,228,636
Reinvestment of distributions		26,350			273,251			59,444			605,211
Cost of Shares redeemed		(834,883	)		(8,719,212	)		(1,410,172	)		(14,348,740	)
Change from Class Y Share Transactions		1,135,147			11,651,587			(53,722	)		(514,893	)
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		3,498,745			36,324,297			1,911,209			19,401,033
Reinvestment of distributions		184,776			1,917,523			394,031			4,011,246
Cost of Shares redeemed		(892,865	)		(9,256,703	)		(4,138,214	)		(41,972,829	)
Change from Institutional Class Share Transactions		2,790,656			28,985,117			(1,832,974	)		(18,560,550	)

Change from Share Transactions		4,064,404		$	42,064,241			(2,676,608	)	$	(27,064,186	)

See accompanying Notes to Financial Statements.

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

Touchstone Ultra Short Duration Fixed Income Fund
For the Six Months
Ended						For the Year
March 31, 2015						Ended
(Unaudited)						September 30, 2014
Shares			Dollars			Shares			Dollars

	211,065		$	1,981,642			733,323		$	6,920,969
	5,616			52,648			19,343			182,582
	(380,892	)		(3,576,280	)		(3,021,468	)		(28,540,488	)
	(164,211	)		(1,541,990	)		(2,268,802	)		(21,436,937	)

	110,643			1,037,450			155,445			1,466,933
	3,384			31,732			7,105			67,050
	(395,797	)		(3,710,847	)		(400,339	)		(3,779,651	)
	(281,770	)		(2,641,665	)		(237,789	)		(2,245,668	)

	4,854,428			45,540,306			12,370,816			116,716,577
	102,020			956,537			210,176			1,983,191
	(8,629,107	)		(80,983,445	)		(12,930,381	)		(122,034,351	)
	(3,672,659	)		(34,486,602	)		(349,389	)		(3,334,583	)

	7,896,657			74,066,410			24,253,460			228,890,297
	259,675			2,434,776			532,096			5,020,759
	(15,761,457	)		(147,862,588	)		(22,452,531	)		(211,938,045	)
	(7,605,125	)		(71,361,402	)		2,333,025			21,973,011

	2,072,752			19,467,022			3,004,848			28,350,313
	34,650			324,891			87,264			823,459
	(2,169,631	)		(20,359,698	)		(4,000,850	)		(37,746,805	)
	(62,229	)		(567,785	)		(908,738	)		(8,573,033	)

	(11,785,994	)	$	(110,599,444	)		(1,431,693	)	$	(13,617,210	)

Financial Highlights

Touchstone Arbitrage Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months			Year
	Ended			Ended
	March 31,			September
	2015			30,
	(Unaudited)			2014^(A)
Net asset value at beginning of period	$	9.87		$	10.00
Income (loss) from investments operations:
Net investment loss^(B)		(0.02	)		(0.10	)
Net realized and unrealized gains (losses) on investments		0.16			(0.03	)
Total from investment operations		0.14			(0.13	)
Distributions from:
Realized capital gains		(0.02	)		—
Net asset value at end of period	$	9.99		$	9.87
Total return^(C)		1.38	%^(D)		(1.30	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	20,958		$	22,725
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(E)		2.52	%^(F)		2.51	%
Gross expenses (including dividend expense on securities sold short)^(G)		2.60	%^(F)		2.51	%
Net investment loss		(0.40	)%^(F)		(1.01	)%
Portfolio turnover rate		135	%^(D)		293	%

Touchstone Arbitrage Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months			Year
	Ended			Ended
	March 31,			September
	2015			30,
	(Unaudited)			2014^(A)
Net asset value at beginning of period	$	9.82		$	10.00
Income (loss) from investments operations:
Net investments loss^(B)		(0.05	)		(0.17	)
Net realized and unrealized gains (losses) on investments		0.15			(0.01	)
Total from investment operations	$	0.10		$	(0.18	)
Distributions from:
Realized capital gains		(0.02	)		—
Net asset value at end of period	$	9.90		$	9.82
Total return^(C)		0.98	%^(D)		(1.80	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	10,428		$	11,113
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(E)		3.21	%^(F)		3.27	%
Gross expenses (including dividend expense on securities sold short)^(G)		3.21	%^(F)		3.29	%
Net investment loss		(1.09	)%^(F)		(1.77	)%
Portfolio turnover rate		135	%^(D)		293	%

^(A)

Represents the period from commencement of operations (October 1, 2013) through September 30, 2014.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

The ratio of net expenses to average net assets excluding dividend expense on securities sold short for Class A is 1.68% and 1.67% and for Class C is 2.37% and 2.43% for the six months ended March 31, 2015 and the year ended September 30, 2014, respectively.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding dividend expense on securities sold short for Class A is 1.76% and 1.67% and for Class C is 2.37% and 2.45% for the six months ended March 31, 2015 and the year ended September 30, 2014, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Arbitrage Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months			Year
	Ended			Ended
	March 31,			September
	2015			30,
	(Unaudited)			2014^(A)
Net asset value at beginning of period	$	9.91		$	10.00
Income (loss) from investment operations:
Net investment loss^(B)		(—)	^(C)		(0.07	)
Net realized and unrealized gains (losses) on investments		0.15			(0.02	)
Total from investment operations		0.15			(0.09	)
Distributions from:
Realized capital gains		(0.02	)		—
Net asset value at end of period	$	10.04		$	9.91
Total return		1.47	%^(D)		(0.90	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	108,661		$	117,589
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(E)		2.19	%^(F)		2.19	%
Gross expenses (including dividend expense on securities sold short^(G)		2.19	%^(F)		2.19	%
Net investment loss		(0.07	)%^(F)		(0.69	)%
Portfolio turnover rate		135	%^(D)		293	%

Touchstone Arbitrage Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months			Year
	Ended			Ended
	March 31,			September
	2015			30,
	(Unaudited)			2014^(A)
Net asset value at beginning of period	$	9.92		$	10.00
Income (loss) from investment operations:
Net investment income (loss)^(B)		—	^(C)		(0.06	)
Net realized and unrealized gains (losses) on investments		0.16			(0.02	)
Total from investment operations		0.16			(0.08	)
Distributions from:
Realized capital gains		(0.02	)		—
Net asset value at end of period	$	10.06		$	9.92
Total return		1.57	%^(D)		(0.80	)%
Ratios and supplemental data:
Net assets at end of period (000's)	$	7,656		$	47,763
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(E)		2.12	%^(F)		2.12	%
Gross expenses (including dividend expense on securities sold short)^(G)		2.13	%^(F)		2.12	%
Net investment income (loss)		0.00	%^(C)(F)		(0.62	)%
Portfolio turnover rate		135	%^(D)		293	%

^(A)

Represents the period from commencement of operations (October 1, 2013) through September 30, 2014.

^(B)

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

^(C)

Less than $0.005 per share or 0.005%.

^(D)

Not annualized.

^(E)

The ratio of net expenses to average net assets excluding dividend expense on securities sold short for Class Y is 1.35% and 1.35% and for Institutional Class is 1.28% and 1.28% for the six months ended March 31, 2015 and the year ended September 30, 2014, respectively.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding dividend expense on securities sold short for Class Y is 1.35% and 1.35% and for Institutional Class is 1.29% and 1.28% for the six months ended March 31, 2015 and the year ended September 30,2014, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Emerging Markets Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	11.67		$	11.52		$	12.24		$	10.69		$	12.68		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)^(B)		0.09	^(B)		0.09	^(B)		0.11			0.10			0.03
Net realized and unrealized gains (losses) on investments		(0.40	)		0.09			(0.80	)		1.68			(2.05	)		2.65
Total from investment operations		(0.42	)		0.18			(0.71	)		1.79			(1.95	)		2.68
Distributions from:
Net investment income (loss)		(0.06	)		(0.03	)		(0.01	)		(0.15	)		(0.02	)		—
Realized capital gains		—			—			—			(0.09	)		(0.02	)		—
Total distributions		(0.06	)		(0.03	)		(0.01	)		(0.24	)		(0.04	)		—
Net asset value at end of period	$	11.19		$	11.67		$	11.52		$	12.24		$	10.69		$	12.68
Total return^(C)		(3.60	)%^(D)		1.61	%		(5.69	)%		16.71	%		(15.45	)%		26.80	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	4,573		$	5,307		$	9,843		$	34,369		$	26,592		$	10,343
Ratio to average net assets:
Net expenses		1.69	%^(E)		1.69	%		1.69	%		1.72	%		1.74	%		1.74	%
Gross expenses		2.53	%^(E)		2.20	%		1.93	%		1.99	%		1.95	%		2.25	%
Net investment income (loss)		(0.32	)%^(E)		0.75	%		0.71	%		0.94	%		0.98	%		0.76	%
Portfolio turnover rate		12	%^(D)		38	%		25	%		33	%^(F)		18	%		8	%

Touchstone Emerging Markets Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	11.43		$	11.33		$	12.13		$	10.54		$	12.58		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)^(B)		(—	)^(B)(G)		(—	)^(B)(G)		0.04			0.03			—	^(G)
Net realized and unrealized gains (losses) on investments		(0.40	)		0.10			(0.80	)		1.64			(2.05	)		2.58
Total from investment operations		(0.46	)		0.10			(0.80	)		1.68			(2.02	)		2.58
Distributions from:
Net investment income		—			—			—			—	^(G)		—			—
Realized capital gains		—			—			—			(0.09	)		(0.02	)		—
Total distributions		—			—			—			(0.09	)		(0.02	)		—
Net asset value at end of period	$	10.97		$	11.43		$	11.33		$	12.13		$	10.54		$	12.58
Total return^(C)		(4.03	)%^(D)		0.88	%		(6.44	)%		15.84	%		(16.07	)%		25.80	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,088		$	2,874		$	3,719		$	4,903		$	5,417		$	3,590
Ratio to average net assets:
Net expenses		2.44	%^(E)		2.44	%		2.44	%		2.47	%		2.49	%		2.49	%
Gross expenses		3.19	%^(E)		3.03	%		2.84	%		2.85	%		2.82	%		2.99	%
Net investment income (loss)		(1.07	)%^(E)		(0.00	)%^(G)		(0.04	)%		0.19	%		0.21	%		(0.03	)%
Portfolio turnover rate		12	%^(D)		38	%		25	%		33	%^(F)		18	%		8	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Portfolio turnover excludes the purchases and sales of the Touchstone Emerging Markets Equity Fund II acquired on September 17, 2012. If these transactions were included, portfolio turnover would have been higher.

^(G)

Less than $0.005 per share or 0.005%.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Emerging Markets Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	11.63		$	11.54		$	12.27		$	10.74		$	12.72		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(—	)^(B)(C)		0.12	^(C)		0.13	^(C)		0.14			0.11			0.01
Net realized and unrealized gains (losses) on investments		(0.41	)		0.10			(0.81	)		1.70			(2.05	)		2.71
Total from investment operations		(0.41	)		0.22			(0.68	)		1.84			(1.94	)		2.72
Distributions from:
Net investment income		(0.11	)		(0.13	)		(0.05	)		(0.22	)		(0.02	)		—
Realized capital gains		—			—			—			(0.09	)		(0.02	)		—
Total distributions		(0.11	)		(0.13	)		(0.05	)		(0.31	)		(0.04	)		—
Net asset value at end of period	$	11.11		$	11.63		$	11.54		$	12.27		$	10.74		$	12.72
Total return		(3.53	)%^(D)		1.99	%		(5.45	)%		17.12	%		(15.21	)%		27.10	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	85,941		$	105,641		$	138,451		$	219,717		$	151,532		$	13,597
Ratio to average net assets:
Net expenses		1.40	%^(E)		1.38	%		1.37	%		1.41	%		1.48	%		1.49	%
Gross expenses		1.40	%^(E)		1.38	%		1.35	%		1.44	%		1.48	%		2.10	%
Net investment income (loss)		(0.03	)%^(E)		1.06	%		1.04	%		1.25	%		1.50	%		0.86	%
Portfolio turnover rate		12	%^(D)		38	%		25	%		33	%^(F)		18	%		8	%

Touchstone Emerging Markets Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	11.64		$	11.55		$	12.28		$	10.76		$	12.74		$	10.00
Income (loss) from investment operations:
Net investment income		—	^(B)(C)		0.13	^(C)		0.14	^(C)		0.18			0.13			0.05
Net realized and unrealized gains (losses) on investments		(0.41	)		0.11			(0.81	)		1.67			(2.06	)		2.69
Total from investment operations		(0.41	)		0.24			(0.67	)		1.85			(1.93	)		2.74
Distributions from:
Net investment income		(0.12	)		(0.15	)		(0.06	)		(0.24	)		(0.03	)		—
Realized capital gains		—			—			—			(0.09	)		(0.02	)		—
Total distributions		(0.12	)		(0.15	)		(0.06	)		(0.33	)		(0.05	)		—
Net asset value at end of period	$	11.11		$	11.64		$	11.55		$	12.28		$	10.76		$	12.74
Total return		(3.50	)%^(D)		2.13	%		(5.43	)%		17.28	%		(15.18	)%		27.40	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	238,119		$	234,019		$	218,523		$	271,186		$	244,657		$	125,414
Ratio to average net assets:
Net expenses		1.29	%^(E)		1.29	%		1.29	%		1.32	%		1.34	%		1.34	%
Gross expenses		1.32	%^(E)		1.31	%		1.29	%		1.37	%		1.43	%		1.74	%
Net investment income		0.08	%^(E)		1.15	%		1.11	%		1.34	%		1.51	%		1.26	%
Portfolio turnover rate		12	%^(D)		38	%		25	%		33	%^(F)		18	%		8	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

Less than $0.005 per share.

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Portfolio turnover excludes the purchases and sales of the Touchstone Emerging Markets Equity Fund II acquired on September 17, 2012. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Global Real Estate Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.49		$	12.03		$	11.86		$	9.76		$	11.46		$	10.00
Income (loss) from investment operations:
Net investment income		0.28			0.52			0.30	^(B)		0.20	^(B)		0.35			0.36
Net realized and unrealized gains (losses) on investments		0.73			0.40			0.55			2.51			(1.10	)		1.45
Total from investment operations		1.01			0.92			0.85			2.71			(0.75	)		1.81
Distributions from:
Net investment income		(0.31	)		(0.69	)		(0.58	)		(0.16	)		(0.48	)		(0.35	)
Realized capital gains		—			(1.77	)		(0.10	)		(0.45	)		(0.47	)		—
Total distributions		(0.31	)		(2.46	)		(0.68	)		(0.61	)		(0.95	)		(0.35	)
Net asset value at end of period	$	11.19		$	10.49		$	12.03		$	11.86		$	9.76		$	11.46
Total return^(C)		9.74	%^(D)		9.49	%		7.22	%		29.15	%		(7.47	)%		18.54	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	5,348		$	1,375		$	645		$	486		$	2,038		$	881
Ratio to average net assets:
Net expenses		1.39	%^(E)		1.39	%		1.39	%		1.39	%		1.39	%		1.39	%
Gross expenses		2.26	%^(E)		3.58	%		3.73	%		3.27	%		3.55	%		4.27	%
Net investment income		3.83	%^(E)		4.49	%		2.42	%		1.87	%		2.30	%		2.94	%
Portfolio turnover rate		13	%^(D)		53	%		159	%		94	%		85	%		107	%

Touchstone Global Real Estate Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.52		$	12.06		$	11.90		$	9.80		$	11.50		$	10.00
Income (loss) from investment operations:
Net investment income		0.23			0.41			0.21	^(B)		0.12	^(B)		0.20			0.17
Net realized and unrealized gains (losses) on investments		0.75			0.43			0.54			2.52			(1.05	)		1.58
Total from investment operations		0.98			0.84			0.75			2.64			(0.85	)		1.75
Distributions from:
Net investment income		(0.28	)		(0.61	)		(0.49	)		(0.09	)		(0.38	)		(0.25	)
Realized capital gains		—			(1.77	)		(0.10	)		(0.45	)		(0.47	)		—
Total distributions		(0.28	)		(2.38	)		(0.59	)		(0.54	)		(0.85	)		(0.25	)
Net asset value at end of period	$	11.22		$	10.52		$	12.06		$	11.90		$	9.80		$	11.50
Total return^(C)		9.35	%^(D)		8.67	%		6.35	%		28.19	%		(8.20	)%		17.75	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,284		$	524		$	401		$	223		$	116		$	123
Ratio to average net assets:
Net expenses		2.14	%^(E)		2.14	%		2.14	%		2.14	%		2.14	%		2.14	%
Gross expenses		3.54	%^(E)		4.91	%		5.54	%		7.79	%		11.08	%		4.60	%
Net investment income		3.08	%^(E)		3.74	%		1.67	%		1.12	%		1.58	%		1.60	%
Portfolio turnover rate		13	%^(D)		53	%		159	%		94	%		85	%		107	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Global Real Estate Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.62		$	12.14		$	11.97		$	9.84		$	11.53		$	10.00
Income (loss) from investment operations:
Net investment income		0.39			0.56			0.34	^(B)		0.23	^(B)		0.32			0.28
Net realized and unrealized gains (losses) on investments		0.65			0.40			0.54			2.54			(1.06	)		1.58
Total from investment operations		1.04			0.96			0.88			2.77			(0.74	)		1.86
Distributions from:
Net investment income		(0.32	)		(0.71	)		(0.61	)		(0.19	)		(0.48	)		(0.33	)
Realized capital gains		—			(1.77	)		(0.10	)		(0.45	)		(0.47	)		—
Total distributions		(0.32	)		(2.48	)		(0.71	)		(0.64	)		(0.95	)		(0.33	)
Net asset value at end of period	$	11.34		$	10.62		$	12.14		$	11.97		$	9.84		$	11.53
Total return		9.90	%^(C)		9.80	%		7.42	%		29.53	%		(7.27	)%		18.90	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	6,527		$	580		$	276		$	150		$	118		$	129
Ratio to average net assets:
Net expenses		1.14	%^(D)		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Gross expenses		1.93	%^(D)		4.59	%		5.95	%		7.29	%		9.49	%		3.62	%
Net investment income		4.08	%^(D)		4.74	%		2.67	%		2.12	%		2.59	%		2.61	%
Portfolio turnover rate		13	%^(C)		53	%		159	%		94	%		85	%		107	%

Touchstone Global Real Estate Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.74		$	12.26		$	12.07		$	9.92		$	11.61		$	10.00
Income (loss) from investment operations:
Net investment income		0.24			0.53			0.36	^(B)		0.26	^(B)		0.33			0.29
Net realized and unrealized gains (losses) on investments		0.83			0.45			0.56			2.55			(1.07	)		1.59
Total from investment operations		1.07			0.98			0.92			2.81			(0.74	)		1.88
Distributions from:
Net investment income		(0.33	)		(0.73	)		(0.63	)		(0.21	)		(0.48	)		(0.27	)
Realized capital gains		—			(1.77	)		(0.10	)		(0.45	)		(0.47	)		—
Total distributions		(0.33	)		(2.50	)		(0.73	)		(0.66	)		(0.95	)		(0.27	)
Net asset value at end of period	$	11.48		$	10.74		$	12.26		$	12.07		$	9.92		$	11.61
Total return		10.03	%^(C)		9.85	%		7.67	%		29.68	%		(7.21	)%		19.12	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	11,429		$	11,699		$	15,716		$	23,201		$	2,994		$	3,232
Ratio to average net assets:
Net expenses		0.99	%^(D)		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Gross expenses		1.57	%^(D)		1.70	%		1.54	%		2.09	%		3.15	%		3.34	%
Net investment income		4.23	%^(D)		4.89	%		2.82	%		2.27	%		2.73	%		2.75	%
Portfolio turnover rate		13	%^(C)		53	%		159	%		94	%		85	%		107	%

^(A)Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

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

^(C)Not annualized.

^(D)Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone International Fixed Income Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.28		$	10.45		$	10.68		$	10.49		$	11.38		$	10.00
Income (loss) from investment operations:
Net investment income		0.10	^(B)		0.16			0.10			0.14	^(B)		0.14			0.12
Net realized and unrealized gains (losses) on investments		(0.90	)		(0.11	)		(0.27	)		0.47			0.02			1.38
Total from investment operations		(0.80	)		0.05			(0.17	)		0.61			0.16			1.50
Distributions from:
Net investment income		(0.14	)		(0.08	)		(0.02	)		(0.38	)		(1.00	)		(0.12	)
Realized capital gains		(0.35	)		(0.14	)		(0.04	)		(0.04	)		(0.05	)		—
Total distributions		(0.49	)		(0.22	)		(0.06	)		(0.42	)		(1.05	)		(0.12	)
Net asset value at end of period	$	8.99		$	10.28		$	10.45		$	10.68		$	10.49		$	11.38
Total return^(C)		(8.14	)%^(D)		0.48	%		(1.66	)%		6.24	%		1.67	%		15.15	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	632		$	912		$	991		$	1,934		$	2,555		$	1,319
Ratio to average net assets:
Net expenses		1.09	%^(E)		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Gross expenses		3.06	%^(E)		2.86	%		2.47	%		1.97	%		2.18	%		2.47	%
Net investment income		2.06	%^(E)		1.48	%		0.96	%		1.36	%		2.06	%		1.39	%
Portfolio turnover rate		21	%^(D)		82	%		59	%		56	%		64	%		160	%

Touchstone International Fixed Income Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.15		$	10.38		$	10.67		$	10.48		$	11.37		$	10.00
Income (loss) from investment operations:
Net investment income		0.06	^(B)		0.08			0.01			0.06	^(B)		0.13			0.05
Net realized and unrealized gains (losses) on investments		(0.89	)		(0.11	)		(0.26	)		0.47			(0.05	)		1.37
Total from investment operations		(0.83	)		(0.03	)		(0.25	)		0.53			0.08			1.42
Distributions from:
Net investment income		(0.07	)		(0.06	)		(—	)^(F)		(0.30	)		(0.92	)		(0.05	)
Realized capital gains		(0.35	)		(0.14	)		(0.04	)		(0.04	)		(0.05	)		—
Total distributions		(0.42	)		(0.20	)		(0.04	)		(0.34	)		(0.97	)		(0.05	)
Net asset value at end of period	$	8.90		$	10.15		$	10.38		$	10.67		$	10.48		$	11.37
Total return^(C)		(8.45	)%^(D)		(0.29	)%		(2.32	)%		5.37	%		0.94	%		14.29	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	143		$	231		$	234		$	432		$	581		$	407
Ratio to average net assets:
Net expenses		1.84	%^(E)		1.84	%		1.84	%		1.84	%		1.84	%		1.84	%
Gross expenses		8.43	%^(E)		7.16	%		6.15	%		4.73	%		4.53	%		3.16	%
Net investment income		1.31	%^(E)		0.73	%		0.21	%		0.61	%		1.14	%		0.59	%
Portfolio turnover rate		21	%^(D)		82	%		59	%		56	%		64	%		160	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone International Fixed Income Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.31		$	10.45		$	10.66		$	10.48		$	11.37		$	10.00
Income (loss) from investment operations:
Net investment income		0.11	^(B)		0.16			0.14			0.17	^(B)		0.20	^(B)		0.16
Net realized and unrealized gains (losses) on investments		(0.91	)		(0.08	)		(0.28	)		0.46			(0.01	)		1.37
Total from investment operations		(0.80	)		0.08			(0.14	)		0.63			0.19			1.53
Distributions from:
Net investment income		(0.17	)		(0.08	)		(0.03	)		(0.41	)		(1.03	)		(0.16	)
Realized capital gains		(0.35	)		(0.14	)		(0.04	)		(0.04	)		(0.05	)		—
Total distributions		(0.52	)		(0.22	)		(0.07	)		(0.45	)		(1.08	)		(0.16	)
Net asset value at end of period	$	8.99		$	10.31		$	10.45		$	10.66		$	10.48		$	11.37
Total return		(7.96	)%^(C)		0.74	%		(1.41	)%		6.42	%		1.97	%		15.41	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	216		$	318		$	376		$	517		$	721		$	193
Ratio to average net assets:
Net expenses		0.84	%^(D)		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Gross expenses		5.03	%^(D)		4.40	%		3.61	%		2.91	%		2.91	%		2.50	%
Net investment income		2.31	%^(D)		1.73	%		1.21	%		1.61	%		1.92	%		1.52	%
Portfolio turnover rate		21	%^(C)		82	%		59	%		56	%		64	%		160	%

Touchstone International Fixed Income Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	10.33		$	10.47		$	10.67		$	10.48		$	11.37		$	10.00
Income (loss) from investment operations:
Net investment income		0.12	^(B)		0.21			0.14			0.18	^(B)		0.23			0.17
Net realized and unrealized gains (losses) on investments		(0.91	)		(0.12	)		(0.27	)		0.47			(0.02	)		1.37
Total from investment operations		(0.79	)		0.09			(0.13	)		0.65			0.21			1.54
Distributions from:
Net investment income		(0.18	)		(0.09	)		(0.03	)		(0.42	)		(1.05	)		(0.17	)
Realized capital gains		(0.35	)		(0.14	)		(0.04	)		(0.04	)		(0.05	)		—
Total distributions		(0.53	)		(0.23	)		(0.07	)		(0.46	)		(1.10	)		(0.17	)
Net asset value at end of period	$	9.01		$	10.33		$	10.47		$	10.67		$	10.48		$	11.37
Total return		(7.88	)%^(C)		0.88	%		(1.28	)%		6.69	%		2.11	%		15.59	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	24,059		$	35,046		$	29,157		$	29,297		$	7,931		$	7,746
Ratio to average net assets:
Net expenses		0.69	%^(D)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Gross expenses		0.99	%^(D)		0.97	%		1.02	%		1.03	%		1.41	%		1.64	%
Net investment income		2.46	%^(D)		1.88	%		1.36	%		1.76	%		2.25	%		1.67	%
Portfolio turnover rate		21	%^(C)		82	%		59	%		56	%		64	%		160	%

^(A) Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

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

^(C)Not annualized.

^(D)Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,												September
	2015			Year Ended September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	10.49		$	11.05		$	10.65		$	10.02		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.13	)^(B)		0.07	^(B)		(0.09	)^(B)		—	^(C)
Net realized and unrealized gains (losses) on investments		0.22			(0.05	)		0.44			0.73			0.02
Total from investment operations		0.19			(0.18	)		0.51			0.64			0.02
Distributions from:
Net investment income		—			(0.05	)		—			(—	)^(C)		—
Realized capital gains		(0.05	)		(0.33	)		(0.11	)		(0.01	)		—
Total distributions		(0.05	)		(0.38	)		(0.11	)		(0.01	)		—
Net asset value at end of period	$	10.63		$	10.49		$	11.05		$	10.65		$	10.02
Total return^(D)		1.78	%^(E)		(1.75	)%		4.84	%		6.35	%		0.30	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	40,543		$	96,916		$	275,858		$	150,148		$	260
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(F)		2.73	%^(G)		2.52	%		2.27	%		1.96	%		3.33	%^(G)
Gross expenses (including dividend expense on securities sold short)^(H)		2.73	%^(G)		2.52	%		2.27	%		1.97	%		28.67	%^(G)
Net investment income (loss)		(0.81	)%^(G)		(1.25	)%		0.65	%		(0.90	)%		(1.97	)%^(G)
Portfolio turnover rate		108	%^(E)		271	%		288	%		307	%		311	%^(E)

^(A)

Represents the period from commencement of operations (August 9, 2011) through September 30, 2011.

^(B)

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

^(C)

Less than $0.005 per share.

^(D)

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

^(E)

Not annualized.

^(F)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short is 1.63%, 1.57%, 1.64%, 1.65% and 1.69% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

^(G)

Annualized.

^(H)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short is 1.63%, 1.57%, 1.64%, 1.66% and 27.03% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	10.26		$	10.85		$	10.54		$	10.01		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.22	)^(B)		(0.01	)^(B)		(0.17	)^(B)		(0.01	)
Net realized and unrealized gains (losses) on investments		0.22			(0.04	)		0.43			0.71			0.02
Total from investment operations		0.15			(0.26	)		0.42			0.54			0.01
Distributions from:
Net investment income		—			—			—			(—	)^(C)		—
Realized capital gains		(0.05	)		(0.33	)		(0.11	)		(0.01	)		—
Total distributions		(0.05	)		(0.33	)		(0.11	)		(0.01	)		—
Net asset value at end of period	$	10.36		$	10.26		$	10.85		$	10.54		$	10.01
Total return^(D)		1.43	%^(E)		(2.51	)%		3.93	%		5.56	%		0.10	%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	25,549		$	35,737		$	50,001		$	25,739		$	254
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(F)		3.51	%^(G)		3.32	%		3.05	%		2.74	%		4.23	%^(G)
Gross expenses (including dividend expense on securities sold short)^(H)		3.51	%^(G)		3.32	%		3.05	%		2.75	%		29.58	%^(G)
Net investment loss		(1.59	)%^(G)		(2.05	)%		(0.13	)%		(1.68	)%		(2.74	)%^(G)
Portfolio turnover rate		108	%^(E)		271	%		288	%		307	%		311	%^(E)

^(A)

Represents the period from commencement of operations (August 9, 2011) through September 30, 2011.

^(B)

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

^(C)

Less than $0.005 per share.

^(D)

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

^(E)

Not annualized.

^(F)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short is 2.41%, 2.37%, 2.42%, 2.43% and 2.43% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

^(G)

Annualized.

^(H)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short is 2.41%, 2.37%, 2.42%, 2.44% and 27.78% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	10.55		$	11.10		$	10.68		$	10.02		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.10	)^(B)		0.10	^(B)		(0.07	)^(B)		(0.01	)
Net realized and unrealized gains (losses) on investments		0.23			(0.05	)		0.43			0.74			0.03
Total from investment operations		0.21			(0.15	)		0.53			0.67			0.02
Distributions from:
Net investment income		—			(0.07	)		—			(—	)^(C)		—
Realized capital gains		(0.05	)		(0.33	)		(0.11	)		(0.01	)		—
Total distributions		(0.05	)		(0.40	)		(0.11	)		(0.01	)		—
Net asset value at end of period	$	10.71		$	10.55		$	11.10		$	10.68		$	10.02
Total return		1.96	%^(D)		(1.41	)%		5.01	%		6.75	%		0.20	%^(D)
Net assets at end of period (000's)	$	121,386		$	178,305		$	192,095		$	90,741		$	1,160
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(E)		2.42	%^(F)		2.24	%		2.02	%		1.68	%		2.74	%^(F)
Gross expenses (including dividend expense on securities sold short)^(G)		2.42	%^(F)		2.24	%		2.01	%		1.70	%		8.22	%^(F)
Net investment income (loss)		(0.50	)%^(F)		(0.97	)%		0.90	%		(0.62	)%		(1.65	)%^(F)
Portfolio turnover rate		108	%^(D)		271	%		288	%		307	%		311	%^(D)

^(A)

Represents the period from commencement of operations (August 9, 2011) through September 30, 2011.

^(B)

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

^(C)

Less than $0.005 per share.

^(D)

Not annualized.

^(E)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short is 1.32%, 1.29%, 1.39%, 1.37% and 1.43% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short is 1.32%, 1.29%, 1.38%, 1.39% and 6.91% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	10.57		$	11.13		$	10.69		$	10.03		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.10	)^(B)		0.11	^(B)		(0.06	)^(B)		(0.02	)
Net realized and unrealized gains (losses) on investments		0.23			(0.05	)		0.44			0.73			0.05
Total from investment operations		0.21			(0.15	)		0.55			0.67			0.03
Distributions from:
Net investment income		—			(0.08	)		—			(—	)^(C)		—
Realized capital gains		(0.05	)		(0.33	)		(0.11	)		(0.01	)		—
Total distributions		(0.05	)		(0.41	)		(0.11	)		(0.01	)		—
Net asset value at end of period	$	10.73		$	10.57		$	11.13		$	10.69		$	10.03
Total return		1.95	%^(D)		(1.44	)%		5.20	%		6.75	%		0.30	%^(D)
Net assets at end of period (000's)	$	111,654		$	119,727		$	170,930		$	79,164		$	5,016
Ratio to average net assets:
Net expenses (including dividend expense on securities sold short)^(E)		2.37	%^(F)		2.21	%		1.91	%		1.59	%		1.86	%^(F)
Gross expenses (including dividend expense on securities sold short)^(G)		2.37	%^(F)		2.20	%		1.92	%		1.62	%		4.83	%^(F)
Net investment income (loss)		(0.45	)%^(F)		(0.94	)%		1.01	%		(0.53	)%		(1.13	)%^(F)
Portfolio turnover rate		108	%^(D)		271	%		288	%		307	%		311	%^(D)

^(A)

Represents the period from commencement of operations (August 9, 2011) through September 30, 2011.

^(B)

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

^(C)

Less than $0.005 per share.

^(D)

Not annualized.

^(E)

The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short is 1.27%, 1.26%, 1.28%, 1.28% and 1.28% for the six months ended March 31, 2015, years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

^(F)

Annualized.

^(G)

The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short is 1.27%, 1.25%, 1.29%, 1.31% and 4.25% for six months ended March 31, 2015, the years ended September 30, 2014, 2013, 2012 and for the period ended September 30, 2011, respectively.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	23.68		$	20.87		$	16.55		$	13.16		$	12.67		$	11.20
Income (loss) from investment operations:
Net investment income (loss)		0.01			—	^(A)		0.12	^(B)		0.10	^(B)		(0.02	)		0.29
Net realized and unrealized gains on investments		2.26			2.83			4.51			3.31			0.51			1.24
Total from investment operations		2.27			2.83			4.63			3.41			0.49			1.53
Distributions from:
Net investment income		—			(0.02	)		(0.31	)		(0.02	)		—			(0.06	)
Net asset value at end of period	$	25.95		$	23.68		$	20.87		$	16.55		$	13.16		$	12.67
Total return^(C)		9.59	%^(D)		13.57	%		28.43	%		25.95	%		3.87	%		13.72	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	52,112		$	35,513		$	43,611		$	905		$	698		$	685
Ratio to average net assets:
Net expenses		1.24	%^(E)		1.23	%		1.21	%		1.21	%		1.21	%		1.21	%
Gross expenses		1.38	%^(E)		1.40	%		1.50	%		3.50	%		3.05	%		2.84	%
Net investment income (loss)		0.13	%^(E)		0.01	%		0.61	%		0.66	%		(0.02	)%		0.34	%
Portfolio turnover rate		8	%^(D)		26	%		20	%		152	%		97	%		132	%

Touchstone Mid Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	22.97		$	20.37		$	16.21		$	12.96		$	12.58		$	11.19
Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.15	)		(0.03	)^(B)		(0.01	)^(B)		(0.07	)		(0.04	)
Net realized and unrealized gains on investments		2.13			2.75			4.42			3.26			0.45			1.43
Total from investment operations		2.10			2.60			4.39			3.25			0.38			1.39
Distributions from:
Net investment income		—			—			(0.23	)		—			—			—
Net asset value at end of period	$	25.07		$	22.97		$	20.37		$	16.21		$	12.96		$	12.58
Total return^(C)		9.14	%^(D)		12.76	%		27.43	%		25.08	%		3.02	%		12.42	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	57,304		$	41,433		$	25,018		$	962		$	476		$	249
Ratio to average net assets:
Net expenses		1.99	%^(E)		1.98	%		1.96	%		1.96	%		1.96	%		1.94	%
Gross expenses		2.12	%^(E)		2.16	%		2.37	%		4.62	%		4.95	%		4.57	%
Net investment loss		(0.62	)%^(E)		(0.75	)%		(0.14	)%		(0.09	)%		(0.80	)%		(0.40	)%
Portfolio turnover rate		8	%^(D)		26	%		20	%		152	%		97	%		132	%

^(A)

Less than $0.005 per share.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	23.83		$	20.98		$	16.60		$	13.17		$	12.68		$	11.25
Income from investment operations:
Net investment income		0.05			0.06			0.17	^(A)		0.15	^(A)		0.05			0.08
Net realized and unrealized gains on investments		2.27			2.84			4.53			3.31			0.47			1.44
Total from investment operations		2.32			2.90			4.70			3.46			0.52			1.52
Distributions from:
Net investment income		(0.05	)		(0.05	)		(0.32	)		(0.03	)		(0.03	)		(0.09	)
Net asset value at end of period	$	26.10		$	23.83		$	20.98		$	16.60		$	13.17		$	12.68
Total return		9.75	%^(B)		13.83	%		28.78	%		26.29	%		4.10	%		13.58	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	339,546		$	266,446		$	181,276		$	47,419		$	77,785		$	123,493
Ratio to average net assets:
Net expenses		0.99	%^(C)		0.98	%		0.95	%		0.92	%		0.96	%		0.94	%
Gross expenses		1.05	%^(C)		1.06	%		1.09	%		1.08	%		1.06	%		1.07	%
Net investment income		0.38	%^(C)		0.26	%		0.87	%		0.95	%		0.26	%		0.71	%
Portfolio turnover rate		8	%^(B)		26	%		20	%		152	%		97	%		132	%

Touchstone Mid Cap Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	23.54		$	20.73		$	16.45		$	13.08		$	12.59		$	11.18
Income (loss) from investment operations:
Net investment income (loss)		0.01			0.01			0.12	^(A)		0.10	^(A)		(—	)^(D)		0.02
Net realized and unrealized gains on investments		2.24			2.81			4.48			3.28			0.49			1.45
Total from investment operations		2.25			2.82			4.60			3.38			0.49			1.47
Distributions from:
Net investment income		—			(0.01	)		(0.32	)		(0.01	)		—			(0.06	)
Net asset value at end of period	$	25.79		$	23.54		$	20.73		$	16.45		$	13.08		$	12.59
Total return		9.56	%^(B)		13.58	%		28.45	%		25.89	%		3.89	%		13.20	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	24,151		$	11,593		$	12,858		$	267		$	934		$	652
Ratio to average net assets:
Net expenses		1.24	%^(C)		1.23	%		1.21	%		1.21	%		1.21	%		1.19	%
Gross expenses		1.46	%^(C)		1.55	%		1.55	%		3.67	%		3.68	%		2.14	%
Net investment income (loss)		0.13	%^(C)		0.01	%		0.61	%		0.66	%		(0.09	)%		0.45	%
Portfolio turnover rate		8	%^(B)		26	%		20	%		152	%		97	%		132	%

^(A)

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

^(B)

Not annualized.

^(C) Annualized.

^(D)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout The Period

	Six Months									Period
	Ended									Ended
	March 31,			Year Ended						September
	2015			September 30,						30,
	(Unaudited)			2014			2013			2012^(A)
Net asset value at beginning of period	$	23.85		$	20.99		$	16.61		$	15.36
Income from investment operations:
Net investment income		0.06			0.08			0.19	^(B)		0.10	^(B)
Net realized and unrealized gains on investments		2.27			2.84			4.52			1.15
Total from investment operations		2.33			2.92			4.71			1.25
Distributions from:
Net investment income		(0.07	)		(0.06	)		(0.33	)		—
Net asset value at end of period	$	26.11		$	23.85		$	20.99		$	16.61
Total return		9.77	%^(C)		13.91	%		28.85	%		8.14	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	97,093		$	90,998		$	74,170		$	12,231
Ratio to average net assets:
Net expenses		0.92	%^(D)		0.91	%		0.89	%		0.89	%^(D)
Gross expenses		1.01	%^(D)		1.01	%		1.07	%		1.38	%^(D)
Net investment income		0.45	%^(D)		0.33	%		0.93	%		0.98	%^(D)
Portfolio turnover rate		8	%^(C)		26	%		20	%		152	%

^(A)

Represents the period from commencement of operations (January 27, 2012) through September 30, 2012.

^(B)

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

^(C)

Not annualized.

^(D)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	16.60		$	16.09		$	12.98		$	10.86		$	11.76		$	10.00
Income (loss) from investment operations:
Net investment income		0.07			0.05			0.10			0.09			0.09			0.12
Net realized and unrealized gains (losses) on investments		1.21			1.85			3.26			2.78			(0.72	)		1.74
Total from investment operations		1.28			1.90			3.36			2.87			(0.63	)		1.86
Distributions from:
Net investment income		(0.05	)		(0.05	)		(0.10	)		(0.09	)		(0.11	)		(0.10	)
Realized capital gains		(0.64	)		(1.34	)		(0.15	)		(0.66	)		(0.16	)		—
Total distributions		(0.69	)		(1.39	)		(0.25	)		(0.75	)		(0.27	)		(0.10	)
Net asset value at end of period	$	17.19		$	16.60		$	16.09		$	12.98		$	10.86		$	11.76
Total return^(B)		7.95	%^(C)		12.49	%		26.26	%		27.55	%		(5.72	)%		18.70	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	8,580		$	14,029		$	5,307		$	3,409		$	2,364		$	345
Ratio to average net assets:
Net expenses		1.29	%^(D)		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%
Gross expenses		1.67	%^(D)		1.58	%		1.75	%		1.97	%		2.07	%		3.07	%
Net investment income		0.60	%^(D)		0.41	%		0.73	%		0.77	%		0.86	%		1.07	%
Portfolio turnover rate		21	%^(C)		85	%^(E)		68	%		42	%		59	%		45	%

Touchstone Mid Cap Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	16.42		$	16.00		$	12.92		$	10.82		$	11.74		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.04	)		(—	)^(F)		—	^(F)		0.03			0.03
Net realized and unrealized gains (losses) on investments		1.21			1.80			3.24			2.77			(0.75	)		1.75
Total from investment operations		1.20			1.76			3.24			2.77			(0.72	)		1.78
Distributions from:
Net investment income (loss)		—			—			(0.01	)		(0.01	)		(0.04	)		(0.04	)
Realized capital gains		(0.64	)		(1.34	)		(0.15	)		(0.66	)		(0.16	)		—
Total distributions		(0.64	)		(1.34	)		(0.16	)		(0.67	)		(0.20	)		(0.04	)
Net asset value at end of period	$	16.98		$	16.42		$	16.00		$	12.92		$	10.82		$	11.74
Total return^(B)		7.53	%^(C)		11.62	%		25.32	%		26.64	%		(6.45	)%		17.88	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,150		$	2,002		$	719		$	292		$	204		$	132
Ratio to average net assets:
Net expenses		2.04	%^(D)		2.04	%		2.04	%		2.04	%		2.04	%		2.04	%
Gross expenses		2.85	%^(D)		3.05	%		4.17	%		7.90	%		7.74	%		3.86	%
Net investment income (loss)		(0.15	)%^(D)		(0.34	)%		(0.02	)%		0.02	%		0.10	%		0.27	%
Portfolio turnover rate		21	%^(C)		85	%^(E)		68	%		42	%		59	%		45	%

^(A)	Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.
^(B)	Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.
^(C)	Not annualized.
^(D)	Annualized.
^(E)	Portfolio turnover excludes the purchases and sales of the Touchstone Mid Cap Value Opportunities Fund (see Note 11). If these transactions were included, portfolio turnover would have been higher.
^(F)	Less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Mid Cap Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	16.67		$	16.15		$	13.03		$	10.89		$	11.79		$	10.00
Income (loss) from investment operations:
Net investment income		0.08			0.07			0.15			0.11			0.12			0.14
Net realized and unrealized gains (losses) on investments		1.23			1.88			3.26			2.81			(0.72	)		1.76
Total from investment operations		1.31			1.95			3.41			2.92			(0.60	)		1.90
Distributions from:
Net investment income		(0.08	)		(0.09	)		(0.14	)		(0.12	)		(0.14	)		(0.11	)
Realized capital gains		(0.64	)		(1.34	)		(0.15	)		(0.66	)		(0.16	)		—
Total distributions		(0.72	)		(1.43	)		(0.29	)		(0.78	)		(0.30	)		(0.11	)
Net asset value at end of period	$	17.26		$	16.67		$	16.15		$	13.03		$	10.89		$	11.79
Total return		8.09	%^(B)		12.77	%		26.53	%		27.97	%		(5.51	)%		19.07	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	203,651		$	213,404		$	15,782		$	13,785		$	4,685		$	589
Ratio to average net assets:
Net expenses		1.00	%^(C)		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%
Gross expenses		1.09	%^(C)		1.14	%		1.37	%		1.46	%		1.58	%		3.19	%
Net investment income		0.89	%^(C)		0.66	%		0.98	%		1.02	%		1.20	%		1.40	%
Portfolio turnover rate		21	%^(B)		85	%^(D)		68	%		42	%		59	%		45	%

Touchstone Mid Cap Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	16.73		$	16.20		$	13.07		$	10.92		$	11.83		$	10.00
Income (loss) from investment operations:
Net investment income		0.09			0.13			0.16			0.13			0.16			0.10
Net realized and unrealized gains (losses) on investments		1.24			1.85			3.28			2.82			(0.75	)		1.82
Total from investment operations		1.33			1.98			3.44			2.95			(0.59	)		1.92
Distributions from:
Net investment income		(0.09	)		(0.11	)		(0.16	)		(0.14	)		(0.16	)		(0.09	)
Realized capital gains		(0.64	)		(1.34	)		(0.15	)		(0.66	)		(0.16	)		—
Total distributions		(0.73	)		(1.45	)		(0.31	)		(0.80	)		(0.32	)		(0.09	)
Net asset value at end of period	$	17.33		$	16.73		$	16.20		$	13.07		$	10.92		$	11.83
Total return		8.19	%^(B)		12.90	%		26.71	%		28.17	%		(5.41	)%		19.25	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	134,769		$	134,259		$	144,965		$	75,240		$	39,808		$	39,509
Ratio to average net assets:
Net expenses		0.89	%^(C)		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Gross expenses		1.03	%^(C)		1.04	%		1.09	%		1.12	%		1.15	%		1.93	%
Net investment income		1.00	%^(C)		0.81	%		1.13	%		1.17	%		1.21	%		1.66	%
Portfolio turnover rate		21	%^(B)		85	%^(D)		68	%		42	%		59	%		45	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

Portfolio turnover excludes the purchases and sales of the Touchstone Mid Cap Value Opportunities Fund (see Note 11). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Premium Yield Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	9.98		$	8.92		$	8.11		$	6.76		$	6.48		$	5.93
Income from investment operations:
Net investment income		0.13			0.40	^(A)		0.24			0.24			0.21			0.21
Net realized and unrealized gains on investments		—	^(B)		1.07			0.80			1.36			0.28			0.54
Total from investment operations		0.13			1.47			1.04			1.60			0.49			0.75
Distributions from:
Net investment income		(0.14	)		(0.41	)		(0.23	)		(0.24	)		(0.21	)		(0.20	)
Realized capital gains		(0.45	)		—			—			—			—			—
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		(0.59	)		(0.41	)		(0.23	)		(0.25	)		(0.21	)		(0.20	)
Net asset value at end of period	$	9.52		$	9.98		$	8.92		$	8.11		$	6.76		$	6.48
Total return^(C)		1.45	%^(D)		16.79	%		12.97	%		23.98	%		7.43	%		12.82	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	48,878		$	45,124		$	86,171		$	68,780		$	28,739		$	22,441
Ratio to average net assets:
Net expenses		1.20	%^(E)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.26	%^(E)		1.29	%		1.29	%		1.30	%		1.35	%		1.40	%
Net investment income		2.77	%^(E)		4.24	%^(A)		2.74	%		3.26	%		3.02	%		3.30	%
Portfolio turnover rate		15	%^(D)		26	%		56	%		16	%		54	%		29	%

Touchstone Premium Yield Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	9.97		$	8.90		$	8.10		$	6.76		$	6.49		$	5.93
Income from investment operations:
Net investment income		0.10			0.33	^(A)		0.16			0.18			0.16			0.16
Net realized and unrealized gains on investments		—	^(B)		1.07			0.80			1.35			0.27			0.55
Total from investment operations		0.10			1.40			0.96			1.53			0.43			0.71
Distributions from:
Net investment income		(0.11	)		(0.33	)		(0.16	)		(0.18	)		(0.16	)		(0.15	)
Realized capital gains		(0.45	)		—			—			—			—			—
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		(0.56	)		(0.33	)		(0.16	)		(0.19	)		(0.16	)		(0.15	)
Net asset value at end of period	$	9.51		$	9.97		$	8.90		$	8.10		$	6.76		$	6.49
Total return^(C)		1.09	%^(D)		15.99	%		12.03	%		22.93	%		6.60	%		12.11	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	36,800		$	31,190		$	24,009		$	15,680		$	7,499		$	6,870
Ratio to average net assets:
Net expenses		1.95	%^(E)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Gross expenses		1.99	%^(E)		2.02	%		2.08	%		2.14	%		2.28	%		2.23	%
Net investment income		2.02	%^(E)		3.49	%^(A)		1.99	%		2.51	%		2.27	%		2.60	%
Portfolio turnover rate		15	%^(D)		26	%		56	%		16	%		54	%		29	%

^(A)

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 and Class C net investment income per share and ratio of net investment income to average net assets would have been lower by $0.16 and 1.70%, respectively.

^(B)

Less than $0.005 per share.

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Premium Yield Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March, 31
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	9.97		$	8.90		$	8.10		$	6.75		$	6.47		$	5.92
Income from investment operations:
Net investment income		0.15			0.43	^(A)		0.25			0.27			0.20			0.22
Net realized and unrealized gains on investments		(0.01	)		1.07			0.80			1.35			0.30			0.54
Total from investment operations		0.14			1.50			1.05			1.62			0.50			0.76
Distributions from:
Net investment income		(0.16	)		(0.43	)		(0.25	)		(0.26	)		(0.22	)		(0.21	)
Realized capital gains		(0.45	)		—			—			—			—			—
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		(0.61	)		(0.43	)		(0.25	)		(0.27	)		(0.22	)		(0.21	)
Net asset value at end of period	$	9.50		$	9.97		$	8.90		$	8.10		$	6.75		$	6.47
Total return		1.58	%^(B)		17.13	%		13.14	%		24.31	%		7.67	%		13.14	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	127,497		$	109,201		$	66,644		$	33,185		$	3,980		$	11,540
Ratio to average net assets:
Net expenses		0.95	%^(C)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		0.95	%^(C)		0.96	%		1.04	%		1.18	%		1.25	%		1.53	%
Net investment income		3.02	%^(C)		4.49	%^(A)		2.99	%		3.51	%		3.16	%		3.77	%
Portfolio turnover rate		15	%^(B)		26	%		56	%		16	%		54	%		29	%

^(A)

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 $0.16 and 1.70%, respectively.

^(B)

Not annualized.

^(C)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Sands Capital Select Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	18.15		$	16.08		$	12.65		$	9.39		$	9.39
Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.29	)		(0.05	)		(0.09	)^(B)		(0.03	)
Net realized and unrealized gains on investments		0.78			2.49			3.48			3.35			0.03
Total from investment operations		0.73			2.20			3.43			3.26			—
Distributions from:
Realized capital gains		(0.88	)		(0.13	)		—			—			—
Net asset value at end of period	$	18.00		$	18.15		$	16.08		$	12.65		$	9.39
Total return^(C)		4.03	%^(D)		13.73	%		27.11	%		34.72	%		0.00	%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	297,680		$	289,506		$	416,396		$	186,384		$	21,211
Ratio to average net assets:
Net expenses		1.09	%^(E)		1.31	%		1.28	%		1.37	%		1.45	%^(E)
Gross expenses		1.10	%^(E)		1.33	%		1.37	%		1.47	%		1.64	%^(E)
Net investment loss		(0.63	)%^(E)		(0.91	)%		(0.62	)%		(0.74	)%		(0.94	)%^(E)
Portfolio turnover rate		14	%^(D)		30	%		37	%		19	%		19	%^(D)

Touchstone Sands Capital Select Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	17.62		$	15.74		$	12.47		$	9.33		$	9.39
Income (loss) from investment operations:
Net investment loss		(0.12	)		(0.32	)		(0.13	)		(0.17	)^(B)		(0.06	)
Net realized and unrealized gains on investments		0.76			2.33			3.40			3.31			—	^(F)
Total from investment operations		0.64			2.01			3.27			3.14			(0.06	)
Distributions from:
Realized capital gains		(0.88	)		(0.13	)		—			—			—
Net asset value at end of period	$	17.38		$	17.62		$	15.74		$	12.47		$	9.33
Total return^(C)		3.69	%^(D)		12.89	%		26.14	%		33.66	%		(0.64	)%^(D)
Ratios and supplemental data:
Net assets at end of period (000's)	$	199,575		$	203,865		$	198,584		$	88,931		$	8,660
Ratio to average net assets:
Net expenses		1.84	%^(E)		2.06	%		2.03	%		2.12	%		2.20	%^(E)
Gross expenses		1.84	%^(E)		2.09	%		2.14	%		2.22	%		2.56	%^(E)
Net investment loss		(1.38	)%^(E)		(1.65	)%		(1.37	)%		(1.49	)%		(1.69	)%^(E)
Portfolio turnover rate		14	%^(D)		30	%		37	%		19	%		19	%^(D)

^(A)

Represents the period from commencement of operations (November 15, 2010) through September 30, 2011.

^(B)

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

^(C)

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

^(D)

Not annualized.

^(E)

Annualized.

^(F)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Sands Capital Select Growth Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	18.61		$	16.44		$	12.90		$	9.56		$	8.83		$	7.34
Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.10	)		(0.02	)		(0.06	)^(A)		(0.14	)		(0.07	)
Net realized and unrealized gains on investments		0.80			2.40			3.56			3.40			0.87			1.56
Total from investment operations		0.77			2.30			3.54			3.34			0.73			1.49
Distributions from:
Realized capital gains		(0.88	)		(0.13	)		—			—			—			—
Net asset value at end of period	$	18.50		$	18.61		$	16.44		$	12.90		$	9.56		$	8.83
Total return		4.21	%^(B)		14.04	%		27.44	%		34.94	%		8.14	%		20.44	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,881,066		$	3,473,661		$	2,684,731		$	1,215,124		$	392,464		$	120,333
Ratio to average net assets:
Net expenses		0.81	%^(C)		1.06	%		1.03	%		1.11	%		1.20	%		1.22	%
Gross expenses		0.81	%^(C)		1.03	%		1.06	%		1.18	%		1.23	%		1.28	%
Net investment loss		(0.35	)%^(C)		(0.66	)%		(0.37	)%		(0.49	)%		(0.68	)%		(0.52	)%
Portfolio turnover rate		14	%^(B)		30	%		37	%		19	%		19	%		27	%

Touchstone Sands Capital Select Growth Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	18.15		$	16.08		$	12.65		$	9.39		$	8.70		$	7.24
Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.17	)		(0.10	)		(0.08	)^(A)		(0.07	)		(0.04	)
Net realized and unrealized gains on investments		0.82			2.37			3.53			3.34			0.76			1.50
Total from investment operations		0.73			2.20			3.43			3.26			0.69			1.46
Distributions from:
Realized capital gains		(0.88	)		(0.13	)		—			—			—			—
Net asset value at end of period	$	18.00		$	18.15		$	16.08		$	12.65		$	9.39		$	8.70
Total return		4.09	%^(B)		13.73	%		27.11	%		34.72	%		7.93	%		20.17	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,689,573		$	2,302,038		$	2,140,884		$	1,836,957		$	911,849		$	540,329
Ratio to average net assets:
Net expenses		1.07	%^(C)		1.31	%		1.28	%		1.32	%		1.42	%		1.47	%
Gross expenses		1.13	%^(C)		1.35	%		1.37	%		1.39	%		1.52	%		1.53	%
Net investment loss		(0.61	)%^(C)		(0.90	)%		(0.62	)%		(0.70	)%		(0.93	)%		(0.79	)%
Portfolio turnover rate		14	%^(B)		30	%		37	%		19	%		19	%		27	%

^(A)

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

^(B)

Not annualized.

^(C)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Cap Core Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	20.55		$	19.44		$	16.02		$	11.94		$	11.62		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		—	^(B)		(0.09	)^(C)		0.44			0.05			(0.02	)		0.02
Net realized and unrealized gains on investments		1.96			1.80			3.28			4.20			0.35			1.60
Total from investment operations		1.96			1.71			3.72			4.25			0.33			1.62
Distributions from:
Net investment income		(—	)^(B)		(0.31	)		(0.18	)		(—	)^(B)		(0.01	)		—
Realized capital gains		(1.59	)		(0.29	)		(0.12	)		(0.17	)		(—	)^(B)		—
Total distributions		(1.59	)		(0.60	)		(0.30	)		(0.17	)		(0.01	)		—
Net asset value at end of period	$	20.92		$	20.55		$	19.44		$	16.02		$	11.94		$	11.62
Total return^(D)		10.49	%^(E)		8.80	%		23.60	%		35.86	%		2.82	%		16.20	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	81,446		$	60,246		$	122,394		$	84,539		$	43,074		$	50,110
Ratio to average net assets:
Net expenses		1.38	%^(F)		1.36	%		1.34	%		1.34	%		1.34	%		1.34	%
Gross expenses		1.43	%^(F)		1.43	%		1.53	%		1.58	%		1.79	%		1.55	%
Net investment income (loss)		0.00	%^(B)(F)		(0.45	)%		2.47	%		0.37	%		(0.10	)%		0.32	%
Portfolio turnover rate		25	%^(E)		17	%		15	%		11	%		37	%		29	%

Touchstone Small Cap Core Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	20.07		$	19.01		$	15.69		$	11.79		$	11.55		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.24	)^(C)		0.30			(0.01	)		(0.08	)		(0.02	)
Net realized and unrealized gains on investments		1.91			1.75			3.22			4.08			0.32			1.57
Total from investment operations		1.84			1.51			3.52			4.07			0.24			1.55
Distributions from:
Net investment income		—			(0.16	)		(0.08	)		(—	)^(B)		(—	)^(B)		—
Realized capital gains		(1.59	)		(0.29	)		(0.12	)		(0.17	)		(—	)^(B)		—
Total distributions		(1.59	)		(0.45	)		(0.20	)		(0.17	)		(—	)^(B)		—
Net asset value at end of period	$	20.32		$	20.07		$	19.01		$	15.69		$	11.79		$	11.55
Total return^(D)		10.11	%^(E)		7.96	%		22.69	%		34.78	%		2.08	%		15.50	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	26,973		$	27,104		$	28,685		$	24,278		$	11,739		$	5,245
Ratio to average net assets:
Net expenses		2.13	%^(F)		2.12	%		2.09	%		2.09	%		2.09	%		2.09	%
Gross expenses		2.18	%^(F)		2.17	%		2.24	%		2.30	%		2.51	%		2.57	%
Net investment income (loss)		(0.75	)%^(F)		(1.20	)%		1.72	%		(0.38	)%		(0.80	)%		(0.43	)%
Portfolio turnover rate		25	%^(E)		17	%		15	%		11	%		37	%		29	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

Less than $0.005 per share or 0.005%.

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Cap Core Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	20.72		$	19.59		$	16.13		$	12.00		$	11.67		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.03	)^(B)		0.46			0.07			0.02			0.03
Net realized and unrealized gains on investments		1.98			1.81			3.34			4.24			0.34			1.64
Total from investment operations		2.01			1.78			3.80			4.31			0.36			1.67
Distributions from:
Net investment income (loss)		(0.01	)		(0.36	)		(0.22	)		(0.01	)		(0.03	)		—
Realized capital gains		(1.59	)		(0.29	)		(0.12	)		(0.17	)		(—	)^(C)		—
Total distributions		(1.60	)		(0.65	)		(0.34	)		(0.18	)		(0.03	)		—
Net asset value at end of period	$	21.13		$	20.72		$	19.59		$	16.13		$	12.00		$	11.67
Total return		10.65	%^(D)		9.12	%		24.01	%		36.23	%		3.05	%		16.70	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	326,608		$	309,367		$	258,024		$	168,987		$	58,164		$	33,536
Ratio to average net assets:
Net expenses		1.09	%^(E)		1.06	%		1.03	%		1.04	%		1.09	%		1.09	%
Gross expenses		1.09	%^(E)		1.08	%		1.14	%		1.17	%		1.21	%		1.31	%
Net investment income (loss)		0.29	%^(E)		(0.15	)%		2.78	%		0.66	%		0.21	%		0.61	%
Portfolio turnover rate		25	%^(D)		17	%		15	%		11	%		37	%		29	%

Touchstone Small Cap Core Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010^(A)
Net asset value at beginning of period	$	20.69		$	19.57		$	16.11		$	11.99		$	11.65		$	10.00
Income from investment operations:
Net investment income (loss)		0.03			(0.02	)^(B)		0.49			0.06			0.03			0.06
Net realized and unrealized gains on investments		1.98			1.81			3.32			4.26			0.35			1.61
Total from investment operations		2.01			1.79			3.81			4.32			0.38			1.67
Distributions from:
Net investment income (loss)		(0.01	)		(0.38	)		(0.23	)		(0.03	)		(0.04	)		(0.02	)
Realized capital gains		(1.59	)		(0.29	)		(0.12	)		(0.17	)		(—	)^(C)		—
Total distributions		(1.60	)		(0.67	)		(0.35	)		(0.20	)		(0.04	)		(0.02	)
Net asset value at end of period	$	21.10		$	20.69		$	19.57		$	16.11		$	11.99		$	11.65
Total return		10.67	%^(D)		9.17	%		24.13	%		36.32	%		3.24	%		16.74	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	389,761		$	393,287		$	395,770		$	247,876		$	43,035		$	10,386
Ratio to average net assets:
Net expenses		1.04	%^(E)		1.01	%		0.94	%		0.94	%		0.94	%		0.94	%
Gross expenses		1.04	%^(E)		1.04	%		1.07	%		1.09	%		1.16	%		1.32	%
Net investment income (loss)		0.34	%^(E)		(0.10	)%		2.87	%		0.77	%		0.36	%		0.66	%
Portfolio turnover rate		25	%^(D)		17	%		15	%		11	%		37	%		29	%

^(A)

Represents the period from commencement of operations (October 1, 2009) through September 30, 2010.

^(B)

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

^(C)

Less than $0.005 per share.

^(D)

Not annualized.

^(E)

Annualized.

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Cap Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,												September
	2015			Year Ended September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)(B)
Net asset value at beginning of period	$	23.23		$	22.79		$	18.33		$	13.85		$	17.36
Income (loss) from investment operations:
Net investment income		0.20			0.36			0.41			0.21	^(C)		0.22
Net realized and unrealized gains (losses) on investments		1.36			0.39			4.45			4.60			(3.57	)
Total from investment operations		1.56			0.75			4.86			4.81			(3.35	)
Distributions from:
Net investment income		(0.20	)		(0.31	)		(0.40	)		(0.33	)		(0.16	)
Realized capital gains		(0.92	)		—			—			—			—
Total distributions		(1.12	)		(0.31	)		(0.40	)		(0.33	)		(0.16	)
Net asset value at end of period	$	23.67		$	23.23		$	22.79		$	18.33		$	13.85
Total return^(D)		6.85	%^(E)		3.19	%		26.82	%		34.87	%		(19.37	)%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	30,703		$	31,773		$	34,826		$	32,115		$	37,385
Ratio to average net assets:
Net expenses		1.38	%^(F)		1.43	%		1.43	%		1.43	%		1.43	%^(F)
Gross expenses		1.61	%^(F)		1.67	%		1.78	%		1.77	%		1.72	%^(F)
Net investment income		1.64	%^(F)		1.44	%		1.98	%		1.26	%		1.97	%^(F)
Portfolio turnover rate		58	%^(E)		100	%^(G)(H)		98	%		109	%		206	%^(E)

Touchstone Small Cap Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,												September
	2015			Year Ended September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	23.00		$	22.61		$	18.23		$	13.82		$	17.36
Income (loss) from investment operations:
Net investment income		0.10			0.16			0.29			0.09	^(C)		0.09
Net realized and unrealized gains (losses) on investments		1.37			0.40			4.39			4.58			(3.50	)
Total from investment operations		1.47			0.56			4.68			4.67			(3.41	)
Distributions from:
Net investment income		(0.11	)		(0.17	)		(0.30	)		(0.26	)		(0.13	)
Realized capital gains		(0.92	)		—			—			—			—
Total distributions		(1.03	)		(0.17	)		(0.30	)		(0.26	)		(0.13	)
Net asset value at end of period	$	23.44		$	23.00		$	22.61		$	18.23		$	13.82
Total return^(D)		6.43	%^(E)		2.46	%		25.90	%		33.95	%		(19.77	)%^(E)
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,888		$	2,169		$	841		$	104		$	2
Ratio to average net assets:
Net expenses		2.13	%^(F)		2.18	%		2.18	%		2.18	%		2.18	%^(F)
Gross expenses		3.17	%^(F)		3.25	%		5.19	%		28.35	%		342.41	%^(F)
Net investment income		0.89	%^(F)		0.69	%		1.23	%		0.51	%		0.95	%^(F)
Portfolio turnover rate		58	%^(E)		100	%^(G)(H)		98	%		109	%		206	%^(E)

^(A)

Represents the period from commencement of operations (March 1, 2011) through September 30, 2011.

^(B)

Effective June 10, 2011, Class Z shares converted to Class A shares.

^(C)

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

^(D)

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

^(E)

Not annualized.

^(F)

Annualized.

^(G)

Portfolio turnover excludes the purchases and sales of the Touchstone Small Company Value Fund (see Note 11). If these transactions were included, portfolio turnover would have been higher.

^(H)

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

See accompanying Notes to Financial Statements.

Financial Highlights (Continued)

Touchstone Small Cap Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,												September
	2015			Year Ended September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	23.25		$	22.82		$	18.36		$	13.89		$	17.36
Income (loss) from investment operations:
Net investment income		0.23			0.35			0.48			0.26	^(B)		0.71
Net realized and unrealized gains (losses) on investments		1.37			0.46			4.44			4.59			(4.00	)
Total from investment operations		1.60			0.81			4.92			4.85			(3.29	)
Distributions from:
Net investment income		(0.23	)		(0.38	)		(0.46	)		(0.38	)		(0.18	)
Realized capital gains		(0.92	)		—			—			—			—
Total distributions		(1.15	)		(0.38	)		(0.46	)		(0.38	)		(0.18	)
Net asset value at end of period	$	23.70		$	23.25		$	22.82		$	18.36		$	13.89
Total return		6.98	%^(C)		3.47	%		27.11	%		35.19	%		(19.10	)%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	8,968		$	9,097		$	769		$	222		$	2
Ratio to average net assets:
Net expenses		1.13	%^(D)		1.18	%		1.18	%		1.18	%		1.18	%^(D)
Gross expenses		1.41	%^(D)		1.65	%		3.45	%		22.47	%		70.29	%^(D)
Net investment income		1.89	%^(D)		1.70	%		2.23	%		1.51	%		2.05	%^(D)
Portfolio turnover rate		58	%^(C)		100	%^(E)(F)		98	%		109	%		206	%^(C)

Touchstone Small Cap Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,												September
	2015			Year Ended September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	23.24		$	22.81		$	18.35		$	13.86		$	17.36
Income (loss) from investment operations:
Net investment income		0.23			0.40			0.48			0.29	^(B)		0.20
Net realized and unrealized gains (losses) on investments		1.38			0.44			4.47			4.60			(3.51	)
Total from investment operations		1.61			0.84			4.95			4.89			(3.31	)
Distributions from:
Net investment income		(0.24	)		(0.41	)		(0.49	)		(0.40	)		(0.19	)
Realized capital gains		(0.92	)		—			—			—			—
Total distributions		(1.16	)		(0.41	)		(0.49	)		(0.40	)		(0.19	)
Net asset value at end of period	$	23.69		$	23.24		$	22.81		$	18.35		$	13.86
Total return		7.06	%^(C)		3.59	%		27.30	%		35.56	%		(19.23	)%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	31,194		$	29,831		$	2,665		$	1,160		$	741
Ratio to average net assets:
Net expenses		0.98	%^(D)		1.03	%		1.03	%		1.03	%		1.03	%^(D)
Gross expenses		1.19	%^(D)		1.30	%		1.83	%		1.87	%		3.59	%^(D)
Net investment income		2.04	%^(D)		1.84	%		2.38	%		1.66	%		2.12	%^(D)
Portfolio turnover rate		58	%^(C)		100	%^(E)(F)		98	%		109	%		206	%^(C)

^(A)

Represents the period from commencement of operations (March 1, 2011) through September 30, 2011.

^(B)

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

^(C)

Not annualized.

^(D)

Annualized.

^(E)

Portfolio turnover excludes the purchases and sales of the Touchstone Small Company Value Fund (see Note 11). If these transactions were included, portfolio turnover would have been higher.

^(F)

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

See accompanying Notes to Financial Statements.

100

Financial Highlights (Continued)

Touchstone Total Return Bond Fund—Class A†

Selected Data for a Share Outstanding Throughout Each Period††

	Six Months												Period
	Ended												Ended			Period
	March 31,			Year Ended									September			Ended
	2015			September 30,									30,			March 31,
	(Unaudited)			2014			2013			2012			2011^(A)			2011 ^(B)
Net asset value at beginning of period	$	10.23		$	10.07		$	10.50		$	10.13		$	9.90		$	10.15
Income (loss) from investment operations:
Net investment income		0.10			0.23			0.21			0.23			0.24			0.28
Net realized and unrealized gains (losses) on investments		0.20			0.22			(0.36	)		0.41			0.24			(0.14	)^(C)
Total from investment operations		0.30			0.45			(0.15	)		0.64			0.48			0.14
Distributions from:
Net investment income		(0.13	)		(0.29	)		(0.27	)		(0.27	)		(0.25	)		(0.39	)
Realized capital gains		—			—			(0.01	)		—			—			—
Total distributions		(0.13	)		(0.29	)		(0.28	)		(0.27	)		(0.25	)		(0.39	)
Net asset value at end of period	$	10.40		$	10.23		$	10.07		$	10.50		$	10.13		$	9.90
Total return^(D)		2.99	%^(E)		4.53	%		(1.48	)%		6.42	%		5.02	%^(E)		1.31	%^(E)(F)
Ratios and supplemental data:
Net assets at end of period (000's)	$	6,279		$	5,144		$	12,167		$	10,210		$	4,737		$	7
Ratio to average net assets:
Net expenses		0.90	%^(G)		0.90	%		0.90	%		0.90	%		0.90	%^(G)		0.65	%^(G)
Gross expenses		1.28	%^(G)		1.25	%		1.10	%		1.22	%		1.69	%^(G)		1.75	%^(G)
Net investment income		2.08	%^(G)		2.32	%		2.07	%		2.26	%		4.40	%^(G)		4.16	%^(G)
Portfolio turnover rate		8	%^(E)		5	%		35	%		79	%^(H)		7	%^(E)		27	%^(E)

^†	Touchstone Total Return Bond Fund acquired all of the assets and liabilities of EARNEST Partners Fixed Income Trust (“Predecessor Fund”) in a reorganization on August 1, 2011. The Predecessor Fund's performance and financial history have been adopted by Touchstone Total Return Bond and will be used going forward. As a result, the information prior to August 1, 2011 reflects that of the Predecessor Fund.
^††	Per share data prior to August 1, 2011, reflects a 1.01491:1 stock split. All per share amounts prior to that date have been adjusted to reflect the stock split.
^(A)	Effective August 1, 2011, the Fund changed its fiscal year end from March 31 to September 30 and Investor Class shares were renamed Class A shares.
^(B)	Represents the period from commencement of operations (August 16, 2010) through March 31, 2011.
^(C)	This amount per share is a loss for the Class A shares because of the short time period since the Commencement of Operations on August 16, 2010 relative to the full fiscal year in which the Class Y shares were in operation. The loss during this period is offset by the gain in the Class Y shares during the full fiscal year to create a gain in the Net Realized and Unrealized Gain on Investments in the other classes.
^(D)	Total returns shown exclude the effect of applicable sales loads. If these charges were included, the returns would be lower.
^(E)	Not annualized.
^(F)	Includes adjustments in accordance with U.S. generally accepted accounting principles and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
^(G)	Annualized.
^(H)	Portfolio turnover excludes the purchases and sales of the Old Mutual Barrow Hanley Core Bond Fund acquired on April 16, 2012. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

101

Financial Highlights (Continued)

Touchstone Total Return Bond Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	10.21		$	10.05		$	10.49		$	10.12		$	10.04
Income (loss) from investment operations:
Net investment income		0.07			0.15			0.11			0.14			0.06
Net realized and unrealized gains (losses) on investments		0.21			0.22			(0.35	)		0.42			0.09
Total from investment operations		0.28			0.37			(0.24	)		0.56			0.15
Distributions from:
Net investment income		(0.10	)		(0.21	)		(0.19	)		(0.19	)		(0.07	)
Realized capital gains		—			—			(0.01	)		—			—
Total distributions		(0.10	)		(0.21	)		(0.20	)		(0.19	)		(0.07	)
Net asset value at end of period	$	10.39		$	10.21		$	10.05		$	10.49		$	10.12
Total return^(B)		2.71	%^(C)		3.75	%		(2.33	)%		5.63	%		1.51	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,054		$	1,634		$	2,455		$	3,257		$	2,587
Ratio to average net assets:
Net expenses		1.65	%^(D)		1.65	%		1.65	%		1.65	%		1.65	%^(D)
Gross expenses		2.40	%^(D)		2.47	%		2.10	%		2.03	%		2.55	%^(D)
Net investment income		1.33	%^(D)		1.57	%		1.32	%		1.51	%		3.75	%^(D)
Portfolio turnover rate		8	%^(C)		5	%		35	%		79	%^(E)		7	%^(C)

^(A)

Represents the period from commencement of operations (August 1, 2011) through September 30, 2011.

^(B)

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

^(C)

Not annualized.

^(D)

Annualized.

^(E)

Portfolio turnover excludes the purchases and sales of the Old Mutual Barrow Hanley Core Bond Fund acquired on April 16, 2012. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

102

Financial Highlights (Continued)

Touchstone Total Return Bond Fund—Class Y†

Selected Data for a Share Outstanding Throughout Each Period††

	Six Months												Period
	Ended												Ended
	March 31			Year Ended									September			Year Ended
	2015			September 30,									30,			March 31,
	(Unaudited)			2014			2013			2012			2011^(A)			2011			2010
Net asset value at beginning of period	$	10.24		$	10.08		$	10.52		$	10.15		$	9.86		$	9.66		$	8.48
Income (loss) from investment operations:
Net investment income		0.12			0.26			0.23			0.25			0.24			0.45			0.48
Net realized and unrealized gains (losses) on investments		0.20			0.22			(0.36	)		0.42			0.30			0.21			1.21
Total from investment operations		0.32			0.48			(0.13	)		0.67			0.54			0.66			1.69
Distributions from:
Net investment income		(0.15	)		(0.32	)		(0.30	)		(0.30	)		(0.25	)		(0.46	)		(0.51	)
Realized capital gains		—			—			(0.01	)		—			—			—			—
Total distributions		(0.15	)		(0.32	)		(0.31	)		(0.30	)		(0.25	)		(0.46	)		(0.51	)
Net asset value at end of period	$	10.41		$	10.24		$	10.08		$	10.52		$	10.15		$	9.86		$	9.66
Total return		3.14	%^(B)		4.84	%		(1.32	)%		6.72	%		5.29	%^(B)		6.97	%^(C)		20.28	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	31,544		$	19,397		$	19,635		$	29,716		$	17,810		$	16,512		$	16,877
Ratio to average net assets:
Net expenses		0.60	%^(D)		0.61	%		0.62	%		0.58	%		0.48	%^(D)		0.40	%		0.40	%
Gross expenses		0.66	%^(D)		0.68	%		0.71	%		0.70	%		1.13	%^(D)		1.62	%		1.56	%
Net investment income		2.38	%^(D)		2.61	%		2.34	%		2.59	%		4.35	%^(D)		4.46	%		5.10	%
Portfolio turnover rate		8	%^(B)		5	%		35	%		79	%^(E)		7	%^(B)		27	%		29	%

^†	Touchstone Total Return Bond Fund acquired all of the assets and liabilities of EARNEST Partners Fixed Income Trust (“Predecessor Fund”) in a reorganization on August 1, 2011. The Predecessor Fund's performance and financial history have been adopted by Touchstone Total Return Bond and will be used going forward. As a result, the information prior to August 1, 2011 reflects that of the Predecessor Fund.
^††	Per share data prior to August 1, 2011, reflects a 0.87567:1 stock split. All per share amounts prior to that date have been adjusted to reflect the stock split.
^(A)	Effective August 1, 2011, the Fund changed its fiscal year end from March 31 to September 30 and Institutional Class shares were renamed Class Y shares.
^(B)	Not annualized.
^(C)	Includes adjustments in accordance with U.S. generally accepted accounting principles and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
^(D)	Annualized.
^(E)	Portfolio turnover excludes the purchases and sales of the Old Mutual Barrow Hanley Core Bond Fund acquired on April 16, 2012. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

103

Financial Highlights (Continued)

Touchstone Total Return Bond Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months												Period
	Ended												Ended
	March 31,			Year Ended									September
	2015			September 30,									30,
	(Unaudited)			2014			2013			2012			2011^(A)
Net asset value at beginning of period	$	10.24		$	10.08		$	10.51		$	10.14		$	10.06
Income (loss) from investment operations:
Net investment income		0.14			0.27			0.25			0.22			0.08
Net realized and unrealized gains (losses) on investments		0.19			0.22			(0.36	)		0.46			0.09
Total from investment operations		0.33			0.49			(0.11	)		0.68			0.17
Distributions from:
Net investment income		(0.16	)		(0.33	)		(0.31	)		(0.31	)		(0.09	)
Realized capital gains		—			—			(0.01	)		—			—
Total distributions		(0.16	)		(0.33	)		(0.32	)		(0.31	)		(0.09	)
Net asset value at end of period	$	10.41		$	10.24		$	10.08		$	10.51		$	10.14
Total return		3.19	%^(B)		4.96	%		(1.09	)%		6.81	%		1.70	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	147,438		$	116,404		$	133,051		$	148,341		$	6,386
Ratio to average net assets:
Net expenses		0.50	%^(C)		0.50	%		0.50	%		0.50	%		0.50	%^(C)
Gross expenses		0.60	%^(C)		0.60	%		0.60	%		0.67	%		1.21	%^(C)
Net investment income		2.48	%^(C)		2.72	%		2.47	%		2.66	%		4.89	%^(C)
Portfolio turnover rate		8	%^(B)		5	%		35	%		79	%^(D)		7	%^(B)

^(A)

Represents the period from commencement of operations (August 1, 2011) through September 30, 2011.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

See accompanying Notes to Financial Statements.

104

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months									Period
	Ended									Ended
	March 31,			Year Ended September						September
	2015			30,						30,
	(Unaudited)			2014			2013			2012^(A)
Net asset value at beginning of period	$	9.41		$	9.45		$	9.56		$	9.57
Income (loss) from investment operations:
Net investment income		0.02			0.06			0.09			0.09
Net realized and unrealized gains (losses) on investments		(0.01	)		0.03			(0.04	)		(0.01	)
Total from investment operations		0.01			0.09			0.05			0.08
Distributions from:
Net investment income		(0.06	)		(0.13	)		(0.16	)		(0.09	)
Net asset value at end of period	$	9.36		$	9.41		$	9.45		$	9.56
Total return^(B)		0.15	%^(C)		0.92	%		0.48	%		0.85	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	9,005		$	10,596		$	32,088		$	34,228
Ratio to average net assets:
Net expenses		0.69	%^(D)		0.69	%		0.69	%		0.69	%^(D)
Gross expenses		1.03	%^(D)		0.93	%		0.83	%		1.19	%^(D)
Net investment income		0.46	%^(D)		0.79	%		0.85	%		1.40	%^(D)
Portfolio turnover rate		71	%^(C)		142	%		107	%^(E)		169	%^(F)

Touchstone Ultra Short Duration Fixed Income Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months									Period
	Ended									Ended
	March 31,			Year Ended September						September
	2015			30,						30,
	(Unaudited)			2014			2013			2012^(A)
Net asset value at beginning of period	$	9.41		$	9.45		$	9.56		$	9.57
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.02			0.04			0.05
Net realized and unrealized gains (losses) on investments		—	^(G)		0.02			(0.04	)		0.01
Total from investment operations		(0.01	)		0.04			—			0.06
Distributions from:
Net investment income		(0.04	)		(0.08	)		(0.11	)		(0.07	)
Net asset value at end of period	$	9.36		$	9.41		$	9.45		$	9.56
Total return^(B)		(0.10	)%^(C)		0.42	%		(0.02	)%		0.62	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	8,576		$	11,272		$	13,568		$	11,517
Ratio to average net assets:
Net expenses		1.19	%^(D)		1.19	%		1.19	%		1.19	%^(D)
Gross expenses		1.46	%^(D)		1.44	%		1.39	%		1.68	%^(D)
Net investment income (loss)		(0.04	)%^(D)		0.29	%		0.35	%		0.90	%^(D)
Portfolio turnover rate		71	%^(C)		142	%		107	%^(E)		169	%^(F)

^(A)

Represents the period from commencement of operations (April 16, 2012) through September 30, 2012.

^(B)

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

^(C)

Not annualized.

^(D)

Annualized.

^(E)

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

^(F)

Portfolio turnover excludes the purchases and sales of the Old Mutual Dwight Short Term Fixed Income Fund and Fifth Third Short Term Bond Fund acquired on April 16, 2012 and September 10, 2012, respectively. If these transactions were included, portfolio turnover would have been higher.

^(G)

Less than $0.005 per share.

See accompanying Notes to Financial Statements.

105

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months									Period
	Ended									Ended
	March 31,			Year Ended September						September
	2015			30,						30,
	(Unaudited)			2014			2013			2012^(A)
Net asset value at beginning of period	$	9.41		$	9.45		$	9.56		$	9.57
Income (loss) from investment operations:
Net investment income		0.04			0.10			0.12			0.08
Net realized and unrealized gains (losses) on investments		(0.01	)		0.01			(0.05	)		0.01
Total from investment operations		0.03			0.11			0.07			0.09
Distributions from:
Net investment income		(0.08	)		(0.15	)		(0.18	)		(0.10	)
Net asset value at end of period	$	9.36		$	9.41		$	9.45		$	9.56
Total return		0.27	%^(B)		1.17	%		0.74	%		0.97	%^(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	209,252		$	244,885		$	249,250		$	190,515
Ratio to average net assets:
Net expenses		0.44	%^(C)		0.44	%		0.44	%		0.44	%^(C)
Gross expenses		0.51	%^(C)		0.49	%		0.51	%		0.55	%^(C)
Net investment income		0.71	%^(C)		1.04	%		1.10	%		1.65	%^(C)
Portfolio turnover rate		71	%^(B)		142	%		107	%^(D)		169	%^(E)

Touchstone Ultra Short Duration Fixed Income Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2015			Year Ended September 30,
	(Unaudited)			2014			2013			2012			2011			2010
Net asset value at beginning of period	$	9.41		$	9.45		$	9.56		$	9.58		$	9.68		$	9.66
Income (loss) from investment operations:
Net investment income		0.02			0.08			0.09			0.14			0.15			0.18
Net realized and unrealized gains (losses) on investment		(0.01	)		0.01			(0.04	)		0.06			(0.04	)		0.06
Total from investment operations		0.01			0.09			0.05			0.20			0.11			0.24
Distributions from:
Net investment income		(0.06	)		(0.13	)		(0.16	)		(0.22	)		(0.21	)		(0.22	)
Net asset value at end of period	$	9.36		$	9.41		$	9.45		$	9.56		$	9.58		$	9.68
Total return		0.15	%^(B)		0.91	%		0.52	%		2.10	%		1.12	%		2.49	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	328,606		$	401,851		$	381,554		$	338,669		$	346,131		$	236,650
Ratio to average net assets:
Net expenses		0.69	%^(C)		0.69	%		0.65	%		0.64	%		0.69	%		0.69	%
Gross expenses		0.77	%^(C)		0.76	%		0.73	%		0.73	%		0.78	%		0.81	%
Net Investment Income		0.46	%^(C)		0.79	%		0.89	%		1.45	%		1.39	%		1.69	%
Portfolio turnover rate		71	%^(B)		142	%		107	%^(D)		169	%^(E)		144	%		119	%

^(A)

Represents the period from commencement of operations (April 16, 2012) through September 30, 2012.

^(B)

Not annualized.

^(C)

Annualized.

^(D)

^(E)

See accompanying Notes to Financial Statements.

106

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months									Period
	Ended									Ended
	March 31,			Year Ended September						September
	2015			30,						30,
	(Unaudited)			2014			2013			2012^(A)
Net asset value at beginning of period	$	9.41		$	9.45		$	9.56		$	9.57
Income (loss) from investment operations:
Net investment income		0.03			0.10			0.14			0.09
Net realized and unrealized gains (losses) on investments		(0.01	)		0.01			(0.07	)		—	^(B)
Total from investment operations		0.02			0.11			0.07			0.09
Distributions from:
Net investment income		(0.07	)		(0.15	)		(0.18	)		(0.10	)
Net asset value at end of period	$	9.36		$	9.41		$	9.45		$	9.56
Total return		0.30	%^(C)		1.22	%		0.78	%		0.99	%^(C)
Ratios and supplemental data:
Net assets at end of period (000's)	$	50,010		$	50,853		$	59,662		$	6,697
Ratio to average net assets:
Net expenses		0.39	%^(D)		0.39	%		0.39	%		0.39	%^(D)
Gross expenses		0.48	%^(D)		0.48	%		0.52	%		1.23	%^(D)
Net investment income		0.76	%^(D)		1.09	%		1.15	%		1.70	%^(D)
Portfolio turnover rate		71	%^(C)		142	%		107	%^(E)		169	%^(F)

^(A)

Represents the period from commencement of operations (April 16, 2012) through September 30, 2012.

^(B)

Less than $0.005 per share.

^(C)

Not annualized.

^(D)

Annualized.

^(E)

^(F)

See accompanying Notes to Financial Statements.

107

Notes to Financial Statements

March 31, 2015 (Unaudited)

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 a Declaration of Trust dated October 25, 1993. The Trust consists of the following thirteen funds (individually, a “Fund,” and collectively, the “Funds”):

Touchstone Arbitrage Fund (“Arbitrage Fund”)

Touchstone Emerging Markets Equity Fund (“Emerging Markets Equity Fund”)

Touchstone Global Real Estate Fund (“Global Real Estate Fund”)

Touchstone International Fixed Income Fund (“International Fixed Income Fund”)

Touchstone Merger Arbitrage Fund (“Merger Arbitrage Fund”)

Touchstone Mid Cap Fund (“Mid Cap Fund”)

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

Touchstone Premium Yield Equity Fund (“Premium Yield Equity Fund”)

Touchstone Sands Capital Select Growth Fund (“Sands Capital Select Growth Fund”)

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

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

Touchstone Total Return Bond Fund (“Total Return Bond Fund”)

Touchstone Ultra Short Duration Fixed Income Fund (“Ultra Short Duration Fixed Income Fund”)

Each Fund is diversified, with the exception of the Arbitrage Fund, Global Real Estate Fund, International Fixed Income Fund, Merger Arbitrage Fund, Sands Capital Select Growth Fund and Small Cap Core Fund, each of which is non-diversified.

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

					Institutional
	Class A	Class C	Class Y	Class Z	Class
Arbitrage Fund	X	X	X		X
Emerging Markets Equity Fund	X	X	X		X
Global Real Estate Fund	X	X	X		X
International Fixed Income Fund	X	X	X		X
Merger Arbitrage Fund	X	X	X		X
Mid Cap Fund	X	X	X	X	X
Mid Cap Value Fund	X	X	X		X
Premium Yield Equity Fund	X	X	X
Sands Capital Select Growth Fund	X	X	X	X
Small Cap Core Fund	X	X	X		X
Small Cap Value Fund	X	X	X		X
Total Return Bond Fund	X	X	X		X
Ultra Short Duration Fixed Income Fund	X	X	X	X	X

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

108

Notes to Financial Statements (Unaudited) (Continued)

2. Significant Accounting Policies

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

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

Security valuation and fair value measurements — Generally accepted accounting principles in the United States (“U.S. GAAP”) define fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their estimated 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. For example, money market instruments are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The aggregate value by input level, as of March 31, 2015, for each Fund’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if applicable, is included in the Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Funds did not hold any Level 3 categorized securities during the six months ended March 31, 2015.

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy. All transfers in and out of the levels are recognized at the value at the end of the period. During the six months ended March 31, 2015, there were no transfers between Levels 1, 2 and 3 for all Funds, except as shown in the Portfolio of Investments for the Emerging Markets Equity Fund and Global Real Estate Fund.

The Funds’ portfolio securities are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time). Portfolio securities traded on stock exchanges are valued at the last reported sale price, official close price, or last bid price if no sales are reported. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) or from the primary exchange on which the security trades. To the extent these securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Shares of options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An option for which there is no mean price is valued at the last bid (long position) or ask (short positions) price and categorized in Level 1. Shares of open-end mutual funds in which the Funds invest are valued at their respective net asset values (“NAV”) as reported by the underlying funds (“Underlying Funds”) and are categorized in Level 1.

109

Notes to Financial Statements (Unaudited) (Continued)

Debt securities held by the Funds are valued at their most recent 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. 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. Money market instruments and other debt securities with a remaining maturity of less than 60 days are 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 value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.

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

Securities mainly traded on a non-U.S. exchange or denominated in foreign currency 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 generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and generally categorized in Level 2. This may cause the value of the security, if held on the books of the Fund to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Funds may use fair value pricing under the following circumstances, among others.

·	If the value of a security has been materially affected by events occurring before the Funds’ pricing time but after the close of the primary markets on which the security is traded.
·	If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Funds’ NAV calculation.
·	If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.
·	If the validity of market quotations is not reliable.

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

Investment companies — Certain 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. 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. ETFs 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 periodically engage in selling securities short, which obligates a Fund to replace a security borrowed by purchasing the same security at the current market value. A Fund would incur

110

Notes to Financial Statements (Unaudited) (Continued)

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. A Fund would realize a gain if the price of the security declines between those dates. As of March 31, 2015, the Arbitrage Fund and Merger Arbitrage Fund held securities sold short with a fair value of $42,891,621 and $67,796,950 and had securities with a fair value of $48,677,218 and $97,120,414 held as collateral and cash collateral of $36,675,246 and $40,134,769 for securities sold short, respectively.

Options — The Funds 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 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 call 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 writers 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 underlying the written option. The Funds, as purchasers 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. Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price. As of March 31, 2015, the Funds did not hold any options.

Warrants — The Funds can invest in warrants and stock purchase rights of companies of any market capitalization. A warrant gives the company 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.

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

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

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

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

Forward foreign currency contracts — A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the

111

Notes to Financial Statements (Unaudited) (Continued)

counterparties to timely post collateral, the risk that currency movements will not occur thereby reducing the Fund’s total return, and the potential for losses in excess of the Fund’s initial investment.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency.

During the six months ended March 31, 2015, the Arbitrage Fund, the International Fixed Income Fund, and the Merger Arbitrage Fund used forward foreign currency contracts to enhance potential gains, hedge against anticipated currency exchange rates, maintain diversity and liquidity of the portfolio and adjust exposure to foreign currencies.

Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

Derivative instruments and hedging activities — In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds 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 is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign exchange contracts, and typically contains, among other things, collateral posting terms and master netting provisions in the event of a default or termination. Under an ISDA Master Agreement, a party may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables or receivables with collateral held or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting). These default events include bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset.

When entering into a derivative transaction, 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 (foreign currency exchange contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears

112

Notes to Financial Statements (Unaudited) (Continued)

the risk of loss from counterparty non-performance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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 to accelerate payment of any net liability owed to the counterparty.

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

As of March 31, 2015, the International Fixed Income Fund’s assets and liabilities that were subject to a MNA on a gross basis were as follows:

		Assets				Liabilities
Futures Contracts*		$	—			$	(13,077	)

* Only current day’s variation margin is reported within the payables of the Statement of Assets and Liabilities. Includes cumulative unrealized appreciation/(depreciation) of future contracts as reported in the Portfolio of Investments and within the components of net assets section of the Statement of Assets and Liabilities.

The following table presents the International Fixed Income Fund’s liabilities net of amounts available for offset under a MNA and net of the related collateral pledged by the Fund as of March 31, 2015:

Gross Amount

Available

Gross

for Offset in

Amount of

Statement

Non-Cash

Cash

Derivative

Recognized

of Assets and

Collateral

Net

Counterparty

Type

Liabilities

Pledged

Amount^(A)

Morgan Stanley

Futures Contracts

946

—

946

Wells Fargo

Futures Contracts

12,131

—

(12,131

)

—

^(A)Net amount represents the net amount payable due to the counterparty in the event of default.

The following table sets forth the fair value of the International Fixed Income Fund’s derivative financial instruments by primary risk exposure as of March 31, 2015:

Fair Value of Derivative Investments
As of March 31, 2015
	Derivatives not accounted for as hedging	Asset		Liability
Fund	instruments under ASC 815	Derivatives		Derivatives
International Fixed Income Fund	Forward-Foreign Currency Exchange Contracts*	$	1,449,245	$	817,930
	Futures Contracts-Interest Rate Contracts**		—		13,077

* Statements of Assets and Liabilities Location: Unrealized appreciation on forward foreign currency contracts and unrealized depreciation on forward foreign currency contracts, respectively.

** Statements of Assets and Liabilities Location: Receivable/Payable for variation margin for futures contracts. Only current day’s variation margin is reported within the receivables/payables of the Statement of Assets and Liabilities. Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Portfolio of Investments and within the components of net assets section of the Statement of Assets and Liabilities.

113

Notes to Financial Statements (Unaudited) (Continued)

The following table sets forth the operations of the Funds’ derivative financial instruments by primary risk exposure for the six months ended March 31, 2015:

The Effect of Derivative Investments on the Statement of Operations
for the Six Months Ended March 31, 2015
					Change in
					Unrealized
		Realized Gain			Appreciation
	Derivatives not accounted for as hedging	(Loss)			(Depreciation)
Fund	instruments under ASC 815	on Derivatives			on Derivatives
Arbitrage Fund	Forward-Foreign Currency Exchange Contracts*	$	112,716		$	(87,990	)
	Purchased Options-Equity Contracts**		(54,938	)		53,238
	Written Options-Equity Contracts***		(207,198	)		130,020
International Fixed Income Fund	Forward-Foreign Currency Exchange Contracts*		(78,202	)		149,862
	Futures Contracts-Interest Rate Contracts****		—			(13,077	)
Merger Arbitrage Fund	Forward-Foreign Currency Exchange Contracts*		842,007			(508,348	)
	Purchased Options-Equity Contracts**		392,072			387,217
	Written Options-Equity Contracts***		(322,140	)		125,496

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

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

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

**** Statements of Operations Location: Net change in unrealized appreciation (depreciation) on futures contracts.

For the six months ended March 31, 2015, the average quarterly balances of outstanding derivative financial instruments were as follows:

			International		Merger
	Arbitrage		Fixed Income		Arbitrage
Fund	Fund		Fund		Fund
Equity contracts:
Purchased Options - Cost	$	36,625	$	—	$	261,381
Written Options - Proceeds	$	49,970	$	—	$	330,028
Interest Rate Contracts:
Futures Contracts - Average Notional		—		612,643		—
Forward foreign currency exchange contracts:
Average number of contracts		1		27		1
Average U.S. dollar amount purchased	$	—	$	25,932,253	$	4,874,711
Average U.S. dollar amount sold	$	677,835	$	22,559,106	$	—

Portfolio securities loaned — Each Fund may lend its portfolio securities. Lending portfolio securities exposes a Fund 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

114

Notes to Financial Statements (Unaudited) (Continued)

business day to meet required amounts under the security lending agreement. The cash collateral is reinvested by the Funds’ custodian into an approved investment vehicle. The approved investment vehicle is subject to market risk.

As of March 31, 2015, the following Funds loaned securities and received collateral as follows:

	Market Value of		Market Value of
	Securities		Collateral
Fund	Loaned		Received
Arbitrage Fund	$	5,754,609	$	6,087,449
Emerging Markets Equity Fund		5,990,575		6,242,750
Global Real Estate Fund		344,079		361,425
Mid Cap Fund		26,625,331		27,459,980
Mid Cap Value Fund		13,373,116		13,886,434
Sands Capital Select Growth Fund		323,449,892		330,439,256
Small Cap Core Fund		44,167,176		45,855,943
Small Cap Value Fund		6,585,600		6,714,500

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

Funds participating in securities lending receive compensation in the form of fees. Securities lending income is derived from lending long securities from the Funds to creditworthy approved borrowers at rates that are determined based on daily trading volumes, float, short-term interest rates and market liquidity. A lending Fund retains the interest or dividends on the investment of any cash received as collateral. The lending 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 lending Fund. The lending Fund has the right under the lending agreement to recover the 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 Funds (except the International Fixed Income Fund, Total Return Bond Fund and Ultra Short Duration Fixed Income Fund) is equal to the NAV per share plus a sales load equal to 6.10% of the NAV (or 5.75% of the offering price). The maximum offering price per share of Class A shares of the International Fixed Income Fund and Total Return Bond Fund is equal to the NAV per share plus a sales load equal to 4.99% of the NAV (or 4.75% of the offering price). The maximum offering price per share of Class A shares of the Ultra Short Duration Fixed Income Fund is equal to the NAV per share plus sales load equal to 2.04% of the NAV (or 2.00% of the offering price). There is no sales load

115

Notes to Financial Statements (Unaudited) (Continued)

on purchases of $1 million or more of Class A shares. The maximum offering price per share of Classes C, 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 $1 million subscription may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed if redeemed within a one-year period from the date of purchase.

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 discount (“OID”) and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding adjustment in the cost basis of that security. In addition, it is the Funds’ policy to accrue for foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

Distributions to shareholders — Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. The Arbitrage Fund, Emerging Markets Equity Fund, Merger Arbitrage Fund, Mid Cap Fund, and Small Cap Core Fund distribute their income, if any, annually, as a dividend to shareholders. The Global Real Estate 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 International Fixed Income Fund, Premium Yield Equity Fund, and Total Return 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 for Funds that invest in Underlying Funds is affected by the timing of dividend declarations by those 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 Investment Trust, Touchstone Strategic Trust,Touchstone Variable Series Trust,Touchstone Institutional Funds Trust and Touchstone Tax-Free 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.

116

Notes to Financial Statements (Unaudited) (Continued)

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended March 31, 2015:

			Emerging		Global		International		Merger
	Arbitrage		Markets Equity		Real Estate		Fixed Income		Arbitrage
	Fund		Fund		Fund		Fund		Fund
Purchases of investment securities	$	211,068,094	$	39,376,131	$	10,883,972	$	5,721,360	$	344,714,401
Proceeds from sales and maturities	$	266,344,060	$	50,682,143	$	2,344,560	$	12,671,605	$	535,434,640

			Mid Cap		Premium Yield		Sands Capital
	Mid Cap		Value		Equity		Select Growth
	Fund		Fund		Fund		Fund
Purchases of investment securities	$	117,898,685	$	76,204,199	$	57,562,782	$	856,914,857
Proceeds from sales and maturities	$	36,902,889	$	115,751,625	$	29,269,188	$	1,190,747,025

	Small Cap		Small Cap		Total Return		Ultra Short
	Core		Value		Bond		Duration Fixed
	Fund		Fund		Fund		Income Fund
Purchases of investment securities	$	191,301,183	$	41,788,608	$	31,835,266	$	381,927,608
Proceeds from sales and maturities	$	241,254,169	$	48,765,752	$	5,759,805	$	524,467,328

For the six months ended March 31, 2015, purchases and proceeds from sales and maturities in U.S. Government Securities were $1,437,148 and $0 for the International Fixed Income Fund, $17,950,637 and $6,274,877 for the Total Return Bond Fund and $43,765,078 and $41,517,561 for the Ultra Short Duration Fixed Income Fund, respectively.

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 BNY Mellon Investment Servicing (U.S.) Inc. (“BNY Mellon”), the Sub-Administrator and Transfer Agent to the Funds. Such officers receive no compensation from the Trust. The Advisor and the Underwriter are each wholly-owned, indirect subsidiaries of Western & Southern Financial Group, Inc. (“Western & Southern”).

On behalf of the Funds, the Advisor pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Advisor is reimbursed by the Funds for the Independent Trustees’ compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $81,120 for the six months ended March 31, 2015.

117

Notes to Financial Statements (Unaudited) (Continued)

MANAGEMENT & EXPENSE LIMITATION AGREEMENTS

The Advisor provides general investment supervisory services for the Funds, under 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.

Arbitrage Fund	1.05% on the first $500 million
	1.00% on the next $500 million
	0.95% on such assets in excess of $1 billion
Emerging Markets Equity Fund	1.05% on the first $200 million
	1.00% on the next $200 million
	0.90% on such assets in excess of $400 million
Global Real Estate Fund	0.80%
International Fixed Income Fund	0.55% on the first $100 million
	0.50% on the next $150 million
	0.45% on such assets in excess of $250 million
Merger Arbitrage Fund	1.05%
Mid Cap Fund	0.80% on the first $500 million
	0.75% on the next $500 million
	0.70% on such assets in excess of $1 billion
Mid Cap Value Fund	0.85% on the first $100 million
	0.80% on the next $300 million
	0.75% on such assets in excess of $400 million
Premium Yield Equity Fund	0.70% on the first $100 million
	0.65% on such assets in excess of $100 million
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 in excess of $2 billion
Small Cap Core Fund	0.85%
Small Cap Value Fund	0.90%
Total Return Bond Fund	0.35%
Ultra Short Duration Fixed Income Fund	0.25%

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 depending on the performance of the Fund in relation to the investment performance of the Fund’s benchmark index, for the preceding twelve month period, as follows:

Annual

Highest / Lowest

Benchmark

Adjustment

Possible Advisory

Index

Threshold

Rate

Fee

Sands Capital Select Growth Fund

Russell1000 Growth Index

+/-2.50%

+/-0.15%

1.00% / 0.55%

For the six months ended March 31, 2015, the Advisor’s base fee was decreased by $4,609,993 as a result of the performance fee adjustment.

118

Notes to Financial Statements (Unaudited) (Continued)

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

AGF Investments America, Inc.	GAM International Management Limited
Emerging Markets Equity Fund	International Fixed Income Fund

	LMCG Investments, Inc. (formerly known as Lee Munder
Forum Securities Limited	Capital Group LLC)
Global Real Estate Fund	Mid Cap Value Fund

DePrince, Race & Zollo, Inc.	The London Company
Small Cap Value Fund	Mid Cap Fund
	Small Cap Core Fund

EARNEST Partners LLC	Longfellow Investment Management Co.
Total Return Bond Fund	Arbitrage Fund
	Merger Arbitrage Fund

Fort Washington Investment Advisors, Inc.*	Miller/Howard Investments, Inc.
Ultra Short Duration Fixed Income Fund	Premium Yield Equity Fund

	Sands Capital Management, LLC
	Sands Capital Select Growth Fund

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

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

The Advisor entered into an expense limitation agreement (the “Expense Limitation Agreement”) to contractually limit operating expenses of the Funds, excluding: dividend and interest expenses on short sales; interest; taxes; brokerage commissions; 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 operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Advisor has agreed to separately waive class-level expenses, advisory fees and administration fees, and to reimburse expenses in order to maintain the following expense limitations for the Funds:

													Institutional
	Class A			Class C			Class Y			Class Z			Class
Arbitrage Fund		1.68	%		2.43	%		1.43	%		—			1.28	%
Emerging Markets Equity Fund		1.69	%		2.44	%		1.44	%		—			1.29	%
Global Real Estate Fund		1.39	%		2.14	%		1.14	%		—			0.99	%
International Fixed Income Fund		1.09	%		1.84	%		0.84	%		—			0.69	%
Merger Arbitrage Fund		1.68	%		2.43	%		1.43	%		—			1.28	%
Mid Cap Fund		1.24	%		1.99	%		0.99	%		1.24	%		0.92	%
Mid Cap Value Fund		1.29	%		2.04	%		1.04	%		—			0.89	%
Premium Yield Equity Fund		1.20	%		1.95	%		0.95	%		—			—
Small Cap Core Fund		1.38	%		2.13	%		1.13	%		—			1.05	%
Small Cap Value Fund		1.38	%		2.13	%		1.13	%		—			0.98	%
Total Return Bond Fund		0.90	%		1.65	%		0.65	%		—			0.50	%
Ultra Short Duration Fixed Income Fund		0.69	%		1.19	%		0.44	%		0.69	%		0.39	%

These expense limitations will remain in effect for all Funds through at least January 29, 2016.

119

Notes to Financial Statements (Unaudited) (Continued)

The Advisor has agreed to limit certain Funds’ other operating expenses (“Other Expenses”) to the following levels which will remain in effect though at least January 29, 2016.

		Class A				Class C				Class Y				Class Z
Sands Capital Select Growth Fund			0.25	%			0.25	%			0.25	%			0.25	%

During the six months ended March 31, 2015, the Advisor or its affiliates waived investment advisory fees and administration fees or reimbursed expenses, including distribution fees of the Funds, as follows:

	Investment				Other
	Advisory		Administration		Operating
	Fees		Fees		Expenses
	Waived		Waived		Reimbursed		Total
Arbitrage Fund	$	—	$	—	$	9,701	$	9,701
Emerging Markets Equity Fund		—		—		68,914		68,914
Global Real Estate Fund		33,418		13,520		15,193		62,131
International Fixed Income Fund		16,762		22,875		23,329		62,966
Mid Cap Fund		—		122,600		83,902		206,502
Mid Cap Value Fund		—		184,545		44,137		228,682
Premium Yield Equity Fund		—		—		22,146		22,146
Sands Capital Select Growth Fund		—		—		608,812		608,812
Small Cap Core Fund		—		—		24,985		24,985
Small Cap Value Fund		5,735		56,268		29,549		91,552
Total Return Bond Fund		—		44,867		42,920		87,787
Ultra Short Duration Fixed Income Fund		—		144,343		122,531		266,874

Under the terms of the Expense Limitations Agreement, the Advisor is entitled to recover, subject to approval by the Funds’ Board, such amounts waived or reimbursed for a period of up to three years from the year in which the Advisor reduced its compensation or assumed expenses for the Funds. No recoupment will occur unless a Fund’s operating expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement.

As of March 31, 2015, the Advisor may seek recoupment of previously waived fees and reimbursed expenses as follows:

	Expiration		Expiration		Expiration		Expiration
	September		September		September		September
	30,		30,		30,		30,
Fund	2015		2016		2017		2018		Total
Arbitrage Fund	$	—	$	—	$	1,355	$	1,053	$	2,408
Emerging Markets Equity Fund		97,952		—		67,176		53,667		218,795
Global Real Estate Fund		67,941		143,253		125,217		54,263		390,674
International Fixed Income Fund		34,638		131,781		128,401		60,977		355,797
Mid Cap Fund		90,758		256,834		380,034		167,856		895,482
Mid Cap Value Fund		113,957		248,781		328,349		208,621		899,708
Premium Yield Equity Fund		32,094		45,482		10,470		1,207		89,253
Sands Capital Select Growth Fund		375,482		1,593,217		1,033,092		608,812		3,610,603
Small Cap Core Fund		313,523		789,388		243,573		—		1,346,484
Small Cap Value Fund		87,517		130,886		148,793		73,584		440,780
Total Return Bond Fund		126,307		163,756		143,600		73,813		507,476
Ultra Short Duration Fixed Income Fund		300,036		470,719		456,994		242,976		1,470,725

For the six months ended March 31, 2015, the Advisor may recoup fees and expenses subject to Board approval, from the Mid Cap Value Fund and Sands Capital Select Growth Fund of $14,756 and $41,727, respectively.

120

Notes to Financial Statements (Unaudited) (Continued)

ADMINISTRATION AGREEMENT

The Advisor entered into an Administration Agreement with the Trust, whereby the Advisor is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to shareholders and reports to, and filings with, the Securities and Exchange Commission (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 through December 31, 2014, the Advisor’s annual administrative fee was:

0.20% on the first $6 billion of the aggregate average daily net assets;

0.16% on the next $4 billion of aggregate average daily net assets; and

0.12% on the aggregate average daily net assets over $10 billion.

The fee was computed and allocated among the Touchstone Fund Complex (excluding Touchstone Institutional Money Market Fund, Touchstone Institutional Funds Trust, and Touchstone Variable Series Trust) on the basis of relative daily net assets.

Beginning January 1, 2015, 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 per shareholder account 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. Prior to December 1, 2014, the Funds reimbursed the Advisor up to $17 per sub-account maintained by the intermediary.

121

Notes to Financial Statements (Unaudited) (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 pays an annual fee of up to 0.25% of average daily net assets that are attributable to Class A shares. Under the Class C plan, each Fund (except the Ultra Short Duration Fixed Income Fund) pays an annual fee of up to 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee). The Ultra Short Duration Fixed Income Fund intends to limit the amount of the 12b-1 fees for Class C shares to 0.75% of average daily net assets for at least one year from January 30, 2015. Under the Class Z plan, each Fund offering Class Z shares pays an annual shareholder servicing fee of up to 0.25% of average daily net assets that are attributed 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 the following from underwriting and broker commissions on the sale of Class A shares of the Funds listed below during the six months ended March 31, 2015:

Fund	Amount
Arbitrage Fund	$	1,437
Emerging Markets Equity Fund		312
Global Real Estate Fund		28,844
International Fixed Income Fund		2
Merger Arbitrage Fund		20
Mid Cap Fund		26,533
Mid Cap Value Fund		6,790
Premium Yield Equity Fund		16,971
Sands Capital Select Growth Fund		9,677
Small Cap Core Fund		1,188
Small Cap Value Fund		904
Total Return Bond Fund		4,734
Ultra Short Duration Fixed Income Fund		457

In addition, the Underwriter collected CDSC on the redemption of Class C shares of the Funds listed below during the six months ended March 31, 2015:

Fund	Amount
Arbitrage Fund	$	1,202
Emerging Markets Equity Fund		756
Merger Arbitrage Fund		109
Mid Cap Fund		216
Premium Yield Equity Fund		62
Sands Capital Select Growth Fund		2,137
Small Cap Core Fund		37
Small Cap Value Fund		20
Total Return Bond Fund		1
Ultra Short Duration Fixed Income Fund		1,405

122

Notes to Financial Statements (Unaudited) (Continued)

AFFILIATED INVESTMENTS

Each Fund may invest in the Touchstone Institutional Money Market Fund, subject to compliance with several conditions set forth in an exemptive order received by the Trust from the SEC. To the extent that the Funds are invested in the Touchstone Institutional Money Market Fund, the Advisor and Administrator will be paid additional fees from the Touchstone Institutional Money Market Fund that will not be waived or reimbursed.

A summary of each Fund’s investment, as applicable, in the Touchstone Institutional Money Market Fund for the six months ended March 31, 2015, is as follows:

	Share Activity
	Balance							Balance				Value
	09/30/14		Purchases		Sales			03/31/15		Dividends		03/31/15
Arbitrage Fund		14,297,511		193,156,000		(189,445,821	)		18,007,690	$	844	$	18,007,690
Emerging Markets Equity Fund		2,403,518		40,655,101		(36,937,128	)		6,121,491		139		6,121,491
Global Real Estate Fund		109,965		8,409,243		(7,958,827	)		560,381		34		560,381
International Fixed Income Fund		2,670,624		8,392,748		(9,357,645	)		1,705,727		63		1,705,727
Merger Arbitrage Fund		34,031,031		303,370,786		(268,286,304	)		69,115,513		3,199		69,115,513
Mid Cap Fund		4,902,428		108,646,910		(100,745,636	)		12,803,702		576		12,803,702
Mid Cap Value Fund		4,512,194		51,838,264		(53,660,356	)		2,690,102		144		2,690,102
Premium Yield Equity Fund		3,920,442		50,021,593		(37,112,579	)		16,829,456		262		16,829,456
Sands Capital Select Growth Fund		234,335,221		561,088,501		(711,242,350	)		84,181,372		5,099		84,181,372
Small Cap Core Fund		10,288,621		131,816,825		(130,426,162	)		11,679,284		480		11,679,284
Small Cap Value Fund		126,728		16,518,940		(14,693,517	)		1,952,151		111		1,952,151
Total Return Bond Fund		3,288,138		54,583,805		(51,122,199	)		6,749,744		423		6,749,744
Ultra Short Duration Fixed Income Fund		576,615		517,048,189		(486,854,679	)		30,770,125		693		30,770,125

At a meeting of the Board of Trustees (the “Board”) of the Touchstone Investment Trust held on February 12, 2015, the Board approved an Agreement and Plan of Reorganization between the Institutional Money Market Fund and the Dreyfus Cash Management Fund advised by The Dreyfus Corporation (“Dreyfus”), pursuant to which the Fund would be reorganized on a tax-free basis with and into the Dreyfus Cash Management Fund.

At a special meeting of shareholders of the Fund, held on May 8, 2015, shareholders voted to approve the Agreement and Plan of Reorganization. If certain required conditions are satisfied, the reorganization is expected to take place on or about June 5, 2015.

5. Federal Tax Information

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

123

Notes to Financial Statements (Unaudited) (Continued)

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

The tax character of distributions paid for the years ended September 30, 2014 and 2013 was as follows:

	Emerging Markets				Global Real				International Fixed
	Equity Fund				Estate Fund				Income 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,
	2014		2013		2014		2013		2014		2013
From ordinary income	$	4,192,683	$	2,155,832	$	2,399,277	$	1,130,389	$	309,325	$	160,195
From long-term capital gains		—		—		680,745		130,257		336,520		57,565
Total distributions	$	4,192,683	$	2,155,832	$	3,080,022	$	1,260,646	$	645,845	$	217,760

	Merger Arbitrage				Mid Cap				Mid Cap
	Fund				Fund				Value 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,
	2014		2013		2014		2013		2014		2013
From ordinary income	$	24,102,036	$	3,990,135	$	747,154	$	1,224,384	$	6,818,543	$	1,756,707
From long-term capital gains		—		36		—		—		8,876,667		789,040
Total distributions	$	24,102,036	$	3,990,171	$	747,154	$	1,224,384	$	15,695,210	$	2,545,747

	Premium Yield				Sands Capital				Small Cap
	Equity Fund				Select Growth Fund				Core 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,
	2014		2013		2014		2013		2014		2013
From ordinary income	$	6,872,067	$	4,010,251	$	13,643,843	$	—	$	14,861,071	$	7,220,554
From long-term capital gains		—		—		28,752,022		—		12,211,364		4,126,641
Total distributions	$	6,872,067	$	4,010,251	$	42,395,865	$	—	$	27,072,435	$	11,347,195

	Small Cap				Total Return				Ultra Short Duration
	Value Fund				Bond Fund				Fixed Income 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,
	2014		2013		2014		2013		2014		2013
From ordinary income	$	953,920	$	719,931	$	4,871,768	$	5,144,219	$	10,124,310	$	10,888,038
From long-term capital gains		—		—		—		107,772		—		—
Total distributions	$	953,920	$	719,931	$	4,871,768	$	5,251,991	$	10,124,310	$	10,888,038

124

Notes to Financial Statements (Unaudited) (Continued)

The following information is computed on a tax basis for each item as of September 30, 2014:

				Emerging			Global			International
	Arbitrage			Markets Equity			Real Estate			Fixed Income			Merger
	Fund			Fund			Fund			Fund			Arbitrage Fund
Tax cost of portfolio investments	$	201,955,278		$	352,351,829		$	15,381,664		$	36,165,440		$	452,653,776
Gross unrealized appreciation		6,565,443			31,048,216			652,547			489,104			15,795,364
Gross unrealized depreciation		(3,892,587	)		(33,084,844	)		(1,109,690	)		(2,071,895	)		(13,530,151	)
Net unrealized appreciation (depreciation) on investments		2,672,856			(2,036,628	)		(457,143	)		(1,582,791	)		2,265,213
Net unrealized appreciation (depreciation) on written options		(130,020	)		—			—			—			(125,496	)
Net unrealized appreciation (depreciation) on securities sold short		(4,704,096	)		—			—			—			(10,294,846	)
Net unrealized appreciation (depreciation) on foreign currency transactions		—			(34,790	)		(616	)		(94,168	)		—
Accumulated capital losses		—			(31,273,805	)		(206,567	)		—			—
Qualified late-year losses		(430,199	)		—			—			—			(2,425,764	)
Other temporary differences		—			(4,627	)		—			(269,200	)		—
Undistributed ordinary income		—			3,093,372			206,174			799,400			—
Undistributed capital gains		288,416			—			—			787,289			1,565,830
Accumulated earnings (deficit)	$	(2,303,043	)	$	(30,256,478	)	$	(458,152	)	$	(359,470	)	$	(9,015,063	)

							Premium			Sands Capital
				Mid Cap Value			Yield Equity			Select Growth
	Mid Cap Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	413,184,803		$	340,595,074		$	153,843,821		$	4,249,861,996
Gross unrealized appreciation		71,795,937			37,297,708			35,051,711			2,248,105,314
Gross unrealized depreciation		(9,921,160	)		(4,659,134	)		(5,720,860	)		(77,262,851	)
Net unrealized appreciation (depreciation) on investments		61,874,777			32,638,574			29,330,851			2,170,842,463
Accumulated capital losses		(136,441,960	)		—			—			—
Qualified late-year losses		—			—			—			(10,152,161	)
Undistributed ordinary income		362,459			8,689,701			35,689			—
Undistributed capital gains		—			4,874,115			8,856,906			295,516,180
Accumulated earnings (deficit)	$	(74,204,724	)	$	46,202,390		$	38,223,446		$	2,456,206,482

										Ultra Short
							Total			Duration
	Small Cap Core			Small Cap Value			Return Bond			Fixed Income
	Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	673,838,091		$	84,288,759		$	140,096,095		$	732,931,226
Gross unrealized appreciation		204,173,840			1,954,687			2,653,351			2,041,007
Gross unrealized depreciation		(17,033,365	)		(5,807,472	)		(1,344,977	)		(3,332,605	)
Net unrealized appreciation (depreciation) on investments		187,140,475			(3,852,785	)		1,308,374			(1,291,598	)
Accumulated capital losses		—			(5,851,728	)		(1,099,002	)		(21,782,359	)
Qualified late-year losses		—			—			—			—
Undistributed ordinary income		4,376,510			16,837			16,110			838,377
Undistributed capital gains		51,725,500			2,812,169			—			—
Other temporary differences		—			—			—			(151,053	)
Accumulated earnings (deficit)	$	243,242,485		$	(6,875,507	)	$	225,482		$	(22,386,633	)

125

Notes to Financial Statements (Unaudited) (Continued)

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, regulated investment companies, and real estate investment trusts.

As of September 30, 2014, the Funds had the following capital loss carryforwards for federal income tax purposes:

											No		No
	Short Term Expiring On										Expiration		Expiration
	2015		2016		2017		2018		2019		Short Term*		Long Term*		Total
Emerging Markets Equity Fund	$	—	$	—	$	—	$	—	$	—	$	5,505,800	$	25,768,005	$	31,273,805
Global Real Estate Fund		—		—		—		—		—		206,567		—		206,567
Mid Cap Fund		—		—		65,641,168		70,800,792		—		—		—		136,441,960
Small Cap Value Fund**		—		—		—		5,851,728		—		—		—		5,851,728
Total Return Bond Fund		—		—		—		—		—		348,708		750,294		1,099,002
Ultra Short Duration Fixed Income Fund**		460,138		1,769,310		3,231,117		3,336,624		933,830		5,610,590		6,440,750		21,782,359

* The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act made changes to several tax rules impacting the Funds. The provisions of the Act first became effective for the Funds’ fiscal year ended September 30, 2012 and are applicable to all subsequent fiscal years. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each Fund’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers may be utilized. Under the Act, new capital losses may now be carried forward indefinitely, and retain the character of the original loss as compared with pre-enactment law, where capital losses could be carried forward for up to eight years, and carried forward as short-term capital losses, irrespective of the character of the original loss.

** May be subject to limitation.

The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

As of March 31, 2015, the Trust had the following federal tax cost resulting in net unrealized appreciation (depreciation) as follows:

								Net
			Gross		Gross			Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation
Fund	Cost		Appreciation		Depreciation			(Depreciation)
Arbitrage Fund	$	159,483,026	$	3,932,931	$	(2,031,458	)	$	1,901,473
Emerging Markets Equity Fund		333,945,460		34,742,813		(35,595,452	)		(852,639	)
Global Real Estate Fund		23,785,883		1,587,193		(693,147	)		894,046
International Fixed Income Fund		26,985,094		1,183,265		(4,082,997	)		(2,899,732	)
Merger Arbitrage Fund		326,714,483		9,574,307		(5,046,380	)		4,527,927
Mid Cap Fund		508,177,634		115,381,610		(18,246,574	)		97,135,036
Mid Cap Value Fund		311,212,812		57,538,216		(6,893,838	)		50,644,378
Premium Yield Equity Fund		196,590,394		30,553,832		(2,783,903	)		27,769,929
Sands Capital Select Growth Fund		3,886,972,876		2,384,995,002		(83,644,282	)		2,301,350,720
Small Cap Core Fund		645,595,161		243,917,130		(25,314,061	)		218,603,069
Small Cap value Fund		79,220,514		4,907,520		(4,570,830	)		336,690
Total Return Bond Fund		180,745,384		5,119,959		(859,415	)		4,260,544
Ultra Short Duration Fixed Income Fund		593,078,149		1,729,052		(3,549,373	)		(1,820,321	)

The Funds have analyzed their tax positions taken on federal income tax returns for all open tax years (tax years ended September 30, 2011 through 2014) and have concluded that no provision for income tax is required in their financial statements.

126

Notes to Financial Statements (Unaudited) (Continued)

6. Commitments and Contingencies

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

7. Risk Associated with Foreign Investments

Some of the Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.

8. Risk Associated with Concentration

Certain Funds 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.

9. 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.

10. Risks Associated with Interest Rate Changes

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

127

Notes to Financial Statements (Unaudited) (Continued)

There may be less governmental intervention in the securities markets in the near future. The negative impact on fixed income securities if interest rates increase as a result could negatively impact a Fund’s NAV.

11. Fund Mergers

Mid Cap Value Fund:

At a meeting held on November 21, 2013, the Board approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Touchstone Mid Cap Value Opportunities Fund to the Touchstone Mid Cap Value Fund. The tax-free merger took place on March 21, 2014.

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
	Mid Cap Value			Touchstone		Touchstone
	Opportunities			Mid Cap Value		Mid Cap Value
	Fund			Fund		Fund
Class A
Shares		913,005	^(A)		299,971		1,212,976
Net Assets	$	14,967,633		$	4,917,666	$	19,885,299
Net Asset Value	$	16.39	^(A)	$	16.39	$	16.39
Class C
Shares		75,102	^(B)		59,134		134,236
Net Assets	$	1,220,480		$	960,982	$	2,181,462
Net Asset Value	$	16.25	^(B)	$	16.25	$	16.25
Class Y
Shares		6,892,271	^(C)		1,016,962		7,909,233
Net Assets	$	113,504,503		$	16,747,761	$	130,252,264
Net Asset Value	$	16.47	^(C)	$	16.47	$	16.47
Institutional Class
Shares		1,714,774	^(D)		6,203,932		7,918,706
Net Assets	$	28,350,276		$	102,569,628	$	130,919,904
Net Asset Value	$	16.53	^(D)	$	16.53	$	16.53
Fund Total
Shares Outstanding		18,645,593			7,579,999		17,175,151
Net Assets	$	158,042,892		$	125,196,037	$	283,238,929
Unrealized Appreciation (Depreciation)	$	8,366,217		$	27,879,439	$	36,245,656

^(A)Reflects a 0.5137:1 stock split which occurred on the date of reorganization, March 21, 2014.

^(B)Reflects a 0.5117:1 stock split which occurred on the date of reorganization, March 21, 2014.

^(C)Reflects a 0.5152:1 stock split which occurred on the date of reorganization, March 21, 2014.

^(D)Reflects a 0.5128:1 stock split which occurred on the date of reorganization, March 21, 2014.

Assuming the reorganization had been completed on October 1, 2013, the Mid Cap Value Fund results of operations for the year ended September 30, 2014 would have been as follows:

Net investment income	$	2,123,962
Net realized and unrealized gains on investments		39,656,887
Net increase in net assets from operations	$	41,780,849

128

Notes to Financial Statements (Unaudited) (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 Mid Cap Value Fund that have been included in its statement of operations since the reorganization.

Small Cap Value Fund:

At a meeting held on November 21, 2013, the Board approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Touchstone Small Company Value Fund to the Touchstone Small Cap Value Fund. The tax-free merger took place on March 21, 2014.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation (depreciation) immediately before and after the reorganization.

						After
	Before Reorganization					Reorganization
	Touchstone			Touchstone		Touchstone
	Small Company			Small Cap Value		Small Cap Value
	Value Fund			Fund		Fund
Class A
Shares		100,358	^(A)		1,405,942		1,506,300
Net Assets	$	2,549,878		$	35,722,061	$	38,271,939
Net Asset Value	$	25.41	^(A)	$	25.41	$	25.41
Class C
Shares		59,836	^(B)		30,879		90,715
Net Assets	$	1,506,072		$	777,242	$	2,283,314
Net Asset Value	$	25.17	^(B)	$	25.17	$	25.17
Class Y
Shares		269,342	^(C)		42,705		312,047
Net Assets	$	6,856,609		$	1,087,134	$	7,943,743
Net Asset Value	$	25.46	^(C)	$	25.46	$	25.46
Institutional Class
Shares		233,106	^(D)		1,112,220		1,345,326
Net Assets	$	5,932,909		$	28,307,741	$	34,240,650
Net Asset Value	$	25.45	^(D)	$	25.45	$	25.45
Fund Total
Shares Outstanding		939,783			2,591,746		3,254,388
Net Assets	$	16,845,468		$	65,894,178	$	82,739,646
Unrealized Appreciation (Depreciation)	$	2,463,630		$	5,238,516	$	7,702,146

^(A)Reflects a 0.7013:1 stock split which occurred on the date of reorganization, March 21, 2014.

^(B)Reflects a 0.6497:1 stock split which occurred on the date of reorganization, March 21, 2014.

^(C)Reflects a 0.7129:1 stock split which occurred on the date of reorganization, March 21, 2014.

^(D)Reflects a 0.7133:1 stock split which occurred on the date of reorganization, March 21, 2014.

Assuming this reorganization had been completed on October 1, 2013, the Small Cap Value Fund results of operations for the year ended September 30, 2014 would have been as follows:

Net investment income	$	1,305,913
Net realized and unrealized gains on investments		4,164,012
Net increase in net assets from operations	$	5,469,925

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.

129

Notes to Financial Statements (Unaudited) (Continued)

12. Litigation

In January 2012, the Old Mutual Mid-Cap Fund (which reorganized into the TS&W Mid-Cap Value Fund in March 2009, the Touchstone Mid Cap Value Opportunities Fund in April 2012 and the Touchstone Mid Cap Value Fund in March 2014) was served with a summons and complaint in an action brought by Edward S. Weisfelner, as Trustee of the LB Creditor Trust, in the case captioned Weisfelner v. Fund 1(U.S. Bankr. S.D.N.Y. Adv. Pro. No. 10-4609) (the “Action”). The Action alleges that, under state law, all payments made to shareholders in the December 2007 leveraged buyout of Lyondell Chemical Company were made, by means of intentional and constructive fraudulent transfer and seeks to recover all those payments. The amount sought to be disgorged is $3,784,800, which is what the Fund received in payments in connection with the leveraged buyout. The Fund (along with thousands of other defendants) has filed a joinder to the currently pending motion to dismiss. The court heard oral argument on the motion to dismiss in January 2015, and the parties await the court’s ruling on that motion. The path the litigation will follow (including whether it will proceed at all) depends on the outcome of that ruling; however, it is uncertain when that ruling will come down. At this nascent stage of the litigation, it is not possible to assess the likely outcome. The Fund is currently assessing the case and has not yet determined the potential effect, if any, on its net asset value.

13. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued.

At a meeting of the Board of Trustees (the “Board”) of Touchstone Funds Group Trust held on May 21, 2015, the Board approved a plan to close and liquidate the Touchstone International Fixed Income Fund (the “Liquidation Fund”). The Liquidation Fund will be closed and liquidated on or about July 21, 2015.

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

130

Other Items (Unaudited)

Proxy Voting Guidelines

The Sub-Advisors are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisors use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at www.touchstoneinvestments.com or on the Securities and Exchange Commission’s (the “Commission”) website www.sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30 is also available without charge by calling toll free 1.800.543.0407 or on the Commission’s website at www.sec.gov.

Quarterly Portfolio Disclosure

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-Q. The complete listing (i) is available on the Commission’s website; (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; (iii) will be made available to shareholders upon request by calling 1.800.543.0407. Information on the operation of the Public Reference Room may be obtained by calling 1.800.SEC.0330.

Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions; and (2) ongoing costs, including investment advisory fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2014 through March 31, 2015).

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 March 31, 2015” 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), redemption fees, or exchange fees. 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. In addition, if these transactional costs were included, your costs would have been higher.

131

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		March 31,			October 1,		March 31,		March 31,
		2015			2014		2015		2015*
Touchstone Arbitrage Fund
Class A	Actual		2.52	%	$	1,000.00	$	1,013.80	$	12.65	**
Class A	Hypothetical		2.52	%	$	1,000.00	$	1,012.37	$	12.64	**

Class C	Actual		3.21	%	$	1,000.00	$	1,009.80	$	16.08	**
Class C	Hypothetical		3.21	%	$	1,000.00	$	1,008.93	$	16.08	**

Class Y	Actual		2.19	%	$	1,000.00	$	1,014.70	$	11.00	**
Class Y	Hypothetical		2.19	%	$	1,000.00	$	1,014.01	$	11.00	**

Institutional Class	Actual		2.12	%	$	1,000.00	$	1,015.70	$	10.65	**
Institutional Class	Hypothetical		2.12	%	$	1,000.00	$	1,014.36	$	10.65	**

Touchstone Emerging Markets Equity Fund
Class A	Actual		1.69	%	$	1,000.00	$	964.00	$	8.28
Class A	Hypothetical		1.69	%	$	1,000.00	$	1,016.50	$	8.50

Class C	Actual		2.44	%	$	1,000.00	$	959.70	$	11.92
Class C	Hypothetical		2.44	%	$	1,000.00	$	1,012.76	$	12.24

Class Y	Actual		1.40	%	$	1,000.00	$	964.70	$	6.86
Class Y	Hypothetical		1.40	%	$	1,000.00	$	1,017.95	$	7.04

Institutional Class	Actual		1.29	%	$	1,000.00	$	965.00	$	6.32
Institutional Class	Hypothetical		1.29	%	$	1,000.00	$	1,018.50	$	6.49

Touchstone Global Real Estate Fund
Class A	Actual		1.39	%	$	1,000.00	$	1,097.40	$	7.27
Class A	Hypothetical		1.39	%	$	1,000.00	$	1,018.00	$	6.99

Class C	Actual		2.14	%	$	1,000.00	$	1,093.50	$	11.17
Class C	Hypothetical		2.14	%	$	1,000.00	$	1,014.26	$	10.75

Class Y	Actual		1.14	%	$	1,000.00	$	1,099.00	$	5.97
Class Y	Hypothetical		1.14	%	$	1,000.00	$	1,019.25	$	5.74

Institutional Class	Actual		0.99	%	$	1,000.00	$	1,100.30	$	5.18
Institutional Class	Hypothetical		0.99	%	$	1,000.00	$	1,020.00	$	4.99

Touchstone International Fixed Income Fund
Class A	Actual		1.09	%	$	1,000.00	$	918.60	$	5.21
Class A	Hypothetical		1.09	%	$	1,000.00	$	1,019.50	$	5.49

Class C	Actual		1.84	%	$	1,000.00	$	915.50	$	8.79
Class C	Hypothetical		1.84	%	$	1,000.00	$	1,015.76	$	9.25

Class Y	Actual		0.84	%	$	1,000.00	$	920.40	$	4.02
Class Y	Hypothetical		0.84	%	$	1,000.00	$	1,020.74	$	4.23

Institutional Class	Actual		0.69	%	$	1,000.00	$	921.20	$	3.30
Institutional Class	Hypothetical		0.69	%	$	1,000.00	$	1,021.49	$	3.48

132

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		March 31,			October 1,		March 31,		March 31,
		2015			2014		2015		2015*
Touchstone Merger Arbitrage Fund
Class A	Actual		2.73	%	$	1,000.00	$	1,017.80	$	13.73	***
Class A	Hypothetical		2.73	%	$	1,000.00	$	1,011.32	$	13.69	***

Class C	Actual		3.51	%	$	1,000.00	$	1,014.30	$	17.63	***
Class C	Hypothetical		3.51	%	$	1,000.00	$	1,007.43	$	17.57	***

Class Y	Actual		2.42	%	$	1,000.00	$	1,019.60	$	12.19	***
Class Y	Hypothetical		2.42	%	$	1,000.00	$	1,012.86	$	12.14	***

Institutional Class	Actual		2.37	%	$	1,000.00	$	1,019.50	$	11.93	***
Institutional Class	Hypothetical		2.37	%	$	1,000.00	$	1,013.11	$	11.90	***

Touchstone Mid Cap Fund
Class A	Actual		1.24	%	$	1,000.00	$	1,095.90	$	6.48
Class A	Hypothetical		1.24	%	$	1,000.00	$	1,018.75	$	6.24

Class C	Actual		1.99	%	$	1,000.00	$	1,091.40	$	10.38
Class C	Hypothetical		1.99	%	$	1,000.00	$	1,015.01	$	10.00

Class Y	Actual		0.99	%	$	1,000.00	$	1,097.50	$	5.18
Class Y	Hypothetical		0.99	%	$	1,000.00	$	1,020.00	$	4.99

Class Z	Actual		1.24	%	$	1,000.00	$	1,095.60	$	6.48
Class Z	Hypothetical		1.24	%	$	1,000.00	$	1,018.75	$	6.24

Institutional Class	Actual		0.92	%	$	1,000.00	$	1,097.70	$	4.81
Institutional Class	Hypothetical		0.92	%	$	1,000.00	$	1,020.34	$	4.63

Touchstone Mid Cap Value Fund
Class A	Actual		1.29	%	$	1,000.00	$	1,079.50	$	6.69
Class A	Hypothetical		1.29	%	$	1,000.00	$	1,018.50	$	6.49

Class C	Actual		2.04	%	$	1,000.00	$	1,075.30	$	10.56
Class C	Hypothetical		2.04	%	$	1,000.00	$	1,014.76	$	10.25

Class Y	Actual		1.00	%	$	1,000.00	$	1,080.90	$	5.19
Class Y	Hypothetical		1.00	%	$	1,000.00	$	1,019.95	$	5.04

Institutional Class	Actual		0.89	%	$	1,000.00	$	1,081.90	$	4.62
Institutional Class	Hypothetical		0.89	%	$	1,000.00	$	1,020.49	$	4.48

Touchstone Premium Yield Equity Fund
Class A	Actual		1.20	%	$	1,000.00	$	1,014.50	$	6.03
Class A	Hypothetical		1.20	%	$	1,000.00	$	1,018.95	$	6.04

Class C	Actual		1.95	%	$	1,000.00	$	1,010.90	$	9.78
Class C	Hypothetical		1.95	%	$	1,000.00	$	1,015.21	$	9.80

Class Y	Actual		0.95	%	$	1,000.00	$	1,015.80	$	4.77
Class Y	Hypothetical		0.95	%	$	1,000.00	$	1,020.19	$	4.78

133

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		March 31,			October 1,		March 31,		March 31,
		2015			2014		2015		2015*
Touchstone Sands Capital Select Growth Fund
Class A	Actual		1.09	%	$	1,000.00	$	1,040.30	$	5.54
Class A	Hypothetical		1.09	%	$	1,000.00	$	1,019.50	$	5.49

Class C	Actual		1.84	%	$	1,000.00	$	1,036.90	$	9.34
Class C	Hypothetical		1.84	%	$	1,000.00	$	1,015.76	$	9.25

Class Y	Actual		0.81	%	$	1,000.00	$	1,042.10	$	4.12
Class Y	Hypothetical		0.81	%	$	1,000.00	$	1,020.89	$	4.08

Class Z	Actual		1.07	%	$	1,000.00	$	1,040.90	$	5.44
Class Z	Hypothetical		1.07	%	$	1,000.00	$	1,019.60	$	5.39

Touchstone Small Cap Core Fund
Class A	Actual		1.38	%	$	1,000.00	$	1,104.90	$	7.24
Class A	Hypothetical		1.38	%	$	1,000.00	$	1,018.05	$	6.94

Class C	Actual		2.13	%	$	1,000.00	$	1,101.10	$	11.16
Class C	Hypothetical		2.13	%	$	1,000.00	$	1,014.31	$	10.70

Class Y	Actual		1.09	%	$	1,000.00	$	1,106.50	$	5.72
Class Y	Hypothetical		1.09	%	$	1,000.00	$	1,019.50	$	5.49

Institutional Class	Actual		1.04	%	$	1,000.00	$	1,106.70	$	5.46
Institutional Class	Hypothetical		1.04	%	$	1,000.00	$	1,019.75	$	5.24

Touchstone Small Cap Value Fund
Class A	Actual		1.38	%	$	1,000.00	$	1,068.50	$	7.12
Class A	Hypothetical		1.38	%	$	1,000.00	$	1,018.05	$	6.94

Class C	Actual		2.13	%	$	1,000.00	$	1,064.30	$	10.96
Class C	Hypothetical		2.13	%	$	1,000.00	$	1,014.31	$	10.70

Class Y	Actual		1.13	%	$	1,000.00	$	1,069.80	$	5.83
Class Y	Hypothetical		1.13	%	$	1,000.00	$	1,019.30	$	5.69

Institutional Class	Actual		0.98	%	$	1,000.00	$	1,070.60	$	5.06
Institutional Class	Hypothetical		0.98	%	$	1,000.00	$	1,020.04	$	4.94

Touchstone Total Return Bond Fund
Class A	Actual		0.90	%	$	1,000.00	$	1,029.90	$	4.55
Class A	Hypothetical		0.90	%	$	1,000.00	$	1,020.44	$	4.53

Class C	Actual		1.65	%	$	1,000.00	$	1,027.10	$	8.34
Class C	Hypothetical		1.65	%	$	1,000.00	$	1,016.70	$	8.30

Class Y	Actual		0.60	%	$	1,000.00	$	1,031.40	$	3.04
Class Y	Hypothetical		0.60	%	$	1,000.00	$	1,021.94	$	3.02

Institutional Class	Actual		0.50	%	$	1,000.00	$	1,031.90	$	2.53
Institutional Class	Hypothetical		0.50	%	$	1,000.00	$	1,022.44	$	2.52

134

Other Items (Unaudited) (Continued)

Schedule of Shareholder Expenses (Continued)

									Expenses
		Net Expense			Beginning		Ending		Paid During
		Ratio			Account		Account		the Six Months
		Annualized			Value		Value		Ended
		March 31,			October 1,		March 31,		March 31,
		2015			2014		2015		2015*
Touchstone Ultra Short Duration Fixed Income Fund
Class A	Actual		0.69	%	$	1,000.00	$	1,001.50	$	3.44
Class A	Hypothetical		0.69	%	$	1,000.00	$	1,021.49	$	3.48

Class C	Actual		1.19	%	$	1,000.00	$	999.00	$	5.93
Class C	Hypothetical		1.19	%	$	1,000.00	$	1,019.00	$	5.99

Class Y	Actual		0.44	%	$	1,000.00	$	1,002.70	$	2.20
Class Y	Hypothetical		0.44	%	$	1,000.00	$	1,022.74	$	2.22

Class Z	Actual		0.69	%	$	1,000.00	$	1,001.50	$	3.44
Class Z	Hypothetical		0.69	%	$	1,000.00	$	1,021.49	$	3.48

Institutional Class	Actual		0.39	%	$	1,000.00	$	1,003.00	$	1.95
Institutional Class	Hypothetical		0.39	%	$	1,000.00	$	1,022.99	$	1.97

*	Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by [182/365] (to reflect one-half year period).

**	Excluding dividend and interest expenses on securities sold short, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.43, $11.88, $6.78 and $6.43, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.45, $11.90, $6.79 and $6.44, respectively.

***	Excluding dividend and interest expenses on securities sold short, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.20, $12.10, $6.65 and $6.39, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.20, $12.09, $6.64 and $6.39, respectively.

Advisory and Sub-Advisory Agreement Approval Disclosure

At a meeting held on November 20, 2014, the Board of Trustees (the “Board” or “Trustees”) of the Touchstone Funds Group Trust (the “Trust”), and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement between the Trust and the Advisor with respect to each Fund of the Trust, and the continuance of each Sub-Advisory Agreement between the Advisor and each Fund’s respective Sub-Advisor.

In determining whether to approve the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreements, the Advisor furnished information necessary for a majority of the Independent Trustees to make the determination that the continuance of the Investment Advisory Agreement and each Sub-Advisory Agreement was in the best interests of the respective Funds and their shareholders. The information provided to the Board included: (1) industry data comparing advisory fees and expense ratios of comparable investment companies; (2) comparative performance information; (3) the Advisor’s and its affiliates’ revenues and costs of providing services to the Funds; and (4) information about the Advisor’s and Sub-Advisors’ personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Investment Advisory Agreement and the Sub-Advisory Agreements with management and with experienced independent legal counsel and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement. The Independent Trustees also reviewed the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement with independent legal counsel in private sessions at which no representatives of management were present. In approving the Funds’ Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided to the Funds, including the personnel providing such

135

Other Items (Unaudited) (Continued)

services; (2) the Advisor’s compensation and profitability; (3) a comparison of fees and performance with other advisers; (4) economies of scale; and (5) the terms of the Investment Advisory Agreement. The Board’s analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Advisor Services. The Board considered the level and depth of knowledge of the Advisor, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Advisor, the Board took into account its familiarity with the Advisor’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Advisor’s compliance policies and procedures. The quality of administrative and other services, including the Advisor’s role in coordinating the activities of the Funds’ other service providers, was also considered. The Board also considered the Advisor’s relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.

The Board discussed the Advisor’s effectiveness in monitoring the performance of each Sub-Advisor, including the Sub-Advisor that was an affiliate of the Advisor, and the Advisor’s timeliness in responding to performance issues. The Board considered the Advisor’s process for monitoring each of the Sub-Advisors, which includes an examination of both qualitative and quantitative elements of the Sub-Advisor’s organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Advisor conducts regular on-site compliance visits with each Sub-Advisor, during which the Advisor examines a wide variety of factors, such as the financial condition of the Sub-Advisor, the quality of the Sub-Advisor’s systems, the effectiveness of the Sub-Advisor’s disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Advisor’s policies and procedures, results of regulatory examinations and any other factors that might affect the quality of services that the Sub-Advisor provides to the applicable Fund(s). The Board noted that the Advisor’s compliance monitoring processes also include quarterly reviews of compliance reports, and that any issues arising from such reports and the Advisor’s compliance visits to the Sub-Advisors are reported to the Board.

The Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Advisor under the Investment Advisory Agreement.

Advisor’s Compensation and Profitability. The Board took into consideration the financial condition and profitability of the Advisor and its affiliates (including the Sub-Advisor to one of the Funds) and the direct and indirect benefits derived by the Advisor and its affiliates from the Advisor’s relationship with the Funds. The information considered by the Board included operating profit margin information for the Advisor’s business as a whole. The Board noted that the Advisor waived a portion of advisory fees and administrative fees and/or reimbursed expenses of each of the Funds except Touchstone Merger Arbitrage Fund in order to limit each Fund’s net operating expenses. The Board also noted that the Advisor pays the Sub-Advisors’ sub-advisory fees out of the advisory fees the Advisor receives from the Funds. The Board reviewed the profitability of the Advisor’s relationship with the Funds both before and after tax expenses, and also considered whether the Advisor has the financial wherewithal to continue to provide services to the Funds, noting the ongoing commitment of the Advisor’s parent company with respect to providing support and resources as needed. The Board considered that the Funds’ distributor, an affiliate of the Advisor, receives Rule 12b-1 distribution fees from the Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that the Advisor derives benefits to its reputation and other benefits from its association with the Funds.

The Board recognized that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the entrepreneurial risk that it assumes as Advisor. Based upon their review, the Trustees concluded that the Advisor’s and its affiliates’ level of profitability, if any, from their relationship with each Fund was reasonable and not excessive.

136

Other Items (Unaudited) (Continued)

Expenses and Performance. The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund’s respective peer group. The Board also considered, among other data, the Funds’ respective performance results during the six-month, twelve-month and thirty-six-month periods ended June 30, 2014, as applicable, and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds’ performance.

The Board also considered the effect of each Fund’s growth and size on its performance and expenses. The Board noted that the Advisor had waived portions of the fees and/or reimbursed expenses of each of the Funds except Touchstone Merger Arbitrage Fund in order to reduce the Funds’ respective operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund were paid by the Advisor out of the advisory fees it receives from the Fund and considered the impact of such sub-advisory fees on the profitability of the Advisor. In reviewing the respective expense ratios and performance of each of the Funds, the Board also took into account the nature, extent and quality of the services provided to the Funds by the Advisor and its affiliates.

The Board also discussed with management certain factors as set forth in the conditions to the Funds’ exemptive order issued by the Securities and Exchange Commission relating to investments by the non-money market Funds in the Touchstone Institutional Money Market Fund. The Board considered the nature and extent of the services provided by the Advisor and the Sub-Advisors to each Fund and a discussion by management with respect to the costs to the Advisor and Sub-Advisors of the portion of the advisory fee and sub-advisory fee attributable to the portion of the non-money market Funds’ assets to be invested in the Touchstone Institutional Money Market Fund. Based on these factors, the Board concluded that the advisory fee and the sub-advisory fee associated with the management of each non-money market Fund were based on services that were in addition to, rather than duplicative of, services provided under the Investment Advisory and Sub-Advisory Agreements with respect to the Touchstone Institutional Money Market Fund.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

Touchstone Arbitrage Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 4th quintile of the Fund’s peer group for the six-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s performance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Emerging Markets Equity Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 2nd quintile of the Fund’s peer group for the six-month period ended June 30, 2014, the Fund’s performance was in the 5th quintile of the Fund’s peer group for the twelve-month period ended June 30, 2014, and the Fund’s performance was in the 4th quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s underperformance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

137

Other Items (Unaudited) (Continued)

Touchstone Global Real Estate Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 1st quintile of the Fund’s peer group for the six-month period ended June 30, 2014, the Fund’s performance was in the 2nd quintile of the Fund’s peer group for the for the twelve-month period ended June 30, 2014, and the Fund’s performance was in the 3rd quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s recent improved performance and management’s continued monitoring of the Fund’s performance. The Board further noted that a new sub-advisor had begun managing the Fund in May 2013 using new investment strategies. Based upon their review, the Trustees concluded that the Fund’s performance was satisfactory in relation to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone International Fixed Income Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and above the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 2nd quintile of the Fund’s peer group for the six- and twelve-month periods ended June 30, 2014, and the Fund’s performance was in the 4th quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. Based upon their review, the Trustees concluded that the Fund’s performance was satisfactory in relation to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Merger Arbitrage Fund. The Fund’s advisory fee and total expense ratio were below the median and at the median, respectively, of its peer group. The Fund’s performance was in the 5th quintile of the Fund’s peer group for the six-month period ended June 30, 2014, and the Fund’s performance was in the 4th quintile of the Fund’s peer group for the twelve-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s recent underperformance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Mid Cap Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 5th quintile of the Fund’s peer group for the six- and twelve- month periods ended June 30, 2014, and the Fund’s performance was in the 3rd quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s underperformance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance is being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Mid Cap Value Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 4th quintile of the Fund’s peer group for the six-, twelve- and thirty-six-month periods ended June 30, 2014. The Board noted management’s discussion of the Fund’s performance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

138

Other Items (Unaudited) (Continued)

Touchstone Premium Yield Equity Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 1st quintile of the Fund’s peer group for the six-month period ended June 30, 2014, and the Fund’s performance was in the 3rd quintile of the Fund’s peer group for the twelve- and thirty-six-month periods ended June 30, 2014. The Board noted management’s discussion of the Fund’s recent improved performance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was satisfactory in relation to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Sands Capital Select Growth Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 5th quintile of the Fund’s peer group for the six-month period ended June 30, 2014 and the Fund’s performance was in the 1st quintile of the Fund’s peer group for the twelve- and thirty-six-month periods ended June 30, 2014. The Board noted management’s discussion of the Fund’s recent performance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was satisfactory in relation to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Small Cap Core Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were above the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 5th quintile of the Fund’s peer group for the six- and twelve-month periods ended June 30, 2014, and the Fund’s performance was in the 1st quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s underperformance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Small Cap Value Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing operating expenses of the Fund. The Fund’s performance was in the 4th quintile of the Fund’s peer group for the six-month period ended June 30, 2014, the Fund’s performance was in the 5th quintile of the Fund’s peer group for the twelve-month period ended June 30, 2014, and the Fund’s performance was in the 1st quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. The Board noted management’s discussion of the Fund’s recent performance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Total Return Bond Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median and at the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing a portion of the Fund’s operating expenses. The Fund’s performance was in the 2nd quintile of the Fund’s peer group for the six-month period ended June 30, 2014, the Fund’s performance was in the 4th quintile of the Fund’s peer group for the twelve-month period ended June 30, 2014, and the Fund’s performance was in the 3rd quintile of the Fund’s peer group for the thirty-six-month period ended June 30, 2014. The Board noted

139

Other Items (Unaudited) (Continued)

management’s discussion of the Fund’s performance and management’s continued monitoring of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s performance was being addressed and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Ultra Short Duration Fixed Income Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were below the median of its peer group. The Board noted that the Advisor was currently waiving a portion of the Fund’s fees and/or reimbursing operating expenses of the Fund. The Fund’s performance was in the 2nd quintile of the Fund’s peer group for the six-month period ended June 30, 2014, and the Fund’s performance was in the 3rd quintile of the Fund’s peer group for the twelve- and thirty-six-month periods ended June 30, 2014. Based upon their review, the Trustees concluded that the Fund’s performance was satisfactory in relation to the performance of funds with similar investment objectives and relevant indices, and also found that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Economies of Scale. The Board considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board took into account management’s discussion of the Funds’ advisory fee structure. The Board considered the effective advisory fees under the Investment Advisory Agreement as a percentage of assets at different asset levels and possible economies of scale that might be realized if the assets of each Fund increase. The Board noted that the advisory fee schedules for some of the Funds contain breakpoints that would reduce the respective advisory fee rate on assets above specified levels as the respective Fund’s assets increased and considered the necessity of adding breakpoints with respect to the Funds that did not currently have such breakpoints in their advisory fee schedules. The Board determined that adding breakpoints at specified levels to the advisory fee schedule of each Fund that currently did not have such breakpoints was not appropriate at that time. The Board also noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses. The Board also considered the fact that, under the Investment Advisory Agreement, the advisory fee payable to the Advisor by a Fund was reduced by the total sub-advisory fee paid by the Advisor to the Fund’s Sub-Advisor.

Conclusion. In considering the renewal of the Funds’ Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund. The Board reached the following conclusions regarding the Funds’ Investment Advisory Agreement with the Advisor, among others: (a) the Advisor demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory in relation to the performance of funds with similar investment objectives and relevant indices or, as discussed above, has been or is being addressed; and (d) each Fund’s advisory fee is reasonable in light of the services received by the Fund from the Advisor and other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.

In approving the Funds’ respective Sub-Advisory Agreements, the Board considered various factors with respect to each Fund and the applicable Sub-Advisory Agreement, among them: (1) the nature, extent and quality of services provided to the Fund, including the personnel providing such services; (2) the Sub-Advisor’s compensation; (3) a comparison of the sub-advisory fee and performance with other advisers; 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.

140

Other Items (Unaudited) (Continued)

Nature, Extent and Quality of Services Provided; Investment Personnel. The Board considered information provided by the Advisor regarding the services provided by each Sub-Advisor, including information presented periodically throughout the previous year. The Board noted the affiliation of one of the Sub-Advisors with the Advisor, noting any potential conflicts of interest. The Board also noted that, on a periodic basis, the Board meets with portfolio managers of the Sub-Advisors to discuss their respective performance and investment processes and strategies. The Board considered each Sub-Advisor’s level of knowledge and investment style. The Board reviewed the experience and credentials of the applicable investment personnel who are responsible for managing the investment of portfolio securities with respect to the Funds. The Board also noted each Sub-Advisor’s brokerage practices.

Sub-Advisor’s Compensation, Profitability and Economies of Scale. The Board also took into consideration the financial condition of each Sub-Advisor and any indirect benefits derived by each Sub-Advisor and its affiliates from the Sub-Advisor’s relationship with the Funds. In considering the profitability to each Sub-Advisor of its relationship with the Funds, the Board noted the undertakings of the Advisor to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Advisor out of the advisory fees that it receives under the Investment Advisory Agreement and in addition, with respect to the unaffiliated Sub-Advisors, are negotiated at arm’s length. As a consequence, the profitability to each Sub-Advisor of its relationship with a Fund was not a substantial factor in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in each Sub-Advisor’s management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for some of the Funds contained breakpoints that would reduce the sub-advisory fee rate on assets above specified levels as the applicable Fund’s assets increased.

Sub-Advisory Fees and Fund Performance. The Board considered that each Fund pays an advisory fee to the Advisor and that the Advisor pays the sub-advisory fee to the Sub-Advisor out of the advisory fee it receives from the respective Fund. The Board also compared the sub-advisory fees paid by the Advisor to fees charged by the Sub-Advisor to manage comparable institutional separate accounts. The Board considered the amount retained by the Advisor and the sub-advisory fee paid to each Sub-Advisor with respect to the various services provided by the Advisor and the Sub-Advisor. The Board also noted that the Advisor negotiated the sub-advisory fee with each of the unaffiliated Sub-Advisors at arm’s length. The Board reviewed the sub-advisory fee for each Fund in relation to various comparative data, including the median and average sub-advisory fees of each Fund’s peer group, and considered the following information:

Touchstone Arbitrage Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Emerging Markets Equity Fund. The Fund’s sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Global Real Estate Fund. The Fund’s sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone International Fixed Income Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Merger Arbitrage Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

141

Other Items (Unaudited) (Continued)

Touchstone Mid Cap Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Mid Cap Value Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Premium Yield Equity Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Sands Capital Select Growth Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Small Cap Core Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Small Cap Value Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Total Return Bond. The Fund’s sub-advisory fee was below the median of its peer group. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and other factors considered.

Touchstone Ultra Short Duration Fixed Income Fund. The Trustees considered that the sub-advisory fee paid was below the fee rates charged to comparable institutional separate accounts. Based upon their review, the Trustees concluded that the Fund’s sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

As noted above, the Board considered each Fund’s performance during the six-month, twelve-month and thirty-six-month periods ended June 30, 2014, as applicable, as compared to each Fund’s peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Advisor. The Board was mindful of the Advisor’s focus on each Sub-Advisor’s performance and the Advisor’s ways of addressing underperformance.

Conclusion. In considering the renewal of the Sub-Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board reached the following conclusions regarding each Sub-Advisory Agreement, among others: (a) the Sub-Advisor is qualified to manage each Fund’s assets in accordance with the Fund’s investment goals and policies; (b) the Sub-Advisor maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory in relation to the performance of funds with similar investment objectives and relevant indices or, as discussed above, has been or is being addressed; (d) each Fund’s sub-advisory fees are reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered; and (e) the Sub-Advisor’s investment strategies are appropriate for pursuing the investment goals of each Fund. Based on its conclusions, the Board determined that approval of the Sub-Advisory Agreement with respect to each Fund was in the best interests of the Fund and its shareholders.

142

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 Investment Trust, Touchstone Strategic Trust, Touchstone Tax-Free Trust, Touchstone Variable Series Trust, Touchstone Institutional Funds Trust, Touchstone Securities, Inc.,* and W&S Brokerage Services, Inc.

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

A Member of Western & Southern Financial Group^®

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

143

Go paperless, sign up today at:

www.touchstoneinvestments.com

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, MA 01581

Shareholder Service

800.543.0407

* A Member of Western & Southern Financial Group

TSF-56-TFGT-SAR-1503

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of 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. Exhibits.

(a)(1)

Not applicable.

(a)(2)

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

(a)(3)

Not applicable.

(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 5/29/2015

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 5/29/2015

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

Terrie A. Wiedenheft, Controller and Treasurer

(principal financial officer)

Date 5/29/2015

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

Touchstone Mid Cap Value Fund (TCVAX) N-CSRSCertified semi-annual shareholder report (management investment company)