Touchstone Mid Cap Value Fund (TCVAX) N-CSRS 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 number811-08104

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, 2019

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 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, 2019
(Unaudited)

Semi-Annual Report

Touchstone Funds Group Trust

Touchstone Active Bond Fund

Touchstone Anti-Benchmark^®International Core Equity Fund

Touchstone Anti-Benchmark^®US Core Equity Fund

Touchstone Arbitrage Fund

Touchstone High Yield Fund

Touchstone Impact Bond 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 Fund

Touchstone Small Cap Value Fund

Touchstone Ultra Short Duration Fixed Income Fund

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

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

 

Table of Contents

	Page
Tabular Presentation of Portfolios of Investments	3-7
Portfolios of Investments:
Touchstone Active Bond Fund	8
Touchstone Anti-Benchmark® International Core Equity Fund	17
Touchstone Anti-Benchmark® US Core Equity Fund	21
Touchstone Arbitrage Fund	23
Touchstone High Yield Fund	27
Touchstone Impact Bond Fund	34
Touchstone Merger Arbitrage Fund	39
Touchstone Mid Cap Fund	43
Touchstone Mid Cap Value Fund	44
Touchstone Premium Yield Equity Fund	46
Touchstone Sands Capital Select Growth Fund	48
Touchstone Small Cap Fund	49
Touchstone Small Cap Value Fund	50
Touchstone Ultra Short Duration Fixed Income Fund	52
Statements of Assets and Liabilities	62 - 67
Statements of Operations	68 - 70
Statements of Changes in Net Assets	72 - 77
Statements of Changes in Net Assets - Capital Stock Activity	78 - 84
Financial Highlights	85 - 120
Notes to Financial Statements	121 - 147
Other Items	148 - 164
Privacy Protection Policy	167

This report identifies the Funds' investments on March 31, 2019. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

2

Tabular Presentation of Portfolios of Investments (Unaudited)

March 31, 2019

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

Touchstone Active Bond Fund
Credit Quality*	(% of Investment Securities)
AAA/Aaa		32.4	%
AA/Aa		4.7
A/A		13.9
BBB/Baa		30.5
BB/Ba		1.6
B/B		2.1
CCC		0.1
C or Lower		0.1
Not Rated		9.6
Cash Equivalents		5.0
Total		100.0	%

Touchstone Anti-Benchmark® US Core Equity Fund
Sector Allocation**	(% of Net Assets)
Consumer Discretionary		21.8	%
Financials		14.4
Utilities		12.5
Consumer Staples		12.5
Health Care		11.6
Real Estate		8.3
Industrials		5.6
Materials		4.7
Communication Services		4.1
Information Technology		2.5
Energy		0.8
Short-Term Investment Fund		1.1
Other Assets/Liabilities (Net)		0.1
Total		100.0	%

Touchstone Anti-Benchmark® International Core Equity Fund
Geographic Allocation	(% of Net Assets)
Common Stocks
Japan		25.1	%
Hong Kong		10.7
United Kingdom		10.1
Australia		7.0
Denmark		6.8
Germany		5.4
France		3.8
Ireland		3.8
Sweden		3.4
Netherlands		3.3
Israel		3.1
Belgium		3.0
Finland		2.4
Italy		2.1
Norway		2.1
New Zealand		1.9
Switzerland		1.2
Spain		1.0
Singapore		0.9
Luxembourg		0.9
United States		0.6
Austria		0.2
Short-Term Investment Fund		30.1
Other Assets/Liabilities (Net)		(28.9	)
Total		100.0	%

*	Credit quality ratings are from Standard & Poor's ("S&P") and Moody's Investors Service ("Moody's"). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
**	Sector Classifications are based upon the Global Industry Classification Standard (GICS®).

3

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

Touchstone Arbitrage Fund
Sector Allocation*	(% of Net Assets)
Long Positions
Common Stocks
Financials		73.6	%
Information Technology		2.6
Consumer Discretionary		2.4
Health Care		1.8
Industrials		1.0
Energy		0.7
Corporate Bonds		3.1
Warrants		6.3
Preferred Stock		3.3
Rights		0.2
Purchased Put Options		0.0
Short-Term Investment Funds		8.3
Cash Deposits held at Prime Broker for Securities Sold Short and Written Options		1.1
Other Assets/Liabilities (Net)		(2.9	)
		101.5
Short Positions
Common Stock
Health Care		(0.3	)
Exchange-Traded Fund		(1.1	)
Written Put Options		(0.0	)
Written Call Options		(0.1	)
		(1.5	)
Total		100.0	%

Touchstone High Yield Fund
Credit Quality**	(% of Investment Securities)
BBB/Baa		7.6	%
BB/Ba		51.7
B/B		38.3
CCC		1.9
Cash equivalents		0.5
Total		100.0	%

Touchstone Impact Bond Fund
Credit Quality**	(% of Investment Securities)
AAA/Aaa		56.6	%
AA/Aa		8.5
A/A		14.2
BBB/Baa		12.8
BB/Ba		1.9
CCC		0.6
Not Rated		1.6
Cash Equivalents		3.8
Total		100.0	%

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

4

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

Touchstone Merger Arbitrage Fund
Sector Allocation*	(% of Net Assets)
Long Positions
Common Stocks
Financials		79.8	%
Information Technology		2.7
Consumer Discretionary		2.4
Health Care		1.7
Industrials		1.1
Energy		0.8
Corporate Bonds		2.8
Warrants		3.5
Preferred Stock		3.8
Rights		0.3
Purchased Put Options		0.0
Short-Term Investment Funds		2.0
Other Assets/Liabilities (Net)		0.3
		101.2
Short Positions
Common Stock
Health Care		(0.3	)
Exchange-Traded Fund		(0.9	)
Written Put Options		(0.0	)
Written Call Options		(0.0	)
		(1.2	)
Total		100.0	%

Touchstone Mid Cap Fund
Sector Allocation*	(% of Net Assets)
Information Technology		21.3	%
Industrials		19.1
Consumer Discretionary		17.6
Materials		12.7
Financials		10.5
Consumer Staples		10.4
Real Estate		3.6
Health Care		2.4
Short-Term Investment Fund		2.0
Other Assets/Liabilities (Net)		0.4
Total		100.0	%

Touchstone Mid Cap Value Fund
Sector Allocation*	(% of Net Assets)
Financials		14.7	%
Materials		11.8
Industrials		10.7
Information Technology		10.6
Consumer Discretionary		10.0
Consumer Staples		10.0
Utilities		9.8
Real Estate		8.9
Health Care		7.6
Energy		5.6
Short-Term Investment Fund		0.4
Other Assets/Liabilities (Net)		(0.1	)
Total		100.0	%

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

5

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

Touchstone Premium Yield Equity Fund
Sector Allocation*	(% of Net Assets)
Information Technology	20.7	%
Financials	20.0
Consumer Discretionary	12.3
Energy	12.1
Industrials	7.4
Utilities	5.7
Real Estate	5.7
Communication Services	5.5
Health Care	3.8
Materials	3.3
Consumer Staples	3.0
Short-Term Investment Funds	2.2
Other Assets/Liabilities (Net)	(1.7	)
Total	100.0	%

Touchstone Small Cap Fund
Sector Allocation*	(% of Net Assets)
Industrials		29.6	%
Materials		16.8
Consumer Discretionary		14.2
Financials		10.5
Real Estate		9.4
Information Technology		5.7
Consumer Staples		4.4
Communication Services		3.0
Energy		2.0
Health Care		2.0
Short-Term Investment Fund		2.9
Other Assets/Liabilities (Net)		(0.5	)
Total		100.0	%

Touchstone Sands Capital Select Growth Fund
Sector Allocation*	(% of Net Assets)
Information Technology	34.2	%
Communication Services	20.4
Consumer Discretionary	17.5
Health Care	17.1
Industrials	3.8
Consumer Staples	3.3
Short-Term Investment Fund	4.0
Other Assets/Liabilities (Net)	(0.3	)
Total	100.0	%

Touchstone Small Cap Value Fund
Sector Allocation*	(% of Net Assets)
Industrials		21.3	%
Financials		16.2
Materials		12.2
Information Technology		10.1
Consumer Staples		9.2
Consumer Discretionary		5.7
Utilities		4.8
Communication Services		4.3
Real Estate		4.2
Health Care		3.2
Energy		2.5
Exchange-Traded Fund		2.6
Short-Term Investment Fund		2.5
Other Assets/Liabilities (Net)		1.2
Total		100.0	%

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

6

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

Touchstone Ultra Short Duration Fixed Income Fund
Credit Quality*	(% of Investment Securities)
AAA/Aaa		28.4	%
AA/Aa		15.8
A/A		14.4
BBB/Baa		23.5
CCC		0.1
Not Rated		8.9
Cash Equivalents		8.9
Total		100.0	%

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

7

Portfolio of Investments

Touchstone Active Bond Fund – March 31, 2019 (Unaudited)

Principal			Market
Amount			Value
		Corporate Bonds — 41.8%
		Financials — 9.0%
$	746,000	Allstate Corp. (The), Ser B,
		5.750%, 8/15/53	$	753,460
	1,388,000	American Express Co.,
		3.000%, 10/30/24		1,381,070
	754,000	Bank of America Corp.,
		3.705%, 4/24/28		757,378
	1,000,000	Bank of America Corp. MTN,
		4.000%, 1/22/25		1,019,834
	1,470,000	Bank of Montreal (Canada),
		3.803%, 12/15/32		1,421,490
	1,498,000	Bank of New York Mellon Corp. (The)
		MTN, 2.950%, 1/29/23		1,505,890
	535,000	Bank of Nova Scotia (The), (Canada),
		(3M LIBOR +0.620%), 3.245%, 9/19/22(A)		535,000
	1,315,000	Barclays PLC (United Kingdom),
		4.610%, 2/15/23		1,342,123
	665,000	Citigroup, Inc., 3.200%, 10/21/26		651,324
	467,000	Citigroup, Inc., 4.750%, 5/18/46		483,873
	865,000	Credit Suisse AG (Switzerland) MTN,
		3.625%, 9/9/24		879,751
	1,065,000	Fifth Third Bancorp, 2.875%, 7/27/20		1,066,661
	1,351,000	GE Capital International Funding Co.
		Unlimited Co. (Ireland), 4.418%, 11/15/35		1,248,981
	925,000	General Motors Financial Co., Inc.,
		3.200%, 7/6/21		920,847
	590,000	Goldman Sachs Group, Inc. (The),
		3.691%, 6/5/28		584,367
	1,100,000	Goldman Sachs Group, Inc. (The), (3M
		LIBOR +1.000%), 3.779%, 7/24/23(A)		1,099,426
	740,000	Goldman Sachs Group, Inc. (The),
		5.250%, 7/27/21		777,353
	1,080,000	HSBC Holdings PLC (United Kingdom),
		3.900%, 5/25/26		1,093,505
	1,400,000	Huntington Bancshares, Inc.,
		4.000%, 5/15/25		1,455,944
	505,000	JPMorgan Chase & Co.,
		3.250%, 9/23/22		512,066
	630,000	JPMorgan Chase & Co., (3M LIBOR
		+0.730%), 3.502%, 4/23/24(A)		625,021
	975,000	JPMorgan Chase & Co.,
		3.509%, 1/23/29		968,360
	1,534,000	Lloyds Banking Group PLC (United
		Kingdom), 3.574%, 11/7/28		1,473,029
	850,000	Morgan Stanley, 3.737%, 4/24/24		866,935
	955,000	Morgan Stanley, 3.950%, 4/23/27		954,711
	1,100,000	Northwestern Mutual Life Insurance
		Co. (The), 144a, 3.850%, 9/30/47		1,070,558
	1,130,000	PNC Bank NA, 2.700%, 11/1/22		1,124,181
	1,460,000	SunTrust Banks, Inc., 4.000%, 5/1/25		1,527,544
	1,496,000	SunTrust Capital I, Ser A, (3M LIBOR
		+0.670%), 3.350%, 5/15/27(A)		1,394,092
	550,000	Wells Fargo & Co., 2.100%, 7/26/21		541,309
	535,000	Wells Fargo & Co., 4.125%, 8/15/23		554,371
				30,590,454
		Energy — 6.1%
	1,372,000	Boardwalk Pipelines LP,
		4.450%, 7/15/27		1,338,047
	1,051,000	Buckeye Partners LP, 3.950%, 12/1/26		999,251
	993,000	Cenovus Energy, Inc. (Canada),
		4.250%, 4/15/27		976,170
	1,280,000	Cheniere Corpus Christi Holdings LLC,
		7.000%, 6/30/24		1,444,864
	350,000	CNOOC Nexen Finance 2014 ULC
		(Canada), 4.250%, 4/30/24		365,729
	1,046,000	Columbia Pipeline Group, Inc.,
		4.500%, 6/1/25		1,091,711
	1,494,000	Enbridge, Inc. (Canada), (3M LIBOR
		+0.700%), 3.311%, 6/15/20(A)		1,493,445
	1,286,000	Energy Transfer Partners LP,
		4.950%, 6/15/28		1,348,814
	1,083,000	EOG Resources, Inc., 3.900%, 4/1/35		1,104,429
	500,000	KazMunayGas National Co. JSC
		(Kazakhstan), 144a, 4.750%, 4/19/27		512,850
	400,000	KazMunayGas National Co. JSC
		(Kazakhstan), 144a, 5.750%, 4/19/47		416,912
	1,600,000	Kinder Morgan Energy Partners LP,
		3.500%, 9/1/23		1,620,688
	1,292,000	Midcontinent Express Pipeline LLC,
		144a, 6.700%, 9/15/19		1,295,153
	1,045,000	NGPL PipeCo LLC, 144a,
		7.768%, 12/15/37		1,254,000
	200,000	Pertamina Persero PT (Indonesia),
		144a, 6.450%, 5/30/44		227,846
	200,000	Petrobras Global Finance BV
		(Netherlands), 5.999%, 1/27/28		202,400
	550,000	Petrobras Global Finance BV
		(Netherlands), 7.375%, 1/17/27		605,192
	200,000	Petroleos del Peru SA (Peru), 144a,
		4.750%, 6/19/32		205,250
	200,000	Petroleos del Peru SA (Peru), 144a,
		5.625%, 6/19/47		213,000
	1,130,000	Petroleos Mexicanos (Mexico),
		4.500%, 1/23/26		1,050,674
	200,000	Petroleos Mexicanos (Mexico),
		4.875%, 1/18/24		196,898
	535,000	Petroleos Mexicanos (Mexico),
		5.350%, 2/12/28		496,480
	450,000	Petroleos Mexicanos (Mexico),
		5.500%, 1/21/21		457,650
	265,000	Petroleos Mexicanos (Mexico),
		6.350%, 2/12/48		233,637
	200,000	Petroleos Mexicanos (Mexico),
		6.375%, 1/23/45		176,660
	1,119,000	Woodside Finance Ltd. (Australia),
		144a, 4.500%, 3/4/29		1,144,074
	350,000	YPF SA (Argentina), 144a,
		6.950%, 7/21/27		310,800
				20,782,624

8

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 41.8% (Continued)
		Consumer Staples — 3.9%
$	1,604,000	Anheuser-Busch Cos. LLC /
		Anheuser-Busch InBev Worldwide,
		Inc., 144a, 4.900%, 2/1/46	$	1,611,033
	1,267,000	Ashtead Capital, Inc., 144a,
		4.375%, 8/15/27		1,222,655
	1,570,000	Cargill, Inc., 144a, 3.050%, 4/19/21		1,579,581
	1,467,000	General Mills, Inc., (3M LIBOR
		+1.010%), 3.783%, 10/17/23(A)		1,477,475
	1,340,000	Grupo Bimbo SAB de CV (Mexico),
		144a, 4.500%, 1/25/22		1,379,660
	1,525,000	Imperial Brands Finance PLC (United
		Kingdom), 144a, 4.250%, 7/21/25		1,555,397
	200,000	JBS USA LUX SA / JBS USA Finance,
		Inc., 144a, 6.750%, 2/15/28		207,000
	1,130,000	Kraft Heinz Foods Co., 6.875%, 1/26/39		1,278,065
	739,000	Kroger Co. (The), 5.000%, 4/15/42		722,314
	591,000	Moody's Corp., 2.750%, 12/15/21		590,930
	1,114,000	Reynolds American, Inc.,
		4.450%, 6/12/25		1,145,116
	678,000	Tyson Foods, Inc., 3.900%, 9/28/23		698,459
				13,467,685
		Communication Services — 3.7%
	1,390,000	Activision Blizzard, Inc.,
		4.500%, 6/15/47		1,307,300
	460,000	AT&T, Inc., 3.950%, 1/15/25		469,402
	275,000	AT&T, Inc., 4.350%, 6/15/45		252,327
	865,000	AT&T, Inc., 4.500%, 5/15/35		852,210
	1,516,000	Booking Holdings, Inc., 3.600%, 6/1/26		1,540,586
	932,000	Charter Communications Operating
		LLC / Charter Communications
		Operating Capital,
		6.484%, 10/23/45		1,044,775
	814,000	Comcast Corp., 4.000%, 3/1/48		793,415
	1,075,000	Comcast Corp., 4.150%, 10/15/28		1,131,478
	925,000	Cox Communications, Inc., 144a,
		3.350%, 9/15/26		901,371
	472,000	Deutsche Telekom International
		Finance BV (Netherlands),
		8.750%, 6/15/30		649,306
	912,000	Interpublic Group of Cos., Inc. (The),
		3.750%, 10/1/21		927,850
	550,000	Verizon Communications, Inc.,
		4.672%, 3/15/55		560,350
	886,000	Verizon Communications, Inc.,
		5.012%, 4/15/49		967,327
	1,303,000	Warner Media LLC, 3.800%, 2/15/27		1,297,699
				12,695,396
		Consumer Discretionary — 3.5%
	1,110,000	AutoNation, Inc., 5.500%, 2/1/20		1,131,903
	2,358,000	BMW US Capital LLC, 144a,
		3.100%, 4/12/21		2,372,702
	1,268,000	Dollar General Corp., 3.250%, 4/15/23		1,275,147
	1,554,000	Dollar Tree, Inc., (3M LIBOR +0.700%),
		3.473%, 4/17/20(A)		1,554,342
	356,000	Ford Motor Co., 4.750%, 1/15/43		278,982
	809,000	Ford Motor Credit Co. LLC,
		5.584%, 3/18/24		820,545
	1,200,000	General Motors Financial Co., Inc.,
		3.200%, 7/13/20		1,201,995
	555,000	General Motors Financial Co., Inc.,
		4.350%, 4/9/25		552,606
	960,000	Home Depot, Inc. (The),
		5.950%, 4/1/41		1,231,328
	1,550,000	Toyota Motor Credit Corp. MTN,
		2.950%, 4/13/21		1,560,530
				11,980,080
		Health Care — 3.3%
	1,162,000	AbbVie, Inc., 4.450%, 5/14/46		1,077,427
	795,000	Allergan Funding SCS (Luxembourg),
		3.800%, 3/15/25		805,364
	1,030,000	Allergan Sales LLC, 144a,
		5.000%, 12/15/21		1,071,922
	380,000	Catholic Health Initiatives,
		4.200%, 8/1/23		393,303
	952,000	Celgene Corp., 5.000%, 8/15/45		999,017
	1,078,000	Cigna Corp., 144a, 4.375%, 10/15/28		1,118,177
	1,630,000	CVS Health Corp., 4.300%, 3/25/28		1,651,600
	735,000	CVS Health Corp., 5.125%, 7/20/45		746,972
	1,016,000	Express Scripts Holding Co.,
		3.300%, 2/25/21		1,022,840
	426,000	Shire Acquisitions Investments Ireland
		DAC (Ireland), 2.400%, 9/23/21		420,743
	966,000	Thermo Fisher Scientific, Inc.,
		3.600%, 8/15/21		981,828
	860,000	Zimmer Biomet Holdings, Inc.,
		3.150%, 4/1/22		862,373
				11,151,566
		Industrials — 3.2%
	1,290,000	Burlington Northern Santa Fe LLC,
		5.750%, 5/1/40		1,600,372
	300,000	Cemex SAB de CV (Mexico), 144a,
		7.750%, 4/16/26		326,193
	1,420,000	CRH America Finance, Inc., 144a,
		4.500%, 4/4/48		1,315,694
	1,420,000	Eagle Materials, Inc., 4.500%, 8/1/26		1,437,258
	587,000	Embraer Netherlands Finance BV
		(Netherlands), 5.050%, 6/15/25		619,285
	789,000	Embraer Netherlands Finance BV
		(Netherlands), 5.400%, 2/1/27		850,148
	1,252,000	FedEx Corp., 5.100%, 1/15/44		1,303,104
	200,000	Klabin Austria GmbH (Austria), 144a,
		7.000%, 4/3/49		199,300
	375,000	Transnet SOC Ltd. (South Africa), 144a,
		4.000%, 7/26/22		367,820
	280,000	Vulcan Materials Co., 4.500%, 4/1/25		288,968
	1,400,000	Wabtec Corp., 4.950%, 9/15/28		1,420,800

9

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 41.8% (Continued)
		Industrials — (Continued)
$	1,196,000	WRKCo., Inc., 4.650%, 3/15/26	$	1,267,305
				10,996,247
		Real Estate — 3.0%
	1,040,000	Boston Properties LP REIT,
		3.200%, 1/15/25		1,031,794
	1,296,000	Crown Castle International Corp. REIT,
		3.650%, 9/1/27		1,274,383
	1,046,000	Hudson Pacific Properties LP REIT,
		4.650%, 4/1/29		1,065,577
	740,000	Kimco Realty Corp. REIT,
		3.125%, 6/1/23		733,448
	453,000	Mid-America Apartments LP, REIT,
		3.750%, 6/15/24		461,539
	1,410,000	Sabra Health Care LP REIT,
		5.125%, 8/15/26		1,380,268
	880,000	SL Green Operating Partnership LP
		REIT, 3.250%, 10/15/22		876,227
	821,000	Spirit Realty LP REIT, 4.450%, 9/15/26		813,553
	1,666,000	VEREIT Operating Partnership LP REIT,
		4.600%, 2/6/24		1,714,349
	985,000	Welltower, Inc. REIT, 4.250%, 4/1/26		1,016,811
				10,367,949
		Information Technology — 2.7%
	1,750,000	Apple, Inc., 2.750%, 1/13/25		1,742,850
	1,303,000	Apple, Inc., 4.650%, 2/23/46		1,472,152
	1,327,000	Dell International LLC / EMC Corp.,
		144a, 6.020%, 6/15/26		1,427,256
	650,000	Microsoft Corp., 3.500%, 2/12/35		658,801
	1,240,000	NXPBV / NXP Funding LLC
		(Netherlands), 144a, 5.350%, 3/1/26		1,334,339
	1,400,000	QUALCOMM, Inc., 3.450%, 5/20/25		1,410,297
	935,000	Visa, Inc., 4.150%, 12/14/35		1,019,050
				9,064,745
		Utilities — 2.1%
	313,000	American Water Capital Corp.,
		6.593%, 10/15/37		417,687
	1,000,000	Duke Energy Progress LLC,
		4.150%, 12/1/44		1,041,337
	1,004,000	Electricite de France SA (France), 144a,
		4.500%, 9/21/28		1,036,229
	200,000	Genneia SA (Argentina), 144a,
		8.750%, 1/20/22		181,000
	894,000	NextEra Energy Capital Holdings, Inc.,
		2.800%, 1/15/23		887,414
	945,000	Oncor Electric Delivery Co. LLC,
		3.800%, 9/30/47		951,410
	1,422,000	PacifiCorp., 5.750%, 4/1/37		1,739,778
	1,000,000	WEC Energy Group, Inc., (3M LIBOR
		+2.113%), 4.796%, 5/15/67(A)		885,000
				7,139,855
		Materials — 1.3%
	940,000	Braskem America Finance Co., 144a,
		7.125%, 7/22/41		1,083,350
	200,000	Braskem Netherlands Finance BV (Netherlands), 144a,
		4.500%, 1/10/28		194,450
	200,000	Corp. Nacional del Cobre de Chile
		(Chile), 144a, 4.500%, 9/16/25		211,930
	1,144,000	Sherwin-Williams Co. (The),
		4.500%, 6/1/47		1,125,815
	1,481,000	Suzano Austria GmbH (Austria), 144a,
		5.750%, 7/14/26		1,578,154
	200,000	Suzano Austria GmbH (Austria), 144a,
		7.000%, 3/16/47		223,000
				4,416,699
		Total Corporate Bonds	$	142,653,300
		U.S. Treasury Obligations — 13.4%
	255,000	U.S. Treasury Bond, 3.000%, 8/15/48		263,965
	7,270,000	U.S. Treasury Inflation Indexed Bonds,
		1.000%, 2/15/48		7,571,113
	6,555,000	U.S. Treasury Inflation Indexed Bonds,
		1.000%, 2/15/49		6,721,126
	20,710,000	U.S. Treasury Note, 2.500%, 5/31/20		20,735,888
	9,207,000	U.S. Treasury Note, 2.500%, 3/31/23		9,299,789
	1,280,000	U.S. Treasury Note, 2.625%, 2/15/29		1,303,500
		Total U.S. Treasury Obligations	$	45,895,381
		U.S. Government Mortgage-Backed
		Obligations — 11.6%
	92,819	FHLMC, Pool #1H1348, (1 Year CMT
		Rate +2.140%), 4.402%, 10/1/36(A)		97,366
	204,041	FHLMC, Pool #1Q0339, (12M LIBOR
		+1.910%), 4.783%, 4/1/37(A)		211,341
	17,574	FHLMC, Pool #A12886, 5.000%, 8/1/33		18,972
	56,958	FHLMC, Pool #A13842, 6.000%, 9/1/33		61,597
	10,712	FHLMC, Pool #A21415, 5.000%, 5/1/34		11,539
	20,501	FHLMC, Pool #A35682, 5.000%, 7/1/35		21,831
	12,194	FHLMC, Pool #A36523, 5.000%, 8/1/35		13,070
	64,446	FHLMC, Pool #A46590, 5.000%, 8/1/35		68,196
	18,228	FHLMC, Pool #A56988, 5.500%, 2/1/37		20,001
	6,574	FHLMC, Pool #A64971, 5.500%, 8/1/37		7,213
	3,486,086	FHLMC, Pool #A89148,
		4.000%, 10/1/39		3,617,433
	120,657	FHLMC, Pool #A96485, 4.500%, 1/1/41		127,770
	614,445	FHLMC, Pool #A97897, 4.500%, 4/1/41		656,022
	18,577	FHLMC, Pool #C62740, 7.000%, 1/1/32		20,371
	18,072	FHLMC, Pool #C72254, 6.500%, 7/1/32		20,010
	64,395	FHLMC, Pool #C90986, 7.000%, 6/1/26		68,216
	19,883	FHLMC, Pool #G02184, 5.000%, 4/1/36		21,428
	3,362,461	FHLMC, Pool #G05624, 4.500%, 9/1/39		3,560,076
	318,378	FHLMC, Pool #G05733,
		5.000%, 11/1/39		344,584
	162,484	FHLMC, Pool #J13584,
		3.500%, 11/1/25		166,714
	5,405,184	FHLMC, Pool #Q32917, 3.000%, 4/1/45		5,404,595
	60,884	FNMA, Pool #255628, 5.500%, 2/1/25		64,985
	13,291	FNMA, Pool #426830, 8.000%, 11/1/24		13,388

10

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		U.S. Government Mortgage-Backed
		Obligations — 11.6% (Continued)
$	8,592	FNMA, Pool #540040, 7.500%, 6/1/28	$	8,596
	14,799	FNMA, Pool #561741, 7.500%, 1/1/31		16,548
	31,977	FNMA, Pool #640291, 7.000%, 8/1/32		32,390
	30,395	FNMA, Pool #653301, 6.500%, 7/1/32		33,569
	59,004	FNMA, Pool #653502, 6.500%, 7/1/32		65,165
	32,302	FNMA, Pool #670402, 6.500%, 6/1/32		36,281
	3,895	FNMA, Pool #725906, (12M LIBOR
		+1.554%), 4.304%, 8/1/34(A)		4,083
	106,833	FNMA, Pool #738887, 5.500%, 10/1/33		114,029
	174,146	FNMA, Pool #745257, 6.000%, 1/1/36		192,131
	1,518	FNMA, Pool #745974, (12M LIBOR
		+1.875%), 4.707%, 10/1/36(A)		1,602
	67,578	FNMA, Pool #748895, 6.000%, 12/1/33		70,265
	60,254	FNMA, Pool #758564, 6.000%, 9/1/24		64,895
	63,049	FNMA, Pool #810049, 5.500%, 3/1/35		67,296
	124,944	FNMA, Pool #819297, 6.000%, 9/1/35		137,736
	803,120	FNMA, Pool #881279, 5.000%, 11/1/36		872,198
	35,546	FNMA, Pool #889060, 6.000%, 1/1/38		39,195
	82,128	FNMA, Pool #889061, 6.000%, 1/1/38		92,759
	10,217	FNMA, Pool #895657, 6.500%, 8/1/36		11,128
	150,512	FNMA, Pool #905049, 5.500%, 11/1/36		160,650
	45,611	FNMA, Pool #908944, 5.500%, 1/1/37		48,683
	513,955	FNMA, Pool #928553, 5.500%, 8/1/37		574,799
	1,300,437	FNMA, Pool #931535, 5.500%, 7/1/39		1,418,759
	231,505	FNMA, Pool #AA3467, 4.500%, 4/1/39		245,605
	364,348	FNMA, Pool #AA4584, 4.500%, 4/1/39		386,497
	89,809	FNMA, Pool #AB1800, 4.000%, 11/1/40		93,673
	251,711	FNMA, Pool #AB2452, 4.000%, 3/1/26		260,403
	3,282,091	FNMA, Pool #AB7845, 3.000%, 2/1/43		3,284,289
	81,066	FNMA, Pool #AD3775, 4.500%, 3/1/25		83,914
	103,532	FNMA, Pool #AD6193, 5.000%, 6/1/40		111,672
	172,054	FNMA, Pool #AE1568, 4.000%, 9/1/40		178,458
	536,794	FNMA, Pool #AE2497, 4.500%, 9/1/40		572,206
	73,653	FNMA, Pool #AE5441, 5.000%, 10/1/40		79,444
	276,437	FNMA, Pool #AH1135, 5.000%, 1/1/41		298,175
	354,743	FNMA, Pool #AH3483, 3.500%, 2/1/26		363,923
	145,973	FNMA, Pool #AH3671, 4.000%, 2/1/26		151,192
	494,278	FNMA, Pool #AH6622, 4.000%, 3/1/41		518,242
	619,728	FNMA, Pool #AL0150, 4.000%, 2/1/41		646,191
	129,779	FNMA, Pool #AL0211, 5.000%, 4/1/41		139,985
	5,052,254	FNMA, Pool #AL5718, 3.500%, 9/1/44		5,165,591
	743,788	FNMA, Pool #AS0779, 4.000%, 10/1/43		779,474
	65,488	FNMA, Pool #AS7813, 4.000%, 8/1/46		67,777
	3,907,315	FNMA, Pool #AS8703, 2.500%, 2/1/32		3,889,506
	957,156	FNMA, Pool #AS8855, 3.500%, 2/1/37		977,554
	994,402	FNMA, Pool #BH6180, 4.000%, 7/1/47		1,027,697
	1,601,772	GNMA, Pool #4424, 5.000%, 4/20/39		1,713,606
	27,621	GNMA, Pool #5305, 4.000%, 2/20/42		28,761
		Total U.S. Government Mortgage-Backed Obligations	$	39,743,310
		Asset-Backed Securities — 8.9%
	2,239,263	Adams Outdoor Advertising LP, Ser
		2018-1, Class A, 144a,
		4.810%, 11/15/48		2,337,179
	2,400,000	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2015-2A, Class B,
		144a, 3.420%, 12/20/21		2,396,564
	2,870	CIT Home Equity Loan Trust, Ser
		2002-1, Class AF5,
		7.210%, 2/25/33(A)(B)		2,941
	2,947,500	Coinstar Funding LLC, Ser 2017-1A,
		Class A2, 144a, 5.216%, 4/25/47		3,002,716
	200,087	FFMLT Trust, Ser 2005-FFA, Class M3,
		6.017%, 3/25/25(A)(B)		205,779
	1,100,000	Hertz Vehicle Financing II LP, Ser
		2015-1A, Class B, 144a,
		3.520%, 3/25/21		1,098,080
	3,350,000	Hertz Vehicle Financing II LP, Ser
		2016-4A, Class A, 144a,
		2.650%, 7/25/22		3,308,733
	2,000,000	Hertz Vehicle Financing II LP, Ser
		2019-1A, Class A, 144a,
		3.710%, 3/25/23		2,024,600
	1,689,275	Jimmy Johns Funding LLC, Ser
		2017-1A, Class A2I,144a,
		3.610%, 7/30/47		1,690,153
	1,450,000	Kabbage Funding LLC, Ser 2019-1,
		Class A, 144a, 3.825%, 3/15/24		1,452,993
	1,198,220	Mid-State Capital Corp. Trust, Ser
		2005-1, Class M2, 7.079%, 1/15/40		1,333,001
	249,188	Orange Lake Timeshare Trust, Ser
		2016-A, Class A, 144a,
		2.610%, 3/8/29		246,435
	821	RASC Trust, Ser 2001-KS3, Class AI6,
		5.960%, 9/25/31(A)(B)		845
	294,567	Sonic Capital LLC, Ser 2016-1A, Class
		A2, 144a, 4.472%, 5/20/46		299,139
	216,229	SpringCastle America Funding LLC,
		Ser 2016-AA, Class A, 144a,
		3.050%, 4/25/29		215,950
	3,100,000	Tesla Auto Lease Trust, Ser 2018-B,
		Class C, 144a, 4.360%, 10/20/21		3,132,498
	700,000	Towd Point Mortgage Trust, Ser
		2015-3, Class A2, 144a,
		4.000%, 3/25/54(A)(B)		714,777
	2,939,250	Towd Point Mortgage Trust, Ser
		2019-1, Class A1, 144a,
		3.750%, 3/25/58(A)(B)		2,984,463
	600,000	Voya CLO Ltd. (Cayman Islands), Ser
		2017-4A, Class A1, 144a, (3M LIBOR
		+1.130%), 3.917%, 10/15/30(A)		594,899
	3,283,438	Wendys Funding LLC, Ser 2018-1A,
		Class A2I, 144a, 3.573%, 3/15/48		3,237,010
		Total Asset-Backed Securities	$	30,278,755
		Non-Agency Collateralized Mortgage
		Obligations — 8.3%
	3,047	Adjustable Rate Mortgage Trust, Ser 2004-4, Class 3A1,
		4.337%, 3/25/35(A)(B)		3,047

11

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal				Market
Amount				Value
		Non-Agency Collateralized Mortgage
		Obligations — 8.3% (Continued)
$	2,123,371	Agate Bay Mortgage Trust, Ser 2015-7,
		Class B1, 144a,
		3.766%, 10/25/45(A)(B)		$	2,170,703
	3,309,149	Agate Bay Mortgage Trust, Ser 2015-7,
		Class B2, 144a,
		3.766%, 10/25/45(A)(B)			3,347,694
	89,282	Alternative Loan Trust, Ser 2004-30CB,
		Class 3A1, 5.000%, 2/25/20			86,950
	4,994	Alternative Loan Trust, Ser 2005-J3,
		Class 3A1, 6.500%, 9/25/34			4,794
	27,476	CSFB Mortgage-Backed Trust, Ser
		2004-7, Class 6A1, 5.250%, 10/25/19			27,518
	1,511,006	CSMC Trust, Ser 2013-7, Class B3, 144a,
		3.576%, 8/25/43(A)(B)			1,511,855
	2,124,248	CSMC Trust, Ser 2015-1, Class B3, 144a,
		3.945%, 1/25/45(A)(B)			2,107,215
	2,158,070	CSMC Trust, Ser 2015-WIN1, Class B3,
		144a, 3.863%, 12/25/44(A)(B)			2,176,324
	1,395,103	CSMC Trust, Ser 2018-RPL9, Class A,
		144a, 3.850%, 9/25/57(A)(B)			1,416,316
	627,997	Galton Funding Mortgage Trust, Ser
		2019-1, Class A22, 144a,
		4.000%, 2/25/59(A)(B)			629,478
	61,720	JP Morgan Mortgage Trust, Ser
		2005-A1, Class 2A1,
		4.640%, 2/25/35(A)(B)			62,857
	163,524	JP Morgan Mortgage Trust, Ser
		2005-A2, Class 7CB1,
		4.389%, 4/25/35(A)(B)			165,124
	40,424	JP Morgan Mortgage Trust, Ser
		2006-A4, Class 2A2,
		4.160%, 6/25/36(A)(B)			36,959
	32,634	MASTR Alternative Loans Trust, Ser
		2004-7, Class 10A1, 6.000%, 6/25/34			32,703
	2,049,640	PMT Loan Trust, Ser 2013-J1, Class A11,
		144a, 3.500%, 9/25/43(A)(B)			2,058,678
	2,981,300	PMT Loan Trust, Ser 2013-J1, Class A7,
		144a, 3.500%, 9/25/43(A)(B)			2,990,955
	171,864	Residential Asset Securitization Trust,
		Ser 2006-A1, Class 1A3,
		6.000%, 4/25/36			123,470
	298,847	Sequoia Mortgage Trust, Ser 2013-1,
		Class B1, 3.645%, 2/25/43(A)(B)			300,711
	350,398	Sequoia Mortgage Trust, Ser 2013-1,
		Class B2, 3.645%, 2/25/43(A)(B)			352,025
	551,478	Sequoia Mortgage Trust, Ser 2013-10,
		Class B2, 144a, 3.564%, 8/25/43(A)(B)			546,594
	540,066	Sequoia Mortgage Trust, Ser 2013-5,
		Class B1, 144a, 3.508%, 5/25/43(A)(B)			539,608
	1,126,986	Sequoia Mortgage Trust, Ser 2014-2,
		Class B2, 144a, 4.083%, 7/25/44(A)(B)			1,151,837
	3,202,812	Sequoia Mortgage Trust, Ser 2017-1,
		Class A4, 144a, 3.500%, 2/25/47(A)(B)	��		3,208,318
	3,138,916	Sequoia Mortgage Trust, Ser 2017-2,
		Class A1, 144a, 3.500%, 2/25/47(A)(B)			3,123,232
	103	Structured Asset Securities Corp.
		Mortgage Pass-Through
		Certificates, Ser 2004-21XS, Class
		2A6B, 5.650%, 12/25/34(A)(B)			102
	106,096	Structured Asset Securities Corp. Trust,
		Ser 2005-17, Class 5A1,
		5.500%, 10/25/35			80,972
	87,708	Washington Mutual Alternative
		Mortgage Pass-Through
		Certificates, Ser 2005-9, Class 2A4,
		5.500%, 11/25/35			81,192
	84,579	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-G, Class
		A1, 4.465%, 6/25/33(A)(B)			85,678
		Total Non-Agency Collateralized Mortgage Obligations		$	28,422,909
		Sovereign Government Obligations — 5.2%
	575,000	Angolan Government International
		Bond, 144a, 8.250%, 5/9/28			599,219
	250,000	Argentine Republic Government
		International Bond, 7.125%, 6/28/17			184,500
	400,000	Colombia Government International
		Bond, 4.000%, 2/26/24			412,404
	844,000	Colombia Government International
		Bond, 5.000%, 6/15/45			885,525
	250,000	Colombia Government International
		Bond, 6.125%, 1/18/41			295,378
	200,000	Costa Rica Government International
		Bond, 144a, 4.375%, 4/30/25			183,752
	200,000	Costa Rica Government International
		Bond, 144a, 5.625%, 4/30/43			169,400
	300,000	Croatia Government International
		Bond, 144a, 5.500%, 4/4/23			325,125
	200,000	Dominican Republic International
		Bond, 144a, 5.875%, 4/18/24			209,252
	150,000	Dominican Republic International
		Bond, 144a, 5.950%, 1/25/27			157,314
	100,000	Dominican Republic International
		Bond, 144a, 6.850%, 1/27/45			107,000
	200,000	Ecuador Government International
		Bond, 144a, 7.875%, 1/23/28			190,500
	300,000	Ecuador Government International
		Bond, 144a, 10.500%, 3/24/20			314,700
	350,000	Egypt Government International
		Bond, 144a, 6.125%, 1/31/22			354,061
	200,000	Egypt Government International
		Bond, 144a, 7.500%, 1/31/27			209,384
	200,000	Egypt Government International
		Bond, 144a, 8.500%, 1/31/47			203,905
	200,000	El Salvador Government International
		Bond, 144a, 6.375%, 1/18/27			196,002
	200,000	Ghana Government International
		Bond, 144a, 8.950%, 3/26/51			200,374
	750,000	Hungary Government International
		Bond, 5.375%, 3/25/24			821,756

12

Touchstone Active Bond Fund(Unaudited) (Continued)

Principal			Market
Amount			Value
		Sovereign Government Obligations—5.2% (Continued)
$	300,000	Indonesia Government International
		Bond, 144a, 3.850%, 7/18/27	$	299,839
	200,000	Ivory Coast Government International
		Bond, 144a, 6.375%, 3/3/28		194,836
	150,000	Jamaica Government International
		Bond, 8.000%, 3/15/39		179,439
	200,000	Kenya Government International
		Bond, 144a, 7.250%, 2/28/28		201,916
	200,000	Lebanese Republic Government
		International Bond, 6.650%, 2/26/30		152,969
	200,000	Mexico Government International
		Bond, 4.125%, 1/21/26		204,200
	200,000	Mexico Government International
		Bond, 4.350%, 1/15/47		187,200
	200,000	Mongolia Government International
		Bond, 144a, 5.625%, 5/1/23		201,990
	200,000	Nigeria Government International
		Bond, 5.625%, 6/27/22		202,162
	200,000	Nigeria Government International
		Bond, 144a, 6.375%, 7/12/23		206,390
	400,000	Nigeria Government International
		Bond, 144a, 7.875%, 2/16/32		415,442
	250,000	Oman Government International
		Bond, 144a, 4.125%, 1/17/23		238,958
	200,000	Oman Government International
		Bond, 144a, 5.375%, 3/8/27		186,000
	300,000	Pakistan Government International
		Bond, 144a, 7.875%, 3/31/36		293,352
	200,000	Panama Government International
		Bond, 3.750%, 3/16/25		206,302
	200,000	Panama Government International
		Bond, 4.500%, 4/16/50		208,800
	200,000	Paraguay Government International
		Bond, 144a, 4.625%, 1/25/23		205,962
	300,000	Perusahaan Penerbit SBSN Indonesia
		III, 144a, 4.350%, 9/10/24		309,600
	1,135,000	Province of Alberta Canada, 2.200%,
		7/26/22		1,119,394
	1,333,000	Province of Ontario Canada, 1.875%,
		5/21/20		1,323,558
	300,000	Province of Santa Fe, 144a, 7.000%,
		3/23/23		256,503
	200,000	Qatar Government International
		Bond, 144a, 4.000%, 3/14/29		206,122
	200,000	Republic of Armenia International
		Bond, 144a, 6.000%, 9/30/20		204,260
	500,000	Republic of Azerbaijan International
		Bond, 144a, 4.750%, 3/18/24		517,888
	200,000	Republic of Belarus International
		Bond, 144a, 6.875%, 2/28/23		209,500
	300,000	Republic of Poland Government
		International Bond, 3.250%, 4/6/26		304,496
	200,000	Republic of Poland Government
		International Bond, 4.000%, 1/22/24		209,077
	300,000	Republic of South Africa Government
		International Bond, 4.850%, 9/27/27		292,489
	250,000	Romanian Government International
		Bond, 144a, 4.375%, 8/22/23		258,900
	375,000	Sri Lanka Government International
		Bond, 144a, 6.125%, 6/3/25		364,699
	350,000	Turkey Government International
		Bond, 4.875%, 4/16/43		258,919
	400,000	Turkey Government International
		Bond, 5.125%, 3/25/22		385,326
	100,000	Ukraine Government International
		Bond, 7.750%, 9/1/26		93,965
	200,000	Ukraine Government International
		Bond, 144a, 7.375%, 9/25/32		178,096
	375,000	Ukraine Government International
		Bond, 144a, 7.750%, 9/1/21		372,188
	200,000	Uruguay Government International
		Bond, 4.375%, 1/23/31		209,400
	703,000	Uruguay Government International
		Bond, 4.975%, 4/20/55		736,392
		Total Sovereign Government
		Obligations	$	17,616,080
		Agency Collateralized Mortgage
		Obligations — 4.1%
	4,847,642	FHLMC REMIC, Ser 3331 Class PE,
		6.000%, 6/15/37		5,318,068
	1,369,057	FHLMC REMIC, Ser 3859 Class JB,
		5.000%, 5/15/41		1,494,699
	775,000	FHLMC REMIC, Ser 4092, Class AY,
		3.000%, 8/15/32		767,136
	167,911	FHLMC Structured Pass Through Securities, Ser T-20, Class A5,
		7.870%, 12/25/29(A)(B)		194,661
	243,732	FNMA REMIC, Ser 2003-32, Class BZ,
		6.000%, 11/25/32		270,092
	1,614,116	FNMA REMIC, Ser 2012-47, Class AI,
		3.000%, 5/25/22(C)		54,806
	84,130	FNMA REMIC, Ser 2015-51, Class KC,
		3.000%, 6/25/45		84,904
	852,449	FNMA REMIC, Ser 2017-90, Class KA,
		3.000%, 11/25/47		865,144
	24,869	FNMA REMIC Trust, Ser 2001-W2, Class
		AF6, 6.589%, 10/25/31(A)(B)		26,389
	97,165	FNMA Trust, Ser 2004-W15, Class 2AF, (1M LIBOR +0.250%),
		2.736%, 8/25/44(A)		96,579
	2,707,571	GNMA, Ser 2010-169, Class AW,
		4.500%, 12/20/40		2,838,584
	7,883,533	GNMA, Ser 2012-147, Class IO,
		0.562%, 4/16/54(A)(B)(C)		269,158
	4,293,727	GNMA, Ser 2016-113, Class IO,
		1.177%, 2/16/58(A)(B)(C)		391,826

13

Touchstone Active Bond Fund(Unaudited) (Continued)

Principal Amount			Market Value
		Agency Collateralized Mortgage
		Obligations — 4.1% (Continued)
$	17,152,020	GNMA, Ser 2016-140, Class IO,
		0.935%, 5/16/58(A)(B)(C)	$	1,252,684
	90,238	GNMA, Ser 2017-120, Class UZ,
		4.000%, 8/20/47		87,356
		Total Agency Collateralized
		Mortgage Obligations	$	14,012,086
		Commercial Mortgage-Backed Securities—3.1%
	34,626,503	Core Industrial Trust, Ser 2015-CALW,
		Class XA, 144a,
		0.810%, 2/10/34(A)(B)(C)		679,130
	580,000	DBUBS Mortgage Trust, Ser
		2017-BRBK, Class B, 144a,
		3.530%, 10/10/34(A)(B)		588,609
	550,000	Eleven Madison Trust Mortgage Trust,
		Ser 2015-11MD, Class C, 144a,
		3.555%, 9/10/35(A)(B)		547,136
	595,000	GS Mortgage Securities Corp. II,
		Ser 2017-SLP, Class B, 144a,
		3.772%, 10/10/32		604,516
	3,400,000	GS Mortgage Securities Trust, Ser
		2017-FARM, Class B, 144a,
		3.541%, 1/10/43(A)(B)		3,360,856
	3,000,000	Hudson Yards 2016-10HY Mortgage Trust, Ser
		2016-10HY, Class A, 144a,
		2.835%, 8/10/38		2,933,010
	528,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser
		2016-NINE, Class B, 144a,
		2.854%, 10/6/38(A)(B)		497,035
	1,250,000	STWD 2018-URB Mortgage Trust, Ser
		2018-URB, Class C, 144a, (1M LIBOR
		+ 1.550%), 4.034%, 5/15/35(A)		1,243,738
		Total Commercial
		Mortgage-Backed Securities	$	10,454,030
	Shares
		Short-Term Investment Fund — 4.7%
	16,167,348	Dreyfus Government Cash
		Management, Institutional Shares,
		2.34%∞Ω	$	16,167,348
		Total Investment Securities — 101.1%
		(Cost $342,420,867)	$	345,243,199
		Liabilities in Excess of
		Other Assets — (1.1)%		(3,847,213	)
		Net Assets — 100.0%	$	341,395,986

^(A) Variable rate security - Rate reflected is the rate in effect as of March 31, 2019.

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

^(C) Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

CLO - Collateralized Loan Obligations

CMT - Constant Maturity Treasury

DAC - Designated Activity Company

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $104,060,111 or 30.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

14

Touchstone Active Bond Fund(Unaudited) (Continued)

Other Information:

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

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds	$	—	$	142,653,300	$	—	$	142,653,300
U.S. Treasury Obligations		—		45,895,381		—		45,895,381
U.S. Government Mortgage-Backed Obligations		—		39,743,310		—		39,743,310
Asset-Backed Securities		—		30,278,755		—		30,278,755
Non-Agency Collateralized Mortgage Obligations		—		28,422,909		—		28,422,909
Sovereign Government Obligations		—		17,616,080		—		17,616,080
Agency Collateralized Mortgage Obligations		—		14,012,086		—		14,012,086
Commercial Mortgage-Backed Securities		—		10,454,030		—		10,454,030
Short-Term Investment Fund		16,167,348		—		—		16,167,348
Total Assets	$	16,167,348	$	329,075,851	$	—	$	345,243,199

	Valuation inputs at Reporting Date:
Description	Level 1			Level 2		Level 3		Total
Liabilities:
Other Financial Instruments***
Futures Interest Rate Contracts	$	(61,330	)	$	—	$	—	$	(61,330	)
Total	$	16,106,018		$	329,075,851	$	—	$	345,181,869

***Other Financial Instruments are derivative instruments not reflected in total investments. Amounts shown represents unrealized depreciation on futures interest rate contracts.

15

Touchstone Active Bond Fund(Unaudited) (Continued)

Futures Contracts

At March 31, 2019, $109,028 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at March 31, 2019:

Description	Expiration Date	Number of Contracts		Notional Amount		Value and Unrealized Depreciation
Short Futures: Ultra US Treasury Bond Futures	06/28/2019		57	$	9,568,875	$	(6,961	)
Long Futures: 5-Year US Note Futures	06/19/2019		354		41,058,471		(54,369	)
						$	(61,330	)

See accompanying Notes to Financial Statements.

16

Portfolio of Investments

Touchstone Anti-Benchmark^®International Core Equity Fund –March 31, 2019 (Unaudited)

	Shares		Market Value
Common Stocks — 98.8%
Japan — 25.1%
Communication Services — 3.5%
Fuji Media Holdings, Inc.		23,300	$	321,859
KDDI Corp.		17,700		381,210
Nippon Telegraph & Telephone Corp.		5,600		238,734
NTT DOCOMO, Inc.		13,400		296,993
Consumer Discretionary — 9.2%
ABC-Mart, Inc.		9,000		535,144
Asics Corp.		7,300		98,232
Bandai Namco Holdings, Inc.		10,200		478,900
Fast Retailing Co. Ltd.		300		141,288
K's Holdings Corp.		25,900		229,793
Nitori Holdings Co. Ltd.		300		38,789
Pan Pacific International Holdings Corp.		5,300		350,528
Shimamura Co. Ltd.		4,000		339,007
Skylark Holdings Co. Ltd.		33,600		556,884
Suzuki Motor Corp.		5,300		234,938
Yamada Denki Co. Ltd.		63,000		310,708
Consumer Staples — 7.6%
Ain Holdings, Inc.		6,900		518,904
Coca-Cola Bottlers Japan Holdings, Inc.		2,000		50,873
Cosmos Pharmaceutical Corp.		800		138,518
Ezaki Glico Co. Ltd.		9,700		510,499
FamilyMart UNY Holdings Co. Ltd.		13,200		336,480
Lawson, Inc.		8,900		493,728
Lion Corp.		13,300		280,286
NH Foods Ltd.		6,700		241,414
Yamazaki Baking Co. Ltd.		9,500		154,435
Energy — 0.7%
Idemitsu Kosan Co. Ltd.		7,900		264,240
Health Care — 2.2%
Nihon Kohden Corp.		16,200		482,811
Olympus Corp.		5,800		63,100
Sumitomo Dainippon Pharma Co. Ltd.		10,300		255,637
Industrials — 1.0%
Hoshizaki Corp.		1,300		80,699
Park24 Co. Ltd.		9,900		215,226
Yamato Holdings Co. Ltd.		2,600		67,264
Real Estate — 0.3%
Daito Trust Construction Co. Ltd.		800		111,614
Utilities — 0.6%
Kansai Electric Power Co., Inc. (The)		13,400		197,611
Total Japan				9,016,346
Hong Kong — 10.7%
Communication Services — 1.5%
PCCW Ltd.		841,000		522,864
Consumer Discretionary — 1.1%
Yue Yuen Industrial Holdings Ltd.		118,500		407,967
Consumer Staples — 2.9%
Dairy Farm International Holdings Ltd.		44,400		372,731
Sun Art Retail Group Ltd.		299,000		291,697
WH Group Ltd., 144a		360,500		385,600
Industrials — 2.4%
Jardine Matheson Holdings Ltd.		7,700		480,708
Jardine Strategic Holdings Ltd.		9,700		363,845
Information Technology — 0.8%
ASM Pacific Technology Ltd.		26,000		290,523
Real Estate — 2.0%
Link REIT		46,500		544,406
Swire Properties Ltd.		38,400		165,269
Total Hong Kong				3,825,610
United Kingdom — 10.1%
Communication Services — 2.2%
Cineworld Group PLC		98,154		374,312
Pearson PLC		38,087		415,520
Consumer Discretionary — 1.8%
Compass Group PLC		7,996		187,929
Next PLC		6,392		464,483
Consumer Staples — 0.2%
J Sainsbury PLC		22,523		69,116
Financials — 0.9%
IG Group Holdings PLC		50,329		340,867
Health Care — 0.3%
GW Pharmaceuticals PLC ADR*		600		101,142
Industrials — 2.6%
Cobham PLC*		315,235		453,400
easyJet PLC		19,420		282,924
Royal Mail PLC		58,091		180,300
Information Technology — 0.8%
Micro Focus International PLC		11,673		303,493
Utilities — 1.3%
Centrica PLC		269,245		401,069
United Utilities Group PLC		4,762		50,576
Total United Kingdom				3,625,131

17

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

	Shares		Market Value
Common Stocks — 98.8% (Continued)
Australia — 7.0%
Communication Services — 0.1%
Telstra Corp. Ltd.		23,872	$	56,292
Consumer Discretionary — 1.1%
Domino's Pizza Enterprises Ltd.		12,416		382,858
Consumer Staples — 0.4%
Metcash Ltd.		78,732		148,342
Financials — 0.3%
nib holdings Ltd.		25,589		95,306
Materials — 4.0%
Evolution Mining Ltd.		158,363		411,566
Fortescue Metals Group Ltd.		37,476		189,672
Newcrest Mining Ltd.		25,698		465,392
Northern Star Resources Ltd.		55,546		352,890
Utilities — 1.1%
APA Group		55,471		393,768
Total Australia				2,496,086
Denmark — 6.8%
Consumer Discretionary — 0.7%
Pandora A/S		5,572		260,876
Consumer Staples — 0.6%
Royal Unibrew A/S		2,747		202,868
Health Care — 4.1%
Ambu A/S - Class B		10,257		272,137
Coloplast A/S - Class B		664		72,888
Genmab A/S*		1,040		180,458
GN Store Nord A/S		1,350		62,697
H Lundbeck A/S		7,442		322,723
Novo Nordisk A/S - Class B		10,567		552,288
Industrials — 1.2%
Vestas Wind Systems A/S		5,244		441,997
Utilities — 0.2%
Orsted A/S, 144a		922		69,879
Total Denmark				2,438,811
Germany — 5.4%
Consumer Discretionary — 3.4%
adidas AG		1,985		482,797
Puma SE		714		414,082
Zalando SE, 144a*		7,916		308,574
Consumer Staples — 1.2%
METRO AG		25,209		418,688
Industrials — 0.6%
OSRAM Licht AG		6,700		230,583
Real Estate — 0.2%
Vonovia SE		1,294		67,153
Total Germany				1,921,877
France — 3.8%
Communication Services — 1.0%
Eutelsat Communications SA		20,221		353,742
Consumer Staples — 0.4%
Carrefour SA		8,061		150,557
Financials — 0.2%
SCOR SE		1,476		62,866
Industrials — 1.2%
Air France-KLM*		26,891		302,405
Alstom SA		1,315		57,021
Getlink SE		4,428		67,148
Information Technology — 1.0%
Ingenico Group SA		5,376		383,664
Total France				1,377,403
Ireland — 3.8%
Consumer Discretionary — 0.4%
Paddy Power Betfair PLC		1,589		123,145
Consumer Staples — 1.9%
Glanbia PLC		7,533		147,371
Kerry Group PLC - Class A		4,884		545,126
Financials — 1.1%
AIB Group PLC		86,893		391,023
Health Care — 0.1%
Amarin Corp. PLC ADR*		2,200		45,672
Materials — 0.3%
James Hardie Industries PLC		7,510		96,895
Total Ireland				1,349,232
Sweden — 3.4%
Consumer Discretionary — 0.9%
Hennes & Mauritz AB		19,049		317,576
Consumer Staples — 1.2%
ICA Gruppen AB		11,181		448,573
Health Care — 0.2%
Elekta AB - Class B		4,477		55,765
Information Technology — 1.1%
Telefonaktiebolaget LM Ericsson - Class B		43,078		396,830
Total Sweden				1,218,744

18

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

	Shares		Market Value
Common Stocks — 98.8% (Continued)
Netherlands — 3.3%
Consumer Staples — 1.6%
Koninklijke Ahold Delhaize NV		20,947	$	557,476
Energy — 0.4%
SBM Offshore NV		8,035		153,062
Financials — 0.2%
Aegon NV		13,569		65,178
Industrials — 1.1%
Signify NV, 144a		15,319		409,842
Total Netherlands				1,185,558
Israel — 3.1%
Financials — 0.8%
Bank Leumi Le-Israel BM		41,580		272,413
Health Care — 0.7%
Teva Pharmaceutical Industries Ltd.*		16,750		262,358
Information Technology — 1.6%
Nice Ltd.*		4,612		563,287
Total Israel				1,098,058
Belgium — 3.0%
Consumer Staples — 1.5%
Colruyt SA		7,340		542,600
Health Care — 1.5%
UCB SA		6,190		531,738
Total Belgium				1,074,338
Finland — 2.4%
Communication Services — 0.2%
Elisa OYJ		1,491		67,269
Energy — 1.3%
Neste Oyj		4,340		462,649
Health Care — 0.6%
Orion Oyj - Class B		5,802		218,018
Information Technology — 0.3%
Nokia OYJ		22,497		128,157
Total Finland				876,093
Italy — 2.1%
Consumer Discretionary — 0.5%
PRADA SpA		64,100		191,079
Financials — 0.9%
Unione di Banche Italiane SpA		120,198		318,523
Industrials — 0.7%
Atlantia SpA		9,938		257,732
Total Italy				767,334
Norway — 2.1%
Consumer Staples — 1.7%
Mowi ASA		21,261		474,991
Orkla ASA		16,788		128,928
Materials — 0.4%
Norsk Hydro ASA		38,349		155,958
Total Norway				759,877
New Zealand — 1.9%
Communication Services — 1.4%
Spark New Zealand Ltd.		190,972		494,690
Consumer Staples — 0.5%
a2 Milk Co. Ltd.*		17,979		175,918
Total New Zealand				670,608
Switzerland — 1.2%
Communication Services — 0.1%
Sunrise Communications Group AG, 144a		710		52,290
Consumer Staples — 0.9%
Chocoladefabriken Lindt & Spruengli
AG		35		237,979
Chocoladefabriken Lindt & Spruengli
AG		1		78,232
Real Estate — 0.2%
PSP Swiss Property AG		542		58,906
Total Switzerland				427,407
Spain — 1.0%
Utilities — 1.0%
Endesa SA		2,622		66,915
Red Electrica Corp. SA		13,339		284,344
Total Spain				351,259
Singapore — 0.9%
Industrials — 0.9%
SATS Ltd.		87,900		332,172
Luxembourg — 0.9%
Communication Services — 0.9%
SES SA		20,331		316,211
United States — 0.6%
Industrials — 0.6%
Reliance Worldwide Corp. Ltd.		66,752		204,801

19

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

	Shares		Market Value
Common Stocks — 98.8% (Continued)
Austria — 0.2%
Financials — 0.2%
Erste Group Bank AG		2,016	$	74,085
Total Common Stocks			$	35,407,041
Short-Term Investment Fund — 30.1%
Dreyfus Government Cash Management, Institutional Shares,2.34%∞Ω		10,789,572	$	10,789,572
Total Investment Securities — 128.9%
(Cost $45,723,708)			$	46,196,613
Liabilities in Excess of Other Assets — (28.9%)				(10,355,700	)
Net Assets — 100.0%			$	35,840,913

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $1,226,185 or 3.4% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks
Japan	$	885,672	$	8,130,674	$	—	$	9,016,346
Hong Kong		—		3,825,610		—		3,825,610
United Kingdom		810,238		2,814,893		—		3,625,131
Australia		—		2,496,086		—		2,496,086
Denmark		330,755		2,108,056		—		2,438,811
Germany		953,239		968,638		—		1,921,877
France		1,190,368		187,035		—		1,377,403
Ireland		738,169		611,063		—		1,349,232
Sweden		766,149		452,595		—		1,218,744
Netherlands		967,318		218,240		—		1,185,558
Israel		—		1,098,058		—		1,098,058
Belgium		542,600		531,738		—		1,074,338
Finland		67,269		808,824		—		876,093
Italy		—		767,334		—		767,334
Norway		—		759,877		—		759,877
New Zealand		—		670,608		—		670,608
Switzerland		78,232		349,175		—		427,407
Spain		—		351,259		—		351,259
Singapore		—		332,172		—		332,172
Luxembourg		316,211		—		—		316,211
United States		—		204,801		—		204,801
Austria		74,085		—		—		74,085
Short-Term Investment Fund		10,789,572		—		—		10,789,572
Total	$	18,509,877	$	27,686,736	$	—	$	46,196,613

See accompanying Notes to Financial Statements.

20

Portfolio of Investments

Touchstone Anti-Benchmark^®US Core Equity Fund –March 31, 2019 (Unaudited)

	Shares		Market Value
Common Stocks —98.8%
Consumer Discretionary — 21.8%
Advance Auto Parts, Inc.		1,122	$	191,335
AutoZone, Inc.*		459		470,071
Capri Holdings Ltd. (United Kingdom)*		9,811		448,853
Chipotle Mexican Grill, Inc.*		778		552,621
Dollar Tree, Inc.*		292		30,672
Domino's Pizza, Inc.		646		166,733
Etsy, Inc.*		637		42,819
Expedia Group, Inc.		2,786		331,534
Foot Locker, Inc.		6,914		418,988
Gap, Inc. (The)		2,705		70,817
General Motors Co.		1,857		68,895
GrubHub, Inc.*		2,821		195,975
H&R Block, Inc.		17,332		414,928
Hasbro, Inc.		1,139		96,838
L Brands, Inc.		3,954		109,051
Lululemon Athletica, Inc. (Canada)*		1,147		187,959
Macy's, Inc.		3,219		77,353
McDonald's Corp.		458		86,974
Newell Brands, Inc.		4,445		68,186
Nordstrom, Inc.		1,537		68,212
Tesla, Inc.*		1,197		334,992
Tiffany & Co.		692		73,041
Ulta Beauty, Inc.*		1,697		591,795
Wynn Resorts Ltd.		2,310		275,629
Yum China Holdings, Inc. (China)		3,692		165,808
				5,540,079
Financials — 14.4%
AGNC Investment Corp.		34,880		627,840
Annaly Capital Management, Inc.		67,096		670,289
Cboe Global Markets, Inc.		7,815		745,864
CME Group, Inc.		1,988		327,185
Everest Re Group Ltd. (Bermuda)		2,339		505,130
MarketAxess Holdings, Inc.		3,163		778,351
				3,654,659
Utilities — 12.5%
Aqua America, Inc.		1,820		66,321
CMS Energy Corp.		2,000		111,080
Consolidated Edison, Inc.		8,737		740,985
Dominion Energy, Inc.		1,595		122,273
Edison International		9,197		569,478
Eversource Energy		9,092		645,077
NextEra Energy, Inc.		1,681		324,971
PG&E Corp.*		8,157		145,195
Public Service Enterprise Group, Inc.		1,220		72,480
Sempra Energy		3,103		390,544
				3,188,404
Consumer Staples — 12.5%
Bunge Ltd.		8,321		441,595
Campbell Soup Co.		16,875		643,444
Clorox Co. (The)		1,846		296,209
Coca-Cola European Partners PLC (United Kingdom)		1,524		78,852
General Mills, Inc.		6,457		334,150
Hershey Co. (The)		1,806		207,383
JM Smucker Co. (The)		2,145		249,892
Kellogg Co.		2,112		121,187
Kimberly-Clark Corp.		246		30,479
Kraft Heinz Co. (The)		3,016		98,472
Kroger Co. (The)		16,750		412,050
Lamb Weston Holdings, Inc.		2,456		184,053
Molson Coors Brewing Co. - Class B		1,369		81,661
				3,179,427
Health Care — 11.6%
Alnylam Pharmaceuticals, Inc.*		2,082		194,563
Bristol-Myers Squibb Co.		6,153		293,560
DENTSPLY SIRONA, Inc.		5,521		273,786
DexCom, Inc.*		2,283		271,905
Exact Sciences Corp.*		2,008		173,933
Exelixis, Inc.*		4,508		107,290
Humana, Inc.		1,737		462,042
Jazz Pharmaceuticals PLC (Ireland)*		1,978		282,755
Molina Healthcare, Inc.*		1,211		171,914
Nektar Therapeutics*		7,402		248,707
Neurocrine Biosciences, Inc.*		3,139		276,546
Sarepta Therapeutics, Inc.*		246		29,321
Universal Health Services, Inc. - Class B		1,193		159,588
				2,945,910
Real Estate — 8.3%
American Tower Corp. REIT		421		82,962
Crown Castle International Corp. REIT		1,796		229,888
Equinix, Inc. REIT		54		24,471
Extra Space Storage, Inc. REIT		7,315		745,472
HCP, Inc. REIT		1,483		46,418
Public Storage REIT		3,114		678,167
Realty, Income Corp. REIT		2,350		172,866
Ventas, Inc. REIT		1,887		120,409
				2,100,653
Industrials — 5.6%
Equifax, Inc.		607		71,929
General Electric Co.		46,443		463,966
Middleby Corp. (The)*		517		67,226
Nielsen Holdings PLC		12,611		298,502
WW Grainger, Inc.		1,775		534,151
				1,435,774
Materials — 4.7%
AXAlta Coating Systems Ltd.*		18,834		474,805
Newmont Mining Corp.		19,903		711,930
				1,186,735
Communication Services — 4.1%
Activision Blizzard, Inc.		706		32,144
Discovery, Inc. - Class C*		2,524		64,160
Snap, Inc. - Class A*		18,677		205,821
Twitter, Inc.*		2,485		81,707
Verizon Communications, Inc.		2,401		141,971

21

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

	Shares		Market Value
Common Stocks — 98.8% (Continued)
Communication Services — (Continued)
Viacom, Inc. - Class B		18,049	$	506,635
				1,032,438
Information Technology — 2.5%
Check Point Software Technologies Ltd. (Israel)*		307		38,832
National Instruments Corp.		2,362		104,778
Symantec Corp.		21,387		491,687
				635,297
Energy — 0.8%
Baker Hughes a GE Co.		7,734		214,386
Total Common Stocks			$	25,113,762
Short-Term Investment Fund — 1.1%
Dreyfus Government Cash Management, Institutional Shares, 2.34%∞Ω		265,231	$	265,231
Total Investment Securities — 99.9%
(Cost $24,635,290)			$	25,378,993
Other Assets in Excess of Liabilities — 0.1%				36,187
Net Assets — 100.0%			$	25,415,180

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks	$	25,113,762	��	$	—	$	—	$	25,113,762
Short-Term Investment Fund		265,231			—		—		265,231
Total Assets	$	25,378,993		$	—	$	—	$	25,378,993

See accompanying Notes to Financial Statements.

22

Portfolio of Investments

Touchstone Arbitrage Fund –March 31, 2019 (Unaudited) 

	Shares		Market Value
Common Stocks — 82.1%
Financials — 73.6%
Acamar Partners Acquisition Corp.*		124,928	$		1,249,280
AMCI Acquisition Corp.*		40,922			411,675
ARYA Sciences Acquisition Corp.*		52,351			541,833
Capitol Investment Corp. IV - Class A*		150,666			1,533,780
CF Finance Acquisition Corp.*		97,981			999,406
ChaSerg Technology Acquisition Corp.*		54,563			551,086
Churchill Capital Corp. - Class A*		48,135			646,934
Collier Creek Holdings*		144,763			1,441,839
Crescent Acquisition Corp.*		130,000			1,300,000
DFB Healthcare Acquisitions Corp.*		97,169			986,265
DiamondPeak Holdings Corp.*		130,672			1,309,333
Far Point Acquisition Corp. - Class A*		95,390			949,131
FinTech Acquisition Corp. III*		93,983			957,687
Forum Merger II Corp.*		43,259			443,405
GigCapital, Inc.*		29,782			324,624
Gores Holdings III, Inc. - Class A*		176,798			1,743,228
Gores Holdings III, Inc.*†		501			5,185
Gores Metropoulos, Inc.*		154,344			1,580,483
Graf Industrial Corp.*		45,855			464,053
GS Acquisition Holdings Corp.*		138,465			1,452,498
Hennessy Capital Acquisition Corp. IV*		105,382			1,062,251
Legacy Acquisition Corp. - Class A*		76,914			772,217
Leisure Acquisition Corp.*		62,400			636,480
Leo Holdings Corp. (United Kingdom)*		106,465			1,102,977
Monocle Acquisition Corp.*		62,500			625,625
Mosaic Acquisition Corp. - Class A*		91,068			917,965
Mudrick Capital Acquisition Corp.*		53,963			569,310
Nebula Acquisition Corp.*		106,376			1,069,079
One Madison Corp. - Class A*		72,701			745,185
Pensare Acquisition Corp.*		27,702			284,500
Pivotal Acquisition Corp.*		112,500			1,141,875
Pure Acquisition Corp.*		112,422			1,126,468
Regalwood Global Energy Ltd.*		103,623			1,069,389
RMG Acquisition Corp.*		43,684			438,151
Saban Capital Acquisition Corp. - Class A*		44,638			458,879
Social Capital Hedosophia Holdings Corp.*		159,607			1,626,395
Spartan Energy Acquisition Corp. - Class A*		127,693			1,255,095
Tiberius Acquisition Corp.*		52,036			538,573
TKK Symphony Acquisition Corp. (Hong Kong)*		73,089			746,970
TPG Pace Holdings Corp. - Class A*		153,223			1,569,004
TPG Pace Holdings Corp.*		23,250			247,845
Trine Acquisition Corp.*		112,500			1,127,250
Tuscan Holdings Corp.*		75,959			789,214
Twelve Seas Investment Co. (United Kingdom)*		74,348			769,502
Vantage Energy Acquisition Corp.*		102,500			1,040,375
					40,622,299
Information Technology — 2.6%
GTY Govtech, Inc.*†		29,253			257,426
Mellanox Technologies Ltd. (Israel)*††		7,000			828,520
Verra Mobility Corp.*		31,101			370,102
					1,456,048
Consumer Discretionary — 2.4%
OneSpaworld Holdings Ltd.*†		34,684			473,783
Target Hospitality Corp.*		32,689			310,546
Waitr Holdings, Inc.*†		42,538			522,792
					1,307,121
Health Care — 1.8%
Celgene Corp.*		3,986			376,039
Immune Design Corp.*		45,715			267,433
Spark Therapeutics, Inc.*††		2,858			325,469
					968,941
Industrials — 1.0%
NRC Group Holdings Corp.*†		63,985			558,589
Energy — 0.7%
Altus Midstream Co. - Class A*		16,181			95,468
Magnolia Oil & Gas Corp.*		26,025			312,300
					407,768
Total Common Stocks				$	45,320,766

Principal
Amount
		Corporate Bonds — 3.1%
		Materials — 1.4%
$	750,000	USG Corp., 144a, 4.875%, 6/1/27		757,969
		Consumer Discretionary — 1.0%
	500,000	Williams Scotsman International, Inc., 144a, 7.875%, 12/15/22		515,000
		Health Care — 0.7%
	400,000	Celgene Corp., 3.250%, 8/15/22††		404,026
		Total Corporate Bonds	$	1,676,995

Warrants — 6.3%
Financials — 4.7%
Black Ridge Acquisition Corp.,
Exp 10/25/22, Price $11.50*	102,995	30,899
Capitol Investment Corp. IV - Class A,
Exp 1/1/25, Price $11.50*	107,922	148,932
Churchill Capital Corp. - Class A,
Exp 10/29/23, Price $11.50*	43,666	143,224
Collier Creek Holdings - Class A,
Exp 11/26/23, Price $11.50*	94,679	105,094
Constellation Alpha Capital Corp., Exp
3/23/24, Price $11.50*	397,102	47,652
Far Point Acquisition Corp. - Class A,
Exp 6/1/25, Price $11.50*	131,560	164,450
Gores Holdings III, Inc. - Class A,
Exp 9/11/23, Price $11.50*	87,266	122,172

23

Touchstone Arbitrage Fund(Unaudited) (Continued) 

	Shares		Market Value
Warrants — 6.3% (Continued)
Financials — (Continued)
Legacy Acquisition Corp. - Class A,
Exp 11/30/22, Price $11.50*		597,714	$	179,314
Leo Holdings Corp. - Class A,
Exp 4/5/23, Price $11.50*		19,531		15,234
Mosaic Acquisition Corp. - Class A,
Exp 12/8/22, Price $11.50*		187,365		152,515
One Madison Corp. - Class A,
Exp 2/22/23, Price $11.50*		93,001		105,091
Pensare Acquisition Corp.,
Exp 8/8/22, Price $11.50*		199,373		39,875
Pure Acquisition Corp.,
Exp 4/17/23, Price $11.50*		218,211		237,850
Regalwood Global Energy Ltd.-
Class A, Exp 12/5/22, Price $11.50*		91,798		82,618
Saban Capital Acquisition Corp. -
Class A, Exp 9/21/21, Price $11.50*		128,631		424
Sentinel Energy Services, Inc. -
Class A, Exp 12/22/22, Price $11.50*		174,140		118,415
Social Capital Hedosophia Holdings
Corp., Exp 9/25/22, Price $11.50*		252,777		202,222
Spartan Energy Acquisition Corp. -
Class A, Exp 10/1/23, Price $11.50*		100,000		110,000
Thunder Bridge Acquisition Ltd. -
Class A, Exp 7/17/22, Price $11.50*		187,437		134,955
TPG Pace Holdings Corp. - Class A,
Exp 8/18/22, Price $11.50*		163,651		219,292
Trinity Merger Corp. - Class A,
Exp 5/31/23, Price $11.50*		295,000		85,550
Vantage Energy Acquisition Corp. -
Class A, Exp 4/12/24, Price $11.50*		261,747		60,202
VectoIQ Acquisition Corp.,
Exp 6/11/23, Price $11.50*		152,924		61,170
				2,567,150
Industrials — 0.4%
Concrete Pumping Holdings, Inc.,
Exp 12/6/23, Price $11.50*		1,575		1,890
NRC Group Holdings Corp.,
Exp 10/18/23, Price $11.50*		222,807		200,526
				202,416
Energy — 0.3%
Alta Mesa Resources, Inc. - Class A,
Exp 2/9/23, Price $11.50*		182,631		6,757
Altus Midstream Co. - Class A,
Exp 11/12/23, Price $11.50*		242,056		133,131
Magnolia Oil & Gas Corp.,
Exp 7/31/23, Price $11.50*		12,033		40,792
				180,680
Health Care — 0.3%
Agiliti, Inc.,
Exp 1/4/24, Price $11.50*		297,226		148,613
Organogenesis Holdings, Inc.,
Exp 12/10/23, Price $11.50*		107,054		31,046
				179,659

Information Technology — 0.3%
GTY Govtech, Inc.,
Exp 2/14/24, Price $11.50*	127,929		76,757
Verra Mobility Corp.,
Exp 10/17/23, Price $11.50*	32,716		98,148
			174,905
Consumer Discretionary — 0.3%
OneSpaworld Holdings Ltd.,
Exp 3/19/24, Price $11.50(A)*	46,208		107,665
Target Hospitality Corp.,
Exp 3/15/24, Price $11.50*	42,687		66,165
			173,830
Total Warrants		$	3,478,640
Preferred Stock — 3.3%
Energy — 3.3%
NRC Group Holdings LLC, 144a,
7.000%(A)(B)	18,300	$	1,830,000

	Number of Rights
Rights — 0.2%
Black Ridge Acquisition Corp.
Exp 7/1/19, Strike Price $11.50*		77,895		27,263
Pensare Acquisition Corp. Exp 5/1/19,
Strike Price $11.50*		205,398		53,403
Media General, Inc. Exp 12/31/23,
Strike Price $10.00(A)*		180,000		18,000
Total Rights			$	98,666

	Number of Contracts	Notional Amount
Purchased Options — 0.0%
Purchased Put Options — 0.0%
SPDR S&P 500 ETF Trust.,
Strike @263.00,
Exp 04/19	78	$	2,203,344		1,794
SPDR S&P 500 ETF Trust.,
Strike @280.00,
Exp 04/19	78		2,203,344		15,756
Total Purchased Options				$	17,550
			Shares
Short-Term Investment Funds — 8.3%
Dreyfus Government Cash
Management, Institutional Shares, 2.34%∞Ω			2,951,625		2,951,625
Invesco Government & Agency
Portfolio, Institutional Class, 2.26%**∞Ω			1,621,820		1,621,820
Total Short-Term Investment Funds				$	4,573,445
Total Long Positions
(Cost $56,254,367)				$	56,996,062

24

 Touchstone Arbitrage Fund(Unaudited) (Continued) 

				Market
	Shares			Value
Securities Sold Short — (1.4%)
Common Stock — (0.3%)
Health Care — (0.3%)
Bristol-Myers Squibb Co.		(3,986	)	$	(190,172	)
Exchange - Traded Fund — (1.1%)
SPDR S&P Oil & Gas Exploration &
Production ETF		(19,619	)		(603,088	)
Total Securities Sold Short
(Proceeds $816,317)				$	(793,260	)

	Number
	of	Notional
	Contracts	Amount
Written Options — (0.1%)
Written Put Options — (0.0%)
SPDR S&P 500 ETF Trust.,
Strike @270.00,
Exp 04/19	(156)	(4,406,688	)		(8,580	)
Written Call Options — (0.1%)
SPDR S&P 500 ETF Trust.,
Strike @283.00,
Exp 04/19	(39)	(1,101,672	)		(12,402	)
Total Written Options
(Premiums received $37,861)				$	(20,982	)
Total — 101.8%				$	56,181,820
Cash Collateral for Securities
Sold Short and Written Options — 1.1%					625,805
Liabilities in Excess of
Other Assets — (2.9%)					(1,631,285	)
Net Assets — 100.0%				$	55,176,340

^(A) Level 3-For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.

^(B) Perpetual Bond - A bond with no definite maturity date.

* Non-income producing security.

** Represents collateral for securities loaned.

† All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2019 was $1,600,536.

^†† All or a portion of these securities are pledged as collateral for securities sold short and written options. The total value of the securities pledged as collateral as of March 31, 2019 was $1,546,285.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

SPDR - Standard & Poor's Depositary Receipt

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $3,102,969 or 5.6% 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	$	45,320,766		$	—	$	—	$	45,320,766
Corporate Bonds		—			1,676,995		—		1,676,995
Warrants		3,133,125			237,850		107,665		3,478,640
Preferred Stock		—			—		1,830,000		1,830,000
Rights		80,666			—		18,000		98,666
Purchased Options Equity Contracts		17,550			—		—		17,550
Short-Term Investment Funds		4,573,445			—		—		4,573,445
Total Assets	$	53,125,552		$	1,914,845	$	1,955,665	$	56,996,062
Liabilities:
Securities Sold Short
Common Stock	$	(190,172	)	$	—	$	—	$	(190,172	)
Exchange-Traded Fund		(603,088	)		—		—		(603,088	)
Other Financial Instruments
Written Options Equity Contracts		(20,982	)		—		—		(20,982	)
Total Liabilities	$	(814,242	)	$	—	$	—	$	(814,242	)
Total	$	52,311,310		$	1,914,845	$	1,955,665	$	56,181,820

25

Touchstone Arbitrage Fund (Unaudited) (Continued)

Measurements Using Unobservable Inputs (Level 3)

			Prefered
Assets	Warrants		Stock		Rights		Total
Beginning balance September 30, 2018	$	—	$	—	$	18,000	$	18,000
Purchases & Sales		107,665		1,830,000		—		1,937,665
Net change in unrealized appreciation/depreciation		—		—		—		—
Ending balance March 31, 2019	$	107,665	$	1,830,000	$	18,000	$	1,955,665
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at March 31, 2019	$	—	$	—	$	—	$	—

				Valuation	Unobservable
Security Name	Security Type	Fair Value		Technique	Input
OneSpaworld Holdings Ltd., Exp 3/19/24, Price $11.50	Warrants	$	107,665	Last Quoted Price	Delisted
NRC Group Holdings LLC	Preferred Stock	$	1,830,000	Cost	New Issue
Media General, Inc. Exp 12/31/23, Strike Price $10.00	Rights	$	18,000	Issuer Guidance	New Issue

See accompanying Notes to Financial Statements.

26

Portfolio of Investments

Touchstone High Yield Fund – March 31, 2019 (Unaudited)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0%
		Energy — 16.8%
$	1,281,000	Ascent Resources Utica Holdings LLC /
		ARU Finance Corp., 144a,
		7.000%, 11/1/26	$	1,231,361
	584,000	Blue Racer Midstream LLC / Blue Racer
		Finance Corp., 144a,
		6.125%, 11/15/22		592,760
	1,176,000	Blue Racer Midstream LLC / Blue Racer
		Finance Corp., 144a,
		6.625%, 7/15/26		1,199,520
	200,000	Cheniere Corpus Christi Holdings LLC,
		5.125%, 6/30/27		209,750
	638,000	Cheniere Corpus Christi Holdings LLC,
		5.875%, 3/31/25		693,825
	500,000	Cheniere Corpus Christi Holdings LLC,
		7.000%, 6/30/24		564,400
	795,000	Chesapeake Energy Corp.,
		4.875%, 4/15/22		783,075
	761,000	Chesapeake Energy Corp.,
		5.750%, 3/15/23		743,878
	171,000	Chesapeake Energy Corp.,
		7.000%, 10/1/24		170,572
	725,000	Delek Logistics Partners LP / Delek
		Logistics Finance Corp.,
		6.750%, 5/15/25		717,750
	524,000	Energy Transfer Operating LP,
		5.500%, 6/1/27		567,719
	823,000	Ensco PLC (United Kingdom),
		7.750%, 2/1/26		694,406
	460,000	Extraction Oil & Gas, Inc., 144a,
		5.625%, 2/1/26		353,050
	997,000	FTS International, Inc., 6.250%, 5/1/22		964,598
	687,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 5.625%, 6/15/24		659,520
	1,101,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 6.000%, 5/15/23		1,109,258
	506,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 6.250%, 5/15/26		478,170
	1,343,000	Gulfport Energy Corp.,
		6.375%, 5/15/25		1,215,415
	417,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 5.000%, 12/1/24		405,658
	345,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 5.750%, 10/1/25		338,962
	435,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 6.250%, 11/1/28		436,088
	487,000	Magnolia Oil & Gas Operating LLC /
		Magnolia Oil & Gas Finance Corp.,
		144a, 6.000%, 8/1/26		491,870
	951,000	Murphy Oil USA, Inc., 5.625%, 5/1/27		984,285
	646,000	NGPL PipeCo LLC, 144a,
		7.768%, 12/15/37		775,200
	1,338,000	Parkland Fuel Corp. (Canada), 144a,
		6.000%, 4/1/26		1,350,109
	421,000	PDC Energy, Inc., 5.750%, 5/15/26		411,528
	1,012,000	PDC Energy, Inc., 6.125%, 9/15/24		1,012,000
	580,000	Peabody Energy Corp., 144a,
		6.000%, 3/31/22		584,350
	477,000	Precision Drilling Corp. (Canada),
		7.750%, 12/15/23		490,118
	270,000	Precision Drilling Corp. (Canada), 144a,
		7.125%, 1/15/26		267,722
	185,000	QEP Resources, Inc., 5.375%, 10/1/22		180,838
	99,000	QEP Resources, Inc., 5.625%, 3/1/26		89,595
	340,000	Range Resources Corp.,
		5.000%, 8/15/22		336,600
	1,052,000	SemGroup Corp. / Rose Rock Finance
		Corp., 5.625%, 11/15/23		987,933
	1,379,000	Shelf Drilling Holdings Ltd. (Cayman
		Islands), 144a, 8.250%, 2/15/25		1,310,050
	857,000	Southwestern Energy Co.,
		6.200%, 1/23/25		842,002
	696,000	Southwestern Energy Co.,
		7.500%, 4/1/26		709,920
	789,000	Sunoco LP / Sunoco Finance Corp.,
		144a, 6.000%, 4/15/27		792,708
	225,000	Tallgrass Energy Partners LP / Tallgrass
		Energy Finance Corp., 144a,
		4.750%, 10/1/23		226,336
	580,000	Tallgrass Energy Partners LP / Tallgrass
		Energy Finance Corp., 144a,
		5.500%, 9/15/24		594,500
	253,000	Tallgrass Energy Partners LP / Tallgrass
		Energy Finance Corp., 144a,
		5.500%, 1/15/28		253,706
	145,000	Targa Resources Partners LP / Targa
		Resources Partners Finance Corp.,
		144a, 6.500%, 7/15/27		156,419
	313,000	TerraForm Power Operating LLC, 144a,
		4.250%, 1/31/23		309,241
	313,000	TerraForm Power Operating LLC, 144a,
		5.000%, 1/31/28		302,045
	98,280	Transocean Guardian Ltd. (Cayman
		Islands), 144a, 5.875%, 1/15/24		99,754
	552,800	Transocean Phoenix 2 Ltd. (Cayman
		Islands), 144a, 7.750%, 10/15/24		581,822
	96,390	Transocean Pontus Ltd. (Cayman
		Islands), 144a, 6.125%, 8/1/25		97,595
	554,000	Tullow Oil PLC (United Kingdom),
		144a, 7.000%, 3/1/25		557,296
	2,401,000	Unit Corp., 6.625%, 5/15/21		2,304,960
	378,000	Whiting Petroleum Corp.,
		5.750%, 3/15/21		382,347
	470,000	Whiting Petroleum Corp.,
		6.250%, 4/1/23		472,350
				32,084,934
		Communication Services — 16.5%
	1,499,000	Altice Financing SA (Luxembourg),
		144a, 6.625%, 2/15/23		1,532,727
	463,000	Altice Financing SA (Luxembourg),
		144a, 7.500%, 5/15/26		456,981

27

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0% (Continued)
		Communication Services — (Continued)
$	824,000	Altice France SA (France), 144a,
		6.250%, 5/15/24	$	830,180
	334,000	Altice France SA (France), 144a,
		7.375%, 5/1/26		327,320
	635,000	Altice France SA (France), 144a,
		8.125%, 2/1/27		642,144
	265,000	AMC Networks, Inc., 4.750%, 8/1/25		263,012
	292,000	AMC Networks, Inc., 5.000%, 4/1/24		293,431
	735,000	Belo Corp., 7.250%, 9/15/27		784,612
	339,000	Block Communications, Inc., 144a,
		6.875%, 2/15/25		351,289
	337,000	C&W Senior Financing DAC (Ireland),
		144a, 6.875%, 9/15/27		337,842
	975,000	C&W Senior Financing DAC (Ireland),
		144a, 7.500%, 10/15/26		1,004,250
	769,000	Cablevision Systems Corp.,
		5.875%, 9/15/22		803,605
	297,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.125%, 5/1/27		298,856
	505,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.375%, 5/1/25		521,412
	975,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 144a, 5.750%, 2/15/26		1,020,094
	480,000	CenturyLink, Inc., 5.625%, 4/1/25		464,400
	584,000	CenturyLink, Inc., 5.800%, 3/15/22		594,950
	436,000	CenturyLink, Inc., 6.450%, 6/15/21		453,985
	25,000	CenturyLink, Inc., 6.750%, 12/1/23†		26,094
	564,000	CenturyLink, Inc., 6.875%, 1/15/28		530,160
	150,000	CommScope Finance LLC, 144a,
		5.500%, 3/1/24		153,418
	741,000	CommScope Technologies LLC, 144a,
		5.000%, 3/15/27		657,030
	628,000	CommScope Technologies LLC, 144a,
		5.500%, 6/15/24		614,875
	441,000	CSC Holdings LLC, 5.250%, 6/1/24		447,615
	400,000	CSC Holdings LLC, 144a,
		5.375%, 7/15/23		407,500
	561,000	CSC Holdings LLC, 144a,
		5.500%, 5/15/26		575,923
	533,000	CSC Holdings LLC, 144a,
		6.500%, 2/1/29		567,645
	1,086,000	CSC Holdings LLC, 144a,
		7.750%, 7/15/25		1,164,735
	1,723,000	DISH DBS Corp., 5.875%, 7/15/22		1,667,519
	2,027,000	DISH DBS Corp., 6.750%, 6/1/21		2,089,837
	489,000	EW Scripps Co. (The), 144a,
		5.125%, 5/15/25		465,772
	192,000	Frontier Communications Corp.,
		8.500%, 4/15/20		187,680
	1,241,000	Frontier Communications Corp.,
		10.500%, 9/15/22		946,262
	298,000	Frontier Communications Corp., 144a,
		8.500%, 4/1/26		277,140
	416,000	Intelsat Jackson Holdings SA
		(Luxembourg), 5.500%, 8/1/23		369,200
	274,000	Netflix, Inc., 4.375%, 11/15/26		268,862
	648,000	Nexstar Broadcasting, Inc., 144a,
		5.625%, 8/1/24		657,720
	237,000	Nokia OYJ (Finland), 4.375%, 6/12/27		234,630
	552,000	Qualitytech LP/QTS Finance Corp.,
		144a, 4.750%, 11/15/25		534,060
	528,000	Quebecor Media, Inc. (Canada),
		5.750%, 1/15/23		550,440
	315,000	Sirius XM Radio, Inc., 144a,
		5.375%, 4/15/25		323,269
	248,000	Sirius XM Radio, Inc., 144a,
		5.375%, 7/15/26		253,344
	955,000	Sprint Capital Corp., 6.875%, 11/15/28		917,994
	2,149,000	Sprint Corp., 7.125%, 6/15/24		2,181,235
	223,000	Sprint Corp., 7.625%, 2/15/25		227,460
	293,000	Sprint Corp., 7.625%, 3/1/26		296,956
	353,000	Telecom Italia Capital SA
		(Luxembourg), 6.000%, 9/30/34		326,525
	865,000	Telecom Italia Capital SA
		(Luxembourg), 6.375%, 11/15/33		834,725
	222,000	Univision Communications, Inc., 144a,
		5.125%, 5/15/23		210,206
	263,000	Univision Communications, Inc., 144a,
		5.125%, 2/15/25		244,919
	174,000	UPCB Finance IV Ltd. (Cayman Islands),
		144a, 5.375%, 1/15/25		176,610
	636,000	ViaSat, Inc., 144a, 5.625%, 9/15/25		608,970
	575,000	Zayo Group LLC / Zayo Capital, Inc.,
		144a, 5.750%, 1/15/27		573,735
				31,551,155
		Consumer Discretionary — 14.9%
	263,000	1011778 BC ULC / New Red Finance,
		Inc. (Canada), 144a, 4.250%, 5/15/24		260,370
	700,000	1011778 BC ULC / New Red Finance,
		Inc. (Canada), 144a,
		5.000%, 10/15/25		691,460
	661,000	ACCO Brands Corp., 144a,
		5.250%, 12/15/24		647,780
	378,000	Ahern Rentals, Inc., 144a,
		7.375%, 5/15/23		348,232
	462,000	AMN Healthcare, Inc., 144a,
		5.125%, 10/1/24		455,647
	245,000	Aramark Services, Inc., 144a,
		5.000%, 2/1/28		243,991
	446,000	Avis Budget Car Rental LLC / Avis
		Budget Finance, Inc.,
		5.500%, 4/1/23		449,345
	1,173,000	Avon Products, Inc., 6.600%, 3/15/20		1,196,343
	311,000	Booz Allen Hamilton, Inc., 144a,
		5.125%, 5/1/25		310,222
	555,000	Brinker International, Inc.,
		3.875%, 5/15/23		532,106
	534,000	Brinker International, Inc., 144a,
		5.000%, 10/1/24		523,331
	249,000	Brookfield Residential Properties, Inc.
		(Canada), 144a, 6.375%, 5/15/25		239,040

28

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0% (Continued)
		Consumer Discretionary — (Continued)
$	247,000	Brookfield Residential Properties, Inc. /
		Brookfield Residential US Corp.
		(Canada), 144a, 6.125%, 7/1/22	$	248,235
	231,000	Cedar Fair LP / Canada's Wonderland
		Co. / Magnum Management Corp.,
		5.375%, 6/1/24		235,895
	453,000	Central Garden & Pet Co.,
		5.125%, 2/1/28		415,628
	1,029,000	Churchill Downs, Inc., 144a,
		4.750%, 1/15/28		978,836
	395,000	Downstream Development Authority
		of the Quapaw Tribe of Oklahoma,
		144a, 10.500%, 2/15/23		408,331
	247,000	GLP Capital LP / GLP Financing II, Inc.,
		5.250%, 6/1/25		258,732
	243,000	GLP Capital LP / GLP Financing II, Inc.,
		5.375%, 11/1/23		255,804
	510,000	GLP Capital LP / GLP Financing II, Inc.,
		5.375%, 4/15/26		532,899
	1,015,000	Group 1 Automotive, Inc., 144a,
		5.250%, 12/15/23		1,020,075
	481,000	Hanesbrands, Inc., 144a,
		4.625%, 5/15/24		482,299
	612,000	Hertz Corp. (The), 5.875%, 10/15/20		611,847
	509,000	Hertz Corp. (The), 7.375%, 1/15/21		508,364
	540,000	Hertz Corp. (The), 144a,
		7.625%, 6/1/22		552,690
	477,000	Hilton Domestic Operating Co., Inc.,
		144a, 5.125%, 5/1/26		485,009
	551,000	International Game Technology PLC
		(United Kingdom), 144a,
		6.250%, 2/15/22		572,351
	445,000	International Game Technology PLC
		(United Kingdom), 144a,
		6.250%, 1/15/27		456,125
	265,000	KFC Holding Co./Pizza Hut Holdings
		LLC/Taco Bell of America LLC, 144a,
		5.000%, 6/1/24		270,300
	270,000	Lennar Corp., 4.125%, 1/15/22		272,362
	402,000	Lennar Corp., 4.750%, 5/30/25		410,040
	337,000	Lennar Corp., 4.750%, 11/29/27		337,158
	183,000	Lennar Corp., 4.875%, 12/15/23		188,490
	620,000	Lennar Corp., 5.375%, 10/1/22		646,350
	168,000	Lennar Corp., 5.875%, 11/15/24		178,290
	305,000	Live Nation Entertainment, Inc., 144a,
		4.875%, 11/1/24		306,906
	191,000	Live Nation Entertainment, Inc., 144a,
		5.625%, 3/15/26		197,208
	898,000	Mattel, Inc., 144a, 6.750%, 12/31/25		883,408
	474,000	MDC Partners, Inc. (Canada), 144a,
		6.500%, 5/1/24		392,235
	644,000	Meritage Homes Corp.,
		6.000%, 6/1/25		676,200
	1,047,000	MGM Resorts International,
		6.000%, 3/15/23		1,104,585
	546,000	New Home Co., Inc. (The),
		7.250%, 4/1/22		491,400
	967,000	Party City Holdings, Inc., 144a,
		6.625%, 8/1/26†		962,165
	193,000	Penske Automotive Group, Inc.,
		5.375%, 12/1/24		192,035
	300,000	PulteGroup, Inc., 5.500%, 3/1/26		309,000
	1,398,000	Quad/Graphics, Inc., 7.000%, 5/1/22		1,397,021
	696,000	ServiceMaster Co. LLC (The), 144a,
		5.125%, 11/15/24		698,610
	474,000	Sonic Automotive, Inc.,
		5.000%, 5/15/23		455,040
	212,000	Sonic Automotive, Inc.,
		6.125%, 3/15/27		192,390
	1,003,000	Taylor Morrison Communities, Inc. /
		Taylor Morrison Holdings II Inc.,
		144a, 5.625%, 3/1/24		990,192
	353,000	United Rentals North America, Inc.,
		4.625%, 10/15/25		348,588
	1,067,000	United Rentals North America, Inc.,
		5.875%, 9/15/26		1,103,011
	220,000	United Rentals North America, Inc.,
		6.500%, 12/15/26		231,550
	64,000	William Carter Co. (The), 144a,
		5.625%, 3/15/27		66,160
	490,000	William Lyon Homes, Inc.,
		5.875%, 1/31/25		463,050
	632,000	Wyndham Hotels & Resorts, Inc., 144a,
		5.375%, 4/15/26		641,480
				28,326,211
		Health Care — 10.1%
	130,000	Acadia Healthcare Co., Inc.,
		5.125%, 7/1/22		130,325
	1,194,000	Acadia Healthcare Co., Inc.,
		5.625%, 2/15/23		1,201,462
	151,000	Bausch Health Americas, Inc., 144a,
		8.500%, 1/31/27		160,060
	1,713,000	Bausch Health Cos, Inc. (Canada),
		144a, 5.875%, 5/15/23		1,734,412
	1,019,000	Bausch Health Cos, Inc. (Canada),
		144a, 6.125%, 4/15/25		1,008,810
	544,000	CHS/Community Health Systems, Inc.,
		6.250%, 3/31/23		511,850
	1,184,000	DaVita, Inc., 5.125%, 7/15/24		1,169,200
	1,050,000	Encompass Health Corp.,
		5.750%, 11/1/24		1,063,125
	1,662,000	HCA, Inc., 5.375%, 2/1/25		1,761,720
	325,000	HCA, Inc., 5.375%, 9/1/26		342,469
	395,000	HCA, Inc., 5.875%, 2/15/26		426,600
	228,000	HCA, Inc., 5.875%, 2/1/29		245,659
	862,000	HLF Financing Sarl LLC / Herbalife
		International, Inc., 144a,
		7.250%, 8/15/26		887,860
	1,076,000	Horizon Pharma USA, Inc., 144a,
		8.750%, 11/1/24		1,168,805

29

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0% (Continued)
		Health Care — (Continued)
$	966,000	Mallinckrodt International Finance SA
		/ Mallinckrodt CB LLC
		(Luxembourg), 144a,
		4.875%, 4/15/20	$	961,170
	1,685,000	Mallinckrodt International Finance SA
		/ Mallinckrodt CB LLC
		(Luxembourg), 144a,
		5.750%, 8/1/22†		1,567,050
	983,000	MEDNAX, Inc., 144a, 5.250%, 12/1/23		995,288
	823,000	MEDNAX, Inc., 144a, 6.250%, 1/15/27		831,230
	562,000	Teleflex, Inc., 4.875%, 6/1/26		572,538
	705,000	Tenet Healthcare Corp.,
		5.125%, 5/1/25		708,560
	238,000	Tenet Healthcare Corp., 144a,
		6.250%, 2/1/27		247,056
	1,389,000	Teva Pharmaceutical Finance
		Netherlands III BV (Netherlands),
		6.750%, 3/1/28		1,400,269
	225,000	WellCare Health Plans, Inc., 144a,
		5.375%, 8/15/26		235,406
				19,330,924
		Consumer Staples — 7.6%
	973,000	Albertsons Cos. LLC / Safeway, Inc. /
		New Albertson's Inc. / Albertson's
		LLC, 5.750%, 3/15/25		923,134
	370,000	Albertsons Cos. LLC / Safeway, Inc. /
		New Albertsons LP / Albertson's
		LLC, 144a, 7.500%, 3/15/26		380,637
	570,000	American Builders & Contractors
		Supply Co., Inc., 144a,
		5.875%, 5/15/26		577,838
	521,000	Beacon Roofing Supply, Inc., 144a,
		4.875%, 11/1/25		492,345
	788,000	Carriage Services, Inc., 144a,
		6.625%, 6/1/26		805,730
	1,550,000	Cimpress NV. (Netherlands), 144a,
		7.000%, 6/15/26		1,491,875
	1,110,000	Cott Holdings, Inc., 144a,
		5.500%, 4/1/25		1,119,712
	374,000	Cumberland Farms, Inc., 144a,
		6.750%, 5/1/25		388,960
	648,000	First Quality Finance Co., Inc., 144a,
		5.000%, 7/1/25		630,199
	455,000	H&E Equipment Services, Inc.,
		5.625%, 9/1/25		453,862
	491,000	Ingles Markets, Inc., 5.750%, 6/15/23		500,206
	234,000	JBS USA LUX SA / JBS USA Finance,
		Inc., 144a, 5.875%, 7/15/24		240,435
	563,000	JBS USA LUX SA / JBS USA Finance,
		Inc., 144a, 6.750%, 2/15/28		582,705
	416,000	Performance Food Group, Inc., 144a,
		5.500%, 6/1/24		419,640
	1,127,000	Pilgrim's Pride Corp., 144a,
		5.750%, 3/15/25		1,138,270
	816,000	Post Holdings, Inc., 144a,
		5.000%, 8/15/26		793,560
	502,000	Post Holdings, Inc., 144a,
		5.625%, 1/15/28		498,235
	1,917,000	Rite Aid Corp., 144a, 6.125%, 4/1/23		1,581,525
	1,402,000	Staples, Inc., 144a, 8.500%, 9/15/25		1,529,932
				14,548,800
		Financials — 7.4%
	180,000	Ally Financial, Inc., 5.750%, 11/20/25		191,720
	926,000	Ally Financial, Inc., 8.000%, 11/1/31		1,141,295
	791,000	Bank of America Corp., 6.100%(A)		836,965
	616,000	Cooke Omega Investments, Inc. /
		Alpha VesselCo Holdings Inc.
		(Canada), 144a, 8.500%, 12/15/22		602,756
	651,000	Credit Acceptance Corp.,
		7.375%, 3/15/23		676,226
	528,000	Credit Acceptance Corp., 144a,
		6.625%, 3/15/26		536,765
	691,000	GEO Group, Inc. (The),
		5.875%, 1/15/22		666,815
	453,000	goeasy Ltd. (Canada), 144a,
		7.875%, 11/1/22		475,650
	1,595,000	Goldman Sachs Group, Inc. (The).,
		Ser P, 5.000%(A)		1,473,381
	470,000	Lions Gate Capital Holdings LLC, 144a,
		6.375%, 2/1/24		492,325
	844,000	MetLife, Inc., Ser C, 5.250%(A)		851,039
	642,000	MGIC Investment Corp.,
		5.750%, 8/15/23		678,112
	730,000	Navient Corp., 5.500%, 1/25/23		730,912
	1,113,000	Navient Corp., 5.875%, 10/25/24		1,076,828
	459,000	Navient Corp., 6.500%, 6/15/22		478,364
	782,000	Quicken Loans, Inc., 144a,
		5.250%, 1/15/28		732,148
	386,000	Quicken Loans, Inc., 144a,
		5.750%, 5/1/25		387,351
	430,000	Radian Group, Inc., 4.500%, 10/1/24		423,550
	641,000	Springleaf Finance Corp.,
		5.625%, 3/15/23		649,814
	293,000	Springleaf Finance Corp.,
		6.125%, 3/15/24		299,587
	382,000	Springleaf Finance Corp.,
		6.875%, 3/15/25		393,938
	328,000	Springleaf Finance Corp.,
		7.125%, 3/15/26		333,943
				14,129,484
		Industrials — 7.1%
	502,000	Adient Global Holdings Ltd. (Jersey),
		144a, 4.875%, 8/15/26		367,715
	520,000	AECOM Global II LLC / URS Fox US LP,
		5.000%, 4/1/22		528,128
	774,000	Amsted Industries, Inc., 144a,
		5.375%, 9/15/24		762,390

30

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0% (Continued)
		Industrials — (Continued)
$	510,000	Ardagh Packaging Finance PLC /
		Ardagh Holdings USA, Inc. (Ireland),
		144a, 6.000%, 2/15/25	$	510,000
	376,000	Avolon Holdings Funding Ltd.
		(Cayman Islands), 144a,
		5.250%, 5/15/24		387,280
	315,000	Ball Corp., 4.875%, 3/15/26		324,450
	591,000	Bombardier, Inc. (Canada), 144a,
		6.000%, 10/15/22		596,171
	622,000	Crown Americas LLC / Crown
		Americas Capital Corp. VI,
		4.750%, 2/1/26		624,986
	552,000	Ford Motor Credit Co. LLC,
		5.584%, 3/18/24		559,878
	796,000	Fortress Transportation &
		Infrastructure Investors LLC, 144a,
		6.750%, 3/15/22		809,930
	287,000	James Hardie International Finance
		DAC (Ireland), 144a,
		4.750%, 1/15/25		282,695
	612,000	JB Poindexter & Co., Inc., 144a,
		7.125%, 4/15/26		613,732
	400,000	Louisiana-Pacific Corp.,
		4.875%, 9/15/24		399,000
	701,000	New Enterprise Stone & Lime Co., Inc.,
		144a, 6.250%, 3/15/26		681,800
	764,000	Novelis Corp., 144a, 5.875%, 9/30/26		761,135
	191,000	Novelis Corp., 144a, 6.250%, 8/15/24		195,298
	568,000	Park Aerospace Holdings Ltd.
		(Cayman Islands), 144a,
		5.250%, 8/15/22		582,143
	836,000	Plastipak Holdings, Inc., 144a,
		6.250%, 10/15/25		781,660
	450,000	Silgan Holdings, Inc., 4.750%, 3/15/25		441,562
	989,000	Standard Industries, Inc./NJ, 144a,
		5.375%, 11/15/24		1,013,725
	549,000	Standard Industries, Inc./NJ, 144a,
		6.000%, 10/15/25		574,852
	439,000	Triumph Group, Inc., 4.875%, 4/1/21		428,025
	270,000	Triumph Group, Inc., 5.250%, 6/1/22		259,200
	982,000	XPO Logistics, Inc., 144a,
		6.750%, 8/15/24		1,001,640
				13,487,395
		Materials — 6.3%
	200,000	Alcoa Nederland Holding BV
		(Netherlands), 144a,
		6.125%, 5/15/28		206,000
	876,000	Alcoa Nederland Holding BV
		(Netherlands), 144a,
		7.000%, 9/30/26		944,433
	523,000	Cascades, Inc. (Canada), 144a,
		5.500%, 7/15/22		525,615
	441,000	Cascades, Inc. (Canada), 144a,
		5.750%, 7/15/23		439,898
	300,000	Commercial Metals Co.,
		4.875%, 5/15/23		300,750
	668,000	Commercial Metals Co.,
		5.750%, 4/15/26		666,330
	761,000	CVR Partners LP / CVR Nitrogen
		Finance Corp., 144a,
		9.250%, 6/15/23		797,148
	921,000	Freeport-McMoRan, Inc.,
		3.875%, 3/15/23		907,747
	366,000	Freeport-McMoRan, Inc.,
		6.875%, 2/15/23		387,960
	1,079,000	Hudbay Minerals, Inc. (Canada), 144a,
		7.250%, 1/15/23		1,116,765
	111,000	Kaiser Aluminum Corp.,
		5.875%, 5/15/24		114,052
	910,000	Kinross Gold Corp. (Canada),
		4.500%, 7/15/27		864,500
	730,000	NOVA Chemicals Corp. (Canada), 144a,
		4.875%, 6/1/24		717,225
	873,000	NOVA Chemicals Corp. (Canada), 144a,
		5.250%, 8/1/23		877,365
	889,000	Nufarm Australia Ltd. / Nufarm
		Americas, Inc. (Australia), 144a,
		5.750%, 4/30/26		822,325
	284,000	Olin Corp., 5.000%, 2/1/30		276,190
	394,000	Steel Dynamics, Inc., 4.125%, 9/15/25		385,135
	251,000	Steel Dynamics, Inc., 5.000%, 12/15/26		256,334
	588,000	Teck Resources Ltd. (Canada),
		6.250%, 7/15/41		625,874
	906,000	Tronox, Inc., 144a, 6.500%, 4/15/26		864,686
				12,096,332
		Information Technology — 4.2%
	671,000	CDK Global, Inc., 4.875%, 6/1/27		670,161
	469,000	CDW LLC / CDW Finance Corp.,
		5.500%, 12/1/24		493,036
	1,067,000	Dell International LLC / EMC Corp.,
		144a, 7.125%, 6/15/24		1,131,395
	711,000	EMC Corp., 3.375%, 6/1/23		689,924
	464,000	Harland Clarke Holdings Corp., 144a,
		6.875%, 3/1/20		458,200
	34,000	Harland Clarke Holdings Corp., 144a,
		8.375%, 8/15/22		30,658
	211,000	j2 Cloud Services LLC / j2 Global
		Co.-Obligor, Inc., 144a,
		6.000%, 7/15/25		219,176
	181,000	Match Group, Inc., 144a,
		5.000%, 12/15/27		182,358
	600,000	NCR Corp., 4.625%, 2/15/21		598,950
	652,000	Netflix, Inc., 4.875%, 4/15/28		645,480
	776,000	Open Text Corp. (Canada), 144a,
		5.875%, 6/1/26		810,920
	1,016,000	SS&C Technologies, Inc., 144a,
		5.500%, 9/30/27		1,026,160
	954,000	VeriSign, Inc., 4.750%, 7/15/27		954,114
	117,000	Xerox Corp., 4.070%, 3/17/22		115,538
				8,026,070

31

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0% (Continued)
		Real Estate — 4.0%
$	1,087,000	CoreCivic, Inc. REIT, 4.625%, 5/1/23	$	1,046,238
	549,000	CoreCivic, Inc. REIT, 4.750%, 10/15/27		466,996
	968,000	CoreCivic, Inc. REIT, 5.000%, 10/15/22		953,480
	277,000	CyrusOne LP / CyrusOne Finance
		Corp., REIT, 5.375%, 3/15/27		286,612
	263,000	Equinix, Inc. REIT, 5.375%, 5/15/27		276,229
	504,000	ESH Hospitality, Inc. REIT, 144a,
		5.250%, 5/1/25		500,638
	997,000	Iron Mountain, Inc. REIT,
		5.750%, 8/15/24		1,006,970
	946,000	MGM Growth Properties Operating
		Partnership LP / MGP Finance
		Co.-Issuer, Inc. REIT, 5.625%, 5/1/24		983,840
	496,000	MPT Operating Partnership LP / MPT
		Finance Corp., REIT, 5.250%, 8/1/26		510,260
	202,000	MPT Operating Partnership LP / MPT
		Finance Corp., REIT, 5.500%, 5/1/24		207,050
	1,362,000	Sabra Health Care LP REIT,
		5.125%, 8/15/26		1,333,280
				7,571,593
		Utilities — 3.1%
	1,215,000	Calpine Corp., 144a, 5.250%, 6/1/26		1,208,925
	500,000	Calpine Corp., 144a, 5.875%, 1/15/24		512,500
	828,000	Clearway Energy Operating LLC, 144a,
		5.750%, 10/15/25		831,105
	869,000	NGL Energy Partners LP / NGL Energy
		Finance Corp., 7.500%, 11/1/23		899,067
	198,000	NRG Energy, Inc., 5.750%, 1/15/28		209,880
	604,000	Rockpoint Gas Storage Canada Ltd.
		(Canada), 144a, 7.000%, 3/31/23		598,715
	63,000	Superior Plus LP / Superior General
		Partner, Inc. (Canada), 144a,
		7.000%, 7/15/26		64,024
	1,451,000	Vistra Operations Co. LLC, 144a,
		5.625%, 2/15/27		1,509,040
				5,833,256
		Total Corporate Bonds	$	186,986,154

Shares
		Short-Term Investment Funds — 2.0%
	1,162,733	Dreyfus Government Cash
		Management, Institutional Shares,
		2.34%∞Ω		1,162,733
	2,606,310	Invesco Government & Agency
		Portfolio, Institutional Class,
		2.26%**∞Ω		2,606,310
		Total Short-Term Investment Funds	$	3,769,043
		Total Investment Securities — 100.0%
		(Cost $191,548,932)	$	190,755,197
		Liabilities in Excess of
		Other Assets — 0.0%		(68,381	)
		Net Assets — 100.0%	$	190,686,816

^(A) Perpetual Bond - A bond with no definite maturity date.

** Represents collateral for securities loaned.

† All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2019 was $2,528,926.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

DAC - Designated Activity Company

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $95,443,956 or 50.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

32

Touchstone High Yield Fund (Unaudited) (Continued)

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	186,986,154	$	—	$	186,986,154
Short-Term Investment Funds		3,769,043		—		—		3,769,043
Total	$	3,769,043	$	186,986,154	$	—	$	190,755,197

See accompanying Notes to Financial Statements.

33

Portfolio of Investments

Touchstone Impact Bond Fund – March 31, 2019 (Unaudited)

Principal			Market
Amount			Value
		Corporate Bonds — 34.3%
		Industrials — 10.5%
$	2,829,226	American Airlines 2016-3 Class AA
		Pass Through Trust,
		3.000%, 10/15/28	$	2,735,087
	15,853	Burlington Northern and Santa Fe
		Railway Co. 2004-1 Pass Through
		Trust, 4.575%, 1/15/21		16,113
	147,122	Burlington Northern and Santa Fe
		Railway Co. 2005-3 Pass Through
		Trust, 4.830%, 1/15/23		151,393
	998,712	Burlington Northern and Santa Fe
		Railway Co. 2005-4 Pass Through
		Trust, 4.967%, 4/1/23		1,032,636
	539,271	Continental Airlines 2000-2 Class A-1
		Pass Through Trust, 7.707%, 4/2/21		555,773
	1,007,343	Continental Airlines 2007-1 Class A
		Pass Through Trust, 5.983%, 4/19/22		1,059,624
	680,337	Continental Airlines 2012-2 Class A
		Pass Through Trust,
		4.000%, 10/29/24		691,699
	1,904,408	CSX Transportation, Inc.,
		6.251%, 1/15/23		2,070,484
	545,244	Delta Air Lines 2007-1 Class B Pass
		Through Trust, 8.021%, 8/10/22		600,859
	335,896	Delta Air Lines 2010-2 Class A Pass
		Through Trust, 4.950%, 5/23/19		336,702
	596,949	Federal Express Corp. 1999 Pass
		Through Trust, 7.650%, 1/15/23		639,752
	2,583,000	GATX Corp., 3.250%, 3/30/25		2,462,870
	2,000,000	John Deere Capital Corp. MTN,
		2.800%, 9/8/27		1,956,714
	1,180,000	Kansas City Southern, 3.000%, 5/15/23		1,181,583
	1,475,000	Kansas City Southern, 3.125%, 6/1/26		1,417,854
	1,941,000	Norfolk Southern Corp.,
		2.903%, 2/15/23		1,942,389
	1,408,000	Republic Services, Inc.,
		5.250%, 11/15/21		1,494,214
	1,330,000	SBA Tower Trust, 144a,
		3.168%, 4/11/22		1,322,834
	1,145,306	Southwest Airlines Co. 2007-1 Pass
		Through Trust, 6.150%, 8/1/22		1,207,671
	842,704	Union Pacific Railroad Co. 2003 Pass
		Through Trust, 4.698%, 1/2/24		873,273
	451,617	Union Pacific Railroad Co. 2006 Pass
		Through Trust, 5.866%, 7/2/30		501,942
	1,644,000	United Rentals North America, Inc.,
		5.750%, 11/15/24		1,689,210
	1,616,000	Waste Management, Inc.,
		2.400%, 5/15/23		1,588,575
				27,529,251
		Financials — 8.4%
	2,444,000	Aflac, Inc., 3.250%, 3/17/25		2,474,745
	2,600,000	American Express Co.,
		2.650%, 12/2/22		2,584,998
	2,803,000	Delphi Financial Group, Inc.,
		7.875%, 1/31/20		2,908,963
	1,786,362	Fishers Lane Associates LLC, 144a,
		3.666%, 8/5/30		1,808,449
	1,950,000	KeyBank NA/Cleveland OH,
		3.350%, 6/15/21		1,979,357
	2,106,000	National Rural Utilities Cooperative
		Finance Corp., 3.400%, 11/15/23		2,159,133
	900,000	Nationwide Financial Services, Inc.,
		144a, 5.375%, 3/25/21		935,987
	708,000	Nationwide Mutual Insurance Co.,
		144a, 9.375%, 8/15/39		1,116,255
	1,291,000	PNC Bank NA, 2.500%, 1/22/21		1,289,730
	1,398,000	Torchmark Corp., 3.800%, 9/15/22		1,423,687
	2,000,000	USB Capital IX, 3.807%(A)		1,570,000
	2,000,000	Wachovia Capital Trust III, 5.570%(A)		1,974,100
				22,225,404
		Utilities — 7.4%
	1,623,000	California Water Service Co.,
		5.500%, 12/1/40		1,902,166
	1,598,000	Commonwealth Edison Co.,
		5.900%, 3/15/36		1,955,641
	1,780,000	Dominion Energy, Inc., (3M LIBOR
		+2.300%), 4.901%, 9/30/66(B)		1,637,600
	2,080,000	Duke Energy Progress LLC,
		6.300%, 4/1/38		2,725,342
	1,904,000	Entergy Louisiana LLC,
		4.440%, 1/15/26		2,017,900
	1,642,000	Georgia Power Co., 4.750%, 9/1/40		1,700,253
	319,771	Kiowa Power Partners LLC, 144a,
		5.737%, 3/30/21		324,240
	2,000,000	NextEra Energy Capital Holdings, Inc.,
		(3M LIBOR +2.068%),
		4.659%, 10/1/66(B)		1,740,000
	2,926,000	PacifiCorp., 8.050%, 9/1/22		3,391,684
	1,983,000	South Carolina Electric & Gas Co.,
		4.600%, 6/15/43		2,155,344
				19,550,170
		Energy — 2.7%
	786,000	Apache Corp., 3.250%, 4/15/22		786,620
	1,253,000	Chesapeake Energy Corp.,
		6.625%, 8/15/20		1,285,891
	1,530,000	Newfield Exploration Co.,
		5.750%, 1/30/22		1,632,678
	592,000	Spectra Energy Partners LP,
		3.500%, 3/15/25		591,992
	1,914,000	Tennessee Valley Authority,
		4.650%, 6/15/35		2,257,563
	500,000	Texas Eastern Transmission LP,
		7.000%, 7/15/32		620,282
				7,175,026
		Consumer Discretionary — 2.0%
	2,347,000	Ford Motor Credit Co. LLC,
		4.375%, 8/6/23		2,297,840
	990,000	PulteGroup, Inc., 7.875%, 6/15/32		1,113,750

34

Touchstone Impact Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 34.3% (Continued)
		Consumer Discretionary — (Continued)
$	1,300,000	Royal Caribbean Cruises Ltd. (Liberia),
		5.250%, 11/15/22	$	1,390,589
	466,000	Service Corp. International,
		5.375%, 5/15/24		478,232
				5,280,411
		Health Care — 1.7%
	2,566,363	CVS Pass-Through Trust,
		6.036%, 12/10/28		2,799,212
	1,650,000	HCA, Inc., 4.250%, 10/15/19		1,658,468
				4,457,680
		Consumer Staples — 0.6%
	1,500,000	Kroger Co. (The), 3.850%, 8/1/23		1,545,728
		Communication Services — 0.5%
	1,250,000	Verizon Communications, Inc.,
		5.012%, 4/15/49		1,364,739
		Real Estate — 0.5%
	1,242,000	Crown Castle International Corp. REIT,
		4.300%, 2/15/29		1,280,133
		Total Corporate Bonds	$	90,408,542
		U.S. Government Agency Obligations — 25.8%
	8,735	Astro Offshore Corp., (Bahamas),
		6.000%, 12/20/19		8,816
	1,253,000	Canal Barge Co., Inc., 4.500%, 11/12/34		1,351,977
	1,406,353	Helios Leasing I LLC, 1.734%, 7/24/24		1,370,951
	1,216,000	Matson Navigation Co., Inc.,
		5.337%, 9/4/28		1,327,503
	1,095,000	Petroleos Mexicanos (Mexico),
		2.290%, 2/15/24		1,083,842
	1,885,579	Reliance Industries Ltd. (India),
		1.870%, 1/15/26		1,833,472
	59,129	Small Business Administration
		Participation Certificates, Ser
		2002-20H, Class 1, 5.310%, 8/1/22		60,361
	20,904	Small Business Administration
		Participation Certificates, Ser
		2003-20D, Class 1, 4.760%, 4/1/23		21,402
	18,064	Small Business Administration
		Participation Certificates, Ser
		2004-20D, Class 1, 4.770%, 4/1/24		18,528
	168,128	Small Business Administration
		Participation Certificates, Ser
		2004-20K, Class 1, 4.880%, 11/1/24		173,189
	65,887	Small Business Administration
		Participation Certificates, Ser
		2005-20H, Class 1, 5.110%, 8/1/25		68,136
	527,703	Small Business Administration
		Participation Certificates, Ser
		2006-20B, Class 1, 5.350%, 2/1/26		552,566
	225,505	Small Business Administration
		Participation Certificates, Ser
		2006-20H, Class 1, 5.700%, 8/1/26		236,633
	321,103	Small Business Administration
		Participation Certificates, Ser
		2006-20K, Class 1, 5.360%, 11/1/26		334,099
	446,397	Small Business Administration
		Participation Certificates, Ser
		2006-20L, Class 1, 5.120%, 12/1/26		462,191
	388,081	Small Business Administration
		Participation Certificates, Ser
		2007-20A, Class 1, 5.320%, 1/1/27		403,303
	521,417	Small Business Administration
		Participation Certificates, Ser
		2007-20E, Class 1, 5.310%, 5/1/27		545,993
	156,598	Small Business Administration
		Participation Certificates, Ser
		2007-20F, Class 1, 5.710%, 6/1/27		164,525
	443,203	Small Business Administration
		Participation Certificates, Ser
		2007-20L, Class 1, 5.290%, 12/1/27		459,646
	317,067	Small Business Administration
		Participation Certificates, Ser
		2008-20A, Class 1, 5.170%, 1/1/28		332,780
	665,656	Small Business Administration
		Participation Certificates, Ser
		2008-20K, Class 1, 6.770%, 11/1/28		717,044
	782,141	Small Business Administration
		Participation Certificates, Ser
		2009-20B, Class 1, 4.760%, 2/1/29		815,603
	1,138,669	Small Business Administration
		Participation Certificates, Ser
		2009-20C, Class 1, 4.660%, 3/1/29		1,184,395
	383,173	Small Business Administration
		Participation Certificates, Ser
		2009-20D, Class 1, 4.310%, 4/1/29		397,823
	753,733	Small Business Administration
		Participation Certificates, Ser
		2009-20E, Class 1, 4.430%, 5/1/29		774,512
	444,059	Small Business Administration
		Participation Certificates, Ser
		2009-20F, Class 1, 4.950%, 6/1/29		466,408
	710,218	Small Business Administration
		Participation Certificates, Ser
		2009-20J, Class 1, 3.920%, 10/1/29		736,593
	1,368,727	Small Business Administration
		Participation Certificates, Ser
		2010-20F, Class 1, 3.880%, 6/1/30		1,417,801
	1,206,518	Small Business Administration
		Participation Certificates, Ser
		2010-20I, Class 1, 3.210%, 9/1/30		1,217,043
	570,222	Small Business Administration
		Participation Certificates, Ser
		2012-10C, Class 1, 1.240%, 5/1/22		562,250
	3,614,273	Small Business Administration
		Participation Certificates, Ser
		2013-20C, Class 1, 2.220%, 3/1/33		3,495,549

35

Touchstone Impact Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		U.S. Government Agency Obligations — 25.8%
		(Continued)
$	2,510,208	Small Business Administration
		Participation Certificates, Ser
		2013-20E, Class 1, 2.070%, 5/1/33	$	2,413,471
	2,311,947	Small Business Administration
		Participation Certificates, Ser
		2013-20G, Class 1, 3.150%, 7/1/33		2,327,172
	1,962,172	Small Business Administration
		Participation Certificates, Ser
		2014-20H, Class 1, 2.880%, 8/1/34		1,978,512
	1,608,123	Small Business Administration
		Participation Certificates, Ser
		2014-20K, Class 1, 2.800%, 11/1/34		1,613,738
	2,469,630	Small Business Administration
		Participation Certificates, Ser
		2015-20I, Class 1, 2.820%, 9/1/35		2,460,583
	3,499,040	Small Business Administration
		Participation Certificates, Ser
		2016-20A, Class 1, 2.780%, 1/1/36		3,478,972
	2,010,413	Small Business Administration
		Participation Certificates, Ser
		2017-10A, Class 1, 2.845%, 3/10/27		2,019,530
	2,597,987	Small Business Administration
		Participation Certificates, Ser
		2017-10B, Class 1, 2.518%, 9/10/27		2,568,820
	3,207,319	Small Business Administration
		Participation Certificates, Ser
		2017-20E, Class 1, 2.880%, 5/1/37		3,210,230
	3,045,051	Small Business Administration
		Participation Certificates, Ser
		2017-20F, Class 1, 2.810%, 6/1/37		3,033,684
	3,214,991	Small Business Administration
		Participation Certificates, Ser
		2017-20K, Class 1, 2.790%, 11/1/37		3,199,604
	2,858,111	Small Business Administration
		Participation Certificates, Ser
		2017-20L, Class 1, 2.780%, 12/1/37		2,841,857
	2,700,544	Small Business Administration
		Participation Certificates, Ser
		2018-20C, Class 1, 3.200%, 3/1/38		2,739,383
	2,531,000	Small Business Administration
		Participation Certificates, Ser
		2018-25D, Class 1, 3.890%, 10/1/43		2,642,134
	2,565,000	Small Business Administration
		Participation Certificates, Ser
		2019-20A, Class 1, 3.370%, 1/1/39		2,634,538
	2,800,000	Small Business Administration
		Participation Certificates, Ser
		2019-25B, Class 1, 3.450%, 2/1/44		2,794,031
	27,597	Sterling Equipment, 6.125%, 9/28/19		27,947
	1,036,412	Tagua Leasing LLC, 1.581%, 11/16/24		1,005,784
	845,000	Totem Ocean Trailer Express, Inc.,
		6.365%, 4/15/28		962,263
	1,246,000	Vessel Management Services, Inc.,
		5.125%, 4/16/35		1,397,829
		Total U.S. Government Agency
		Obligations	$	67,945,016
		Agency Collateralized Mortgage
		Obligations — 15.7%
	2,870,079	FHLMC Multifamily Structured Pass
		Through Certificates, Ser KW03
		Class A1, 2.617%, 12/25/26		2,845,176
	1,020,037	FREMF Mortgage Trust, Ser 2012-K19,
		Class B, 144a, 4.030%, 5/25/45(B)(C)		1,050,914
	2,000,000	FREMF Mortgage Trust, Ser 2012-K23,
		Class B, 144a, 3.656%, 10/25/45(B)(C)		2,046,769
	1,200,000	FREMF Mortgage Trust, Ser 2012-K710,
		Class B, 144a, 3.933%, 6/25/47(B)(C)		1,197,894
	1,300,000	FREMF Mortgage Trust, Ser 2013-K30,
		Class B, 144a, 3.558%, 6/25/45(B)(C)		1,317,650
	1,528,000	FREMF Mortgage Trust, Ser 2014-K716,
		Class B, 144a, 3.949%, 8/25/47(B)(C)		1,558,473
	1,838,929	FRESB Mortgage Trust, Ser 2015-SB9,
		Class A5, (1M LIBOR +0.700%),
		2.425%, 11/25/35(B)		1,830,472
	1,253,941	FRESB Mortgage Trust, Ser 2016-SB17,
		Class A5H, 2.160%, 5/25/36(B)(C)		1,238,860
	2,124,560	FRESB Mortgage Trust, Ser 2017-SB27,
		Class A10F, 3.090%, 1/25/27(B)(C)		2,139,408
	2,403,643	FRESB Mortgage Trust, Ser 2018-SB46,
		Class A10F, 3.300%, 12/25/27(B)(C)		2,436,932
	2,600,000	GNMA, Ser 2011-142, Class B,
		3.485%, 2/16/44(B)(C)		2,610,729
	2,729,341	GNMA, Ser 2012-1, Class C,
		3.310%, 11/16/49		2,728,350
	2,975,000	GNMA, Ser 2012-46, Class C,
		3.176%, 5/16/50(B)(C)		2,970,143
	1,593,710	GNMA, Ser 2012-53, Class AC,
		2.381%, 12/16/43		1,562,571
	977,350	GNMA, Ser 2013-40, Class AC,
		1.584%, 1/16/46		930,606
	2,540,000	GNMA, Ser 2015-32, Class HG,
		3.000%, 9/16/49(B)(C)		2,364,809
	3,131,878	GNMA, Ser 2015-37, Class AD,
		2.600%, 11/16/55		3,040,591
	3,512,000	GNMA, Ser 2015-73, Class B,
		2.700%, 10/16/55(B)(C)		3,259,259
	2,574,794	GNMA, Ser 2017-46, Class AB,
		2.600%, 1/16/52		2,477,120
	1,841,539	GNMA, Ser 2017-H11, Class FV, (1M
		LIBOR +0.500%), 3.009%, 5/20/67(B)		1,841,830
		Total Agency Collateralized
		Mortgage Obligations	$	41,448,556
		Municipal Bonds — 6.5%
		California — 1.8%
	708,911	California HFA Residential Mortgage
		Revenue, Ser A, 2.900%, 2/1/42		707,486
	1,225,000	City of San Francisco Public Utilities
		Commission Water Revenue, Build
		America Bonds, 6.950%, 11/1/50		1,790,387
	1,710,000	East Bay Municipal Utility District
		Water System Revenue, Build
		America Bonds Sub, 5.874%, 6/1/40		2,250,480
				4,748,353

36

Touchstone Impact Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Municipal Bonds — 6.5% (Continued)
		Florida — 0.4%
$	1,028,324	Florida State HFC Revenue,
		Homeownership Mortgage Special
		Project, 2.800%, 7/1/41	$	1,014,185
		Louisiana — 0.6%
	1,688,954	Louisiana State Housing Corp.,
		Revenue, 2.875%, 11/1/38		1,662,336
		Missouri — 0.3%
	650,000	Missouri State Housing Development
		Commission, Special
		Homeownership Loan Program, Ser
		C, 2.650%, 11/1/40		637,995
		New York — 0.6%
	1,400,000	Port Authority of New York and New
		Jersey, Cons One Hundred
		Sixty-Eight, 4.926%, 10/1/51		1,689,366
		Ohio — 0.6%
	1,555,000	Ohio State HFA, Revenue, Ser 1,
		2.650%, 11/1/41		1,522,687
		Texas — 1.1%
	1,770,000	Dallas Area Rapid Transit, Revenue,
		Build America Bonds, Ser B,
		5.999%, 12/1/44		2,364,578
	605,000	Texas State Department of Housing &
		Community Affairs, Revenue, Ser A,
		2.800%, 3/1/36		596,221
				2,960,799
		Virginia — 0.4%
	947,595	Virginia State Housing Development
		Authority, Pass Thru Ser B,
		2.750%, 4/25/42		932,538
		Washington — 0.7%
	1,515,000	State of Washington, Build America
		Bonds, Ser D, UTGO, 5.481%, 8/1/39		1,877,282
		Total Municipal Bonds	$	17,045,541
		U.S. Government Mortgage-Backed
		Obligations — 5.9%
	1,562,565	FHLMC, Pool #W30008,
		7.645%, 5/1/25		1,750,100
	196,976	FNMA, Pool #465711, 4.680%, 8/1/28		216,429
	1,469,799	FNMA, Pool #469616, 3.500%, 11/1/21		1,506,008
	104,047	FNMA, Pool #874210, 5.260%, 1/1/25		108,331
	755,615	FNMA, Pool #888829, 5.900%, 6/1/37		837,008
	215,737	FNMA, Pool #AD0166, 4.785%, 8/1/19		216,551
	510,274	FNMA, Pool #AD0342, 4.647%, 10/1/19		513,060
	495,964	FNMA, Pool #AD0786, 4.501%, 1/1/20		500,542
	263,355	FNMA, Pool #AD0910, 4.596%, 4/1/20		265,943
	30,543	FNMA, Pool #AE0209, 4.380%, 6/1/20		31,023
	292,750	FNMA, Pool #AE0446, 4.041%, 9/1/20		297,174
	1,576,355	FNMA, Pool #AH8854, 4.500%, 4/1/41		1,666,142
	1,700,304	FNMA, Pool #AM0157, 2.680%, 2/1/22		1,704,881
	3,359,000	FNMA, Pool #AN3613, 2.680%, 12/1/26		3,327,823
	672,658	FNMA, Pool #AT0924, 2.000%, 3/1/28		649,620
	1,829,229	FNMA, Pool #BC0153, 4.000%, 1/1/46		1,891,449
		Total U.S. Government
		Mortgage-Backed Obligations	$	15,482,084
		U.S. Treasury Obligations — 5.8%
	5,000,000	U.S. Treasury Note, 3.125%, 11/15/28		5,303,711
	10,429,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/43(D)		5,272,504
	5,379,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/45(D)		2,560,480
	4,862,000	U.S. Treasury Strip, Principal,
		0.000%, 5/15/48(D)		2,109,840
		Total U.S. Treasury Obligations	$	15,246,535
		Asset-Backed Securities — 1.9%
	1,274,073	321 Henderson Receivables I LLC, Ser
		2012-1A, Class A, 144a,
		4.210%, 2/16/65		1,345,401
	1,149,354	321 Henderson Receivables I LLC, Ser
		2012-2A, Class A, 144a,
		3.840%, 10/15/59		1,189,736
	1,448,428	321 Henderson Receivables I LLC, Ser
		2015-2A, Class A, 144a,
		3.870%, 3/15/58		1,493,062
	70,985	FPL Recovery Funding LLC, Ser
		2007-A, Class A4, 5.256%, 8/1/21		71,181
	962,438	JCP&L Transition Funding II LLC, Ser
		2006-A, Class A4, 5.610%, 6/5/23		991,797
		Total Asset-Backed Securities	$	5,091,177
		Commercial Mortgage-Backed Security — 0.1%
	447,395	CD Commercial Mortgage Trust, Ser
		2006-CD3, Class AJ,
		5.688%, 10/15/48	$	254,810

Shares
		Short-Term Investment Fund — 3.3%
	8,742,839	Dreyfus Government Cash
		Management, Institutional Shares,
		2.34%∞Ω	$	8,742,839
		Total Investment Securities — 99.3%
		(Cost $261,615,756)	$	261,665,100
		Other Assets in Excess of
		Liabilities — 0.7%		1,934,479
		Net Assets — 100.0%	$	263,599,579

^(A) Perpetual Bond - A bond with no definite maturity date.

37

Touchstone Impact Bond Fund (Unaudited) (Continued)

^(B) Variable rate security - Rate reflected is the rate in effect as of March 31, 2019.

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

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

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FREMF - Finnish Real Estate Management Federation

FRESB - Freddie Mac Multifamily Securitization Small Balance Loan

GNMA - Government National Mortgage Association

HFA - Housing Finance Authority/Agency

HFC - Housing Finance Corporation

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

MTN - Medium Term Note

REIT - Real Estate Investment Trust

UTGO - Unlimited Tax General Obligation

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $16,707,664 or 6.3% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	90,408,542	$	—	$	90,408,542
U.S. Government Agency Obligations		—		67,945,016		—		67,945,016
Agency Collateralized Mortgage Obligations		—		41,448,556		—		41,448,556
Municipal Bonds		—		17,045,541		—		17,045,541
U.S. Government Mortgage-Backed Obligations		—		15,482,084		—		15,482,084
U.S. Treasury Obligations		—		15,246,535		—		15,246,535
Asset-Backed Securities		—		5,091,177		—		5,091,177
Commercial Mortgage-Backed Security		—		254,810		—		254,810
Short-Term Investment Fund		8,742,839		—		—		8,742,839
Total	$	8,742,839	$	252,922,261	$	—	$	261,665,100

See accompanying Notes to Financial Statements.

38

Portfolio of Investments

Touchstone Merger Arbitrage Fund– March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 88.5%
Financials — 79.8%
Acamar Partners Acquisition Corp.*		128,422	$	1,284,220
Allegro Merger Corp.*†		49,907		511,547
AMCI Acquisition Corp.*		37,978		382,059
ARYA Sciences Acquisition Corp.*		34,103		352,966
Capitol Investment Corp. IV*		189,373		2,001,673
CF Finance Acquisition Corp.*		94,963		968,623
ChaSerg Technology Acquisition Corp.*		53,411		539,451
Churchill Capital Corp. - Class A*		43,398		583,269
Collier Creek Holdings*		144,150		1,491,953
Constellation Alpha Capital Corp. -
Class R*		180,707		22,697
Crescent Acquisition Corp.*		127,000		1,270,000
DFB Healthcare Acquisitions Corp.*		82,695		839,354
DiamondPeak Holdings Corp.*		134,328		1,345,967
Far Point Acquisition Corp.*		110,170		1,134,751
FinTech Acquisition Corp. III*		88,084		897,576
Forum Merger II Corp.*		37,192		381,218
GigCapital, Inc.*		27,768		302,671
Gores Holdings III, Inc.*†		189,861		1,965,061
Gores Metropoulos, Inc.*		152,256		1,559,101
Graf Industrial Corp.*		73,913		748,000
GS Acquisition Holdings Corp.*		126,709		1,329,177
Hennessy Capital Acquisition Corp. IV*		107,618		1,084,789
Legacy Acquisition Corp.*		121,904		1,251,954
Leisure Acquisition Corp.*		49,003		499,831
Leo Holdings Corp. (United Kingdom)*		61,678		638,984
Monocle Acquisition Corp.*		62,500		625,625
Mosaic Acquisition Corp.*		79,530		819,159
Mosaic Acquisition Corp. - Class A*		20,295		204,574
Mudrick Capital Acquisition Corp.*		49,682		524,145
Nebula Acquisition Corp.*		107,801		1,083,400
One Madison Corp. - Class A*		67,521		692,090
Pivotal Acquisition Corp.*		105,000		1,065,750
Pure Acquisition Corp.*		107,527		1,130,109
Regalwood Global Energy Ltd.*		103,578		1,068,925
RMG Acquisition Corp.*		51,316		514,699
Saban Capital Acquisition Corp. -
Class A*		46,503		478,051
Social Capital Hedosophia Holdings
Corp.*		180,644		1,864,246
Spartan Energy Acquisition Corp.*†		100,411		1,015,155
Tiberius Acquisition Corp.*†		34,683		358,969
TKK Symphony Acquisition Corp. (Hong
Kong)*		66,173		676,288
TPG Pace Holdings Corp. - Class A*		127,070		1,301,197
TPG Pace Holdings Corp.*		14,625		155,902
Trine Acquisition Corp.*		100,000		1,002,000
Tuscan Holdings Corp.*		76,401		793,806
Twelve Seas Investment Co. (United
Kingdom)*		64,428		666,830
Vantage Energy Acquisition Corp.*		59,800		606,970
				40,034,782
Information Technology — 2.7%
GTY Govtech, Inc.*†		26,633		234,370
Mellanox Technologies Ltd. (Israel)*††		6,500		769,340
Verra Mobility Corp.*		28,811		342,851
				1,346,561
Consumer Discretionary — 2.4%
OneSpaworld Holdings Ltd.*		31,307		427,654
Reebonz Holding Ltd.*†		779		9,239
Target Hospitality Corp.*		32,380		307,610
Waitr Holdings, Inc.*†		38,499		473,153
				1,217,656
Health Care — 1.7%
Celgene Corp.*		3,281		309,530
Immune Design Corp.*		46,836		273,991
Spark Therapeutics, Inc.*††		2,411		274,565
				858,086
Industrials — 1.1%
NRC Group Holdings Corp.*		62,965		549,684
Energy — 0.8%
Altus Midstream Co. - Class A*		14,707		86,771
Magnolia Oil & Gas Corp.*		24,782		297,384
				384,155
Total Common Stocks			$	44,390,924

Principal
Amount
		Corporate Bonds — 2.8%
		Materials — 1.3%
$	648,000	USG Corp., 144a, 4.875%, 6/1/27††		654,885
		Consumer Discretionary — 1.0%
	500,000	Williams Scotsman International, Inc.,
		144a, 7.875%, 12/15/22††		515,000
		Health Care — 0.5%
	225,000	Celgene Corp., 3.250%, 8/15/22††		227,265
		Total Corporate Bonds	$	1,397,150

	Shares
Warrants — 3.5%
Financials — 2.2%
Big Rock Partners Acquisition Corp.,
Exp 12/1/22, Price $11.50*		45,200	8,136
Black Ridge Acquisition Corp.,
Exp 10/25/22, Price $11.50*		62,329	18,699
Churchill Capital Corp. - Class A,
Exp 10/29/23, Price $11.50*		38,108	124,994
Constellation Alpha Capital Corp., Exp
3/23/24, Price $11.50*		399,207	47,905
GS Acquisition Holdings Corp. -
Class A, Exp 7/30/23, Price $11.50*		14,409	20,173
Legacy Acquisition Corp. - Class A,
Exp 11/30/22, Price $11.50*		117,836	35,351

39

Touchstone Merger Arbitrage Fund(Unaudited) (Continued)

			Market
	Shares		Value
Warrants — 3.5% (Continued)
Financials — (Continued)
Leo Holdings Corp. - Class A,
Exp 4/5/23, Price $11.50*		19,010	$	14,828
Modern Media Acquisition Corp.,
Exp 6/7/22, Price $11.50*		2,558		767
Mosaic Acquisition Corp. - Class A,
Exp 12/8/22, Price $11.50*		99,756		81,201
One Madison Corp. - Class A,
Exp 2/22/23, Price $11.50*		67,553		76,335
Pensare Acquisition Corp.,
Exp 8/8/22, Price $11.50*		127,703		25,541
Regalwood Global Energy Ltd.-
Class A, Exp 12/5/22, Price $11.50*		48,790		43,911
Saban Capital Acquisition Corp. -
Class A, Exp 9/21/21, Price $11.50*		85,948		284
Sentinel Energy Services, Inc. -
Class A, Exp 12/22/22, Price$11.50*		106,096		72,145
Social Capital Hedosophia Holdings
Corp., Exp 9/25/22, Price $11.50*		109,863		87,890
Thunder Bridge Acquisition Ltd. -
Class A, Exp 7/17/22, Price $11.50*		151,666		109,200
TPG Pace Holdings Corp. - Class A,
Exp 8/18/22, Price $11.50*		133,269		178,580
Trinity Merger Corp. - Class A,
Exp 5/31/23, Price $11.50*		186,000		53,940
Vantage Energy Acquisition Corp. -
Class A, Exp 4/12/24, Price $11.50*		164,570		37,851
VectoIQ Acquisition Corp.,
Exp 6/11/23, Price $11.50*		99,739		39,896
				1,077,627
Consumer Discretionary — 0.3%
OneSpaworld Holdings Ltd.,
Exp 3/19/24, Price $11.50(A)*		35,854		83,540
Reebonz Holding Ltd.,
Exp 12/19/23, Price $92.00*		36,171		2,170
Target Hospitality Corp.,
Exp 3/15/24, Price $11.50*		39,687		61,515
				147,225
Industrials — 0.3%
Concrete Pumping Holdings, Inc.,
Exp 12/6/23, Price $11.50*		895		1,074
NRC Group Holdings Corp.,
Exp 10/18/23, Price $11.50*		159,597		143,637
				144,711
Information Technology — 0.3%
GTY Govtech, Inc.,
Exp 2/14/24, Price $11.50*		88,638		53,183
Verra Mobility Corp.,
Exp 10/17/23, Price $11.50*		29,734		89,202
				142,385
Energy — 0.2%
Alta Mesa Resources, Inc. - Class A,
Exp 2/9/23, Price $11.50*		164,499		6,086
Altus Midstream Co. - Class A,
Exp 11/12/23, Price $11.50*		162,015		89,108
Magnolia Oil & Gas Corp.,
Exp 7/31/23, Price $11.50*		8,535		28,934
				124,128
Health Care — 0.2%
Agiliti, Inc.,
Exp 1/4/24, Price $11.50*		197,185		98,592
Organogenesis Holdings, Inc.,
Exp 12/10/23, Price $11.50*		75,874		22,003
				120,595
Total Warrants			$	1,756,671
Preferred Stock — 3.8%
Energy — 3.8%
NRC Group Holdings LLC, 144a,
7.000%(A)(B)		19,200	$	1,920,000

	Number
	of
	Rights
Rights — 0.3%
Big Rock Partners Acquisition Corp.
Exp 5/23/19, Strike Price $11.50*		88,400		25,636
Black Ridge Acquisition Corp.
Exp 7/1/19, Strike Price $11.50*		61,299		21,455
Pensare Acquisition Corp. Exp 5/1/19,
Strike Price $11.50*		187,804		48,829
Media General, Inc. Exp 12/31/23,
Strike Price $10.00(A)*		208,090		20,809
Modern Media Acquisition Corp. Exp
6/30/19, Strike Price $11.50*		81,914		18,078
Total Rights			$	134,807

	Number
	of		Notional
	Contracts		Amount
Purchased Options — 0.0%
Purchased Put Options — 0.0%
SPDR S&P 500 ETF
Trust., Strike
@263.00,
Exp 04/19		70	$	1,977,360		1,610
SPDR S&P 500 ETF
Trust.,Strike @280.00,
Exp 04/19		70		1,977,360		14,140
Total Purchased Options					$	15,750

40

Touchstone Merger Arbitrage Fund(Unaudited) (Continued)

				Market
	Shares			Value
Short-Term Investment Funds — 2.0%
Dreyfus Government Cash
Management, Institutional Shares,
2.34%∞Ω		593,652		$	593,652
Invesco Government & Agency
Portfolio, Institutional Class,
2.26%**∞Ω		432,999			432,999
Total Short-Term Investment Funds				$	1,026,651
Total Long Positions
(Cost $49,808,230)				$	50,641,953
Securities Sold Short — (1.2%)
Common Stock — (0.3%)
Health Care — (0.3%)
Bristol-Myers Squibb Co.		(3,281	)		(156,537	)
Exchange-Traded Funds — (0.9%)
SPDR S&P Oil & Gas Exploration &
Production ETF		(15,003	)		(461,192	)
Total Securities Sold Short
(Proceeds $635,260)				$	(617,729	)

	Number
	of			Notional
	Contracts			Amount
Written Options — 0.0%
Written Put Options — (0.0%)
SPDR S&P 500 ETF
Trust., Strike
@270.00,
Exp 04/19		(140	)	$	(3,954,720	)		(7,700	)
Written Call Options — (0.0%)
SPDR S&P 500 ETF
Trust., Strike
@283.00,
Exp 04/19		(35	)		(988,680	)		(11,130	)
Total Written Options
(Premiums received $33,978)							$	(18,830	)
Total — 99.7%							$	50,005,394
Cash Collateral for Securities
Sold Short and Written Options — 0.9%								464,566
Liabilities in Excess of Other
Assets — (0.6%)								(290,003	)
Net Assets — 100.0%							$	50,179,957

^(A) Level 3-For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.

^(B) Perpetual Bond - A bond with no definite maturity date.

* Non-income producing security.

** Represents collateral for securities loaned.

† All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2019 was $412,742.

^†† All or a portion of these securities are pledged as collateral for securities sold short and written options. The total value of the securities pledged as collateral as of March 31, 2019 was $2,501,184.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

SPDR - Standard & Poor's Depositary Receipt

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $3,089,885 or 6.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

41

Touchstone Merger Arbitrage Fund(Unaudited) (Continued)

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	44,390,924	$	—	$	—	$	44,390,924
Corporate Bonds		—		1,397,150		—		1,397,150
Warrants		1,673,131		—		83,540		1,756,671
Preferred Stock		—		—		1,920,000		1,920,000
Rights		113,998		—		20,809		134,807
Purchased Options Equity Contracts		15,750		—		—		15,750
Short-Term Investment Funds		1,026,651		—		—		1,026,651
Total Assets	$	47,220,454	$	1,397,150	$	2,024,349	$	50,641,953

Valuation inputs at Reporting Date:
Description	Level 1			Level 2		Level 3		Total
Liabilities:
Securities Sold Short
Common Stock	$	(156,537	)	$	—	$	—	$	(156,537	)
Exchange-Traded Fund		(461,192	)		—		—		(461,192	)
Other Financial Instruments
Written Options Equity Contracts		(18,830	)		—		—		(18,830	)
Total Liabilities	$	(636,559	)	$	—	$	—	$	(636,559	)
Total	$	46,583,895		$	1,397,150	$	2,024,349	$	50,005,394

Measurements Using Unobservable Inputs (Level 3)
			Preferred
Assets	Warrants		Stock		Rights		Total
Beginning balance September 30, 2018	$	—	$	—	$	20,809	$	20,809
Purchases & Sales		83,540		1,920,000		—		2,003,540
Net change in unrealized appreciation/depreciation		—		—		—		—
Ending balance March 31, 2019	$	83,540	$	1,920,000	$	20,809	$	2,024,349
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at March 31, 2019	$	—	$	—	$	—	$	—

				Valuation	Unobservable
Security Name	Security Type	Fair Value		Technique	Input
OneSpaworld Holdings Ltd., Exp 3/19/24, Price $11.50	Warrants	$	83,540	Last Quoted Price	Delisted
NRC Group Holdings LLC	Preferred Stock	$	1,920,000	Cost	New Issue
Media General, Inc. Exp 12/31/23, Strike Price $10.00	Rights	$	20,809	Issuer Guidance	New Issue

See accompanying Notes to Financial Statements.

42

Portfolio of Investments

Touchstone Mid Cap Fund – March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 97.6%
Information Technology — 21.3%
Amphenol Corp. - Class A		488,930	$	46,174,549
CDK Global, Inc.		473,020		27,823,036
Citrix Systems, Inc.		370,170		36,891,142
Entegris, Inc.		1,147,985		40,971,585
Paychex, Inc.		604,895		48,512,579
Skyworks Solutions, Inc.		453,745		37,424,888
				237,797,779
Industrials — 19.1%
Armstrong World Industries, Inc.		596,080		47,340,674
Cintas Corp.		198,770		40,173,405
Copart, Inc.*		810,828		49,128,068
Old Dominion Freight Line, Inc.		353,570		51,051,972
Sensata Technologies Holding PLC*		587,835		26,464,332
				214,158,451
Consumer Discretionary — 17.6%
CarMax, Inc.*		523,165		36,516,917
Dollar Tree, Inc.*		462,620		48,593,605
Hasbro, Inc.		336,215		28,584,999
Penske Automotive Group, Inc.		588,044		26,256,165
Tiffany & Co.		349,235		36,861,754
Whirlpool Corp.		150,945		20,059,081
				196,872,521
Materials — 12.7%
AXAlta Coating Systems Ltd.*		987,160		24,886,304
Ball Corp.		600,885		34,767,206
NewMarket Corp.		88,795		38,497,960
Vulcan Materials Co.		372,790		44,138,336
				142,289,806
Financials — 10.5%
Alleghany Corp.*		69,240		42,402,576
M&T Bank Corp.		245,715		38,582,169
T Rowe Price Group, Inc.		364,245		36,468,209
				117,452,954
Consumer Staples — 10.4%
Brown-Forman Corp. - Class B		630,665		33,286,499
Energizer Holdings, Inc.		415,101		18,650,488
Lamb Weston Holdings, Inc.		395,950		29,672,493
Post Holdings, Inc.*		321,360		35,156,784
				116,766,264
Real Estate — 3.6%
STORE Capital Corp. REIT		1,210,500		40,551,750
Health Care — 2.4%
Perrigo Co. PLC (Ireland)		563,290		27,128,046
Total Common Stocks			$	1,093,017,571
Short-Term Investment Fund — 2.0%
Dreyfus Government Cash
Management, Institutional Shares,
2.34%∞Ω		22,050,270	$	22,050,270
Total Investment Securities — 99.6%
(Cost $934,674,032)			$	1,115,067,841
Other Assets in Excess of Liabilities — 0.4%				4,102,338
Net Assets — 100.0%			$	1,119,170,179

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,093,017,571	$	—	$	—	$	1,093,017,571
Short-Term Investment Fund		22,050,270		—		—		22,050,270
Total	$	1,115,067,841	$	—	$	—	$	1,115,067,841

See accompanying Notes to Financial Statements.

43

Portfolio of Investments

Touchstone Mid Cap Value Fund– March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 99.7%
Financials — 14.7%
AGNC Investment Corp.		630,591	$	11,350,638
Allstate Corp. (The)		133,647		12,586,875
Ameriprise Financial, Inc.		98,922		12,671,908
Hartford Financial Services
Group, Inc. (The)		204,264		10,156,006
M&T Bank Corp.		46,543		7,308,182
PacWest Bancorp		238,551		8,971,903
Pinnacle Financial Partners, Inc.		199,887		10,933,819
Reinsurance Group of America, Inc.		85,499		12,139,148
Signature Bank		103,737		13,285,598
Sterling Bancorp.		620,378		11,557,642
				110,961,719
Materials — 11.8%
Allegheny Technologies, Inc.*		285,386		7,297,320
Berry Global Group, Inc.*		252,266		13,589,570
FMC Corp.		161,076		12,373,858
Livent Corp.*		619,173		7,603,445
Olin Corp.		345,643		7,998,179
RPM International, Inc.		196,531		11,406,659
Scotts Miracle-Gro Co. (The)		138,462		10,880,344
Sonoco Products Co.		106,509		6,553,499
Valvoline, Inc.		600,243		11,140,510
				88,843,384
Industrials — 10.7%
Aercap Holdings N.V. (Ireland)*		227,608		10,592,876
Clean Harbors, Inc.*		177,855		12,721,968
Dover Corp.		138,899		13,028,726
Fluor Corp.		145,173		5,342,366
Parker-Hannifin Corp.		42,020		7,211,472
Regal-Beloit Corp.		156,699		12,828,947
Snap-on, Inc.		66,969		10,481,988
Stericycle, Inc.*		159,909		8,702,248
				80,910,591
Information Technology — 10.6%
Conduent, Inc.*		591,927		8,186,350
Fidelity National Information
Services, Inc.		134,960		15,263,976
Leidos Holdings, Inc.		194,050		12,436,665
MACOM Technology Solutions
Holdings, Inc.*		886,942		14,820,801
PTC, Inc.*		120,224		11,082,248
Qorvo, Inc.*		128,686		9,230,647
Synopsys, Inc.*		82,316		9,478,687
				80,499,374
Consumer Discretionary — 10.0%
Aramark		126,060		3,725,073
BorgWarner, Inc.		213,747		8,210,022
Carter's, Inc.		101,694		10,249,738
Dollar General Corp.		71,346		8,511,578
Dollar Tree, Inc.*		133,647		14,038,281
LKQ Corp.*		659,626		18,720,186
Michaels Cos., Inc. (The)*		376,283		4,297,152
Newell Brands, Inc.		529,335		8,119,999
				75,872,029
Consumer Staples — 10.0%
Constellation Brands, Inc. - Class A		61,425		10,769,645
Darling Ingredients, Inc.*		648,537		14,040,826
Hain Celestial Group, Inc. (The)*		353,248		8,167,094
Ingredion, Inc.		78,496		7,432,786
Kroger Co. (The)		367,237		9,034,030
TreeHouse Foods, Inc.*		220,313		14,221,204
Tyson Foods, Inc. - Class A		170,268		11,821,707
				75,487,292
Utilities — 9.8%
DTE Energy Co.		120,516		15,033,166
Edison International		129,999		8,049,538
Evergy, Inc.		328,135		19,048,237
NiSource, Inc.		579,817		16,617,555
Pinnacle West Capital Corp.		160,055		15,298,057
				74,046,553
Real Estate — 8.9%
Alexandria Real Estate Equities, Inc., REIT		105,488		15,038,369
American Campus Communities, Inc., REIT		278,382		13,245,416
Brixmor Property Group, Inc., REIT		530,064		9,737,276
Equinix, Inc., REIT		21,739		9,851,245
Host Hotels & Resorts, Inc., REIT		490,671		9,273,682
Mid-America Apartment Communities, Inc., REIT		94,837		10,368,529
				67,514,517
Health Care — 7.6%
AmerisourceBergen Corp.		64,051		5,093,336
Charles River Laboratories
International, Inc.*		93,524		13,584,361
DENTSPLY SIRONA, Inc.		243,220		12,061,280
Encompass Health Corp.		189,528		11,068,435
Patterson Cos., Inc.		270,941		5,920,061
Quest Diagnostics, Inc.		105,359		9,473,881
				57,201,354
Energy — 5.6%
Anadarko Petroleum Corp.		208,933		9,502,273
Apergy Corp.*		69,450		2,851,617
Cimarex Energy Co.		146,194		10,218,961
Diamondback Energy, Inc.		101,694		10,324,992
EQT Corp.		268,023		5,558,797
Equitrans Midstream Corp.		165,162		3,597,228
				42,053,868
Total Common Stocks			$	753,390,681

44

Touchstone Mid Cap Value Fund(Unaudited) (Continued)

			Market
	Shares		Value
Short-Term Investment Fund — 0.4%
Dreyfus Government Cash
Management, Institutional Shares,2.34%∞Ω		2,990,142	$	2,990,142
Total Investment Securities — 100.1%
(Cost $692,418,418)			$	756,380,823
Liabilities in Excess of Other Assets — (0.1%)				(716,294	)
Net Assets — 100.0%			$	755,664,529

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

REIT - Real Estate Investment Trust

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	753,390,681	$	—	$	—	$	753,390,681
Short-Term Investment Fund		2,990,142		—		—		2,990,142
Total	$	756,380,823	$	—	$	—	$	756,380,823

See accompanying Notes to Financial Statements.

45

Portfolio of Investments

Touchstone Premium Yield Equity Fund – March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 99.5%
Information Technology — 20.7%
Broadcom, Inc.		8,350	$	2,510,928
Cisco Systems, Inc.		45,719		2,468,369
HP, Inc.		62,692		1,218,106
KLA-Tencor Corp.		11,997		1,432,562
Nokia OYJ (Finland), ADR		253,781		1,451,627
Sabre Corp.		78,297		1,674,773
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		44,076		1,805,353
Texas Instruments, Inc.		23,270		2,468,249
				15,029,967
Financials — 20.0%
BB&T Corp.		44,612		2,075,796
Citigroup, Inc.		40,107		2,495,458
Citizens Financial Group, Inc.		53,658		1,743,885
Fidelity National Financial, Inc.		61,972		2,265,077
Huntington Bancshares, Inc.		144,138		1,827,670
Old Republic International Corp.		60,365		1,262,836
Regions Financial Corp.		87,331		1,235,734
Toronto-Dominion Bank (The)
(Canada)†		19,437		1,056,012
Umpqua Holdings Corp.		32,649		538,708
				14,501,176
Consumer Discretionary — 12.3%
Carnival Corp.		22,996		1,166,357
Home Depot, Inc. (The)		6,633		1,272,806
Magna International, Inc. (Canada)		44,775		2,180,095
Target Corp.		36,137		2,900,356
Whirlpool Corp.		10,698		1,421,657
				8,941,271
Energy — 12.1%
Enbridge, Inc. (Canada)		60,083		2,178,610
Occidental Petroleum Corp.		29,156		1,930,127
ONEOK, Inc.		31,072		2,170,068
TOTAL SA (France), ADR		44,161		2,457,560
				8,736,365
Industrials — 7.4%
ABB Ltd. (Switzerland), ADR		55,845		1,053,795
Cummins, Inc.		13,912		2,196,287
Eaton Corp. PLC		26,555		2,139,271
				5,389,353
Utilities — 5.7%
AES Corp.		103,894		1,878,403
CenterPoint Energy, Inc.		72,822		2,235,635
				4,114,038
Real Estate — 5.7%
Crown Castle International Corp., REIT		16,426		2,102,528
Lamar Advertising Co. - Class A, REIT		25,186		1,996,242
				4,098,770
Communication Services — 5.5%
BCE, Inc. (Canada)		28,218	$	1,252,597
Verizon Communications, Inc.		46,540		2,751,910
				4,004,507
Health Care — 3.8%
Pfizer, Inc.		64,061		2,720,671
Materials — 3.3%
LyondellBasell Industries NV - Class A		28,198		2,370,888
Consumer Staples — 3.0%
Coca-Cola European Partners PLC (United Kingdom)		42,571		2,202,624
Total Common Stocks			$	72,109,630
Short-Term Investment Funds — 2.2%
Dreyfus Government Cash
Management, Institutional Shares,
2.34%∞Ω		534,407		534,407
Invesco Government & Agency
Portfolio, Institutional Class,
2.26%**∞Ω		1,065,600		1,065,600
Total Short-Term Investment Funds			$	1,600,007
Total Investment Securities — 101.7%
(Cost $65,958,581)			$	73,709,637
Liabilities in Excess of Other Assets — (1.7%)				(1,230,916	)
Net Assets — 100.0%			$	72,478,721

** Represents collateral for securities loaned.

† All or a portion of the security is on loan. The total market value of the securities on loan as of March 31, 2019 was $1,043,136.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

46

Touchstone Premium Yield Equity Fund (Unaudited) (Continued)

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	72,109,630	$	—	$	—	$	72,109,630
Short-Term Investment Funds		1,600,007		—		—		1,600,007
Total	$	73,709,637	$	—	$	—	$	73,709,637

See accompanying Notes to Financial Statements.

47

Portfolio of Investments

Touchstone Sands Capital Select Growth Fund – March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 96.3%
Information Technology — 34.2%
Adobe, Inc.*		275,554	$	73,432,385
Atlassian Corp. PLC (Australia) - Class A*		191,952		21,573,485
Intuit, Inc.		168,500		44,047,585
Palo Alto Networks, Inc.*		76,855		18,666,542
salesforce.com, Inc.*		565,967		89,632,194
ServiceNow, Inc.*		589,552		145,318,673
Splunk, Inc.*		196,149		24,440,165
Twilio, Inc. - Class A*		216,786		28,004,416
Visa, Inc. - Class A		935,490		146,114,183
Workday, Inc. - Class A*		186,550		35,976,168
				627,205,796
Communication Services — 20.4%
Activision Blizzard, Inc.		597,985		27,226,257
Alphabet, Inc. - Class A*		83,218		97,938,432
Alphabet, Inc. - Class C*		5,515		6,470,805
Facebook, Inc. - Class A*		406,060		67,686,141
Match Group, Inc.		1,012,090		57,294,415
Netflix, Inc.*		332,186		118,444,240
				375,060,290
Consumer Discretionary — 17.5%
Alibaba Group Holding Ltd. (China)
ADR*		741,475		135,282,114
Amazon.com, Inc.*		83,876		149,362,187
Floor & Decor Holdings, Inc. - Class A*		883,801		36,430,277
				321,074,578
Health Care — 17.1%
ABIOMED, Inc.*		69,402		19,820,517
Align Technology, Inc.*		176,363		50,145,292
BioMarin Pharmaceutical, Inc.*		358,208		31,819,617
Edwards Lifesciences Corp.*		401,840		76,884,047
Illumina, Inc.*		215,632		66,994,706
Regeneron Pharmaceuticals, Inc.*		107,689		44,219,257
Sarepta Therapeutics, Inc.*		201,303		23,993,305
				313,876,741
Industrials — 3.8%
CoStar Group, Inc.*		151,531		70,677,089
Consumer Staples — 3.3%
Monster Beverage Corp.*		1,099,296		59,999,576
Total Common Stocks			$	1,767,894,070
Short-Term Investment Fund — 4.0%
Dreyfus Government Cash
Management, Institutional Shares,
2.34%∞Ω		72,529,885	$	72,529,885
Total Investment Securities — 100.3%
(Cost $871,441,197)			$	1,840,423,955
Liabilities in Excess of Other Assets — (0.3%)				(4,942,498	)
Net Assets — 100.0%			$	1,835,481,457

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviation:

ADR - American Depositary Receipt

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,767,894,070	$	—	$	—	$	1,767,894,070
Short-Term Investment Fund		72,529,885		—		—		72,529,885
Total	$	1,840,423,955	$	—	$	—	$	1,840,423,955

See accompanying Notes to Financial Statements.

48

Portfolio of Investments

Touchstone Small Cap Fund – March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 97.6%
Industrials — 29.6%
Armstrong World Industries, Inc.		53,972	$	4,286,456
GATX Corp.		62,217		4,751,512
Kaman Corp.		57,174		3,341,249
Landstar System, Inc.		45,428		4,969,369
Masonite International Corp.*		39,434		1,967,362
Matson, Inc.		54,343		1,961,239
USG Corp.		103,105		4,464,447
				25,741,634
Materials — 16.8%
GCP Applied Technologies, Inc.*		114,789		3,397,755
Ingevity Corp.*		44,734		4,724,358
NewMarket Corp.		11,641		5,047,072
Olin Corp.		28,423		657,708
Tredegar Corp.		48,631		784,904
				14,611,797
Consumer Discretionary — 14.2%
Churchill Downs, Inc.		28,668		2,587,574
LCI Industries		19,432		1,492,766
Penske Automotive Group, Inc.		72,072		3,218,015
Service Corp. International		28,341		1,137,891
Sturm Ruger & Co., Inc.		40,491		2,146,833
Tempur Sealy International, Inc.*		30,891		1,781,484
				12,364,563
Financials — 10.5%
Eaton Vance Corp.		41,285		1,664,198
MBIA, Inc.*		163,647		1,557,920
Union Bankshares Corp.		81,986		2,650,607
White Mountains Insurance Group Ltd.*		3,492		3,231,776
				9,104,501
Real Estate — 9.4%
Alexander & Baldwin, Inc. REIT		141,752		3,606,171
First Industrial Realty Trust, Inc. REIT		110,676		3,913,503
Tejon Ranch Co.*		37,567		661,179
				8,180,853
Information Technology — 5.7%
Versum Materials, Inc.		98,177		4,939,285
Consumer Staples — 4.4%
Energizer Holdings, Inc.		39,601		1,779,273
PriceSmart, Inc.		33,889		1,995,384
				3,774,657
Communication Services — 3.0%
MSG Networks, Inc., Class A*		118,707		2,581,877
Energy — 2.0%
Dril-Quip, Inc.*		38,616		1,770,544
Health Care — 2.0%
Bruker Corp.		44,282		1,702,200
Total Common Stocks			$	84,771,911
Short-Term Investment Fund — 2.9%
Dreyfus Government Cash
Management, Institutional Shares,
2.34%∞Ω		2,540,040	$	2,540,040
Total Investment Securities — 100.5%
(Cost $60,150,747)			$	87,311,951
Liabilities in Excess of Other Assets — (0.5%)				(449,964	)
Net Assets — 100.0%			$	86,861,987

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviation:

REIT - Real Estate Investment Trust

Other Information:

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

Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	84,771,911	$	—	$	—	$	84,771,911
Short-Term Investment Fund		2,540,040		—		—		2,540,040
Total	$	87,311,951	$	—	$	—	$	87,311,951

See accompanying Notes to Financial Statements.

49

Portfolio of Investments

Touchstone Small Cap Value Fund– March 31, 2019 (Unaudited)

			Market
	Shares		Value
Common Stocks — 93.7%
Industrials — 21.3%
Actuant Corp. - Class A		30,728	$	748,841
Altra Industrial Motion Corp.		28,305		878,870
BWX Technologies, Inc.		22,309		1,106,080
CIRCOR International, Inc.*		13,794		449,684
Clean Harbors, Inc.*		18,159		1,298,913
EMCOR Group, Inc.		11,423		834,793
EnPro Industries, Inc.		16,678		1,074,897
Generac Holdings, Inc.*		22,240		1,139,355
Hexcel Corp.		18,380		1,271,161
Huron Consulting Group, Inc.*		25,195		1,189,708
ITT, Inc.		25,965		1,505,970
Kelly Services, Inc. - Class A		28,413		626,791
Korn/Ferry International		27,888		1,248,825
Masonite International Corp.*		11,000		548,790
Matthews International Corp. - Class A		18,715		691,519
Milacron Holdings Corp.*		82,664		935,756
Regal Beloit Corp.		14,876		1,217,898
SPX FLOW, Inc.*		11,832		377,441
Standex International Corp.		15,549		1,141,297
Team, Inc.*		83,633		1,463,578
TriMas Corp.*		43,173		1,305,120
				21,055,287
Financials — 16.2%
Banc of California, Inc.		40,812		564,838
Bank of N.T. Butterfield & Son Ltd. (The)
(Bermuda)		42,192		1,513,849
BankUnited, Inc.		47,138		1,574,409
Blackstone Mortgage Trust, Inc.
- Class A REIT		57,567		1,989,516
Chemical Financial Corp.		16,181		666,010
Eagle Bancorp, Inc.*		18,745		940,999
Federated Investors, Inc. - Class B		13,488		395,333
First Horizon National Corp.		81,356		1,137,357
FNB Corp.		146,710		1,555,126
Hanover Insurance Group, Inc. (The)		4,732		540,252
IBERIABANK Corp.		26,333		1,888,339
Sterling Bancorp.		108,766		2,026,311
Univest Corp. of Pennsylvania		47,256		1,155,882
				15,948,221
Materials — 12.2%
Allegheny Technologies, Inc.*		47,221		1,207,441
Cabot Corp.		7,448		310,060
Ferroglobe Representation & Warranty
Insurance Trust(A)*		173,700		—
HB Fuller Co.		19,402		943,713
Ingevity Corp.*		5,988		632,393
Livent Corp.*		81,606		1,002,122
Olin Corp.		48,333		1,118,426
Owens-Illinois, Inc.		58,174		1,104,143
Sensient Technologies Corp.		23,228		1,574,626
Silgan Holdings, Inc.		27,437		812,958
Sonoco Products Co.		8,335		512,853
Valvoline, Inc.		75,504		1,401,354
WR Grace & Co.		18,511		1,444,598
				12,064,687
Information Technology — 10.1%
Belden, Inc.		13,099		703,416
CACI International, Inc. - Class A*		9,495		1,728,280
Conduent, Inc.*		58,060		802,970
ExlService Holdings, Inc.*		16,527		991,951
MACOM Technology Solutions
Holdings, Inc.*		144,119		2,408,229
ManTech International Corp. - Class A		23,172		1,251,751
Semtech Corp.*		11,171		568,716
Viavi Solutions, Inc.*		122,618		1,518,011
				9,973,324
Consumer Staples — 9.2%
Darling Ingredients, Inc.*		85,776		1,857,050
Hain Celestial Group, Inc. (The)*		46,732		1,080,444
Hostess Brands, Inc.*		98,192		1,227,400
Performance Food Group Co.*		33,891		1,343,439
Sanderson Farms, Inc.		7,064		931,318
Spectrum Brands Holdings, Inc.		13,715		751,308
TreeHouse Foods, Inc.*		29,165		1,882,601
				9,073,560
Consumer Discretionary — 5.7%
Carter's, Inc.		11,263		1,135,198
Del Frisco's Restaurant Group, Inc.*		59,122		378,972
Michaels Cos., Inc. (The)*		42,849		489,336
Murphy USA, Inc.*		22,904		1,961,040
Oxford Industries, Inc.		9,340		702,928
Steven Madden Ltd.		17,906		605,939
Vista Outdoor, Inc.*		48,270		386,643
				5,660,056
Utilities — 4.8%
Black Hills Corp.		12,706		941,133
Hawaiian Electric Industries, Inc.		21,538		878,104
IDACORP, Inc.		10,515		1,046,663
Portland General Electric Co.		35,462		1,838,350
				4,704,250
Communication Services — 4.3%
Cogent Communications Holdings, Inc.		15,096		818,958
Nexstar Media Group, Inc. - Class A		20,866		2,261,248
Tribune Media Co. - Class A		25,023		1,154,561
				4,234,767
Real Estate — 4.2%
Americold Realty Trust REIT		33,316		1,016,471
Columbia Property Trust, Inc. REIT		57,239		1,288,450
Corporate Office Properties Trust REIT		42,661		1,164,645
Lexington Realty Trust REIT		71,125		644,393
				4,113,959

50

Touchstone Small Cap Value Fund (Unaudited) (Continued)

			Market
	Shares		Value
Common Stocks — 93.7% (Continued)
Health Care — 3.2%
Charles River Laboratories
International, Inc.*		8,116	$	1,178,849
Patterson Cos., Inc.		32,759		715,784
Prestige Consumer Healthcare, Inc.*		43,057		1,287,835
				3,182,468
Energy — 2.5%
Callon Petroleum Co.*		126,371		954,101
Carrizo Oil & Gas, Inc.*		56,088		699,417
Select Energy Services, Inc. - Class A*		42,303		508,482
SRC Energy, Inc.*		64,733		331,433
				2,493,433
Total Common Stocks			$	92,504,012
Exchange-Traded Fund — 2.6%
iShares Russell 2000 Value ETF		21,142	$	2,534,926
Short-Term Investment Fund — 2.5%
Dreyfus Government Cash
Management, Institutional Shares,
2.34%∞Ω		2,483,336	$	2,483,336
Total Investment Securities — 98.8%
(Cost $94,234,542)			$	97,522,274
Other Assets in Excess of Liabilities — 1.2%				1,164,030
Net Assets — 100.0%			$	98,686,304

^(A) Level 3 - For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.

* Non-income producing security.

^∞ Open-End Fund.

^Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviation:

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

Other Information:

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

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	92,504,012	$	—	$	—	$	92,504,012
Exchange-Traded Fund		2,534,926		—		—		2,534,926
Short-Term Investment  Fund		2,483,336		—		—		2,483,336
Total	$	97,522,274	$	—	$	—	$	97,522,274

See accompanying Notes to Financial Statements.

51

Portfolio of Investments

Touchstone Ultra Short Duration Fixed Income Fund – March 31, 2019 (Unaudited)

Principal			Market
Amount			Value
		Asset-Backed Securities — 38.8%
$	4,017,362	Accredited Mortgage Loan Trust, Ser
		2005-1, Class M1, (1M LIBOR
		+0.705%), 3.191%, 4/25/35(A)	$	4,020,979
	1,428,292	American Credit Acceptance
		Receivables Trust, Ser 2016-1A,
		Class C, 144a, 5.550%, 6/13/22		1,440,974
	217,686	American Credit Acceptance
		Receivables Trust, Ser 2016-3, Class
		B, 144a, 2.870%, 8/12/22		217,760
	4,800,000	American Credit Acceptance
		Receivables Trust, Ser 2016-4, Class
		D, 144a, 4.110%, 4/12/23		4,836,759
	3,650,000	American Credit Acceptance
		Receivables Trust, Ser 2017-1, Class
		D, 144a, 3.540%, 3/13/23		3,660,017
	5,127,895	American Credit Acceptance
		Receivables Trust, Ser 2017-4, Class
		B, 144a, 2.610%, 5/10/21		5,125,934
	536,842	American Credit Acceptance
		Receivables Trust, Ser 2018-2, Class
		A, 144a, 2.940%, 1/10/22		536,910
	8,275,087	American Credit Acceptance
		Receivables Trust, Ser 2018-4, Class
		A, 144a, 3.380%, 12/13/21		8,296,450
	3,179,000	AmeriCredit Automobile Receivables
		Trust, Ser 2015-2, Class D,
		3.000%, 6/8/21		3,180,591
	5,534,893	Ascentium Equipment Receivables
		Trust, Ser 2016-2A, Class A3, 144a,
		1.650%, 5/10/22		5,521,683
	1,846,739	Ascentium Equipment Receivables
		Trust, Ser 2017-2A, Class A2, 144a,
		2.000%, 5/11/20		1,842,516
	5,000,000	Avery Point VII CLO Ltd. (Cayman
		Islands), Ser 2015-7A, Class A1,
		144a, (3M LIBOR +1.500%),
		4.287%, 1/15/28(A)		5,000,835
	8,590,000	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2014-1A, Class A,
		144a, 2.460%, 7/20/20		8,583,002
	8,960,000	Avis Budget Rental Car Funding
		AESOP LLC, Ser 2014-2A, Class B,
		144a, 3.290%, 2/20/21		8,952,574
	3,211,142	Bear Stearns Asset Backed Securities
		Trust, Ser 2005-SD2, Class 1M1, (1M
		LIBOR +0.650%), 3.136%, 3/25/35(A)		3,199,931
	440,747	BlueVirgo Trust, Ser 2015-1A, 144a,
		3.000%, 12/15/22		440,747
	10,900,000	BSPRT Issuer Ltd. (Cayman Islands), Ser
		2018-FL4, Class A, 144a, (1M LIBOR
		+1.050%), 3.534%, 9/15/35(A)		10,866,040
	5,250,000	Capital Auto Receivables Asset Trust,
		Ser 2015-2, Class E, 4.500%, 1/22/24		5,276,991
	2,040,000	CarFinance Capital Auto Trust, Ser
		2015-1A, Class E, 144a,
		5.490%, 1/18/22		2,057,143
	866,038	Carnow Auto Receivables Trust, Ser
		2017-1A, Class A, 144a,
		2.920%, 9/15/22		863,595
	132,451	Cazenovia Creek Funding I LLC, Ser
		2015-1A, Class A, 144a,
		2.000%, 12/10/23		131,315
	2,144,645	CCG Receivables Trust, Ser 2017-1,
		Class A2, 144a, 1.840%, 11/14/23		2,133,445
	4,945,000	Chrysler Capital Auto Receivables
		Trust, Ser 2015-BA, Class C, 144a,
		3.260%, 4/15/21		4,950,451
	2,540,186	Conn's Receivables Funding, Ser
		2018-A, Class A, 144a,
		3.250%, 1/15/23		2,543,885
	2,422,758	CPS Auto Receivables Trust, Ser
		2014-C, Class C, 144a,
		3.770%, 8/17/20		2,425,892
	3,035,000	CPS Auto Receivables Trust, Ser
		2014-D, Class D, 144a,
		5.330%, 11/16/20		3,078,191
	1,609,888	Dell Equipment Finance Trust, Ser
		2016-1, Class D, 144a,
		3.240%, 7/22/22		1,610,026
	1,297,432	Dell Equipment Finance Trust, Ser
		2017-1, Class A3, 144a,
		2.140%, 4/22/22		1,295,224
	12,726,200	Domino's Pizza Master Issuer LLC, Ser
		2017-1A, Class A2I, 144a, (3M LIBOR
		+1.250%), 4.021%, 7/25/47(A)		12,690,312
	2,915,770	Drive Auto Receivables Trust, Ser
		2015-AA, Class D, 144a,
		4.120%, 7/15/22		2,925,220
	4,103,494	Drive Auto Receivables Trust, Ser
		2015-CA, Class D, 144a,
		4.200%, 9/15/21		4,117,491
	7,550,000	Drive Auto Receivables Trust, Ser
		2016-BA, Class D, 144a,
		4.530%, 8/15/23		7,640,836
	361,272	Drive Auto Receivables Trust, Ser
		2017-3, Class B, 2.300%, 5/17/21		361,178
	6,400,049	Drive Auto Receivables Trust, Ser
		2017-AA, Class C, 144a,
		2.980%, 1/18/22		6,402,259
	12,868,000	Drive Auto Receivables Trust, Ser
		2017-BA, Class E, 144a,
		5.300%, 7/15/24		13,187,802
	7,568,625	DT Auto Owner Trust, Ser 2015-2A,
		Class D, 144a, 4.250%, 2/15/22		7,574,726
	7,502,732	DT Auto Owner Trust, Ser 2015-3A,
		Class D, 144a, 4.530%, 10/17/22		7,546,408
	4,131,306	DT Auto Owner Trust, Ser 2016-1A,
		Class D, 144a, 4.660%, 12/15/22		4,166,856
	9,530,000	DT Auto Owner Trust, Ser 2016-3A,
		Class D, 144a, 4.520%, 6/15/23		9,636,724

52

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

Principal			Market
Amount			Value
		Asset-Backed Securities — 38.8% (Continued)
$	6,960,200	DT Auto Owner Trust, Ser 2016-4A,
		Class D, 144a, 3.770%, 10/17/22	$	7,006,709
	8,225,749	DT Auto Owner Trust, Ser 2017-1A,
		Class C, 144a, 2.700%, 11/15/22		8,215,933
	430,267	Elara HGV Timeshare Issuer LLC, Ser
		2014-A, Class A, 144a,
		2.530%, 2/25/27		425,899
	1,074,474	Exeter Automobile Receivables Trust,
		Ser 2014-3A, Class C, 144a,
		4.170%, 6/15/20		1,075,843
	2,143,581	Exeter Automobile Receivables Trust,
		Ser 2015-3A, Class C, 144a,
		4.830%, 8/16/21		2,156,638
	222,957	Exeter Automobile Receivables Trust,
		Ser 2016-1A, Class B, 144a,
		3.850%, 5/17/21		223,128
	321,600	Exeter Automobile Receivables Trust,
		Ser 2017-3A, Class A, 144a,
		2.050%, 12/15/21		320,627
	1,465,000	Flagship Credit Auto Trust, Ser 2015-1,
		Class C, 144a, 3.760%, 6/15/21		1,470,322
	1,231,863	Flagship Credit Auto Trust, Ser 2016-3,
		Class B, 144a, 2.430%, 6/15/21		1,230,608
	4,300,000	Foursight Capital Automobile
		Receivables Trust, Ser 2018-2, Class
		A2, 144a, 3.320%, 4/15/22		4,311,302
	4,609,670	GLS Auto Receivables Issuer Trust, Ser
		2019-1A, Class A, 144a,
		3.370%, 1/17/23		4,615,224
	1,021,154	GLS Auto Receivables Trust, Ser
		2016-1A, Class B, 144a,
		4.390%, 1/15/21		1,022,464
	2,130,000	GLS Auto Receivables Trust, Ser
		2016-1A, Class C, 144a,
		6.900%, 10/15/21		2,187,448
	2,223,826	GLS Auto Receivables Trust, Ser
		2017-1A, Class A2, 144a,
		2.670%, 4/15/21		2,222,607
	4,786,466	GLS Auto Receivables Trust, Ser
		2018-1A, Class A, 144a,
		2.820%, 7/15/22		4,778,720
	5,180,756	GLS Auto Receivables Trust, Ser
		2018-2A, Class A, 144a,
		3.250%, 4/18/22		5,183,122
	3,123,659	GLS Auto Receivables Trust, Ser
		2018-3A, Class A, 144a,
		3.350%, 8/15/22		3,128,155
	4,950,000	Hertz Vehicle Financing II LP, Ser
		2015-1A, Class B, 144a,
		3.520%, 3/25/21		4,941,362
	2,900,000	Hertz Vehicle Financing II LP, Ser
		2015-3A, Class B, 144a,
		3.710%, 9/25/21		2,905,067
	1,450,000	Hertz Vehicle Financing II LP, Ser
		2016-3A, Class C, 144a,
		4.430%, 7/25/20		1,452,116
	5,035,000	Hertz Vehicle Financing II LP, Ser
		2017-1A, Class B, 144a,
		3.560%, 10/25/21		5,027,225
	3,831,461	Home Equity Asset Trust, Ser 2005-3,
		Class M4, (1M LIBOR +0.640%),
		3.126%, 8/25/35(A)		3,861,573
	8,291,730	Jimmy Johns Funding LLC, Ser
		2017-1A, Class A2I, 144a,
		3.610%, 7/30/47		8,296,042
	643,619	Morgan Stanley ABS Capital I, Inc.
		Trust, Ser 2006-NC1, Class A4, (1M
		LIBOR +0.300%),
		2.786%, 12/25/35(A)		644,163
	839,782	Navitas Equipment Receivables LLC,
		Ser 2016-1, Class A2, 144a,
		2.200%, 6/15/21		838,877
	2,905,162	New Century Home Equity Loan Trust,
		Ser 2005-B, Class A2D, (1M LIBOR
		+0.400%), 2.886%, 10/25/35(A)		2,909,016
	472,253	Orange Lake Timeshare Trust, Ser
		2014-AA, Class A, 144a,
		2.290%, 7/9/29		466,544
	7,150,000	Palmer Square CLO Ltd. (Cayman
		Islands), Ser 2019-1A, Class A1,
		144a, (3M LIBOR +1.050%),
		4/20/27(A)(B)(C)		7,150,000
	4,618,324	Palmer Square Loan Funding Ltd.
		(Cayman Islands), Ser 2018-4A,
		Class A1, 144a, (3M LIBOR +0.900%),
		3.584%, 11/15/26(A)		4,599,759
	1,289,285	RAAC Trust, Ser 2006-RP4, Class A,
		144a, (1M LIBOR +0.290%),
		2.776%, 1/25/46(A)		1,288,331
	45,011	RAAC Trust, Ser 2006-SP4, Class A3,
		(1M LIBOR +0.250%),
		2.736%, 11/25/36(A)		45,002
	2,721,000	RAAC Trust, Ser 2006-SP4, Class M1,
		(1M LIBOR +0.340%),
		2.826%, 11/25/36(A)		2,715,177
	11,787,497	Rockwall CDO II Ltd., Ser 2007-1A,
		Class A3L, 144a, (3M LIBOR
		+1.000%), 3.736%, 8/1/24(A)		11,786,259
	700,000	Santander Drive Auto Receivables
		Trust, Ser 2015-2, Class D,
		3.020%, 4/15/21		700,352
	103,464	Santander Drive Auto Receivables
		Trust, Ser 2015-3, Class C,
		2.740%, 1/15/21		103,461
	3,336,761	Santander Drive Auto Receivables
		Trust, Ser 2015-4, Class C,
		2.970%, 3/15/21		3,337,561
	6,010,000	Securitized Equipment Receivables
		Trust (Cayman Islands), Ser 2017-1A,
		Class A, 2.980%, 4/11/24		5,997,256

53

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

Principal			Market
Amount			Value
		Asset-Backed Securities — 38.8% (Continued)
$	726,639	Sierra Timeshare Receivables Funding
		LLC, Ser 2014-3A, Class A, 144a,
		2.300%, 10/20/31	$	723,611
	652,952	Sierra Timeshare Receivables Funding
		LLC, Ser 2015-1A, Class A, 144a,
		2.400%, 3/22/32		650,138
	5,009,055	Tesla Auto Lease Trust, Ser 2018-B,
		Class A, 144a, 3.710%, 8/20/21		5,066,088
	2,845,525	TLF National Tax Lien Trust, Ser
		2017-1A, Class A, 144a,
		3.090%, 12/15/29		2,824,907
	1,693,302	Towd Point Mortgage Trust, Ser
		2015-4, Class A1B, 144a,
		2.750%, 4/25/55(A)(D)		1,678,230
	6,931,568	Towd Point Mortgage Trust, Ser
		2017-5, Class A1, 144a, (1M LIBOR
		+0.600%), 3.086%, 2/25/57(A)		6,874,379
	13,162,459	Towd Point Mortgage Trust, Ser
		2018-SJ1, Class A1, 144a,
		4.000%, 10/25/58(A)(D)		13,188,394
	9,638,367	Towd Point Mortgage Trust, Ser
		2019-HY1, Class A1, 144a, (1M
		LIBOR +1.000%),
		3.486%, 10/25/48(A)		9,638,357
	6,300,000	Towd Point Mortgage Trust, Ser
		2019-SJ1, Class A1, 144a,
		3.750%, 11/25/58(A)(D)		6,301,562
	1,098,994	United Auto Credit Securitization
		Trust, Ser 2017-1, Class C, 144a,
		2.710%, 1/10/22		1,098,742
	1,325,521	Welk Resorts LLC, Ser 2013-AA, Class
		A, 144a, 3.100%, 3/15/29		1,318,716
	5,426,383	Westlake Automobile Receivables
		Trust, Ser 2016-1A, Class D, 144a,
		4.550%, 9/15/21		5,438,196
	8,785,000	Westlake Automobile Receivables
		Trust, Ser 2016-2A, Class D, 144a,
		4.100%, 6/15/21		8,833,912
	2,956,001	Westlake Automobile Receivables
		Trust, Ser 2016-3A, Class C, 144a,
		2.460%, 1/18/22		2,954,159
	9,115,000	Westlake Automobile Receivables
		Trust, Ser 2016-3A, Class D, 144a,
		3.580%, 1/18/22		9,150,367
		Total Asset-Backed Securities	$	372,719,322
		Corporate Bonds — 32.2%
		Financials — 7.8%
	7,000,000	BB&T Corp. MTN, 2.150%, 2/1/21		6,934,274
	4,000,000	BB&T Corp. MTN, 6.850%, 4/30/19		4,012,904
	2,933,000	Citibank NA, (3M LIBOR +0.350%),
		3.048%, 2/12/21(A)		2,933,996
	5,015,000	Citizens Bank NA/Providence RI, (3M
		LIBOR +0.810%), 3.456%, 5/26/22(A)		5,008,288
	5,000,000	Compass Bank, 2.750%, 9/29/19		4,995,257
	5,000,000	Credit Agricole SA (France), 144a,
		2.750%, 6/10/20		4,997,025
	300,000	Credit Suisse Group Funding
		Guernsey Ltd. (Guernsey), 144a,
		3.125%, 12/10/20		300,763
	8,199,000	Huntington Bancshares, Inc.,
		7.000%, 12/15/20		8,732,035
	1,306,000	Lloyds Bank PLC (United Kingdom)
		MTN, 144a, 5.800%, 1/13/20		1,336,072
	2,340,000	National City Corp., 6.875%, 5/15/19		2,351,723
	2,500,000	Principal Life Global Funding II, 144a,
		1.500%, 4/18/19		2,498,708
	10,000,000	Royal Bank of Canada (Canada) MTN,
		(3M LIBOR +0.300%),
		3.061%, 7/22/20(A)		10,017,490
	4,508,000	SBA Tower Trust, 144a,
		2.898%, 10/15/19		4,502,805
	5,825,000	Sparta Agency, Inc.,
		2.700%, 12/1/23(A)(D)		5,825,000
	5,500,000	Wells Fargo Bank NA, (SOFR +0.480%),
		2.950%, 3/25/20(A)		5,506,443
	4,550,000	Zions Bancorp NA, 3.500%, 8/27/21		4,597,492
				74,550,275
		Industrials — 3.9%
	9,700,000	Eaton Electric Holdings LLC,
		3.875%, 12/15/20		9,861,905
	3,150,000	Holcim US Finance Sarl & Cie SCS
		(Luxembourg), 144a,
		6.000%, 12/30/19		3,211,466
	7,175,000	Keysight Technologies, Inc.,
		3.300%, 10/30/19		7,191,169
	6,875,000	Martin Marietta Materials, Inc., (3M
		LIBOR +0.650%), 3.313%, 5/22/20(A)		6,873,557
	2,000,000	Molex Electronic Technologies LLC,
		144a, 2.878%, 4/15/20		1,996,576
	8,156,000	Vulcan Materials Co., (3M LIBOR
		+0.650%), 3.276%, 3/1/21(A)		8,147,843
				37,282,516
		Consumer Staples — 3.5%
	1,475,000	Conagra Brands, Inc., (3M LIBOR
		+0.750%), 3.511%, 10/22/20(A)		1,473,211
	3,000,000	Constellation Brands, Inc., (3M LIBOR
		+0.700%), 3.384%, 11/15/21(A)		3,001,544
	1,239,000	Constellation Brands, Inc.,
		3.875%, 11/15/19		1,245,517
	4,600,000	Danone SA (France), 144a,
		1.691%, 10/30/19		4,570,110
	3,925,000	General Mills, Inc., (3M LIBOR
		+0.540%), 3.319%, 4/16/21(A)		3,917,656
	6,800,000	Kraft Heinz Foods Co., (3M LIBOR
		+0.570%), 3.267%, 2/10/21(A)		6,782,660
	4,793,000	Mondelez International, Inc.,
		5.375%, 2/10/20		4,891,373
	1,570,000	Reckitt Benckiser Treasury Services
		PLC (United Kingdom), 144a, (3M
		LIBOR +0.560%), 3.162%, 6/24/22(A)		1,556,955

54

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

Principal			Market
Amount			Value
		Corporate Bonds — 32.2% (Continued)
		Consumer Staples — (Continued)
$	3,200,000	Tyson Foods, Inc., (3M LIBOR
		+0.550%), 3.165%, 6/2/20(A)	$	3,197,403
	3,200,000	Woolworths Group Ltd. (Australia),
		144a, 4.000%, 9/22/20		3,236,107
				33,872,536
		Utilities — 3.4%
	3,000,000	Dominion Energy, Inc., 2.579%, 7/1/20		2,983,428
	1,875,000	Duke Energy Florida LLC,
		2.100%, 12/15/19		1,870,924
	1,385,000	Exelon Generation Co. LLC,
		2.950%, 1/15/20		1,383,390
	5,000,000	Georgia Power Co., 2.000%, 3/30/20		4,961,196
	700,000	ITC Holdings Corp., 144a,
		5.500%, 1/15/20		712,659
	1,990,000	NextEra Energy Capital Holdings, Inc.,
		2.400%, 9/15/19		1,987,662
	1,192,000	NextEra Energy Capital Holdings, Inc.,
		(3M LIBOR +0.550%),
		3.179%, 8/28/21(A)		1,189,244
	2,700,000	Public Service Co. of New Hampshire,
		4.050%, 6/1/21		2,746,434
	5,300,000	Sempra Energy, (3M LIBOR +0.250%),
		3.037%, 7/15/19(A)		5,292,369
	8,207,000	Sempra Energy, (3M LIBOR +0.500%),
		3.287%, 1/15/21(A)		8,137,971
	1,875,000	Spire, Inc., 2.550%, 8/15/19		1,869,761
				33,135,038
		Health Care — 3.3%
	2,100,000	Amgen, Inc., 1.900%, 5/10/19		2,098,751
	2,100,000	Amgen, Inc., 2.200%, 5/11/20		2,090,681
	2,720,000	Cigna Corp., 144a, (3M LIBOR
		+0.650%), 3.265%, 9/17/21(A)		2,718,024
	7,700,000	Dignity Health, 2.637%, 11/1/19		7,696,242
	3,198,000	Express Scripts Holding Co.,
		2.250%, 6/15/19		3,193,092
	11,238,000	Shire Acquisitions Investments Ireland
		DAC, 1.900%, 9/23/19		11,189,452
	2,475,000	Zimmer Biomet Holdings, Inc., (3M
		LIBOR +0.750%), 3.375%, 3/19/21(A)		2,466,653
				31,452,895
		Consumer Discretionary — 2.9%
	1,600,000	Ford Motor Credit Co. LLC,
		5.875%, 8/2/21		1,656,691
	6,300,000	General Motors Co., (3M LIBOR
		+0.800%), 3.539%, 8/7/20(A)		6,292,014
	2,700,000	General Motors Financial Co., Inc.,
		3.500%, 7/10/19		2,704,986
	450,000	Hyundai Capital America, 144a,
		1.750%, 9/27/19		447,552
	5,360,000	Hyundai Capital America, 144a,
		3.000%, 10/30/20		5,333,673
	200,000	Hyundai Capital Services, Inc., 144a,
		1.625%, 8/30/19		198,936
	3,808,000	Lear Corp., 5.375%, 3/15/24		3,913,374
	500,000	Volkswagen Group of America
		Finance LLC, 144a,
		2.450%, 11/20/19		497,917
	6,800,000	Volkswagen Group of America
		Finance LLC, 144a,
		3.875%, 11/13/20		6,887,325
				27,932,468
		Communication Services — 2.2%
	2,040,000	Crown Castle Towers LLC, 144a,
		3.222%, 5/15/22		2,044,664
	4,595,000	Discovery Communications LLC,
		2.200%, 9/20/19		4,576,434
	3,000,000	Interpublic Group of Cos., Inc. (The),
		3.500%, 10/1/20		3,025,858
	10,307,000	Orange SA (France), 5.375%, 7/8/19		10,377,978
	1,405,000	Sky Ltd. (United Kingdom), 144a,
		2.625%, 9/16/19		1,402,555
				21,427,489
		Materials — 2.0%
	5,000,000	Eastman Chemical Co.,
		3.500%, 12/1/21		5,075,230
	2,700,000	EI du Pont de Nemours & Co.,
		2.200%, 5/1/20		2,690,328
	6,300,000	Georgia-Pacific LLC, 144a,
		2.539%, 11/15/19		6,289,068
	5,100,000	RPM International, Inc.,
		6.125%, 10/15/19		5,184,399
				19,239,025
		Real Estate — 1.1%
	2,250,000	Equity Commonwealth, REIT,
		5.875%, 9/15/20		2,302,332
	8,300,000	SL Green Operating Partnership LP,
		(3M LIBOR +0.980%),
		3.663%, 8/16/21(A)		8,261,820
				10,564,152
		Energy — 1.1%
	2,366,000	Enbridge, Inc. (Canada), (3M LIBOR
		+0.700%), 3.311%, 6/15/20(A)		2,365,121
	686,000	Florida Gas Transmission Co. LLC,
		144a, 7.900%, 5/15/19		689,929
	265,000	Kinder Morgan, Inc., 3.050%, 12/1/19		265,264
	2,460,000	Phillips 66, (3M LIBOR +0.600%),
		3.246%, 2/26/21(A)		2,460,057
	1,250,000	Phillips 66, 144a, (3M LIBOR +0.750%),
		3.537%, 4/15/20(A)		1,250,429
	1,500,000	Ras Laffan Liquefied Natural Gas Co.
		(Qatar), 6.750%, 9/30/19		1,528,200
	198,540	Ras Laffan Liquefied Natural Gas Co.
		Ltd. II (Qatar), 144a, 5.298%, 9/30/20		200,554
	1,500,000	Spectra Energy Partners LP, (3M LIBOR
		+0.700%), 3.299%, 6/5/20(A)		1,498,263
				10,257,817

55

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

Principal			Market
Amount			Value
		Corporate Bonds — 32.2% (Continued)
		Information Technology — 1.0%
$	600,000	Fidelity National Information Services,
		Inc., 3.625%, 10/15/20	$	606,306
	9,300,000	Hewlett Packard Enterprise Co., 144a,
		2.100%, 10/4/19		9,260,604
				9,866,910
		Total Corporate Bonds	$	309,581,121
		Commercial Mortgage-Backed Securities — 12.4%
	1,945,573	A10 Term Asset Financing LLC, Ser
		2017-1A, Class A1FL, 144a, (1M
		LIBOR +0.850%), 3.334%, 3/15/36(A)		1,945,237
	6,690,947	AREIT Trust, Ser 2018-CRE1, Class A,
		144a, (1M LIBOR +0.850%),
		3.334%, 2/14/35(A)		6,665,835
	2,791,363	BSPRT Issuer Ltd. (Cayman Islands), Ser
		2017-FL2, Class AS, 144a, (1M LIBOR
		+1.100%), 3.584%, 10/15/34(A)		2,786,143
	4,245,000	BX Trust, Ser 2017-IMC, Class A, 144a,
		(1M LIBOR +1.050%),
		3.534%, 10/15/32(A)		4,231,620
	2,000,000	BXP Trust, Ser 2017-CQHP, Class A,
		144a, (1M LIBOR +0.850%),
		3.334%, 11/15/34(A)		1,991,220
	3,329,658	CD Mortgage Trust, Ser 2006-CD3,
		Class AM, 5.648%, 10/15/48		3,439,673
	2,530,000	Citigroup Commercial Mortgage Trust,
		Ser 2015-SHP2, Class A, 144a, (1M
		LIBOR +1.280%), 3.764%, 7/15/27(A)		2,529,945
	68,780,000	Citigroup Commercial Mortgage Trust,
		Ser 2019-SST2, Class XCP, 144a,
		1.726%, 12/15/36(A)(D)(E)		2,179,143
	181,656	COMM Mortgage Trust, Ser
		2013-CR10, Class A2,
		2.972%, 8/10/46		184,083
	43,716,274	COMM Mortgage Trust, Ser
		2014-UBS3, Class XA,
		1.252%, 6/10/47(A)(D)(E)		1,777,290
	513,210	DBUBS Mortgage Trust, Ser
		2011-LC2A, Class A1FL, 144a, (1M
		LIBOR +1.350%), 3.842%, 7/12/44(A)		516,169
	1,928,541	GS Mortgage Securities Corp. II, Ser
		2015-GC30, Class A1,
		1.439%, 5/10/50		1,914,567
	118,906,000	GS Mortgage Securities Corp. II, Ser
		2017-SLP, Class XA, 144a,
		1.172%, 10/10/32(A)(D)(E)		4,409,677
	143,822,000	GS Mortgage Securities Corp. Trust,
		Ser 2017-GPTX, Class XCP, 144a,
		0.786%, 5/10/34(A)(D)(E)		1,282,259
	4,000,000	Hospitality Mortgage Trust, Ser
		2017-HIT, Class A, 144a, (1M LIBOR
		+0.850%), 3.342%, 5/8/30(A)		3,994,961
	8,320,000	Hospitality Mortgage Trust, Ser
		2017-HIT, Class B, 144a, (1M LIBOR
		+1.180%), 3.672%, 5/8/30(A)		8,306,875
	7,737,335	J.P. Morgan Chase Commercial
		Mortgage Securities Trust, Ser
		2017-FL11, Class A, 144a, (1M LIBOR
		+0.850%), 3.334%, 10/15/32(A)		7,674,803
	7,525,000	JP Morgan Chase Commercial
		Mortgage Securities Corp., Ser
		2017-FL10, Class A, 144a, (1M LIBOR
		+0.800%), 3.284%, 6/15/32(A)		7,488,183
	7,400,000	JP Morgan Chase Commercial
		Mortgage Securities Corp., Ser
		2017-FL10, Class B, 144a, (1M LIBOR
		+1.000%), 3.484%, 6/15/32(A)		7,345,411
	1,883,000	Merrill Lynch Mortgage Investors
		Trust, Ser 1998-C1, Class E,
		6.750%, 11/15/26(A)(D)		1,915,987
	526,515	Morgan Stanley Bank of America
		Merrill Lynch Trust, Ser 2015-C20,
		Class A1, 1.405%, 2/15/48		525,308
	7,725,000	Morgan Stanley Capital I Trust, Ser
		2018-BOP, Class A, 144a, (1M LIBOR
		+0.850%), 3.334%, 8/15/33(A)		7,692,838
	6,698,359	RAIT Trust, Ser 2017-FL7, Class A, 144a,
		(1M LIBOR +0.950%),
		3.434%, 6/15/37(A)		6,664,933
	7,275,000	Ready Captial Mortgage Financing,
		Ser 2019-FL3, Class A, 144a, (1M
		LIBOR +1.000%), 3.500%, 3/25/34(A)		7,275,000
	8,125,000	STWD Mortgage Trust, Ser 2018-URB,
		Class B, 144a, (1M LIBOR +1.350%),
		3.834%, 5/15/35(A)		8,090,399
	7,387,178	Tharaldson Hotel Portfolio Trust, Ser
		2018-THL, Class B, 144a, (1M LIBOR
		+1.100%), 3.581%, 11/11/34(A)		7,368,526
	6,280,000	TPG Real Estate Finance Issuer Ltd.
		(Cayman Islands), Ser 2018-FL1,
		Class AS, 144a, (1M LIBOR +0.950%),
		3.434%, 2/15/35(A)		6,256,447
	12,760,327	UBS-Citigroup Commercial Mortgage
		Trust, Ser 2011-C1, Class XA, 144a,
		2.179%, 1/10/45(A)(D)(E)		548,438
	1,795,662	WFRBS Commercial Mortgage Trust,
		Ser 2014-C24, Class A2,
		2.863%, 11/15/47		1,794,026
		Total Commercial
		Mortgage-Backed Securities	$	118,794,996
		Municipal Bonds — 2.5%
		California — 0.4%
	1,865,000	CA St Enterprise Dev Authority, Txbl
		Variable J Harris Indl Wt, (LOC: City
		National Bank), 144a, 2.810%,
		9/1/41(A)(D)		1,865,000

56

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

Principal			Market
Amount			Value
		Municipal Bonds — 2.5% (Continued)
		California — 0.4% (Continued)
$	1,885,000	CA St Infrastructure & Economic Dev
		Bank, Variable Canyon Plastics Inc
		Project, (LOC: Bank of The West),
		1.640%, 12/1/39(A)(D)	$	1,885,000
				3,750,000
		Florida — 0.5%
	5,000,000	State Brd of Admin Fin Corp., Txbl Ser
		A, 2.163%, 7/1/19		4,994,700
		Illinois — 0.5%
	4,200,000	Regional Transportation Authority,
		Txbl Ser A, 3.013%, 5/29/20		4,214,238
		Other Territory — 0.7%
	2,000,000	Rib Floater Trust, Txbl Muni Floaters
		Trust Ser 201, (LOC: Barclays Bank
		PLC), 144a, 2.830%, 7/1/22(A)(D)		2,000,000
	5,000,000	Taxable Municipal Funding Trust, Txbl
		Mun Fltg Rt Nts Ser 2018, (LOC:
		Barclays Bank PLC), 144a, 2.830%,
		7/31/28(A)(D)		5,000,000
				7,000,000
		Wisconsin — 0.4%
	4,000,000	Public Finance Authority, Txbl Affinity
		Living Group 5 A, (LOC: Citizens
		Bank of MA), 3.750%, 2/1/22		4,008,000
		Total Municipal Bonds	$	23,966,938
		Agency Collateralized Mortgage
		Obligations — 2.4%
	114,952,254	FHLMC Multifamily Structured Pass
		Through Certificates, Ser K504 Class
		X1, 0.164%, 9/25/20(A)(D)(E)		107,434
	126,222,335	FHLMC Multifamily Structured Pass
		Through Certificates, Ser KAIV Class
		X1, 1.264%, 6/25/21(A)(D)(E)		2,593,086
	13,578	FHLMC REMIC, Ser 2510 Class TA,
		4.000%, 6/15/32		13,552
	290,776	FHLMC REMIC, Ser 2770 Class FH, (1M
		LIBOR +0.400%), 2.884%, 3/15/34(A)		291,401
	335	FHLMC REMIC, Ser 3414 Class MB,
		4.250%, 12/15/19		335
	762,475	FHLMC REMIC, Ser 3874 Class BD,
		3.000%, 6/15/21		761,451
	2,637,384	FHLMC REMIC, Ser 4238 Class TL,
		1.250%, 8/15/27		2,468,527
	156,639	FNMA REMIC, Ser 2003-119, Class PU,
		4.000%, 11/25/33		159,388
	58,912	FNMA REMIC, Ser 2003-33, Class AM,
		4.250%, 5/25/33		61,157
	48,845	FNMA REMIC, Ser 2003-42, Class CA,
		4.000%, 5/25/33		50,599
	235,773	FNMA REMIC, Ser 2003-81, Class FE,
		(1M LIBOR +0.500%),
		2.986%, 9/25/33(A)		237,314
	510,072	FNMA REMIC, Ser 2009-32, Class BH,
		5.250%, 5/25/39		532,692
	6,477	FNMA REMIC, Ser 2010-13, Class WD,
		4.250%, 3/25/25		6,485
	2,484,555	FNMA REMIC, Ser 2010-64, Class AD,
		3.000%, 12/25/20		2,473,863
	1,064,704	FNMA REMIC, Ser 2011-15, Class HC,
		2.500%, 3/25/26		1,057,296
	420,761	FNMA REMIC, Ser 2011-67, Class DA,
		4.500%, 7/25/21		420,726
	204,292	FNMA REMIC, Ser 2012 102 Class NA,
		1.500%, 9/25/27		197,849
	1,709,064	FNMA REMIC, Ser 2012-47, Class AI,
		3.000%, 5/25/22(E)		58,030
	142,031	FNMA REMIC Trust, Ser 2001-W4, Class
		AF5, 6.114%, 2/25/32(A)(D)		162,396
	1,300,000	FREMF Mortgage Trust, Ser 2010-K7,
		Class B, 144a, 5.502%, 4/25/20(A)(D)		1,328,235
	97,611	GNMA, Ser 2002-72, Class AB,
		4.500%, 10/20/32		99,792
	68,820	GNMA, Ser 2011-57, Class BA,
		3.000%, 5/20/40		69,790
	166,915	GNMA, Ser 2012-27, Class A,
		1.614%, 7/16/39		162,875
	5,661,122	GNMA, Ser 2016-40, Class F, (1M LIBOR
		+0.400%), 2.882%, 7/16/57(A)		5,514,714
	4,623,890	GNMA, Ser 2016-95, Class F, (1M LIBOR
		+0.450%), 2.932%, 1/16/58(A)		4,520,006
		Total Agency Collateralized
		Mortgage Obligations	$	23,348,993
		Non-Agency Collateralized Mortgage
		Obligations — 2.1%
	1,904,768	Bear Stearns ARM Trust, Ser 2003-1,
		Class 5A1, 4.403%, 4/25/33(A)(D)††		1,927,343
	244,618	Bear Stearns ARM Trust, Ser 2004-1,
		Class 13A3, 4.659%, 4/25/34(A)(D)††		244,298
	183,410	Bear Stearns Asset Backed Securities
		Trust, Ser 2003-AC7, Class A2,
		5.750%, 1/25/34(A)(D)††		184,720
	45,976	Community Program Loan Trust, Ser
		1987-A, Class A5, 4.500%, 4/1/29		45,653
	1,555	CSMC Trust, Ser 2012-CIM1, Class A1,
		144a, 3.380%, 2/25/42(A)(D)		1,553
	1,155,235	CSMC Trust, Ser 2014-WIN1, Class 2A5,
		144a, 3.000%, 9/25/44(A)(D)		1,157,838
	3,342,383	CSMC Trust, Ser 2014-WIN2, Class A5,
		144a, 3.000%, 10/25/44(A)(D)		3,327,126

57

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

Principal			Market
Amount			Value
		Non-Agency Collateralized Mortgage
		Obligations — 2.1% (Continued)
$	38,026	FDIC Sale Guaranteed Notes Trust, Ser
		2010-S3, Class A, 144a,
		2.740%, 12/3/20	$	37,645
	3,061,351	GSR Mortgage Loan Trust, Ser
		2003-13, Class 1A1,
		4.297%, 10/25/33(A)(D)		3,154,361
	127,339	JP Morgan Mortgage Trust, Ser
		2006-A4, Class 2A2,
		4.160%, 6/25/36(A)(D)		116,424
	19,997	Merrill Lynch Mortgage Investors
		Trust, Ser 2003-A1, Class 2A, (12M
		LIBOR +1.625%),
		4.492%, 12/25/32(A)		20,072
	118,908	Merrill Lynch Mortgage Investors
		Trust, Ser 2004-1, Class 1A,
		4.373%, 12/25/34(A)(D)		118,532
	3,246,000	Morgan Stanley Mortgage Loan Trust,
		Ser 2005-6AR, Class 1M1, (1M LIBOR
		+0.460%), 2.946%, 11/25/35(A)		3,226,634
	5,998,039	Opteum Mortgage Acceptance Corp.
		Asset Backed Pass-Through
		Certificates, Ser 2005-3, Class A1C,
		(1M LIBOR +0.370%),
		2.856%, 7/25/35(A)		6,002,204
	583,988	RFMSI Trust, Ser 2007-SA1, Class 1A1,
		3.578%, 2/25/37(A)(D)		504,304
	130,040	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-G, Class
		A1, 4.465%, 6/25/33(A)(D)		131,730
	326,133	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-M, Class
		A1, 4.903%, 12/25/33(A)(D)		334,543
		Total Non-Agency Collateralized
		Mortgage Obligations	$	20,534,980
		U.S. Government Mortgage-Backed
		Obligations — 1.8%
	45,118	FHLMC, Pool #1B1580, (12M LIBOR
		+1.961%), 4.961%, 3/1/34(A)		47,475
	104,158	FHLMC, Pool #1B2629, (12M LIBOR
		+1.750%), 4.625%, 11/1/34(A)		108,983
	215,006	FHLMC, Pool #1B7189, (12M LIBOR
		+2.470%), 5.401%, 3/1/36(A)		229,351
	64,837	FHLMC, Pool #1G1471, (12M LIBOR
		+1.668%), 4.608%, 1/1/37(A)		67,851
	400,078	FHLMC, Pool #1H1354, (1 Year CMT
		Rate +2.250%), 4.622%, 11/1/36(A)		420,767
	42,218	FHLMC, Pool #1H2524, (1 Year CMT
		Rate +2.250%), 4.644%, 8/1/35(A)		44,392
	152,171	FHLMC, Pool #1J1813, (12M LIBOR
		+1.925%), 4.675%, 8/1/37(A)		160,574
	141,432	FHLMC, Pool #1K1238, (1 Year CMT
		Rate +2.250%), 4.323%, 7/1/36(A)		148,898
	88,595	FHLMC, Pool #1L0087, (1 Year CMT
		Rate +2.250%), 4.347%, 6/1/35(A)		93,187
	230,177	FHLMC, Pool #1L0147, (1 Year CMT
		Rate +2.290%), 4.540%, 7/1/35(A)		242,403
	156,310	FHLMC, Pool #1L1288, (1 Year CMT
		Rate +2.250%), 4.573%, 5/1/36(A)		164,602
	125,164	FHLMC, Pool #1Q0080, (12M LIBOR
		+1.671%), 4.359%, 1/1/36(A)		130,623
	307,777	FHLMC, Pool #1Q0119, (12M LIBOR
		+1.845%), 4.603%, 9/1/36(A)		323,664
	300,571	FHLMC, Pool #1Q0187, (12M LIBOR
		+1.781%), 4.586%, 12/1/36(A)		315,432
	183,078	FHLMC, Pool #1Q0339, (12M LIBOR
		+1.910%), 4.783%, 4/1/37(A)		189,628
	77,649	FHLMC, Pool #1Q0669, (12M LIBOR
		+1.725%), 4.569%, 11/1/37(A)		81,368
	336,668	FHLMC, Pool #1Q1303, (1 Year CMT
		Rate +2.250%), 4.532%, 11/1/36(A)		354,460
	369,463	FHLMC, Pool #781515, (1 Year CMT
		Rate +2.250%), 4.575%, 4/1/34(A)		389,613
	179,916	FHLMC, Pool #782760, (1 Year CMT
		Rate +2.250%), 4.565%, 11/1/36(A)		189,263
	168,705	FHLMC, Pool #847795, (1 Year CMT
		Rate +2.275%), 4.674%, 4/1/35(A)		178,475
	92,008	FHLMC, Pool #848088, (1 Year CMT
		Rate +2.244%), 4.717%, 4/1/35(A)		96,799
	382,568	FHLMC, Pool #848539, (1 Year CMT
		Rate +2.267%), 4.663%, 4/1/37(A)		401,852
	753,601	FHLMC, Pool #848583, (1 Year CMT
		Rate +2.313%), 4.721%, 1/1/36(A)		792,993
	11,614	FHLMC, Pool #A92646, 5.500%, 6/1/40		12,891
	13,106	FHLMC, Pool #C03505, 5.500%, 6/1/40		14,243
	42,939	FHLMC, Pool #C66916, 7.000%, 5/1/32		44,723
	890	FHLMC, Pool #D94598, 6.500%, 4/1/21		893
	1,370	FHLMC, Pool #G00100, 8.000%, 2/1/23		1,452
	37,959	FHLMC, Pool #G01840, 5.000%, 7/1/35		40,915
	125,673	FHLMC, Pool #G11769,
		5.000%, 10/1/20		128,029
	82,193	FHLMC, Pool #G11773,
		5.000%, 10/1/20		83,646
	5,160	FHLMC, Pool #J05907, 6.000%, 8/1/19		5,160
	21,540	FHLMC, Pool #J10895,
		4.000%, 10/1/19		22,230
	37,045	FNMA, Pool #175123, 7.450%, 8/1/22		37,248
	3,454	FNMA, Pool #207530, 8.250%, 4/1/22		3,457
	119,425	FNMA, Pool #254868, 5.000%, 9/1/33		128,496
	56,884	FNMA, Pool #256272, 5.500%, 6/1/26		60,716
	90,862	FNMA, Pool #256852, 6.000%, 8/1/27		97,859
	22,111	FNMA, Pool #323832, 7.500%, 7/1/29		25,072
	1,676	FNMA, Pool #334593, 7.000%, 5/1/24		1,772
	55,376	FNMA, Pool #555380, (12M LIBOR
		+1.579%), 4.636%, 4/1/33(A)		58,215
	28,893	FNMA, Pool #665773, 7.500%, 6/1/31		28,871
	99,885	FNMA, Pool #679742, (1 Year CMT Rate
		+2.581%), 4.227%, 1/1/40(A)		102,202

58

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

Principal			Market
Amount			Value
		U.S. Government Mortgage-Backed
		Obligations — 1.8% (Continued)
$	36,798	FNMA, Pool #681842, (1 Year CMT Rate
		+2.125%), 4.875%, 2/1/33(A)	$	38,260
	52,812	FNMA, Pool #681898, (1 Year CMT Rate
		+2.125%), 4.611%, 4/1/33(A)		55,095
	102,977	FNMA, Pool #725245, (1 Year CMT Rate
		+2.240%), 4.755%, 2/1/34(A)		107,596
	136,941	FNMA, Pool #725424, 5.500%, 4/1/34		150,677
	695,791	FNMA, Pool #725490, (12M LIBOR
		+1.633%), 4.092%, 4/1/34(A)		724,689
	1,905	FNMA, Pool #735439, 6.000%, 9/1/19		1,905
	23,741	FNMA, Pool #735484, 5.000%, 5/1/35		25,539
	98,122	FNMA, Pool #735539, (1 Year CMT Rate
		+2.201%), 4.769%, 4/1/35(A)		103,195
	34,223	FNMA, Pool #743207, (12M LIBOR
		+1.504%), 4.330%, 10/1/33(A)		35,330
	44,770	FNMA, Pool #745467, (12M LIBOR
		+1.948%), 4.815%, 4/1/36(A)		47,088
	23,308	FNMA, Pool #745790, (1 Year CMT Rate
		+2.142%), 4.456%, 8/1/36(A)		24,314
	6,481	FNMA, Pool #761411, 4.500%, 5/1/19		6,591
	60,852	FNMA, Pool #784365, (6M LIBOR
		+1.550%), 4.109%, 5/1/34(A)		62,833
	105,062	FNMA, Pool #791978, (6M LIBOR
		+1.518%), 4.311%, 9/1/34(A)		107,909
	15,034	FNMA, Pool #804001, (1 Year CMT Rate
		+2.185%), 4.560%, 10/1/34(A)		15,723
	31,048	FNMA, Pool #809897, (12M LIBOR
		+1.702%), 4.702%, 3/1/35(A)		32,575
	131,176	FNMA, Pool #813170, (12M LIBOR
		+1.575%), 4.654%, 1/1/35(A)		136,855
	563,510	FNMA, Pool #815323, (6M LIBOR
		+1.533%), 4.293%, 1/1/35(A)		581,610
	146,299	FNMA, Pool #820364, (12M LIBOR
		+0.900%), 3.275%, 4/1/35(A)		150,261
	251,389	FNMA, Pool #827787, (6M LIBOR
		+1.550%), 4.113%, 5/1/35(A)		259,616
	32,854	FNMA, Pool #828480, (12M LIBOR
		+1.730%), 4.468%, 6/1/35(A)		34,420
	95,564	FNMA, Pool #839239, (12M LIBOR
		+1.760%), 4.510%, 9/1/35(A)		101,166
	66,891	FNMA, Pool #888179, (12M LIBOR
		+1.812%), 4.842%, 2/1/37(A)		70,477
	40,003	FNMA, Pool #888548, (1 Year CMT Rate
		+2.250%), 4.605%, 5/1/35(A)		42,111
	71,091	FNMA, Pool #889060, 6.000%, 1/1/38		78,389
	72,865	FNMA, Pool #889061, 6.000%, 1/1/38		82,297
	4,888	FNMA, Pool #889382, 5.500%, 4/1/38		5,422
	257,486	FNMA, Pool #922674, (12M LIBOR
		+1.905%), 4.860%, 4/1/36(A)		271,396
	98,593	FNMA, Pool #950385, (6M LIBOR
		+0.927%), 3.790%, 8/1/37(A)		99,770
	38,640	FNMA, Pool #960376, 5.500%, 12/1/37		41,713
	121,239	FNMA, Pool #985670, 6.500%, 10/1/21		123,453
	152,587	FNMA, Pool #AA1150, 4.000%, 4/1/23		157,176
	8,306	FNMA, Pool #AD0941, 5.500%, 4/1/40		9,244
	61,433	FNMA, Pool #AE0363, 5.000%, 7/1/37		66,085
	21,946	FNMA, Pool #AE0727, 4.000%, 10/1/20		22,606
	73,653	FNMA, Pool #AE5441, 5.000%, 10/1/40		79,445
	130,414	FNMA, Pool #AI6588, 4.000%, 7/1/26		134,346
	144,403	FNMA, Pool #AI8506, 4.000%, 8/1/26		148,753
	129,779	FNMA, Pool #AL0211, 5.000%, 4/1/41		139,985
	16,692	FNMA, Pool #AL0302, 5.000%, 4/1/24		17,154
	726,521	FNMA, Pool #AL0478, (12M LIBOR
		+1.790%), 4.557%, 4/1/36(A)		762,235
	232,385	FNMA, Pool #AL0543, 5.000%, 7/1/41		250,487
	127,042	FNMA, Pool #AL1105, 4.500%, 12/1/40		134,349
	26,498	FNMA, Pool #AL2591, 5.500%, 5/1/38		27,576
	404,638	FNMA, Pool #AL5275, (6M LIBOR
		+1.513%), 4.187%, 9/1/37(A)		417,819
	1,972,530	FNMA, Pool #AL7396, (6M LIBOR
		+1.535%), 4.171%, 2/1/37(A)		2,036,567
	6,047	GNMA, Pool #344233, 8.000%, 2/15/23		6,329
	28,217	GNMA, Pool #345123,
		8.000%, 12/15/23		29,648
	3,234	GNMA, Pool #569337, 6.500%, 4/15/22		3,323
	5,335	GNMA, Pool #780322,
		8.000%, 11/15/22		5,554
	395,336	GNMA, Pool #80826, (1 Year CMT Rate
		+1.500%), 3.375%, 2/20/34(A)		410,692
	164,902	GNMA, Pool #80889, (1 Year CMT Rate
		+1.500%), 3.625%, 4/20/34(A)		171,139
	300,811	GNMA, Pool #81016, (1 Year CMT Rate
		+1.500%), 3.750%, 8/20/34(A)		312,951
	567,556	GNMA, Pool #82760, (1 Year CMT Rate
		+1.500%), 3.375%, 3/20/41(A)		590,058
	283,190	GNMA, Pool #MA2392, (1 Year CMT
		Rate +1.500%), 4.000%, 11/20/44(A)		293,950
	1,227,305	GNMA, Pool #MA2466, (1 Year CMT
		Rate +1.500%), 4.000%, 12/20/44(A)		1,273,626
		Total U.S. Government
		Mortgage-Backed Obligations	$	17,190,115
		U.S. Government Agency Obligations — 0.8%
	5,000,000	Overseas Private Investment Corp.,
		(3M Treasury Bill + 0.000%),
		2.420%, 7/20/22(A)		5,000,000
	2,100,000	Overseas Private Investment Corp.,
		(3M Treasury Bill + 0.000%),
		2.430%, 10/15/39(A)		2,100,000
	11,190	Small Business Administration
		Participation Certificates, Ser
		2002-20A, Class 1, 6.140%, 1/1/22		11,484
	18,337	Small Business Administration
		Participation Certificates, Ser
		2003-20E, Class 1, 4.640%, 5/1/23		18,811
	90,456	Small Business Administration Pools,
		(Prime Rate -2.500%),
		3.000%, 4/25/28(A)		90,006

59

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

Principal			Market
Amount			Value
		U.S. Government Agency Obligations — 0.8%
		(Continued)
$	126,898	Small Business Administration Pools,
		(Prime Rate -2.600%),
		2.900%, 1/25/26(A)	$	125,965
		Total U.S. Government Agency
		Obligations	$	7,346,266
		Commercial Paper — 9.6%
	15,000,000	Cabot Corp., 2.643%, 04/09/2019(F)		14,987,855
	10,000,000	Catholic Health Initiatives, Ser A,
		2.907%, 04/12/2019(F)		9,990,519
	15,300,000	CVS Health Corp., 2.700%,
		04/01/2019(F)		15,296,711
	10,650,000	Dollar General Corp., 2.650%,
		04/01/2019(F)		10,647,657
	10,600,000	Dover Corp., 2.651%, 04/02/2019(F)		10,596,887
	15,000,000	ERP Operating LP, 2.601%,
		04/01/2019(F)		14,996,700
	15,300,000	Louisville Gas and Electric Co., 2.642%,
		04/03/2019(F)		15,294,379
	250,000	Marriott International, Ser A, 2.773%,
		05/28/2019(F)		248,833
		Total Commercial Paper	$	92,059,541

Shares
		Short-Term Investment Fund — 0.0%
	65,605	Dreyfus Government Cash
		Management, Institutional Shares,
		2.34%∞Ω	$	65,605
		Total Investment Securities — 102.6%
		(Cost $985,951,557)	$	985,607,877
		Liabilities in Excess of
		Other Assets — (2.6%)		(25,344,945	)
		Net Assets — 100.0%	$	960,262,932

^(A) Variable rate security - Rate reflected is the rate in effect as of March 31, 2019.

^(B) Level 3-For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.

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

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

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

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

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

∞ Open-End Fund.

Ω Represents the 7-day SEC yield as of March 31, 2019.

Portfolio Abbreviations:

ARM - Adjustable Rate Mortgage

CDO - Collateralized Debt Obligations

CLO - Collateralized Loan Obligations

CMT - Constant Maturity Treasury

FDIC - Federal Deposit Insurance Corporation

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

FREMF - Finnish Real Estate Management Federation

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LOC - Letter of Credit

LP - Limited Partnership

MTN - Medium Term Note

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities were valued at $524,468,026 or 54.6% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

60

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

Other Information:

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

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	365,569,322	$	7,150,000	$	372,719,322
Corporate Bonds		—		309,581,121		—		309,581,121
Commercial Mortgage-Backed Securities		—		118,794,996		—		118,794,996
Municipal Bonds		—		23,966,938		—		23,966,938
Agency Collateralized Mortgage Obligations		—		23,348,993		—		23,348,993
Non-Agency Collateralized Mortgage Obligations		—		20,534,980		—		20,534,980
U.S. Government Mortgage-Backed Obligations		—		17,190,115		—		17,190,115
U.S. Government Agency Obligations		—		7,346,266		—		7,346,266
Commercial Paper		—		92,059,541		—		92,059,541
Short-Term Investment Fund		65,605		—		—		65,605
Total	$	65,605	$	978,392,272	$	7,150,000	$	985,607,877

Measurements Using Unobservable Inputs (Level 3)

	Asset-Backed
Assets	Securities		Total
Beginning balance September 30, 2018	$	—	$	—
Purchases & Sales		7,150,000		7,150,000
Net change in unrealized appreciation/depreciation		—		—
Ending balance March 31, 2019	$	7,150,000	$	7,150,000
Net Change in Unrealized Appreciation/Depreciation for Investments in Securities still held at March 31, 2019	$	—	$	—

			Valuation	Unobservable
Security Name	Fair Value		Technique	Input
Palmer Square CLO Ltd.	$	7,150,000	Cost	New Issue

See accompanying Notes to Financial Statements.

61

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

				Touchstone
				Anti-		Touchstone
				Benchmark®		Anti-
	Touchstone			International		Benchmark® US		Touchstone
	Active Bond			Core Equity		Core Equity		Arbitrage
	Fund			Fund		Fund		Fund
Assets
Investments, at cost	$	342,420,867		$	45,723,708	$	24,635,290	$	56,254,367
Investments, at market value(A)	$	345,243,199		$	46,196,613	$	25,378,993	$	56,996,062
Cash		22,013			—		—		83
Foreign currency(B)		—			70,113		—		—
Cash deposits held at prime broker(C)		109,028			—		—		625,805
Dividends and interest receivable		2,484,178			101,832		49,353		25,526
Receivable for capital shares sold		236,685			—		—		3,195
Receivable for investments sold		7,982,448			—		—		782,673
Receivable for securities sold short		—			—		—		188,484
Receivable for securities lending income		35			—		—		3,568
Tax reclaim receivable		—			10,772		—		—
Other assets		45,220			3,918		470		38,738
Total Assets		356,122,806			46,383,248		25,428,816		58,664,134
Liabilities
Written options, at market value(D)		—			—		—		20,982
Securities sold short(E)		—			—		—		793,260
Payable for return of collateral for securities on loan		—			—		—		1,621,820
Payable for capital shares redeemed		501,601			1,998		—		541,776
Payable for variation margin on futures contracts		56,611			—		—		—
Payable for investments purchased		13,843,873			10,524,346		—		372,860
Payable to Investment Advisor		110,254			486		1,407		49,395
Payable to other affiliates		64,821			39		39		7,725
Payable to Trustees		3,396			2,371		2,371		3,396
Payable for professional services		21,518			7,089		4,461		16,445
Payable to Transfer Agent		89,928			362		361		39,447
Payable for reports to shareholders		15,215			3,888		3,874		14,193
Other accrued expenses and liabilities		19,603			1,756		1,123		6,495
Total Liabilities		14,726,820			10,542,335		13,636		3,487,794
Net Assets	$	341,395,986		$	35,840,913	$	25,415,180	$	55,176,340
Net assets consist of:
Par value	$	334,467		$	35,574	$	25,167	$	56,573
Paid-in capital		435,448,351			35,588,950		25,125,737		67,475,381
Distributable earnings (deficit)		(94,386,832	)		216,389		264,276		(12,355,614	)
Net Assets	$	341,395,986		$	35,840,913	$	25,415,180	$	55,176,340
(A) Includes market value of securities on loan of:	$	—		$	—	$	—	$	1,600,536
(B) Cost of foreign currency:	$	—		$	70,368	$	—	$	—
(C) Represents segregated cash for futures contracts, securities sold short and written options.
(D) Premiums received from written options:	$	—		$	—	$	—	$	37,861
(E) Proceeds received for securities sold short:	$	—		$	—	$	—	$	816,317

See accompanying Notes to Financial Statements.

62

Statements of Assets and Liabilities (Unaudited) (Continued)

						Touchstone			Touchstone		Touchstone		Touchstone
Touchstone			Touchstone			Merger			Mid		Mid Cap		Premium
High Yield			Impact Bond			Arbitrage			Cap		Value		Yield Equity
Fund			Fund			Fund			Fund		Fund		Fund
$	191,548,932		$	261,615,756		$	49,808,230		$	934,674,032	$	692,418,418	$	65,958,581
$	190,755,197		$	261,665,100		$	50,641,953		$	1,115,067,841	$	756,380,823	$	73,709,637
	—			—			153			8		—		—
	—			—			—			—		—		—
	—			—			464,566			—		—		—
	3,058,472			1,942,547			23,115			954,400		897,492		119,842
	122,283			425,049			50,560			5,819,647		1,420,385		20,688
	1,055,114			—			733,860			—		8,383,691		—
	—			—			155,145			—		—		—
	7,484			—			6,738			—		147		164
	—			—			—			—		—		31,895
	27,863			39,870			28,265			77,822		52,467		27,189
	195,026,413			264,072,566			52,104,355			1,121,919,718		767,135,005		73,909,415
	—			—			18,830			—		—		—
	—			—			617,729			—		—		—
	2,606,310			—			432,999			—		—		1,065,600
	189,127			310,373			436,805			1,642,758		1,335,875		264,588
	—			—			—			—		—		—
	1,364,116			—			306,912			—		9,437,666		—
	78,540			66,982			48,239			690,043		461,083		38,686
	22,560			22,898			5,133			184,997		50,384		19,553
	3,396			3,396			3,396			3,396		3,396		3,396
	15,582			16,345			16,126			23,359		20,314		10,715
	31,056			29,278			25,033			156,506		110,646		17,017
	8,477			7,759			10,219			47,061		46,426		9,755
	20,433			15,956			2,977			1,419		4,686		1,384
	4,339,597			472,987			1,924,398			2,749,539		11,470,476		1,430,694
$	190,686,816		$	263,599,579		$	50,179,957		$	1,119,170,179	$	755,664,529	$	72,478,721
$	227,662		$	262,678		$	47,953		$	321,504	$	436,639	$	86,929
	207,282,783			269,679,591			56,979,906			911,856,146		715,525,308		63,891,282
	(16,823,629	)		(6,342,690	)		(6,847,902	)		206,992,529		39,702,582		8,500,510
$	190,686,816		$	263,599,579		$	50,179,957		$	1,119,170,179	$	755,664,529	$	72,478,721
$	2,528,926		$	—		$	412,742		$	—	$	—	$	1,043,136
$	—		$	—		$	—		$	—	$	—	$	—
$	—		$	—		$	33,978		$	—	$	—	$	—
$	—		$	—		$	635,260		$	—	$	—	$	—

63

Statements of Assets and Liabilities(Unaudited) (Continued)

				Touchstone		Touchstone
				Anti-Benchmark® Anti-Benchmark®
	Touchstone			International		US		Touchstone
	Active Bond			Core Equity		Core Equity		Arbitrage
	Fund			Fund		Fund		Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	126,805,315		$	—	$	—	$	3,513,934
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		12,360,766			—		—		363,625
Net asset value price per share*	$	10.26		$	—	$	—	$	9.66
Maximum sales charge - Class A shares		2.00	%		—		—		5.00	%
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares	$	10.47		$	—	$	—	$	10.17
Pricing of Class C Shares
Net assets applicable to Class C shares	$	18,415,986		$	—	$	—	$	2,831,048
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		1,949,447			—		—		300,280
Net asset value and offering price per share**	$	9.45		$	—	$	—	$	9.43
Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	112,753,150		$	2,522	$	2,541	$	37,184,441
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		10,999,604			250		252		3,807,193
Net asset value, offering price and redemption price per share	$	10.25		$	10.08	$	10.10	$	9.77
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	$	83,421,535		$	35,838,391	$	25,412,638	$	11,646,917
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		8,136,913			3,557,141		2,516,406		1,186,194
Net asset value, offering price and redemption price per share	$	10.25		$	10.08	$	10.10	$	9.82

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

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

See accompanying Notes to Financial Statements.

64

Statements of Assets and Liabilities(Unaudited) (Continued)

						Touchstone			Touchstone			Touchstone			Touchstone
Touchstone			Touchstone			Merger			Mid			Mid Cap			Premium
High Yield			Impact Bond			Arbitrage			Cap			Value			Yield Equity
Fund			Fund			Fund			Fund			Fund			Fund
$	16,477,900		$	6,670,914		$	7,286,333		$	33,831,243		$	13,246,869		$	10,067,586
	2,016,207			665,484			701,829			978,078			771,260			1,204,840
$	8.17		$	10.02		$	10.38		$	34.59		$	17.18		$	8.36
	2.00	%		2.00	%		5.00	%		5.00	%		5.00	%		5.00	%
$	8.34		$	10.22		$	10.93		$	36.41		$	18.08		$	8.80
$	6,584,683		$	790,001		$	4,412,279		$	55,124,978		$	6,419,828		$	15,541,163
	807,800			78,888			446,016			1,698,136			385,148			1,862,648
$	8.15		$	10.01		$	9.89		$	32.46		$	16.67		$	8.34
$	47,239,547		$	73,469,782		$	37,137,195		$	859,272,434		$	296,808,236		$	46,869,972
	5,617,966			7,320,332			3,520,891			24,581,040			17,197,459			5,625,379
$	8.41		$	10.04		$	10.55		$	34.96		$	17.26		$	8.33
$	—		$	—		$	—		$	20,748,312		$	—		$	—
	—			—			—			603,679			—			—
$	—		$	—		$	—		$	34.37		$	—		$	—
$	120,384,686		$	182,668,882		$	1,344,150		$	150,193,212		$	439,189,596		$	—
	14,324,260			18,203,105			126,587			4,289,467			25,310,064			—
$	8.40		$	10.04		$	10.62		$	35.01		$	17.35		$	—

65

Statements of Assets and Liabilities(Unaudited) (Continued)

								Touchstone
	Touchstone		Touchstone		Touchstone			Ultra Short
	Sands Capital		Small		Small			Duration
	Select Growth		Cap		Cap Value			Fixed Income
	Fund		Fund		Fund			Fund
Assets
Investments, at cost	$	871,441,197	$	60,150,747	$	94,234,542		$	985,951,557
Investments, at market value	$	1,840,423,955	$	87,311,951	$	97,522,274		$	985,607,877
Cash		—		—		8			1,866
Dividends and interest receivable		221,258		91,663		138,366			4,240,112
Receivable for capital shares sold		4,848,126		6,165		394,932			2,042,205
Receivable for investments sold		—		—		1,193,853			9,104,896
Receivable for securities lending income		—		—		415			—
Other assets		71,601		33,781		42,140			78,108
Total Assets		1,845,564,940		87,443,560		99,291,988			1,001,075,064
Liabilities
Dividends payable		—		—		—			255,032
Payable for capital shares redeemed		7,035,478		455,465		120,489			7,262,428
Payable for investments purchased		—		—		309,344			32,563,816
Payable to Investment Advisor		1,577,647		57,192		57,906			187,828
Payable to other affiliates		950,531		9,568		11,727			325,291
Payable to Trustees		3,396		3,396		3,396			3,396
Payable for professional services		35,831		12,228		14,216			29,295
Payable to Transfer Agent		350,330		26,724		77,437			118,827
Payable for reports to shareholders		96,996		10,809		10,062			21,187
Other accrued expenses and liabilities		33,274		6,191		1,107			45,032
Total Liabilities		10,083,483		581,573		605,684			40,812,132
Net Assets	$	1,835,481,457	$	86,861,987	$	98,686,304		$	960,262,932
Net assets consist of:
Par value	$	1,322,340	$	73,012	$	41,970		$	1,036,885
Paid-in capital		546,208,762		46,639,061		111,170,820			1,058,492,397
Distributable earnings (deficit)		1,287,950,355		40,149,914		(12,526,486	)		(99,266,350	)
Net Assets	$	1,835,481,457	$	86,861,987	$	98,686,304		$	960,262,932

^(A)See Note 5 in Notes to Financial Statements.

See accompanying Notes to Financial Statements.

66

Statements of Assets and Liabilities(Unaudited) (Continued)

										Touchstone
	Touchstone			Touchstone			Touchstone			Ultra Short
	Sands Capital			Small			Small			Duration
	Select Growth			Cap			Cap Value			Fixed Income
	Fund			Fund			Fund			Fund
Pricing of Class A Shares
Net assets applicable to Class A shares	$	86,270,128		$	3,952,807		$	30,270,557		$	73,570,904
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		6,478,089			336,104			1,287,985			7,944,135
Net asset value price per share*	$	13.32		$	11.76		$	23.50		$	9.26
Maximum sales charge - Class A shares		5.00	%		5.00	%		5.00	%		2.00	%
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) - Class A shares	$	14.02		$	12.38		$	24.74		$	9.45
Pricing of Class C Shares
Net assets applicable to Class C shares	$	66,567,948		$	3,877,261		$	917,201		$	4,761,780
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		5,672,378			355,342			40,196			514,174
Net asset value and offering price per share**	$	11.74		$	10.91		$	22.82		$	9.26
Pricing of Class S Shares
Net assets applicable to Class S shares	$	—		$	—		$	—		$	147,185,571
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		—			—			—			15,892,995
Net asset value, offering price and redemption price per share*	$	—		$	—		$	—		$	9.26
Pricing of Class Y Shares
Net assets applicable to Class Y shares	$	1,168,435,283		$	33,742,472		$	29,518,254		$	262,447,171
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		81,522,860			2,816,615			1,253,884			28,338,862
Net asset value, offering price and redemption price per share	$	14.33		$	11.98		$	23.54		$	9.26
Pricing of Class Z Shares
Net assets applicable to Class Z shares	$	514,208,098		$	—		$	—		$	167,414,514
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		38,560,632			—			—			18,077,301
Net asset value, offering price and redemption price per share	$	13.34		$	—		$	—		$	9.26
Pricing of Institutional Class Shares
Net assets applicable to Institutional Class shares	$	—		$	45,289,447		$	37,980,292		$	304,882,992
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		—			3,793,187			1,614,944			32,921,053
Net asset value, offering price and redemption price per share	$	—		$	11.94		$	23.52		$	9.26

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

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

See accompanying Notes to Financial Statements.

67

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

				Touchstone
				Anti-			Touchstone
				Benchmark®			Anti-
	Touchstone			International			Benchmark® US			Touchstone
	Active Bond			Core Equity			Core Equity			Arbitrage
	Fund			Fund(A)			Fund(A)			Fund
Investment Income
Dividends(B)	$	161,653		$	238,077		$	300,085		$	238,714
Interest		5,901,397			—			—			224,026
Income from securities loaned		134			—			—			26,675
Total Investment Income		6,063,184			238,077			300,085			489,415
Expenses
Investment advisory fees		660,127			40,241			30,856			699,195
Administration fees		242,495			12,966			12,783			96,556
Compliance fees and expenses		976			583			583			976
Custody fees		22,018			8,034			2,308			12,768
Professional fees		18,408			14,386			11,716			17,308
Transfer Agent fees, Class A		66,882			—			—			1,438
Transfer Agent fees, Class C		12,502			—			—			1,789
Transfer Agent fees, Class Y		61,358			80			80			61,111
Transfer Agent fees, Class Z		—			—			—			—
Transfer Agent fees, Institutional Class		653			80			80			1,816
Registration Fees, Class A		8,024			—			—			7,488
Registration Fees, Class C		7,117			—			—			5,894
Registration Fees, Class Y		7,902			871			871			10,814
Registration Fees, Class Z		—			—			—			—
Registration Fees, Institutional Class		6,296			871			871			6,134
Dividend expense on securities sold short		—			—			—			90,753
Interest expense on securities sold short		—			—			—			16,824
Reports to Shareholders, Class A		5,574			—			—			2,712
Reports to Shareholders, Class C		3,446			—			—			2,721
Reports to Shareholders, Class Y		5,624			1,978			1,978			8,012
Reports to Shareholders, Class Z		—			—			—			—
Reports to Shareholders, Institutional Class		2,447			1,991			1,978			2,764
Shareholder servicing fees, Class Z		—			—			—			—
Distribution expenses, Class A		159,187			—			—			4,850
Distribution and shareholder servicing expenses, Class C		105,515			—			—			19,045
Trustee fees		7,214			6,019			6,019			7,214
Other expenses		67,059			5,765			4,745			37,407
Total Expenses		1,470,824			93,865			74,868			1,115,589
Fees waived and/or reimbursed by the Advisor and/or Affiliates(C)		(136,438	)		(41,101	)		(36,075	)		(26,395	)
Net Expenses		1,334,386			52,764			38,793			1,089,194
Net Investment Income (Loss)		4,728,798			185,313			261,292			(599,779	)
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments		(2,122,555	)		(380,641	)		(594,815	)		(6,077,908	)
Net realized losses on foreign currency transactions		—			(33,939	)		—			—
Net realized losses on futures contracts		(207,350	)		—			—			—
Net realized gains on written options		—			—			—			192,899
Net realized losses on securities sold short		—			—			—			(127,895	)
Net change in unrealized appreciation (depreciation) on investments		10,420,831			472,905			743,703			3,865,316
Net change in unrealized appreciation (depreciation) on foreign currency transactions		212			5,500			—			—
Net change in unrealized appreciation (depreciation) on written options		—			—			—			23,514
Net change in unrealized appreciation (depreciation) on futures contracts		(61,330	)		—			—			—
Net change in unrealized appreciation (depreciation) on securities sold short		—			—			—			1,746,429
Net Realized and Unrealized Gains (Losses) on Investments		8,029,808			63,825			148,888			(377,645	)
Change in Net Assets Resulting from Operations	$	12,758,606		$	249,138		$	410,180		$	(977,424	)
(A) Represents the period from commencement of operations (November 19, 2018) through March 31, 2019.
(B) Net of  foreign tax withholding of:	$	—		$	22,221		$	—		$	2,049
(C) See Note 4 in Notes to Financial Statements.

See accompanying Notes to Financial Statements.

68

Statements of Operations (Unaudited) (Continued)

						Touchstone			Touchstone			Touchstone			Touchstone
Touchstone			Touchstone			Merger			Mid			Mid Cap			Premium
High Yield			Impact Bond			Arbitrage			Cap			Value			Yield Equity
Fund			Fund			Fund			Fund			Fund			Fund
$	19,372		$	101,926		$	185,402		$	7,564,371		$	7,239,622		$	1,136,356
	5,520,779			4,051,365			184,467			1,940			—			—
	26,963			67			10,265			—			3,904			2,986
	5,567,114			4,153,358			380,134			7,566,311			7,243,526			1,139,342
	485,614			452,331			476,269			3,709,543			2,742,285			268,441
	133,598			187,394			65,770			694,014			530,175			55,606
	975			976			976			975			976			976
	6,216			6,944			12,070			8,807			7,567			3,334
	16,257			17,391			16,795			26,725			22,950			13,038
	10,036			3,989			4,054			16,345			12,050			6,617
	4,472			726			2,777			24,146			3,503			5,828
	34,441			27,277			31,810			297,151			136,781			14,252
	—			—			—			9,413			—			—
	3,302			36,285			2,174			13,112			77,952			—
	8,007			7,074			7,237			7,319			7,976			7,208
	6,625			4,117			6,443			7,922			7,503			6,511
	9,114			8,079			8,931			18,795			14,294			7,743
	—			—			—			6,753			—			—
	6,501			18,253			7,835			5,698			13,099			—
	—			—			47,953			—			—			—
	—			—			98,558			—			—			—
	2,915			2,509			2,798			3,720			4,007			2,942
	2,776			2,462			2,763			5,014			3,238			2,941
	3,333			3,074			4,981			45,118			36,187			5,861
	—			—			—			3,320			—			—
	2,535			3,640			2,467			2,880			17,261			—
	—			—			—			24,075			—			—
	16,704			7,096			10,130			40,048			17,364			13,322
	40,396			4,828			29,438			258,813			32,667			83,478
	7,214			7,214			7,214			7,214			7,214			7,214
	40,809			27,268			23,172			24,222			25,710			10,187
	841,840			828,927			872,615			5,261,142			3,720,759			515,499
	(91,604	)		(135,903	)		(42,613	)		(240,553	)		(399,308	)		(54,036	)
	750,236			693,024			830,002			5,020,589			3,321,451			461,463
	4,816,878			3,460,334			(449,868	)		2,545,722			3,922,075			677,879
	(1,453,763	)		(449,568	)		(4,301,344	)		34,620,154			(14,414,227	)		772,160
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			159,656			—			—			—
	—			—			(172,642	)		—			—			—
	2,325,828			7,815,757			3,664,167			(2,450,651	)		(18,725,658	)		(4,831,735	)
	—			—			—			—			—			—
	—			—			19,993			—			—			—
	—			—			—			—			—			—
	—			—			1,141,925			—			—			—
	872,065			7,366,189			511,755			32,169,503			(33,139,885	)		(4,059,575	)
$	5,688,943		$	10,826,523		$	61,887		$	34,715,225		$	(29,217,810	)	$	(3,381,696	)
$	—		$	—		$	1,225		$	—		$	—		$	30,338

69

Statements of Operations (Unaudited) (Continued)

										Touchstone
	Touchstone			Touchstone			Touchstone			Ultra Short
	Sands Capital			Small			Small			Duration
	Select Growth			Cap			Cap Value			Fixed Income
	Fund			Fund			Fund			Fund
Investment Income
Dividends(A)	$	2,031,104		$	762,408		$	936,949		$	4,024
Interest		16,508			—			—			14,476,334
Income from securities loaned		8,507			1,522			26,122			—
Total Investment Income		2,056,119			763,930			963,071			14,480,358
Expenses
Investment advisory fees		8,861,799			446,990			505,474			1,162,614
Administration fees		1,324,233			76,251			86,228			674,311
Compliance fees and expenses		976			976			976			975
Custody fees		17,886			4,285			4,993			20,338
Professional fees		42,842			12,683			15,009			28,671
Transfer Agent fees, Class A		31,236			6,277			104,132			33,259
Transfer Agent fees, Class C		25,618			3,181			972			2,053
Transfer Agent fees, Class S		—			—			—			34,075
Transfer Agent fees, Class Y		411,178			23,092			20,774			93,702
Transfer Agent fees, Class Z		370,171			—			—			69,583
Transfer Agent fees, Institutional Class		—			13,061			2,396			32,937
Registration Fees, Class A		8,359			7,284			7,016			10,301
Registration Fees, Class C		6,973			5,433			4,137			8,602
Registration Fees, Class S		—			—			—			4,937
Registration Fees, Class Y		16,971			7,226			5,992			13,135
Registration Fees, Class Z		10,049			—			—			7,663
Registration Fees, Institutional Class		—			6,570			3,115			11,064
Reports to Shareholders, Class A		4,695			2,983			6,030			4,288
Reports to Shareholders, Class C		4,718			2,705			2,513			2,570
Reports to Shareholders, Class S		—			—			—			7,161
Reports to Shareholders, Class Y		53,547			5,228			2,708			5,974
Reports to Shareholders, Class Z		21,081			—			—			4,247
Reports to Shareholders, Institutional Class		—			2,929			2,467			2,603
Shareholder servicing fees, Class Z		600,340			—			—			203,808
Distribution expenses, Class A		104,559			6,460			67,441			92,497
Distribution and shareholder servicing expenses, Class C		322,801			23,660			5,732			19,230
Distribution and shareholder servicing expenses, Class S		—			—			—			372,530
Trustee fees		7,214			7,214			7,214			7,214
Other expenses		478,210			38,220			45,909			76,110
Total Expenses		12,725,456			702,708			901,228			3,006,452
Fees waived and/or reimbursed by the Advisor and/or Affiliates(B)		(184,338	)		(74,913	)		(179,743	)		(343,118	)
Fees eligible for recoupment by the Advisor(B)		60,968			—			—			—
Net Expenses		12,602,086			627,795			721,485			2,663,334
Net Investment Income		(10,545,967	)		136,135			241,586			11,817,024
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments(C)		405,315,291			14,924,116			(13,988,480	)		(494,345	)
Net change in unrealized appreciation (depreciation) on investments		(466,043,869	)		(25,931,392	)		(4,541,867	)		2,242,318
Net Realized and Unrealized Gains (Losses) on Investments		(60,728,578	)		(11,007,276	)		(18,530,347	)		1,747,973
Change in Net Assets Resulting from Operations	$	(71,274,545	)	$	(10,871,141	)	$	(18,288,761	)	$	13,564,997
(A) Net of foreign tax withholding of:	$	—		$	—		$	244		$	—

^(B)See Note 4 in Notes to Financial Statements.

^(C) For the six month ended March 31, 2019, Sands Capital Select Growth Fund and Small Cap Fund had redemptions-in-kind of securities in the amount of $180,617,776, and $8,365,750 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $109,629,714, and $2,693,106 respectively, which will not be realized by the Fund for tax purposes.

See accompanying Notes to Financial Statements.

70

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Statements of Changes in Net Assets

							Touchstone
							Anti-			Touchstone
							Benchmark®			Anti-
							International			Benchmark® US
	Touchstone						Core Equity			Core Equity
	Active Bond Fund						Fund(A)			Fund(A)
	For the						For the			For the
	Six Months			For the			Period			Period
	Ended			Year Ended			Ended			Ended
	March 31, 2019			September 30,			March 31, 2019			March 31, 2018
	(Unaudited)			2018			(Unaudited)			(Unaudited)
From Operations
Net investment income (loss)	$	4,728,798		$	9,030,575		$	185,313		$	261,292
Net realized gains (losses) on investments, forward foreign currency contracts, foreign currency transactions, futures contracts, written options and securities sold short		(2,329,905	)		(2,400,191	)		(414,580	)		(594,815	)
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts, foreign currency transactions, written options, futures contracts, and securities sold short		10,359,713			(13,484,165	)		478,405			743,703
Change in Net Assets from Operations		12,758,606			(6,853,781	)		249,138			410,180
Distributions to Shareholders from:
Distributed earnings, Class A		(1,800,878	)		(3,641,000	)		—			—
Distributed earnings, Class C		(249,080	)		(542,157	)		—			—
Distributed earnings, Class Y		(2,096,144	)		(5,004,643	)		(3	)		(14	)
Distributed earnings, Institutional Class		(781,346	)		(861,132	)		(32,746	)		(145,890	)
Total Distributions		(4,927,448	)		(10,048,932	)		(32,749	)		(145,904	)
Net Increase (Decrease) from Share Transactions(B)		(27,977,169	)		251,238,639			35,624,524			25,150,904
Total Increase (Decrease) in Net Assets		(20,146,011	)		234,335,926			35,840,913			25,415,180
Net Assets
Beginning of period		361,541,997			127,206,071			—			—
End of period	$	341,395,986		$	361,541,997		$	35,840,913		$	25,415,180

^(A)Represents the period from commencement of operations (November 19, 2018) through March 31, 2019.

^(B)For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity in pages 78-80.

See accompanying Notes to Financial Statements.

72

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone
Arbitrage						High Yield
Fund						Fund
For the						For the
Six Months			For the			Six Months			For the
Ended			Year Ended			Ended			Year Ended
March 31, 2019			September 30,			March 31, 2019			September 30,
(Unaudited)			2018			(Unaudited)			2018
$	(599,779	)	$	521,072		$	4,816,878		$	9,934,934
	(6,012,904	)		(1,027,248	)		(1,453,763	)		1,133,608
	5,635,259			(1,774,785	)		2,325,828			(8,165,563	)
	(977,424	)		(2,280,961	)		5,688,943			2,902,979
	(63,282	)		(294,311	)		(333,537	)		(701,103	)
	(472	)		(371,498	)		(164,614	)		(457,871	)
	(2,761,465	)		(7,406,684	)		(1,305,341	)		(3,234,209	)
	(380,817	)		(1,334,179	)		(2,920,877	)		(5,852,513	)
	(3,206,036	)		(9,406,672	)		(4,724,369	)		(10,245,696	)
	(148,137,646	)		(22,146,627	)		(7,865,959	)		(12,957,752	)
	(152,321,106	)		(33,834,260	)		(6,901,385	)		(20,300,469	)
	207,497,446			241,331,706			197,588,201			217,888,670
$	55,176,340		$	207,497,446		$	190,686,816		$	197,588,201

73

Statements of Changes in Net Assets (Continued)

	Touchstone						Touchstone
	Impact Bond						Merger Arbitrage
	Fund						Fund
	For the						For the
	Six Months			For the			Six Months			For the
	Ended			Year Ended			Ended			Year Ended
	March 31, 2019			September 30,			March 31, 2019			September 30,
	(Unaudited)			2018			(Unaudited)			2018
From Operations
Net investment income (loss)	$	3,460,334		$	7,232,570		$	(449,868	)	$	(287,693	)
Net realized gains (losses) on investments, forward foreign currency contracts, foreign currency transactions, written options and securities sold short		(449,568	)		(962,215	)		(4,314,330	)		(330,132	)
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts, foreign currency transactions, written options and securities sold short		7,815,757			(8,630,367	)		4,826,085			(833,465	)
Change in Net Assets from Operations		10,826,523			(2,360,012	)		61,887			(1,451,290	)
Distributions to Shareholders from:
Distributed earnings, Class A		(77,425	)		(143,763	)		(116,826	)		(683,179	)
Distributed earnings, Class C		(9,248	)		(23,628	)		(13,623	)		(605,164	)
Distributed earnings, Class Y		(932,726	)		(1,332,999	)		(1,000,581	)		(4,909,189	)
Distributed earnings, Class Z		—			—			—			—
Distributed earnings, Institutional Class		(2,871,417	)		(6,579,253	)		(90,725	)		(3,416,906	)
Total Distributions		(3,890,816	)		(8,079,643	)		(1,221,755	)		(9,614,438	)
Net Increase (Decrease) from Share Transactions(A)		3,761,693			(2,917,352	)		(88,253,205	)		(64,021,165	)
Total Increase (Decrease) in Net Assets		10,697,400			(13,357,007	)		(89,413,073	)		(75,086,893	)
Net Assets
Beginning of period		252,902,179			266,259,186			139,593,030			214,679,923
End of period	$	263,599,579		$	252,902,179		$	50,179,957		$	139,593,030

^(A)For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 80-82.

See accompanying Notes to Financial Statements.

74

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone						Touchstone
Mid Cap						Mid Cap Value						Premium Yield Equity
Fund						Fund						Fund
For the						For the						For the
Six Months			For the			Six Months			For the			Six Months			For the
Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
March 31, 2019			September 30,			March 31, 2019			September 30,			March 31, 2019			September 30,
(Unaudited)			2018			(Unaudited)			2018			(Unaudited)			2018
$	2,545,722		$	1,863,060		$	3,922,075		$	4,721,977		$	677,879		$	2,401,807
	34,620,154			100,593,876			(14,414,227	)		30,401,221			772,160			9,382,625
	(2,450,651	)		22,111,241			(18,725,658	)		(12,687,339	)		(4,831,735	)		(4,923,095	)
	34,715,225			124,568,177			(29,217,810	)		22,435,859			(3,381,696	)		6,861,337
	(1,161,949	)		(332,156	)		(639,374	)		(1,229,816	)		(1,050,403	)		(908,417	)
	(1,924,706	)		(594,785	)		(290,312	)		(661,135	)		(1,636,103	)		(758,918	)
	(25,404,765	)		(6,566,737	)		(14,300,742	)		(21,528,565	)		(4,969,608	)		(3,370,481	)
	(686,311	)		(194,569	)		—			—			—			—
	(4,388,852	)		(1,395,718	)		(19,850,244	)		(23,445,172	)		—			—
	(33,566,583	)		(9,083,965	)		(35,080,672	)		(46,864,688	)		(7,656,114	)		(5,037,816	)
	162,596,052			62,983,199			26,332,149			129,238,910			(4,107,739	)		(35,011,447	)
	163,744,694			178,467,411			(37,966,333	)		104,810,081			(15,145,549	)		(33,187,926	)
	955,425,485			776,958,074			793,630,862			688,820,781			87,624,270			120,812,196
$	1,119,170,179		$	955,425,485		$	755,664,529		$	793,630,862		$	72,478,721		$	87,624,270

75

Statements of Changes in Net Assets (Continued)

	Touchstone
	Sands Capital						Touchstone
	Select Growth						Small Cap
	Fund						Fund
	For the						For the
	Six Months			For the			Six Months			For the
	Ended			Year Ended			Ended			Year Ended
	March 31, 2019			September 30,			March 31, 2019			September 30,
	(Unaudited)			2018			(Unaudited)			2018
From Operations
Net investment income (loss)	$	(10,545,967	)	$	(27,899,779	)	$	136,135		$	4,044,964
Net realized gains (losses) on investments		405,315,291			546,189,592			14,924,116			41,366,895
Net change in unrealized appreciation (depreciation) on investments		(466,043,869	)		192,041,727			(25,931,392	)		(23,925,456	)
Change in Net Assets from Operations		(71,274,545	)		710,331,540			(10,871,141	)		21,486,403
Distributions to Shareholders from:
Distributed earnings, Class A		(21,290,699	)		(17,654,139	)		(1,165,908	)		(2,203,403	)
Distributed earnings, Class C		(17,571,431	)		(15,225,601	)		(1,317,244	)		(1,605,340	)
Distributed earnings, Class S		—			—			—			—
Distributed earnings, Class Y		(260,948,268	)		(335,076,764	)		(8,692,472	)		(15,359,459	)
Distributed earnings, Class Z		(122,462,519	)		(108,517,175	)		—			—
Distributed earnings, Institutional Class		—			—			(12,411,469	)		(20,034,179	)
Total Distributions		(422,272,917	)		(476,473,679	)		(23,587,093	)		(39,202,381	)
Net Increase (Decrease) from Share Transactions(A)		(16,393,015	)		(384,217,440	)		(37,974,410	)		(52,546,314	)
Total Increase (Decrease) in Net Assets		(509,940,477	)		(150,359,579	)		(72,432,644	)		(70,262,292	)
Net Assets
Beginning of period		2,345,421,934			2,495,781,513			159,294,631			229,556,923
End of period	$	1,835,481,457		$	2,345,421,934		$	86,861,987		$	159,294,631

^(A) For details on share transactions by class, see Statements of Changes in Net Assets - Capital Stock Activity on pages 83-84.

See accompanying Notes to Financial Statements.

76

Statements of Changes in Net Assets (Continued)

Touchstone						Touchstone
Small						Ultra Short
Cap Value						Duration Fixed
Fund						Income Fund
For the						For the
Six Months			For the			Six Months			For the
Ended			Year Ended			Ended			Year Ended
March 31, 2019			September 30,			March 31, 2019			September 30,
(Unaudited)			2018			(Unaudited)			2018
$	241,586		$	155,956		$	11,817,024		$	18,493,227
	(13,988,480	)		10,452,409			(494,345	)		598,202
	(4,541,867	)		(4,802,433	)		2,242,318			(4,248,211	)
	(18,288,761	)		5,805,932			13,564,997			14,843,218
	(5,072,643	)		(10,217	)		(905,987	)		(1,623,641	)
	(85,491	)		—			(50,214	)		(78,654	)
	—			—			(1,633,804	)		(2,657,024	)
	(2,360,120	)		(35,142	)		(3,434,245	)		(6,109,491	)
	—			—			(1,996,201	)		(3,730,711	)
	(2,197,331	)		(113,089	)		(3,905,670	)		(5,699,048	)
	(9,715,585	)		(158,448	)		(11,926,121	)		(19,898,569	)
	(28,524,899	)		60,933,338			33,569,082			179,921,654
	(56,529,245	)		66,580,822			35,207,958			174,866,303
	155,215,549			88,634,727			925,054,974			750,188,671
$	98,686,304		$	155,215,549		$	960,262,932		$	925,054,974

77

Statements of Changes in Net Assets - Capital Stock Activity

													Touchstone Anti-
													Benchmark®
													International Core Equity
	Touchstone Active Bond Fund												Fund(A)
	For the Six Months												For the Period
	Ended						For the Year						Ended
	March 31, 2019						Ended						March 31, 2019
	(Unaudited)						September 30, 2018						(Unaudited)
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		685,528		$	6,869,853			1,141,735		$	11,686,476			—		$	—
Proceeds from Shares issued in connection with merger(B)		—			—			15,009,511			156,501,270			—			—
Reinvestment of distributions		146,097			1,460,974			293,114			2,978,894			—			—
Cost of Shares redeemed		(1,766,553	)		(17,635,659	)		(5,261,939	)		(53,817,258	)		—			—
Change from Class A Share Transactions		(934,928	)		(9,304,832	)		11,182,421			117,349,382			—			—
Class C
Proceeds from Shares issued		67,691			618,241			100,130			955,908			—			—
Proceeds from Shares issued in connection with merger(B)		—			—			2,962,276			28,556,721			—			—
Reinvestment of distributions		23,354			214,865			50,602			474,990			—			—
Cost of Shares redeemed		(719,812	)		(6,635,091	)		(1,014,425	)		(9,561,928	)		—			—
Change from Class C Share Transactions		(628,767	)		(5,801,985	)		2,098,583			20,425,691			—			—
Class Y
Proceeds from Shares issued		2,376,225			23,792,682			6,143,950			62,689,353			250			2,500
Proceeds from Shares issued in connection with merger(B)		—			—			12,700,690			132,356,634			—			—
Reinvestment of distributions		183,999			1,835,375			412,120			4,187,060			—			3
Cost of Shares redeemed		(8,149,074	)		(81,720,389	)		(10,282,417	)		(105,020,575	)		—			—
Change from Class Y Share Transactions		(5,588,850	)		(56,092,332	)		8,974,343			94,212,472			250			2,503
Institutional Class
Proceeds from Shares issued		6,204,625			62,586,071			3,666,094			37,270,158			3,553,859			35,591,273
Reinvestment of distributions		64,593			649,187			38,079			385,395			3,480			32,746
Cost of Shares redeemed		(2,002,607	)		(20,013,278	)		(1,822,867	)		(18,404,459	)		(198	)		(1,998	)
Change from Institutional Class Share Transactions		4,266,611			43,221,980			1,881,306			19,251,094			3,557,141			35,622,021
Change from Share Transactions		(2,885,934	)	$	(27,977,169	)		24,136,653		$	251,238,639			3,557,391		$	35,624,524

^(A) Represents the period from commencement of operations (November 19, 2018) through March 31, 2019.

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

See accompanying Notes to Financial Statements.

78

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

Touchstone Anti-Benchmark®
US Core Equity Fund(A)				Touchstone Arbitrage Fund
For the Period				For the Six Months
Ended				Ended						For the Year
March 31, 2019				March 31, 2019						Ended
(Unaudited)				(Unaudited)						September 30, 2018
Shares		Dollars		Shares			Dollars			Shares			Dollars
	—	$	—		109,614		$	1,047,896			157,263		$	1,535,486
	—		—		—			—			—			—
	—		—		6,662			61,757			29,857			289,907
	—		—		(149,940	)		(1,424,441	)		(589,593	)		(5,789,139	)
	—		—		(33,664	)		(314,788	)		(402,473	)		(3,963,746	)
	—		—		8,242			74,807			76,397			730,119
	—		—		—			—			—			—
	—		—		51			462			38,807			365,175
	—		—		(225,199	)		(2,070,551	)		(478,267	)		(4,505,024	)
	—		—		(216,906	)		(1,995,282	)		(363,063	)		(3,409,730	)
	250		2,500		810,691			7,763,739			6,079,845			60,092,915
	—		—		—			—			—			—
	2		14		294,617			2,760,561			752,994			7,401,931
	—		—		(14,095,694	)		(134,569,491	)		(7,337,226	)		(72,711,339	)
	252		2,514		(12,990,386	)		(124,045,191	)		(504,387	)		(5,216,493	)
	2,500,250		25,002,500		570,074			5,491,833			4,504,279			44,710,464
	16,156		145,890		29,771			280,147			128,112			1,265,742
	—		—		(2,846,517	)		(27,554,365	)		(5,553,238	)		(55,532,864	)
	2,516,406		25,148,390		(2,246,672	)		(21,782,385	)		(920,847	)		(9,556,658	)
	2,516,658	$	25,150,904		(15,487,628	)	$	(148,137,646	)		(2,190,770	)	$	(22,146,627	)

79

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

	Touchstone High Yield Fund												Touchstone Impact Bond Fund
	For the Six Months												For the Six Months
	Ended						For the Year						Ended						For the Year
	March 31, 2019						Ended						March 31, 2019						Ended
	(Unaudited)						September 30, 2018						(Unaudited)						September 30, 2018
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		756,474		$	5,983,479			826,207		$	6,792,726			194,199		$	1,913,662			246,995		$	2,465,673
Reinvestment of distributions		37,481			297,981			74,913			614,938			6,316			62,032			11,860			117,638
Cost of Shares redeemed		(312,097	)		(2,477,147	)		(1,375,365	)		(11,296,162	)		(118,410	)		(1,158,356	)		(182,335	)		(1,810,911	)
Change from Class A Share Transactions		481,858			3,804,313			(474,245	)		(3,888,498	)		82,105			817,338			76,520			772,400
Class C
Proceeds from Shares issued		73,629			583,740			75,920			625,636			5,578			54,522			12,328			121,899
Reinvestment of distributions		17,565			138,822			47,178			386,396			738			7,237			1,609			15,969
Cost of Shares redeemed		(449,727	)		(3,578,540	)		(506,081	)		(4,154,816	)		(38,843	)		(381,327	)		(87,921	)		(875,805	)
Change from Class C Share Transactions		(358,533	)		(2,855,978	)		(382,983	)		(3,142,784	)		(32,527	)		(319,568	)		(73,984	)		(737,937	)
Class Y
Proceeds from Shares issued		540,022			4,445,590			2,362,661			19,915,704			2,830,914			27,828,400			2,902,795			28,899,416
Reinvestment of distributions		152,589			1,244,641			350,079			2,953,500			89,593			882,758			127,091			1,260,431
Cost of Shares redeemed		(2,734,992	)		(22,246,473	)		(3,757,037	)		(32,063,659	)		(1,214,924	)		(11,964,093	)		(1,084,626	)		(10,748,769	)
Change from Class Y Share Transactions		(2,042,381	)		(16,556,242	)		(1,044,297	)		(9,194,455	)		1,705,583			16,747,065			1,945,260			19,411,078
Class Z
Proceeds from Shares issued		—			—			—			—			—			—			—			—
Reinvestment of distributions		—			—			—			—			—			—			—			—
Cost of Shares redeemed		—			—			—			—			—			—			—			—
Change from Class Z Share Transactions		—			—			—			—			—			—			—			—
Institutional Class
Proceeds from Shares issued		1,314,346			10,796,775			1,507,908			12,770,100			3,757,650			36,999,522			7,061,877			70,368,762
Reinvestment of distributions		356,975			2,915,315			690,916			5,825,042			222,241			2,186,873			554,957			5,517,228
Cost of Shares redeemed		(729,221	)		(5,970,142	)		(1,806,857	)		(15,327,157	)		(5,339,185	)		(52,669,537	)		(9,938,463	)		(98,248,883	)
Change from Institutional Class Share Transactions		942,100			7,741,948			391,967			3,267,985			(1,359,294	)		(13,483,142	)		(2,321,629	)		(22,362,893	)
Change from Share Transactions		(976,956	)	$	(7,865,959	)		(1,509,558	)	$	(12,957,752	)		395,867		$	3,761,693			(373,833	)	$	(2,917,352	)

See accompanying Notes to Financial Statements.

80

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, 2019						Ended						March 31, 2019						Ended
(Unaudited)						September 30, 2018						(Unaudited)						September 30, 2018
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	41,288		$	418,276			173,769		$	1,835,421			219,674		$	7,161,355			311,131		$	10,462,160
	11,041			109,753			59,992			620,923			34,482			1,060,010			9,770			312,443
	(218,162	)		(2,221,830	)		(651,678	)		(6,848,992	)		(328,639	)		(10,461,719	)		(407,887	)		(13,602,980	)
	(165,833	)		(1,693,801	)		(417,917	)		(4,392,648	)		(74,483	)		(2,240,354	)		(86,986	)		(2,828,377	)
	—			(874	)		64,682			641,014			188,836			5,756,908			170,742			5,332,083
	1,435			13,623			61,563			605,164			56,462			1,632,881			16,395			497,757
	(345,342	)		(3,328,099	)		(390,334	)		(3,836,510	)		(251,788	)		(7,612,687	)		(454,687	)		(14,201,427	)
	(343,907	)		(3,315,350	)		(264,089	)		(2,590,332	)		(6,490	)		(222,898	)		(267,550	)		(8,371,587	)
	498,234			5,138,596			4,426,954			46,912,456			6,860,254			224,891,611			7,134,097			240,495,397
	98,070			990,502			464,113			4,877,823			728,248			22,612,002			177,867			5,749,414
	(5,001,698	)		(51,801,620	)		(5,138,273	)		(54,204,048	)		(3,178,786	)		(103,284,661	)		(5,074,801	)		(169,103,500	)
	(4,405,394	)		(45,672,522	)		(247,206	)		(2,413,769	)		4,409,716			144,218,952			2,237,163			77,141,311
	—			—			—			—			60,312			1,949,220			123,533			4,065,438
	—			—			—			—			22,445			685,676			6,115			194,402
	—			—			—			—			(67,556	)		(2,184,220	)		(178,047	)		(5,879,353	)
	—			—			—			—			15,201			450,676			(48,399	)		(1,619,513	)
	106,722			1,117,652			1,385,667			14,782,971			811,437			26,219,516			609,808			20,603,298
	6,591			66,969			299,282			3,163,412			107,708			3,349,524			23,603			764,136
	(3,748,522	)		(38,756,153	)		(6,683,286	)		(72,570,799	)		(284,192	)		(9,179,364	)		(674,827	)		(22,706,069	)
	(3,635,209	)		(37,571,532	)		(4,998,337	)		(54,624,416	)		634,953			20,389,676			(41,416	)		(1,338,635	)
	(8,550,343	)	$	(88,253,205	)		(5,927,549	)	$	(64,021,165	)		4,978,897		$	162,596,052			1,792,812		$	62,983,199

81

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

	Touchstone Mid Cap Value Fund												Touchstone Premium Yield Equity Fund
	For the Six Months												For the Six Months
	Ended						For the Year						Ended						For the Year
	March 31, 2019						Ended						March 31, 2019						Ended
	(Unaudited)						September 30, 2018						(Unaudited)						September 30, 2018
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		95,678		$	1,574,138			405,525		$	7,739,321			77,267		$	643,759			446,195		$	4,243,034
Reinvestment of distributions		33,709			542,133			54,126			1,018,503			123,407			997,292			83,641			791,031
Cost of Shares redeemed		(278,524	)		(4,698,908	)		(623,953	)		(11,796,723	)		(246,941	)		(2,081,967	)		(1,696,141	)		(16,147,858	)
Change from Class A Share Transactions		(149,137	)		(2,582,637	)		(164,302	)		(3,038,899	)		(46,267	)		(440,916	)		(1,166,305	)		(11,113,793	)
Class C
Proceeds from Shares issued		53,868			811,295			87,904			1,638,187			41,718			345,444			54,166			514,218
Reinvestment of distributions		17,876			279,049			34,727			637,944			187,393			1,508,566			73,917			697,634
Cost of Shares redeemed		(112,690	)		(1,819,773	)		(264,446	)		(4,826,498	)		(400,307	)		(3,243,127	)		(471,966	)		(4,499,368	)
Change from Class C Share Transactions		(40,946	)		(729,429	)		(141,815	)		(2,550,367	)		(171,196	)		(1,389,117	)		(343,883	)		(3,287,516	)
Class Y
Proceeds from Shares issued		2,160,851			36,263,958			5,764,255			109,669,627			596,478			4,964,715			2,264,419			21,475,734
Reinvestment of distributions		863,285			13,957,739			1,094,842			20,691,929			581,506			4,684,260			332,905			3,141,078
Cost of Shares redeemed		(3,770,928	)		(62,409,623	)		(5,521,058	)		(104,822,459	)		(1,432,937	)		(11,926,681	)		(4,795,212	)		(45,226,950	)
Change from Class Y Share Transactions		(746,792	)		(12,187,926	)		1,338,039			25,539,097			(254,953	)		(2,277,706	)		(2,197,888	)		(20,610,138	)
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		6,372,717			106,713,598			10,029,485			190,380,045			—			—			—			—
Reinvestment of distributions		1,001,555			16,293,830			953,577			18,105,162			—			—			—			—
Cost of Shares redeemed		(4,900,802	)		(81,175,287	)		(5,241,757	)		(99,196,128	)		—			—			—			—
Change from Institutional Class Share Transactions		2,473,470			41,832,141			5,741,305			109,289,079			—			—			—			—
Change from Share Transactions		1,536,595		$	26,332,149			6,773,227		$	129,238,910			(472,416	)	$	(4,107,739	)		(3,708,076	)	$	(35,011,447	)

See accompanying Notes to Financial Statements.

82

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

Touchstone Sands Capital Select Growth Fund												Touchstone Small Cap Fund
For the Six Months												For the Six Months
Ended						For the Year						Ended						For the Year
March 31, 2019						Ended						March 31, 2019						Ended
(Unaudited)						September 30, 2018						(Unaudited)						September 30, 2018
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	1,480,373		$	18,825,882			1,530,095		$	23,879,960			20,424		$	264,385			91,315		$	1,437,365
	1,241,614			14,489,643			901,203			12,454,611			101,879			1,089,083			136,257			2,061,771
	(1,746,734	)		(21,859,974	)		(2,349,795	)		(37,622,638	)		(287,521	)		(3,804,804	)		(429,220	)		(6,846,836	)
	975,253			11,455,551			81,503			(1,288,067	)		(165,218	)		(2,451,336	)		(201,648	)		(3,347,700	)
	590,564			6,442,326			410,822			5,810,983			19,340			192,150			22,731			339,583
	1,491,943			15,381,930			1,021,594			12,974,235			114,176			1,134,906			99,622			1,426,382
	(1,377,268	)		(15,701,540	)		(1,203,769	)		(17,702,423	)		(187,181	)		(1,940,706	)		(260,388	)		(3,947,706	)
	705,239			6,122,716			228,647			1,082,795			(53,665	)		(613,650	)		(138,035	)		(2,181,741	)
	31,337,932			427,615,284			26,383,564			444,886,154			505,373			5,926,232			743,774			12,307,802
	17,298,614			216,916,626			18,105,846			263,802,146			750,085			8,160,919			924,185			14,180,457
	(50,204,313	)		(717,540,403	)		(64,116,112	)		(1,091,150,314	)		(1,552,065	)		(19,795,018	)		(3,290,472	)		(52,302,281	)
	(1,567,767	)		(73,008,493	)		(19,626,702	)		(382,462,014	)		(296,607	)		(5,707,867	)		(1,622,513	)		(25,814,022	)
	2,289,548			30,254,296			4,730,701			77,342,660			—			—			—			—
	10,414,025			121,739,953			7,798,859			107,858,220			—			—			—			—
	(8,568,688	)		(112,957,038	)		(11,670,837	)		(186,751,034	)		—			—			—			—
	4,134,885			39,037,211			858,723			(1,550,154	)		—			—			—			—
	—			—			—			—			1,194,228			14,874,326			1,864,321			29,368,228
	—			—			—			—			934,025			10,124,831			937,971			14,378,877
	—			—			—			—			(4,044,019	)		(54,200,714	)		(3,946,506	)		(64,949,956	)
	—			—			—			—			(1,915,766	)		(29,201,557	)		(1,144,214	)		(21,202,851	)
	4,247,610		$	(16,393,015	)		(18,457,829	)	$	(384,217,440	)		(2,431,256	)	$	(37,974,410	)		(3,106,410	)	$	(52,546,314	)

83

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

	Touchstone Small Cap Value Fund												Touchstone Ultra Short Duration Fixed Income Fund
	For the Six Months						For the Year						For the Six Months
	Ended						Ended						Ended						For the Year
	March 31, 2019						September 30,						March 31, 2019						Ended
	(Unaudited)						2018						(Unaudited)						September 30, 2018
	Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A
Proceeds from Shares issued		180,758		$	3,895,708			430,771		$	11,885,292			844,983		$	7,811,484			2,186,773		$	20,262,081
Proceeds from Shares issued in connection with merger(A)		—			—			72,932			2,071,440						—			8,852,517			82,262,174
Reinvestment of distributions		209,490			4,705,373			353			9,467			88,610			819,376			157,558			1,458,905
Cost of Shares redeemed		(2,080,797	)		(44,984,664	)		(475,661	)		(12,759,285	)		(1,276,800	)		(11,803,226	)		(4,424,320	)		(40,986,668	)
Change from Class A Share Transactions		(1,690,549	)		(36,383,583	)		28,395			1,206,914			(343,207	)		(3,172,366	)		6,772,528			62,996,492
Class C
Proceeds from Shares issued		5,387			115,637			8,628			220,673			327,985			3,031,098			140,726			1,304,964
Proceeds from Shares issued in connection with merger(A)		—			—			16,657			461,382						—			—			—
Reinvestment of distributions		3,013			65,850			—			—			4,253			39,353			6,609			61,233
Cost of Shares redeemed		(20,847	)		(475,173	)		(20,402	)		(544,363	)		(303,895	)		(2,811,486	)		(275,175	)		(2,550,464	)
Change from Class C Share Transactions		(12,447	)		(293,686	)		4,883			137,692			28,343			258,965			(127,840	)		(1,184,267	)
Class S
Proceeds from Shares issued		—			—			—			—			4,948,497			45,739,373			3,243,115			30,015,459
Proceeds from Shares issued in connection with merger(A)		—			—			—			—			—			—			18,778,658			174,475,987
Reinvestment of distributions		—			—			—			—			162,716			1,504,356			278,023			2,573,997
Cost of Shares redeemed		—			—			—			—			(4,567,628	)		(42,228,112	)		(6,950,386	)		(64,347,591	)
Change from Class S Share Transactions		—			—			—			—			543,585			5,015,617			15,349,410			142,717,852
Class Y
Proceeds from Shares issued		317,006			7,264,766			36,388			973,923			9,826,389			90,825,477			15,184,845			140,672,822
Proceeds from Shares issued in connection with merger(A)		—			—			1,429,509			40,693,020			—			—			1,675,485			15,567,307
Reinvestment of distributions		102,049			2,295,894			1,058			28,836			288,194			2,664,959			467,260			4,327,179
Cost of Shares redeemed		(644,605	)		(14,763,996	)		(95,731	)		(2,628,800	)		(10,174,602	)		(94,028,462	)		(16,990,466	)		(157,357,424	)
Change from Class Y Share Transactions		(225,550	)		(5,203,336	)		1,371,224			39,066,979			(60,019	)		(538,026	)		337,124			3,209,884
Class Z
Proceeds from Shares issued		—			—			—			—			6,706,196			62,010,109			6,536,969			60,562,276
Reinvestment of distributions		—			—			—			—			203,702			1,883,642			388,685			3,600,301
Cost of Shares redeemed		—			—			—			—			(6,559,315	)		(60,637,698	)		(11,985,438	)		(111,031,474	)
Change from Class Z Share Transactions		—			—			—			—			350,583			3,256,053			(5,059,784	)		(46,868,897	)
Institutional Class
Proceeds from Shares issued		621,633			14,678,302			805,744			21,884,585			13,682,417			126,312,144			18,337,840			169,704,983
Proceeds from Shares issued in connection with merger(A)		—			—			127,709			3,632,489			—			—			—			—
Reinvestment of distributions		29,280			657,961			1,186			31,335			392,117			3,623,704			565,948			5,237,944
Cost of Shares redeemed		(83,999	)		(1,980,557	)		(181,101	)		(5,026,656	)		(10,957,391	)		(101,187,009	)		(16,833,220	)		(155,892,337	)
Change from Institutional Class Share Transactions		566,914			13,355,706			753,538			20,521,753			3,117,143			28,748,839			2,070,568			19,050,590
Change from Share Transactions		(1,361,632	)	$	(28,524,899	)		2,158,040		$	60,933,338			3,636,428		$	33,569,082			19,342,006		$	179,921,654

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

See accompanying Notes to Financial Statements.

84

Financial Highlights

Touchstone Active Bond Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.01		$	10.47		$	10.59		$	10.20		$	10.45		$	10.33
Income (loss) from investment operations:
Net investment income		0.13			0.23			0.24			0.26			0.26			0.32
Net realized and unrealized gains (losses) on investments		0.26			(0.43	)		(0.11	)		0.43			(0.23	)		0.13
Total from investment operations		0.39			(0.20	)		0.13			0.69			0.03			0.45
Distributions from:
Net investment income		(0.14	)		(0.26	)		(0.25	)		(0.30	)		(0.28	)		(0.33	)
Realized capital gains		—			—	(A)		—			—			—			—
Total distributions		(0.14	)		(0.26	)		(0.25	)		(0.30	)		(0.28	)		(0.33	)
Net asset value at end of period	$	10.26		$	10.01		$	10.47		$	10.59		$	10.20		$	10.45
Total return(B)		3.96	%(C)		(1.87	%)		1.26	%		6.90	%		0.24	%		4.41	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	126,805		$	133,083		$	22,117		$	25,324		$	29,135		$	28,920
Ratio to average net assets:
Net expenses		0.90	%(D)		0.90	%		0.90	%		0.90	%		0.90	%		0.86	%
Gross expenses		0.98	%(D)		0.97	%		1.18	%		1.19	%		1.19	%		1.28	%
Net investment income		2.73	%(D)		2.34	%		2.33	%		2.52	%		2.50	%		2.99	%
Portfolio turnover rate		89	%(C)		448	%(E)		496	%		590	%		349	%		281	%

Touchstone Active Bond Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.23		$	9.68		$	9.82		$	9.48		$	9.73		$	9.64
Income (loss) from investment operations:
Net investment income		0.08			0.20			0.14			0.16			0.17			0.21
Net realized and unrealized gains (losses) on investments		0.25			(0.46	)		(0.10	)		0.41			(0.21	)		0.14
Total from investment operations		0.33			(0.26	)		0.04			0.57			(0.04	)		0.35
Distributions from:
Net investment income		(0.11	)		(0.19	)		(0.18	)		(0.23	)		(0.21	)		(0.26	)
Realized capital gains		—			—	(A)		—			—			—			—
Total distributions		(0.11	)		(0.19	)		(0.18	)		(0.23	)		(0.21	)		(0.26	)
Net asset value at end of period	$	9.45		$	9.23		$	9.68		$	9.82		$	9.48		$	9.73
Total return(B)		3.60	%(C)		(2.64	%)		0.52	%		6.03	%		(0.47	%)		3.65	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	18,416		$	23,807		$	4,642		$	6,513		$	6,946		$	8,725
Ratio to average net assets:
Net expenses		1.65	%(D)		1.65	%		1.65	%		1.65	%		1.65	%		1.61	%
Gross expenses		1.83	%(D)		1.79	%		2.18	%		2.09	%		2.06	%		2.15	%
Net investment income		1.98	%(D)		1.59	%		1.58	%		1.77	%		1.75	%		2.24	%
Portfolio turnover rate		89	%(C)		448	%(E)		496	%		590	%		349	%		281	%

^(A) Less than $0.005 per share.

(B)	Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.
(C)	Not annualized.

^(D) Annualized.

^(E) Portfolio turnover excludes the purchases and sales of securities by the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

85

Financial Highlights (Continued)

Touchstone Active Bond Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.00		$	10.46		$	10.59		$	10.20		$	10.45		$	10.32
Income (loss) from investment operations:
Net investment income		0.15			0.26			0.27			0.29			0.29			0.34
Net realized and unrealized gains (losses) on investments		0.25			(0.43	)		(0.12	)		0.43			(0.24	)		0.15
Total from investment operations		0.40			(0.17	)		0.15			0.72			0.05			0.49
Distributions from:
Net investment income		(0.15	)		(0.29	)		(0.28	)		(0.33	)		(0.30	)		(0.36	)
Realized capital gains		—			—	(A)		—			—			—			—
Total distributions		(0.15	)		(0.29	)		(0.28	)		(0.33	)		(0.30	)		(0.36	)
Net asset value at end of period	$	10.25		$	10.00		$	10.46		$	10.59		$	10.20		$	10.45
Total return		4.09	%(B)		(1.62	%)		1.43	%		7.18	%		0.49	%		4.78	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	112,753		$	165,937		$	79,648		$	76,544		$	57,394		$	59,764
Ratio to average net assets:
Net expenses		0.65	%(C)		0.65	%		0.65	%		0.65	%		0.65	%		0.61	%
Gross expenses		0.71	%(C)		0.70	%		0.86	%		0.90	%		0.91	%		0.95	%
Net investment income		2.98	%(C)		2.59	%		2.58	%		2.77	%		2.75	%		3.24	%
Portfolio turnover rate		89	%(B)		448	%(D)		496	%		590	%		349	%		281	%

Touchstone Active Bond Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.00		$	10.46		$	10.58		$	10.19		$	10.44		$	10.32
Income (loss) from investment operations:
Net investment income		0.14			0.27			0.25			0.33			0.30			0.35
Net realized and unrealized gains (losses) on investments		0.27			(0.43	)		(0.09	)		0.40			(0.24	)		0.14
Total from investment operations		0.41			(0.16	)		0.16			0.73			0.06			0.49
Distributions from:
Net investment income		(0.16	)		(0.30	)		(0.28	)		(0.34	)		(0.31	)		(0.37	)
Realized capital gains		—			—	(A)		—			—			—			—
Total distributions		(0.16	)		(0.30	)		(0.28	)		(0.34	)		(0.31	)		(0.37	)
Net asset value at end of period	$	10.25		$	10.00		$	10.46		$	10.58		$	10.19		$	10.44
Total return		4.14	%(B)		(1.54	%)		1.61	%		7.27	%		0.57	%		4.76	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	83,422		$	38,715		$	20,800		$	6,841		$	6,788		$	7,393
Ratio to average net assets:
Net expenses		0.57	%(C)		0.57	%		0.57	%		0.57	%		0.57	%		0.53	%
Gross expenses		0.65	%(C)		0.66	%		0.87	%		1.00	%		0.95	%		1.09	%
Net investment income		3.06	%(C)		2.67	%		2.66	%		2.85	%		2.83	%		3.32	%
Portfolio turnover rate		89	%(B)		448	%(D)		496	%		590	%		349	%		281	%

^(A) Less than $0.005 per share.

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover excludes the purchases and sales of securities by the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

86

Financial Highlights (Continued)

Touchstone Anti-Benchmark^® International Core Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout The Period

	Period
	Ended
	March 31,
	2019(A)
	(Unaudited)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.07
Net realized and unrealized gains on investments		0.02
Total from investment operations		0.09
Distributions from:
Net investment income		(0.01	)
Net asset value at end of period	$	10.08
Total return		0.93	%(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	3
Ratio to average net assets:
Net expenses		0.69	%(C)
Gross expenses		318.84	%(C)
Net investment income		1.97	%(C)
Portfolio turnover rate		101	%(B)(D)

Touchstone Anti-Benchmark^® International Core Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout The Period

	Period
	Ended
	March 31,
	2019(A)
	(Unaudited)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.05
Net realized and unrealized gains on investments		0.04
Total from investment operations		0.09
Distributions from:
Net investment income		(0.01	)
Net asset value at end of period	$	10.08
Total return		0.94	%(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	35,838
Ratio to average net assets:
Net expenses		0.59	%(C)
Gross expenses		1.02	%(C)
Net investment income		2.07	%(C)
Portfolio turnover rate		101	%(B)(D)

^(A) Represents the period from commencement of operations (November 19, 2018) through March 31, 2019.

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.

87

Financial Highlights (Continued)

Touchstone Anti-Benchmark^® US Core Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout The Period

	Period
	Ended
	March 31,
	2019(A)
	(Unaudited)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.11
Net realized and unrealized gains on investments		0.05
Total from investment operations		0.16
Distributions from:
Net investment income		(0.06	)
Net asset value at end of period	$	10.10
Total return		1.64	%(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	3
Ratio to average net assets:
Net expenses		0.54	%(C)
Gross expenses		323.04	%(C)
Net investment income		2.86	%(C)
Portfolio turnover rate		108	%(B)(D)

Touchstone Anti-Benchmark^® US Core Equity Fund—Institutional Class

Selected Data for a Share Outstanding Throughout The Period

	Period
	Ended
	March 31,
	2019(A)
	(Unaudited)
Net asset value at beginning of period	$	10.00
Income from investment operations:
Net investment income		0.11
Net realized and unrealized gains on investments		0.05
Total from investment operations		0.16
Distributions from:
Net investment income		(0.06	)
Net asset value at end of period	$	10.10
Total return		1.65	%(B)
Ratios and supplemental data:
Net assets at end of period (000's)	$	25,413
Ratio to average net assets:
Net expenses		0.44	%(C)
Gross expenses		0.82	%(C)
Net investment income		2.96	%(C)
Portfolio turnover rate		108	%(B)(D)

^(A) Represents the period from commencement of operations (November 19, 2018) through March 31, 2019.

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover rate excludes securities received from processing a subscription-in-kind.

See accompanying Notes to Financial Statements.

88

Financial Highlights (Continued)

Touchstone Arbitrage Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014(A)
Net asset value at beginning of period	$	9.68		$	10.24		$	10.31		$	9.93		$	9.87		$	10.00
Income (loss) from investment operations:
Net investment loss(B)		(0.05	)		(0.01	)		(0.12	)		(0.11	)		(0.08	)		(0.10	)
Net realized and unrealized gains (losses) on investments		0.18			(0.11	)		0.34			0.66			0.16			(0.03	)
Total from investment operations		0.13			(0.12	)		0.22			0.55			0.08			(0.13	)
Distributions from:
Net investment income		(0.15	)		—			—			(0.02	)		—			—
Realized capital gains		—			(0.44	)		(0.29	)		(0.15	)		(0.02	)		—
Total distributions		(0.15	)		(0.44	)		(0.29	)		(0.17	)		(0.02	)		—
Net asset value at end of period	$	9.66		$	9.68		$	10.24		$	10.31		$	9.93		$	9.87
Total return(C)		1.44	%(D)		(1.18	%)		2.20	%		5.61	%		0.77	%		(1.30	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,514		$	3,844		$	8,186		$	10,003		$	20,672		$	22,725
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(E)		1.88	%(F)		1.92	%		2.70	%		2.80	%		2.42	%		2.51	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(G)		2.33	%(F)		2.25	%		2.91	%		3.03	%		2.44	%		2.51	%
Net investment loss		(1.14	%)(F)		(0.08	%)		(1.20	%)		(1.06	%)		(0.83	%)		(1.01	%)
Portfolio turnover rate		66	%(D)		254	%		358	%		451	%		276	%		293	%

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

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

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

^(D) Not annualized.

^(E) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.68%, 1.68%, 1.68%, 1.68%, 1.68% and 1.67% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(F) Annualized.

^(G) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 2.13%, 2.01%, 1.89%, 1.91%, 1.70% and 1.67% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

89

Financial Highlights (Continued)

Touchstone Arbitrage Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014(A)
Net asset value at beginning of period	$	9.32		$	9.95		$	10.11		$	9.80		$	9.82		$	10.00
Income (loss) from investment operations:
Net investments loss(B)		(0.09	)		(0.08	)		(0.19	)		(0.18	)		(0.15	)		(0.17	)
Net realized and unrealized gains (losses) on investments		0.20			(0.11	)		0.32			0.65			0.15			(0.01	)
Total from investment operations		0.11			(0.19	)		0.13			0.47			—			(0.18	)
Distributions from:
Net investment income		(—	)(C)		—			—			(0.01	)		—			—
Realized capital gains		—			(0.44	)		(0.29	)		(0.15	)		(0.02	)		—
Total distributions		—			(0.44	)		(0.29	)		(0.16	)		(0.02	)		—
Net asset value at end of period	$	9.43		$	9.32		$	9.95		$	10.11		$	9.80		$	9.82
Total return(D)		1.19	%(E)		(1.95	%)		1.33	%		4.81	%		(0.05	%)		(1.80	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	2,831		$	4,822		$	8,762		$	7,930		$	8,694		$	11,113
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(F)		2.63	%(G)		2.67	%		3.45	%		3.55	%		3.14	%		3.27	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(H)		3.02	%(G)		2.85	%		3.60	%		3.62	%		3.14	%		3.29	%
Net investment loss		(1.89	%)(G)		(0.83	%)		(1.95	%)		(1.81	%)		(1.55	%)		(1.77	%)
Portfolio turnover rate		66	%(E)		254	%		358	%		451	%		276	%		293	%

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

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

^(C) Less than $0.005 per share.

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

^(E) Not annualized.

^(F) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 2.43%, 2.43%, 2.43%, 2.43%, 2.40% and 2.43% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(G) Annualized.

^(H) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 2.82%, 2.61%, 2.58%, 2.50%, 2.40% and 2.45% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

90

Financial Highlights (Continued)

Touchstone Arbitrage Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014(A)
Net asset value at beginning of period	$	9.82		$	10.35		$	10.40		$	9.99		$	9.91		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(B)		(0.04	)		0.02			(0.09	)		(0.08	)		(0.05	)		(0.07	)
Net realized and unrealized gains (losses) on investments		0.20			(0.11	)		0.33			0.67			0.15			(0.02	)
Total from investment operations		0.16			(0.09	)		0.24			0.59			0.10			(0.09	)
Distributions from:
Net investment income		(0.21	)		—			—			(0.03	)		—			—
Realized capital gains		—			(0.44	)		(0.29	)		(0.15	)		(0.02	)		—
Total distributions		(0.21	)		(0.44	)		(0.29	)		(0.18	)		(0.02	)		—
Net asset value at end of period	$	9.77		$	9.82		$	10.35		$	10.40		$	9.99		$	9.91
Total return		1.67	%(C)		(0.87	%)		2.38	%		6.00	%		0.97	%		(0.90	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	37,184		$	164,946		$	179,124		$	121,794		$	87,427		$	117,589
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(D)		1.62	%(E)		1.60	%		2.39	%		2.51	%		2.10	%		2.19	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(F)		1.62	%(E)		1.60	%		2.39	%		2.51	%		2.10	%		2.19	%
Net investment income (loss)		(0.88	%)(E)		0.24	%		(0.89	%)		(0.77	%)		(0.51	%)		(0.69	%)
Portfolio turnover rate		66	%(C)		254	%		358	%		451	%		276	%		293	%

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

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

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.42%, 1.36%, 1.37%, 1.39%, 1.36% and 1.35% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.42%, 1.36%, 1.37%, 1.39%, 1.36% and 1.35% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

91

Financial Highlights (Continued)

Touchstone Arbitrage Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014(A)
Net asset value at beginning of period	$	9.87		$	10.40		$	10.43		$	10.01		$	9.92		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(B)		(0.04	)		0.03			(0.08	)		(0.07	)		(0.04	)		(0.06	)
Net realized and unrealized gains (losses) on investments		0.20			(0.12	)		0.34			0.68			0.15			(0.02	)
Total from investment operations		0.16			(0.09	)		0.26			0.61			0.11			(0.08	)
Distributions from:
Net investment income		(0.21	)		—			—			(0.04	)		—			—
Realized capital gains		—			(0.44	)		(0.29	)		(0.15	)		(0.02	)		—
Total distributions		(0.21	)		(0.44	)		(0.29	)		(0.19	)		(0.02	)		—
Net asset value at end of period	$	9.82		$	9.87		$	10.40		$	10.43		$	10.01		$	9.92
Total return		1.76	%(C)		(0.87	%)		2.57	%		6.12	%		1.06	%		(0.80	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	11,647		$	33,886		$	45,259		$	13,782		$	8,735		$	47,763
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(D)		1.48	%(E)		1.52	%		2.30	%		2.40	%		2.02	%		2.12	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(F)		1.60	%(E)		1.55	%		2.35	%		2.48	%		2.03	%		2.12	%
Net investment income (loss)		(0.74	%)(E)		0.32	%		(0.80	%)		(0.66	%)		(0.43	%)		(0.62	%)
Portfolio turnover rate		66	%(C)		254	%		358	%		451	%		276	%		293	%

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

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

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.28%, 1.28%, 1.28%, 1.28%, 1.28% and 1.28% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.40%, 1.31%, 1.33%, 1.36%, 1.29% and 1.28% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

92

Financial Highlights (Continued)

Touchstone High Yield Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.12		$	8.43		$	8.21		$	7.95		$	8.91		$	8.80
Income (loss) from investment operations:
Net investment income		0.20			0.41			0.39			0.41			0.43			0.45
Net realized and unrealized gains (losses) on investments		0.05			(0.31	)		0.21			0.26			(0.81	)		0.12
Total from investment operations		0.25			0.10			0.60			0.67			(0.38	)		0.57
Distributions from:
Net investment income		(0.20	)		(0.41	)		(0.38	)		(0.41	)		(0.44	)		(0.46	)
Realized capital gains		—			—			—			—			(0.14	)		—
Total distributions		(0.20	)		(0.41	)		(0.38	)		(0.41	)		(0.58	)		(0.46	)
Net asset value at end of period	$	8.17		$	8.12		$	8.43		$	8.21		$	7.95		$	8.91
Total return(A)		3.11	%(B)		1.24	%		7.45	%		8.78	%		(4.54	%)		6.54	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	16,478		$	12,457		$	16,925		$	20,995		$	26,797		$	39,671
Ratio to average net assets:
Net expenses		1.05	%(C)		1.05	%		1.05	%		1.05	%		1.05	%		1.03	%
Gross expenses		1.31	%(C)		1.29	%		1.24	%		1.23	%		1.15	%		1.14	%
Net investment income		4.99	%(C)		4.76	%		4.63	%		5.19	%		4.92	%		4.95	%
Portfolio turnover rate		28	%(B)		59	%		69	%		56	%		35	%		40	%

Touchstone High Yield Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.10		$	8.41		$	8.19		$	7.93		$	8.90		$	8.79
Income (loss) from investment operations:
Net investment income		0.17			0.34			0.33			0.35			0.36			0.38
Net realized and unrealized gains (losses) on investments		0.05			(0.30	)		0.21			0.26			(0.82	)		0.12
Total from investment operations		0.22			0.04			0.54			0.61			(0.46	)		0.50
Distributions from:
Net investment income		(0.17	)		(0.35	)		(0.32	)		(0.35	)		(0.37	)		(0.39	)
Realized capital gains		—			—			—			—			(0.14	)		—
Total distributions		(0.17	)		(0.35	)		(0.32	)		(0.35	)		(0.51	)		(0.39	)
Net asset value at end of period	$	8.15		$	8.10		$	8.41		$	8.19		$	7.93		$	8.90
Total return(A)		2.73	%(B)		0.50	%		6.68	%		7.99	%		(5.28	%)		5.64	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	6,585		$	9,444		$	13,025		$	16,372		$	24,755		$	32,163
Ratio to average net assets:
Net expenses		1.80	%(C)		1.80	%		1.80	%		1.80	%		1.80	%		1.78	%
Gross expenses		2.09	%(C)		2.00	%		1.97	%		1.94	%		1.87	%		1.86	%
Net investment income		4.24	%(C)		4.01	%		3.88	%		4.44	%		4.17	%		4.21	%
Portfolio turnover rate		28	%(B)		59	%		69	%		56	%		35	%		40	%

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

^(B) Not annualized.

^(C) Annualized.

See accompanying Notes to Financial Statements.

93

Financial Highlights (Continued)

Touchstone High Yield Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.35		$	8.67		$	8.44		$	8.16		$	9.14		$	9.01
Income (loss) from investment operations:
Net investment income		0.24			0.44			0.43			0.46			0.47			0.50
Net realized and unrealized gains (losses) on investments		0.03			(0.32	)		0.21			0.25			(0.85	)		0.12
Total from investment operations		0.27			0.12			0.64			0.71			(0.38	)		0.62
Distributions from:
Net investment income		(0.21	)		(0.44	)		(0.41	)		(0.43	)		(0.46	)		(0.49	)
Realized capital gains		—			—			—			—			(0.14	)		—
Total distributions		(0.21	)		(0.44	)		(0.41	)		(0.43	)		(0.60	)		(0.49	)
Net asset value at end of period	$	8.41		$	8.35		$	8.67		$	8.44		$	8.16		$	9.14
Total return		3.34	%(A)		1.44	%		7.74	%		9.11	%		(4.42	%)		6.91	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	47,240		$	63,983		$	75,435		$	85,739		$	119,505		$	166,071
Ratio to average net assets:
Net expenses		0.80	%(B)		0.80	%		0.80	%		0.80	%		0.80	%		0.74	%
Gross expenses		0.93	%(B)		0.88	%		0.90	%		0.91	%		0.87	%		0.78	%
Net investment income		5.24	%(B)		5.01	%		4.88	%		5.44	%		5.17	%		5.24	%
Portfolio turnover rate		28	%(A)		59	%		69	%		56	%		35	%		40	%

Touchstone High Yield Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.35		$	8.66		$	8.43		$	8.16		$	9.13		$	9.00
Income (loss) from investment operations:
Net investment income		0.21			0.44			0.42			0.44			0.46			0.49
Net realized and unrealized gains (losses) on investments		0.05			(0.30	)		0.22			0.27			(0.82	)		0.13
Total from investment operations		0.26			0.14			0.64			0.71			(0.36	)		0.62
Distributions from:
Net investment income		(0.21	)		(0.45	)		(0.41	)		(0.44	)		(0.47	)		(0.49	)
Realized capital gains		—			—			—			—			(0.14	)		—
Total distributions		(0.21	)		(0.45	)		(0.41	)		(0.44	)		(0.61	)		(0.49	)
Net asset value at end of period	$	8.40		$	8.35		$	8.66		$	8.43		$	8.16		$	9.13
Total return		3.26	%(A)		1.63	%		7.70	%		9.19	%		(4.23	%)		6.99	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	120,385		$	111,705		$	112,503		$	93,267		$	59,037		$	56,228
Ratio to average net assets:
Net expenses		0.72	%(B)		0.72	%		0.72	%		0.72	%		0.72	%		0.68	%
Gross expenses		0.77	%(B)		0.76	%		0.75	%		0.77	%		0.75	%		0.75	%
Net investment income		5.32	%(B)		5.09	%		4.96	%		5.52	%		5.25	%		5.31	%
Portfolio turnover rate		28	%(A)		59	%		69	%		56	%		35	%		40	%

^(A) Not annualized.

^(B) Annualized.

See accompanying Notes to Financial Statements.

94

Financial Highlights (Continued)

Touchstone Impact Bond Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.77		$	10.13		$	10.38		$	10.19		$	10.23		$	10.07
Income (loss) from investment operations:
Net investment income		0.11			0.22			0.18			0.24			0.22			0.23
Net realized and unrealized gains (losses) on investments		0.27			(0.33	)		(0.17	)		0.22			0.01			0.22
Total from investment operations		0.38			(0.11	)		0.01			0.46			0.23			0.45
Distributions from:
Net investment income		(0.13	)		(0.25	)		(0.26	)		(0.27	)		(0.27	)		(0.29	)
Net asset value at end of period	$	10.02		$	9.77		$	10.13		$	10.38		$	10.19		$	10.23
Total return(A)		3.95	%(B)		(1.07	%)		0.15	%		4.57	%		2.24	%		4.53	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	6,671		$	5,697		$	5,137		$	8,639		$	5,749		$	5,144
Ratio to average net assets:
Net expenses		0.85	%(C)		0.85	%		0.85	%		0.87	%		0.90	%		0.90	%
Gross expenses		1.27	%(C)		1.30	%		1.22	%		1.25	%		1.26	%		1.25	%
Net investment income		2.36	%(C)		2.25	%		1.98	%		2.26	%		2.10	%		2.32	%
Portfolio turnover rate		13	%(B)		40	%		18	%		12	%		19	%		5	%

Touchstone Impact Bond Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.75		$	10.12		$	10.36		$	10.18		$	10.21		$	10.05
Income (loss) from investment operations:
Net investment income		0.08			0.16			0.11			0.15			0.14			0.15
Net realized and unrealized gains (losses) on investments		0.27			(0.35	)		(0.17	)		0.22			0.02			0.22
Total from investment operations		0.35			(0.19	)		(0.06	)		0.37			0.16			0.37
Distributions from:
Net investment income		(0.09	)		(0.18	)		(0.18	)		(0.19	)		(0.19	)		(0.21	)
Net asset value at end of period	$	10.01		$	9.75		$	10.12		$	10.36		$	10.18		$	10.21
Total return(A)		3.66	%(B)		(1.94	%)		(0.51	%)		3.70	%		1.60	%		3.75	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	790		$	1,087		$	1,876		$	2,813		$	2,368		$	1,634
Ratio to average net assets:
Net expenses		1.60	%(C)		1.60	%		1.60	%		1.62	%		1.65	%		1.65	%
Gross expenses		3.05	%(C)		2.78	%		2.30	%		2.19	%		2.27	%		2.47	%
Net investment income		1.61	%(C)		1.50	%		1.23	%		1.51	%		1.35	%		1.57	%
Portfolio turnover rate		13	%(B)		40	%		18	%		12	%		19	%		5	%

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

^(B) Not annualized.

^(C) Annualized.

See accompanying Notes to Financial Statements.

95

Financial Highlights (Continued)

Touchstone Impact Bond Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.78		$	10.15		$	10.39		$	10.20		$	10.24		$	10.08
Income (loss) from investment operations:
Net investment income		0.12			0.24			0.24			0.26			0.25			0.26
Net realized and unrealized gains (losses) on investments		0.28			(0.33	)		(0.19	)		0.23			0.01			0.22
Total from investment operations		0.40			(0.09	)		0.05			0.49			0.26			0.48
Distributions from:
Net investment income		(0.14	)		(0.28	)		(0.29	)		(0.30	)		(0.30	)		(0.32	)
Net asset value at end of period	$	10.04		$	9.78		$	10.15		$	10.39		$	10.20		$	10.24
Total return		4.18	%(A)		(0.92	%)		0.50	%		4.82	%		2.51	%		4.84	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	73,470		$	54,895		$	37,233		$	49,484		$	39,751		$	19,397
Ratio to average net assets:
Net expenses		0.60	%(B)		0.60	%		0.60	%		0.62	%		0.65	%		0.61	%
Gross expenses		0.66	%(B)		0.67	%		0.73	%		0.71	%		0.70	%		0.68	%
Net investment income		2.61	%(B)		2.50	%		2.23	%		2.51	%		2.35	%		2.61	%
Portfolio turnover rate		13	%(A)		40	%		18	%		12	%		19	%		5	%

Touchstone Impact Bond Fund — Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.78		$	10.14		$	10.39		$	10.20		$	10.24		$	10.08
Income (loss) from investment operations:
Net investment income		0.13			0.26			0.25			0.28			0.26			0.27
Net realized and unrealized gains (losses) on investments		0.28			(0.33	)		(0.20	)		0.22			0.01			0.22
Total from investment operations		0.41			(0.07	)		0.05			0.50			0.27			0.49
Distributions from:
Net investment income		(0.15	)		(0.29	)		(0.30	)		(0.31	)		(0.31	)		(0.33	)
Net asset value at end of period	$	10.04		$	9.78		$	10.14		$	10.39		$	10.20		$	10.24
Total return		4.23	%(A)		(0.72	%)		0.51	%		4.94	%		2.65	%		4.96	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	182,669		$	191,224		$	222,013		$	166,008		$	134,877		$	116,404
Ratio to average net assets:
Net expenses		0.50	%(B)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Gross expenses		0.60	%(B)		0.60	%		0.60	%		0.60	%		0.61	%		0.60	%
Net investment income		2.71	%(B)		2.60	%		2.33	%		2.63	%		2.50	%		2.72	%
Portfolio turnover rate		13	%(A)		40	%		18	%		12	%		19	%		5	%

^(A) Not annualized.

^(B) Annualized.

See accompanying Notes to Financial Statements.

96

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.31		$	11.00		$	11.00		$	10.54		$	10.49		$	11.05
Income (loss) from investment operations:
Net investment loss(A)		(0.06	)		(0.04	)		(0.11	)		(0.08	)		(0.11	)		(0.13	)
Net realized and unrealized gains (losses) on investments		0.28			(0.06	)		0.43			0.54			0.21			(0.05	)
Total from investment operations		0.22			(0.10	)		0.32			0.46			0.10			(0.18	)
Distributions from:
Net investment income		(0.15	)		—			—			—			—			(0.05	)
Realized capital gains		—			(0.59	)		(0.32	)		—			(0.05	)		(0.33	)
Total distributions		(0.15	)		(0.59	)		(0.32	)		—			(0.05	)		(0.38	)
Net asset value at end of period	$	10.38		$	10.31		$	11.00		$	11.00		$	10.54		$	10.49
Total return(B)		2.17	%(C)		(0.96	%)		3.01	%		4.37	%		0.92	%		(1.75	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	7,286		$	8,946		$	14,144		$	15,711		$	21,858		$	96,916
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(D)		2.02	%(E)		2.06	%		2.56	%		2.52	%		2.47	%		2.52	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(F)		2.25	%(E)		2.19	%		2.64	%		2.55	%		2.47	%		2.52	%
Net investment loss		(1.18	%)(E)		(0.41	%)		(1.05	%)		(0.74	%)		(0.99	%)		(1.25	%)
Portfolio turnover rate		66	%(C)		214	%		331	%		400	%		227	%		271	%

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

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

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.68%, 1.68%, 1.68%, 1.68%, 1.60% and 1.57% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.91%, 1.81%, 1.76%, 1.71%, 1.60% and 1.57% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

97

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.74		$	10.50		$	10.60		$	10.22		$	10.26		$	10.85
Income (loss) from investment operations:
Net investment loss(A)		(0.09	)		(0.12	)		(0.19	)		(0.16	)		(0.18	)		(0.22	)
Net realized and unrealized gains (losses) on investments		0.26			(0.05	)		0.41			0.54			0.19			(0.04	)
Total from investment operations		0.17			(0.17	)		0.22			0.38			0.01			(0.26	)
Distributions from:
Net investment income		(0.02	)		—			—			—			—			—
Realized capital gains		—			(0.59	)		(0.32	)		—			(0.05	)		(0.33	)
Total distributions		(0.02	)		(0.59	)		(0.32	)		—			(0.05	)		(0.33	)
Net asset value at end of period	$	9.89	$		9.74	$		10.50	$		10.60	$		10.22	$		10.26
Total return(B)		1.78	%(C)		(1.70	%)		2.26	%		3.62	%		0.06	%		(2.51	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	4,412		$	7,696		$	11,071		$	14,300		$	18,868		$	35,737
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(D)		2.77	%(E)		2.81	%		3.31	%		3.27	%		3.26	%		3.32	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(F)		3.06	%(E)		2.94	%		3.40	%		3.28	%		3.26	%		3.32	%
Net investment loss		(1.93	%)(E)		(1.16	%)		(1.80	%)		(1.49	%)		(1.79	%)		(2.05	%)
Portfolio turnover rate		66	%(C)		214	%		331	%		400	%		227	%		271	%

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

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

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 2.43%, 2.43%, 2.43%, 2.43%, 2.39% and 2.37% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 2.72%, 2.56%, 2.52%, 2.44%, 2.39% and 2.37% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

98

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.50		$	11.16		$	11.13		$	10.62		$	10.55		$	11.10
Income (loss) from investment operations:
Net investment loss(A)		(0.05	)		(0.01	)		(0.09	)		(0.05	)		(0.08	)		(0.10	)
Net realized and unrealized gains (losses) on investments		0.28			(0.06	)		0.44			0.56			0.20			(0.05	)
Total from investment operations		0.23			(0.07	)		0.35			0.51			0.12			(0.15	)
Distributions from:
Net investment income		(0.18	)		—			—			—			—			(0.07	)
Realized capital gains		—			(0.59	)		(0.32	)		—			(0.05	)		(0.33	)
Total distributions		(0.18	)		(0.59	)		(0.32	)		—			(0.05	)		(0.40	)
Net asset value at end of period	$	10.55		$	10.50		$	11.16		$	11.13		$	10.62		$	10.55
Total return		2.30	%(B)		(0.66	%)		3.35	%		4.71	%		1.10	%		(1.41	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	37,137		$	83,211		$	91,224		$	85,841		$	88,677		$	178,305
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(C)		1.77	%(D)		1.77	%		2.28	%		2.21	%		2.20	%		2.24	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(E)		1.80	%(D)		1.77	%		2.28	%		2.21	%		2.20	%		2.24	%
Net investment loss		(0.93	%)(D)		(0.13	%)		(0.77	%)		(0.43	%)		(0.73	%)		(0.97	%)
Portfolio turnover rate		66	%(B)		214	%		331	%		400	%		227	%		271	%

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

^(B) Not annualized.

^(C) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.43%, 1.39%, 1.40%, 1.37%, 1.33% and 1.29% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(D) Annualized.

^(E) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.46%, 1.39%, 1.40%, 1.37%, 1.33% and 1.29% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

99

Financial Highlights (Continued)

Touchstone Merger Arbitrage Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.56		$	11.21		$	11.16		$	10.65		$	10.57		$	11.13
Income (loss) from investment operations:
Net investment loss(A)		(0.04	)		(—	)(B)		(0.07	)		(0.04	)		(0.07	)		(0.10	)
Net realized and unrealized gains (losses) on investments		0.29			(0.06	)		0.44			0.55			0.20			(0.05	)
Total from investment operations		0.25			(0.06	)		0.37			0.51			0.13			(0.15	)
Distributions from:
Net investment income		(0.19	)		—			—			—			—			(0.08	)
Realized capital gains		—			(0.59	)		(0.32	)		—			(0.05	)		(0.33	)
Total distributions		(0.19	)		(0.59	)		(0.32	)		—			(0.05	)		(0.41	)
Net asset value at end of period	$	10.62		$	10.56		$	11.21		$	11.16		$	10.65		$	10.57
Total return		2.47	%(C)		(0.57	%)		3.43	%		4.79	%		1.19	%		(1.44	%)
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,344		$	39,740		$	98,240		$	76,910		$	82,858		$	119,727
Ratio to average net assets:
Net expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(D)		1.62	%(E)		1.66	%		2.16	%		2.12	%		2.13	%		2.21	%
Gross expenses (including dividend and interest expense on securities sold short and liquidity provider expenses)(F)		1.79	%(E)		1.71	%		2.18	%		2.12	%		2.13	%		2.20	%
Net investment loss		(0.78	%)(E)		(0.01	%)		(0.65	%)		(0.34	%)		(0.66	%)		(0.94	%)
Portfolio turnover rate		66	%(C)		214	%		331	%		400	%		227	%		271	%

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

^(B) Less than $0.005 per share.

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.28%, 1.28%, 1.28%, 1.28%, 1.26% and 1.26% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding dividend and interest expense on securities sold short and liquidity provider expenses was 1.45%, 1.33%, 1.30%, 1.28%, 1.26% and 1.25% for the six months ended March 31, 2019 and years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively.

See accompanying Notes to Financial Statements.

100

Financial Highlights (Continued)

Touchstone Mid Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	34.99		$	30.50		$	25.91		$	23.22		$	23.68		$	20.87
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.01	(A)		(0.02	)(A)		0.12			(0.02	)(A)		—	(B)
Net realized and unrealized gains (losses) on investments		0.71			4.79			4.69			2.57			(0.44	)		2.83
Total from investment operations		0.77			4.80			4.67			2.69			(0.46	)		2.83
Distributions from:
Net investment income		(0.02	)		—			(0.08	)		—			—			(0.02	)
Realized capital gains		(1.15	)		(0.31	)		—			—			—			—
Total distributions		(1.17	)		(0.31	)		(0.08	)		—			—			(0.02	)
Net asset value at end of period	$	34.59		$	34.99		$	30.50		$	25.91		$	23.22		$	23.68
Total return(C)		2.64	%(D)		15.83	%		18.08	%		11.58	%		(1.94	%)		13.57	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	33,831		$	36,824		$	34,761		$	53,044		$	62,717		$	35,513
Ratio to average net assets:
Net expenses		1.24	%(E)		1.24	%		1.24	%		1.24	%		1.24	%		1.23	%
Gross expenses		1.36	%(E)		1.35	%		1.36	%		1.35	%		1.35	%		1.40	%
Net investment income (loss)		0.34	%(E)		0.04	%		(0.09	%)		0.43	%		(0.07	%)		0.01	%
Portfolio turnover rate		10	%(D)		46	%		19	%		19	%		17	%		26	%

Touchstone Mid Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	33.01		$	29.02		$	24.76		$	22.35		$	22.97		$	20.37
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.22	)(A)		(0.22	)(A)		(0.12	)		(0.20	)(A)		(0.15	)
Net realized and unrealized gains (losses) on investments		0.67			4.52			4.48			2.53			(0.42	)		2.75
Total from investment operations		0.60			4.30			4.26			2.41			(0.62	)		2.60
Distributions from:
Realized capital gains		(1.15	)		(0.31	)		—			—			—			—
Net asset value at end of period	$	32.46		$	33.01		$	29.02		$	24.76		$	22.35		$	22.97
Total return(C)		2.26	%(D)		14.91	%		17.21	%		10.78	%		(2.70	%)		12.76	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	55,125		$	56,274		$	57,224		$	59,431		$	60,815		$	41,433
Ratio to average net assets:
Net expenses		1.99	%(E)		1.99	%		1.99	%		1.99	%		1.99	%		1.98	%
Gross expenses		2.08	%(E)		2.08	%		2.11	%		2.13	%		2.12	%		2.16	%
Net investment loss		(0.41	%)(E)		(0.71	%)		(0.84	%)		(0.32	%)		(0.82	%)		(0.75	%)
Portfolio turnover rate		10	%(D)		46	%		19	%		19	%		17	%		26	%

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

^(B) Less than $0.005 per share.

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

^(D) Not annualized.

^(E) Annualized.

See accompanying Notes to Financial Statements.

101

Financial Highlights (Continued)

Touchstone Mid Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	35.33		$	30.77		$	26.14		$	23.38		$	23.83		$	20.98
Income (loss) from investment operations:
Net investment income		0.08			0.10	(A)		0.05	(A)		0.18			0.05	(A)		0.06
Net realized and unrealized gains (losses) on investments		0.74			4.82			4.74			2.59			(0.45	)		2.84
Total from investment operations		0.82			4.92			4.79			2.77			(0.40	)		2.90
Distributions from:
Net investment income		(0.04	)		(0.05	)		(0.16	)		(0.01	)		(0.05	)		(0.05	)
Realized capital gains		(1.15	)		(0.31	)		—			—			—			—
Total distributions		(1.19	)		(0.36	)		(0.16	)		(0.01	)		(0.05	)		(0.05	)
Net asset value at end of period	$	34.96		$	35.33		$	30.77		$	26.14		$	23.38		$	23.83
Total return		2.78	%(B)		16.09	%		18.40	%		11.87	%		(1.69	%)		13.83	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	859,272		$	712,578		$	551,794		$	476,831		$	481,735		$	266,446
Ratio to average net assets:
Net expenses		0.99	%(C)		0.99	%		0.99	%		0.99	%		0.99	%		0.98	%
Gross expenses		1.03	%(C)		1.05	%		1.08	%		1.07	%		1.11	%		1.06	%
Net investment income		0.59	%(C)		0.29	%		0.16	%		0.68	%		0.18	%		0.26	%
Portfolio turnover rate		10	%(B)		46	%		19	%		19	%		17	%		26	%

Touchstone Mid Cap Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	34.78		$	30.32		$	25.75		$	23.08		$	23.54		$	20.73
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.01	(A)		(0.02	)(A)		0.12			(0.02	)(A)		0.01
Net realized and unrealized gains (losses) on investments		0.71			4.76			4.67			2.55			(0.44	)		2.81
Total from investment operations		0.76			4.77			4.65			2.67			(0.46	)		2.82
Distributions from:
Net investment income		(0.02	)		—			(0.08	)		(—	)(D)		—			(0.01	)
Realized capital gains		(1.15	)		(0.31	)		—			—			—			—
Total distributions		(1.17	)		(0.31	)		(0.08	)		(—	)(D)		—			(0.01	)
Net asset value at end of period	$	34.37		$	34.78		$	30.32		$	25.75		$	23.08		$	23.54
Total return		2.63	%(B)		15.83	%		18.08	%		11.58	%		(1.95	%)		13.58	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	20,748		$	20,464		$	19,312		$	18,934		$	18,693		$	11,593
Ratio to average net assets:
Net expenses		1.24	%(C)		1.24	%		1.24	%		1.24	%		1.24	%		1.23	%
Gross expenses		1.39	%(C)		1.40	%		1.44	%		1.46	%		1.44	%		1.55	%
Net investment income (loss)		0.34	%(C)		0.04	%		(0.09	%)		0.43	%		(0.07	%)		0.01	%
Portfolio turnover rate		10	%(B)		46	%		19	%		19	%		17	%		26	%

^(A) The net investment income (loss) per share was 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.

102

Financial Highlights (Continued)

Touchstone Mid Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	35.38		$	30.81		$	26.18		$	23.40		$	23.85		$	20.99
Income (loss) from investment operations:
Net investment income		0.09			0.12	(A)		0.07	(A)		0.19			0.06	(A)		0.08
Net realized and unrealized gains (losses) on investments		0.74			4.83			4.74			2.61			(0.44	)		2.84
Total from investment operations		0.83			4.95			4.81			2.80			(0.38	)		2.92
Distributions from:
Net investment income		(0.05	)		(0.07	)		(0.18	)		(0.02	)		(0.07	)		(0.06	)
Realized capital gains		(1.15	)		(0.31	)		—			—			—			—
Total distributions		(1.20	)		(0.38	)		(0.18	)		(0.02	)		(0.07	)		(0.06	)
Net asset value at end of period	$	35.01		$	35.38		$	30.81		$	26.18		$	23.40		$	23.85
Total return		2.79	%(B)		16.18	%		18.50	%		11.92	%		(1.62	%)		13.91	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	150,193		$	129,284		$	113,867		$	77,775		$	76,324		$	90,998
Ratio to average net assets:
Net expenses		0.92	%(C)		0.92	%		0.92	%		0.92	%		0.92	%		0.91	%
Gross expenses		0.97	%(C)		0.97	%		0.98	%		0.99	%		1.00	%		1.01	%
Net investment income		0.66	%(C)		0.36	%		0.23	%		0.75	%		0.25	%		0.33	%
Portfolio turnover rate		10	%(B)		46	%		19	%		19	%		17	%		26	%

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

^(B) Not annualized.

^(C) Annualized.

See accompanying Notes to Financial Statements.

103

Financial Highlights (Continued)

Touchstone Mid Cap Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.71		$	19.36		$	17.49		$	15.70		$	16.60		$	16.09
Income (loss) from investment operations:
Net investment income		0.06	(A)		0.07			0.04			0.09	(A)		0.12			0.05
Net realized and unrealized gains (losses) on investments		(0.79	)		0.48			2.47			2.76			(0.28	)		1.85
Total from investment operations		(0.73	)		0.55			2.51			2.85			(0.16	)		1.90
Distributions from:
Net investment income		(0.04	)		(0.06	)		(0.03	)		(0.10	)		(0.10	)		(0.05	)
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)		(1.34	)
Total distributions		(0.80	)		(1.20	)		(0.64	)		(1.06	)		(0.74	)		(1.39	)
Net asset value at end of period	$	17.18		$	18.71		$	19.36		$	17.49		$	15.70		$	16.60
Total return(B)		(3.62	%)(C)		2.80	%		14.62	%		19.20	%		(1.14	%)		12.49	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	13,247		$	17,217		$	21,001		$	21,867		$	7,663		$	14,029
Ratio to average net assets:
Net expenses		1.22	%(D)		1.25	%		1.27	%		1.27	%		1.29	%		1.29	%
Gross expenses		1.51	%(D)		1.48	%		1.47	%		1.59	%		1.66	%		1.58	%
Net investment income		0.76	%(D)		0.32	%		0.19	%		0.56	%		0.55	%		0.41	%
Portfolio turnover rate		20	%(C)		31	%		43	%		45	%		54	%		85	%(E)

Touchstone Mid Cap Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.20		$	18.94		$	17.23		$	15.49		$	16.42		$	16.00
Income (loss) from investment operations:
Net investment income (loss)		—	(A)(F)		(0.13	)		(0.06	)		(0.03	)(A)		(0.04	)		(0.04	)
Net realized and unrealized gains (losses) on investments		(0.77	)		0.53			2.38			2.73			(0.25	)		1.80
Total from investment operations		(0.77	)		0.40			2.32			2.70			(0.29	)		1.76
Distributions from:
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)		(1.34	)
Net asset value at end of period	$	16.67		$	18.20		$	18.94		$	17.23		$	15.49		$	16.42
Total return(B)		(3.97	%)(C)		2.04	%		13.78	%		18.32	%		(1.91	%)		11.62	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	6,420		$	7,755		$	10,758		$	4,088		$	1,752		$	2,002
Ratio to average net assets:
Net expenses		1.97	%(D)		2.01	%		2.02	%		2.02	%		2.04	%		2.04	%
Gross expenses		2.35	%(D)		2.31	%		2.33	%		2.75	%		2.83	%		3.05	%
Net investment income (loss)		0.01	%(D)		(0.43	%)		(0.56	%)		(0.19	%)		(0.20	%)		(0.34	%)
Portfolio turnover rate		20	%(C)		31	%		43	%		45	%		54	%		85	%(E)

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

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

^(C) Not annualized.

^(D) Annualized.

^(E) Portfolio turnover excludes the purchases and sales of securities of the Touchstone Mid Cap Value Opportunities Fund acquired on March 21, 2014. If these transactions were included, portfolio turnover would have been higher.

^(F) Less than $0.005 per share.

See accompanying Notes to Financial Statements.

104

Financial Highlights (Continued)

Touchstone Mid Cap Value Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.79		$	19.45		$	17.57		$	15.76		$	16.67		$	16.15
Income (loss) from investment operations:
Net investment income		0.09	(A)		0.11			0.08			0.13	(A)		0.14			0.07
Net realized and unrealized gains (losses) on investments		(0.80	)		0.48			2.49			2.78			(0.27	)		1.88
Total from investment operations		(0.71	)		0.59			2.57			2.91			(0.13	)		1.95
Distributions from:
Net investment income		(0.06	)		(0.11	)		(0.08	)		(0.14	)		(0.14	)		(0.09	)
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)		(1.34	)
Total distributions		(0.82	)		(1.25	)		(0.69	)		(1.10	)		(0.78	)		(1.43	)
Net asset value at end of period	$	17.26		$	18.79		$	19.45		$	17.57		$	15.76		$	16.67
Total return		(3.47	%)(B)		3.00	%		14.91	%		19.51	%		(0.91	%)		12.77	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	296,808		$	337,247		$	322,979		$	292,978		$	208,525		$	213,404
Ratio to average net assets:
Net expenses		0.97	%(C)		1.00	%		1.02	%		1.03	%		1.04	%		1.04	%
Gross expenses		1.04	%(C)		1.05	%		1.10	%		1.13	%		1.13	%		1.14	%
Net investment income		1.01	%(C)		0.57	%		0.43	%		0.81	%		0.81	%		0.66	%
Portfolio turnover rate		20	%(B)		31	%		43	%		45	%		54	%		85	%(D)

Touchstone Mid Cap Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.89		$	19.54		$	17.64		$	15.82		$	16.73		$	16.20
Income (loss) from investment operations:
Net investment income		0.10	(A)		0.12			0.09			0.16	(A)		0.17			0.13
Net realized and unrealized gains (losses) on investments		(0.81	)		0.50			2.52			2.78			(0.27	)		1.85
Total from investment operations		(0.71	)		0.62			2.61			2.94			(0.10	)		1.98
Distributions from:
Net investment income		(0.07	)		(0.13	)		(0.10	)		(0.16	)		(0.17	)		(0.11	)
Realized capital gains		(0.76	)		(1.14	)		(0.61	)		(0.96	)		(0.64	)		(1.34	)
Total distributions		(0.83	)		(1.27	)		(0.71	)		(1.12	)		(0.81	)		(1.45	)
Net asset value at end of period	$	17.35		$	18.89		$	19.54		$	17.64		$	15.82		$	16.73
Total return		(3.45	%)(B)		3.17	%		15.04	%		19.71	%		(0.76	%)		12.90	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	439,190		$	431,412		$	334,083		$	185,989		$	124,592		$	134,259
Ratio to average net assets:
Net expenses		0.84	%(C)		0.87	%		0.89	%		0.89	%		0.89	%		0.89	%
Gross expenses		0.96	%(C)		0.99	%		1.01	%		1.03	%		1.03	%		1.04	%
Net investment income		1.14	%(C)		0.70	%		0.57	%		0.94	%		0.96	%		0.81	%
Portfolio turnover rate		20	%(B)		31	%		43	%		45	%		54	%		85	%(D)

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

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover excludes the purchases and sales of securities of the Touchstone Mid Cap Value Opportunities Fund acquired on March 21, 2014. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

105

Financial Highlights (Continued)

Touchstone Premium Yield Equity Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.58		$	9.40		$	8.77		$	8.27		$	9.98		$	8.92
Income (loss) from investment operations:
Net investment income		0.08			0.24			0.25			0.22			0.24			0.40	(A)
Net realized and unrealized gains (losses) on investments		(0.44	)		0.35			0.62			1.04			(1.25	)		1.07
Total from investment operations		(0.36	)		0.59			0.87			1.26			(1.01	)		1.47
Distributions from:
Net investment income		(0.09	)		(0.23	)		(0.24	)		(0.21	)		(0.25	)		(0.41	)
Realized capital gains		(0.77	)		(0.18	)		—			(0.55	)		(0.45	)		—
Total distributions		(0.86	)		(0.41	)		(0.24	)		(0.76	)		(0.70	)		(0.41	)
Net asset value at end of period	$	8.36		$	9.58		$	9.40		$	8.77		$	8.27		$	9.98
Total return(B)		(3.32	%)(C)		6.41	%		10.10	%		16.80	%		(10.79	%)		16.79	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	10,068		$	11,984		$	22,725		$	26,907		$	36,023		$	45,124
Ratio to average net assets:
Net expenses		1.20	%(D)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		1.50	%(D)		1.41	%		1.36	%		1.34	%		1.25	%		1.29	%
Net investment income		1.77	%(D)		2.16	%		2.69	%		2.57	%		2.57	%		4.24	%(A)
Portfolio turnover rate		33	%(C)		68	%		39	%		38	%		31	%		26	%

Touchstone Premium Yield Equity Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.57		$	9.39		$	8.75		$	8.26		$	9.97		$	8.90
Income (loss) from investment operations:
Net investment income		0.04			0.14			0.17			0.15			0.17			0.33	(A)
Net realized and unrealized gains (losses) on investments		(0.44	)		0.38			0.64			1.04			(1.24	)		1.07
Total from investment operations		(0.40	)		0.52			0.81			1.19			(1.07	)		1.40
Distributions from:
Net investment income		(0.06	)		(0.16	)		(0.17	)		(0.15	)		(0.19	)		(0.33	)
Realized capital gains		(0.77	)		(0.18	)		—			(0.55	)		(0.45	)		—
Total distributions		(0.83	)		(0.34	)		(0.17	)		(0.70	)		(0.64	)		(0.33	)
Net asset value at end of period	$	8.34		$	9.57		$	9.39		$	8.75		$	8.26		$	9.97
Total return(B)		(3.79	%)(C)		5.62	%		9.42	%		15.81	%		(11.45	%)		15.99	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	15,541		$	19,455		$	22,324		$	25,781		$	31,405		$	31,190
Ratio to average net assets:
Net expenses		1.95	%(D)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Gross expenses		2.12	%(D)		2.07	%		2.05	%		2.05	%		2.00	%		2.02	%
Net investment income		1.02	%(D)		1.41	%		1.94	%		1.82	%		1.82	%		3.49	%(A)
Portfolio turnover rate		33	%(C)		68	%		39	%		38	%		31	%		26	%

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

^(C) Not annualized.

^(D) Annualized.

See accompanying Notes to Financial Statements.

106

Financial Highlights (Continued)

Touchstone Premium Yield Equity Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.55		$	9.38		$	8.75		$	8.25		$	9.97		$	8.90
Income (loss) from investment operations:
Net investment income		0.08			0.23			0.26			0.23			0.26			0.43	(A)
Net realized and unrealized gains (losses) on investments		(0.43	)		0.37			0.63			1.05			(1.25	)		1.07
Total from investment operations		(0.35	)		0.60			0.89			1.28			(0.99	)		1.50
Distributions from:
Net investment income		(0.10	)		(0.25	)		(0.26	)		(0.23	)		(0.28	)		(0.43	)
Realized capital gains		(0.77	)		(0.18	)		—			(0.55	)		(0.45	)		—
Total distributions		(0.87	)		(0.43	)		(0.26	)		(0.78	)		(0.73	)		(0.43	)
Net asset value at end of period	$	8.33		$	9.55		$	9.38		$	8.75		$	8.25		$	9.97
Total return		(3.20	%)(B)		6.59	%		10.41	%		17.13	%		(10.58	%)		17.13	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	46,870		$	56,185		$	75,763		$	99,953		$	100,772		$	109,201
Ratio to average net assets:
Net expenses		0.95	%(C)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		1.05	%(C)		0.99	%		1.00	%		1.03	%		0.97	%		0.96	%
Net investment income		2.02	%(C)		2.41	%		2.94	%		2.82	%		2.82	%		4.49	%(A)
Portfolio turnover rate		33	%(B)		68	%		39	%		38	%		31	%		26	%

^(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.

107

Financial Highlights (Continued)

Touchstone Sands Capital Select Growth Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	17.73		$	16.58		$	16.14		$	16.48		$	18.15		$	16.08
Income (loss) from investment operations:
Net investment loss		(0.09	)(A)		(0.21	)		(0.34	)		(0.28	)		(0.15	)		(0.29	)
Net realized and unrealized gains (losses) on investments		(0.49	)		4.72			2.94			1.47			(0.64	)		2.49
Total from investment operations		(0.58	)		4.51			2.60			1.19			(0.79	)		2.20
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)		(0.13	)
Net asset value at end of period	$	13.32		$	17.73		$	16.58		$	16.14		$	16.48		$	18.15
Total return(B)		(0.25	%)(C)		33.03	%		19.63	%		7.17	%		(4.70	%)		13.73	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	86,270		$	97,583		$	89,860		$	138,315		$	230,783		$	289,506
Ratio to average net assets:
Net expenses (including liquidityprovider expenses)(D)		1.52	%(E)		1.43	%		1.23	%		1.07	%		1.10	%		1.31	%
Gross expenses (including liquidityprovider expenses)(F)		1.53	%(E)		1.43	%		1.25	%		1.09	%		1.10	%		1.33	%
Net investment loss		(1.29	%)(E)		(1.28	%)		(0.95	%)		(0.81	%)		(0.65	%)		(0.91	%)
Portfolio turnover rate		34	%(C)(G)		21	%(G)		22	%		46	%		29	%		30	%

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

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

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding liquidity provider expenses for Class A was 1.47% and 1.42% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class A was 1.48% and 1.42% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

108

Financial Highlights (Continued)

Touchstone Sands Capital Select Growth Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	16.20		$	15.51		$	15.36		$	15.86		$	17.62		$	15.74
Income (loss) from investment operations:
Net investment loss		(0.12	)(A)		(0.24	)		(0.79	)		(0.52	)		(0.30	)		(0.32	)
Net realized and unrealized gains (losses) on investments		(0.51	)		4.29			3.10			1.55			(0.58	)		2.33
Total from investment operations		(0.63	)		4.05			2.31			1.03			(0.88	)		2.01
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)		(0.13	)
Net asset value at end of period	$	11.74		$	16.20		$	15.51		$	15.36		$	15.86		$	17.62
Total return(B)		(0.59	%)(C)		32.11	%		18.77	%		6.32	%		(5.38	%)		12.89	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	66,568		$	80,444		$	73,516		$	111,951		$	163,237		$	203,865
Ratio to average net assets:
Net expenses (including liquidityprovider expenses)(D)		2.27	%(E)		2.18	%		1.98	%		1.82	%		1.85	%		2.06	%
Gross expenses (including liquidityprovider expenses)(F)		2.29	%(E)		2.19	%		2.01	%		1.84	%		1.85	%		2.09	%
Net investment loss		(2.04	%)(E)		(2.03	%)		(1.70	%)		(1.56	%)		(1.40	%)		(1.65	%)
Portfolio turnover rate		34	%(C)(G)		21	%(G)		22	%		46	%		29	%		30	%

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

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

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding liquidity provider expenses for Class C was 2.22% and 2.17% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class C was 2.24% and 2.18% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

109

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,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	18.73		$	17.29		$	16.70		$	16.96		$	18.61		$	16.44
Income (loss) from investment operations:
Net investment loss		(0.08	)(A)		(0.18	)		(0.10	)		(0.11	)		(0.08	)		(0.10	)
Net realized and unrealized gains (losses) on investments		(0.49	)		4.98			2.85			1.38			(0.69	)		2.40
Total from investment operations		(0.57	)		4.80			2.75			1.27			(0.77	)		2.30
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)		(0.13	)
Net asset value at end of period	$	14.33		$	18.73		$	17.29		$	16.70		$	16.96		$	18.61
Total return		(0.12	%)(B)		33.36	%		19.89	%		7.46	%		(4.46	%)		14.04	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	1,168,435		$	1,556,324		$	1,775,755		$	2,209,841		$	3,198,758		$	3,473,661
Ratio to average net assets:
Net expenses (including liquidityprovider expenses)(C)		1.27	%(D)(E)		1.18	%(E)		0.98	%		0.82	%		0.83	%		1.06	%
Gross expenses (including liquidityprovider expenses)(F)		1.26	%(D)		1.17	%		0.99	%		0.82	%		0.83	%		1.03	%
Net investment loss		(1.04	%)(D)		(1.03	%)		(0.70	%)		(0.56	%)		(0.39	%)		(0.66	%)
Portfolio turnover rate		34	%(B)(G)		21	%(G)		22	%		46	%		29	%		30	%

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

^(B) Not annualized.

^(C) The ratio of net expenses to average net assets excluding liquidity provider expenses for Class Y was 1.22% and 1.17% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(D) Annualized.

^(E) Net expenses include amounts recouped or eligible for recoupment by the Advisor.

^(F) The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class Y was 1.21% and 1.16% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

110

Financial Highlights (Continued)

Touchstone Sands Capital Select Growth Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	17.75		$	16.58		$	16.15		$	16.49		$	18.15		$	16.08
Income (loss) from investment operations:
Net investment loss		(0.09	)(A)		(0.20	)		(0.32	)		(0.29	)		(0.19	)		(0.17	)
Net realized and unrealized gains (losses) on investments		(0.49	)		4.73			2.91			1.48			(0.59	)		2.37
Total from investment operations		(0.58	)		4.53			2.59			1.19			(0.78	)		2.20
Distributions from:
Realized capital gains		(3.83	)		(3.36	)		(2.16	)		(1.53	)		(0.88	)		(0.13	)
Net asset value at end of period	$	13.34		$	17.75		$	16.58		$	16.15		$	16.49		$	18.15
Total return		(0.20	%)(B)		33.10	%		19.62	%		7.24	%		(4.70	%)		13.73	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	514,208		$	611,071		$	556,651		$	777,930		$	1,292,853		$	2,302,038
Ratio to average net assets:
Net expenses (including liquidity provider expenses)(C)		1.51	%(D)		1.42	%		1.22	%		1.04	%		1.08	%		1.31	%
Gross expenses (including liquidity-provider expenses)(E)		1.58	%(D)		1.47	%		1.28	%		1.11	%		1.13	%		1.35	%
Net investment loss		(1.28	%)(D)		(1.27	%)		(0.94	%)		(0.79	%)		(0.64	%)		(0.90	%)
Portfolio turnover rate		34	%(B)(F)		21	%(F)		22	%		46	%		29	%		30	%

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

^(B) Not annualized.

^(C) The ratio of net expenses to average net assets excluding liquidity provider expenses for Class Z was 1.46% and 1.41% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(D) Annualized.

^(E) The ratio of gross expenses to average net assets excluding liquidity provider expenses for Class Z was 1.53% and 1.46% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(F) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

111

Financial Highlights (Continued)

Touchstone Small Cap Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	16.24		$	17.73		$	16.24		$	17.73		$	20.55		$	19.44
Income (loss) from investment operations:
Net investment income (loss)		—	(A)		0.32	(B)		0.02			—	(A)		0.15	(C)		(0.09	)(B)
Net realized and unrealized gains (losses) on investments		(1.08	)		1.52			1.47			0.59			(1.38	)		1.80
Total from investment operations		(1.08	)		1.84			1.49			0.59			(1.23	)		1.71
Distributions from:
Net investment income		—			(0.34	)		—			(0.13	)		(—	)(A)		(0.31	)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)		(0.29	)
Total distributions		(3.40	)		(3.33	)		—			(2.08	)		(1.59	)		(0.60	)
Net asset value at end of period	$	11.76		$	16.24		$	17.73		$	16.24		$	17.73		$	20.55
Total return(D)		(4.57	%)(E)		12.14	%		9.17	%		3.74	%		(6.36	%)		8.80	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,953		$	8,142		$	12,461		$	37,942		$	62,423		$	60,246
Ratio to average net assets:
Net expenses (including liquidity provider expenses)(F)		1.43	%(G)		1.39	%		1.38	%		1.38	%		1.38	%		1.36	%
Gross expenses (including liquidityprovider expenses)(H)		2.01	%(G)		1.65	%		1.52	%		1.45	%		1.42	%		1.43	%
Net investment income (loss)		0.02	%(G)		1.99	%(I)		0.00	%(A)		0.00	%(A)		0.75	%(C)		(0.45	%)
Portfolio turnover rate		4	%(E)(J)		29	%(J)		18	%		17	%		42	%		17	%

^(A) Less than $0.005 per share or 0.005%.

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

^(C) Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class A net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

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

^(E) Not annualized.

^(F) The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.38% and 1.38% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Annualized.

^(H) The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.96% and 1.64% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(I) Includes impact of special dividend from Alexander & Baldwin Inc. in January, 2018 as part of the company's conversion to a real estate investment trust. This special dividend enhanced the ratio of net investment income for Class A by 2.10% for the fiscal year ended September 30, 2018.

^(J) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

112

Financial Highlights (Continued)

Touchstone Small Cap Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	15.40		$	16.94		$	15.63		$	17.16		$	20.07		$	19.01
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		0.19	(A)		(0.31	)		(0.16	)		—	(B)(C)		(0.24	)(A)
Net realized and unrealized gains (losses) on investments		(1.04	)		1.45			1.62			0.60			(1.32	)		1.75
Total from investment operations		(1.09	)		1.64			1.31			0.44			(1.32	)		1.51
Distributions from:
Net investment income		—			(0.19	)		—			(0.02	)		—			(0.16	)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)		(0.29	)
Total distributions		(3.40	)		(3.18	)		—			(1.97	)		(1.59	)		(0.45	)
Net asset value at end of period	$	10.91		$	15.40		$	16.94		$	15.63		$	17.16		$	20.07
Total return(D)		(4.94	%)(E)		11.33	%		8.38	%		2.92	%		(7.01	%)		7.96	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	3,877		$	6,299		$	9,266		$	14,957		$	21,562		$	27,104
Ratio to average net assets:
Net expenses (including liquidity provider expenses)(F)		2.18	%(G)		2.14	%		2.13	%		2.13	%		2.13	%		2.12	%
Gross expenses (including liquidity provider expenses)(H)		2.59	%(G)		2.40	%		2.28	%		2.23	%		2.17	%		2.17	%
Net investment income (loss)		(0.73	%)(G)		1.24	%(I)		(0.75	%)		(0.75	%)		0.00	%(B)(C)		(1.20	%)
Portfolio turnover rate		4	%(E)(J)		29	%(J)		18	%		17	%		42	%		17	%

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

^(B) Less than $0.005 per share or 0.005%.

^(C) Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class C net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

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

^(E) Not annualized.

^(F) The ratio of net expenses to average net assets excluding liquidity provider expenses was 2.13% and 2.13% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Annualized.

^(H) The ratio of gross expenses to average net assets excluding liquidity provider expenses was 2.54% and 2.39% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(I) Includes impact of special dividend from Alexander & Baldwin Inc. in January, 2018 as part of the company's conversion to a real estate investment trust. This special dividend enhanced the ratio of net investment income for Class C by 2.10% for the fiscal year ended September 30, 2018.

^(J) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

113

Financial Highlights (Continued)

Touchstone Small Cap Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	16.45		$	17.94		$	16.44		$	17.93		$	20.72		$	19.59
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.37	(A)		0.05			0.05			0.18	(B)		(0.03	)(A)
Net realized and unrealized gains (losses) on investments		(1.09	)		1.53			1.50			0.58			(1.37	)		1.81
Total from investment operations		(1.07	)		1.90			1.55			0.63			(1.19	)		1.78
Distributions from:
Net investment income		—			(0.40	)		(0.05	)		(0.17	)		(0.01	)		(0.36	)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)		(0.29	)
Total distributions		(3.40	)		(3.39	)		(0.05	)		(2.12	)		(1.60	)		(0.65	)
Net asset value at end of period	$	11.98		$	16.45		$	17.94		$	16.44		$	17.93		$	20.72
Total return		(4.43	%)(C)		12.44	%		9.46	%		3.97	%		(6.11	%)		9.12	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	33,742		$	51,218		$	84,954		$	295,198		$	333,971		$	309,367
Ratio to average net assets:
Net expenses (including liquidity provider expenses)(D)		1.18	%(E)		1.14	%		1.13	%		1.13	%		1.11	%		1.06	%
Gross expenses (including liquidity provider expenses)(F)		1.30	%(E)		1.17	%		1.15	%		1.14	%		1.11	%		1.08	%
Net investment income (loss)		0.27	%(E)		2.24	%(G)		0.25	%		0.25	%		1.02	%(B)		(0.15	%)
Portfolio turnover rate		4	%(C)(H)		29	%(H)		18	%		17	%		42	%		17	%

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

^(B) Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Class Y net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.13% and 1.13% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.25% and 1.16% for the six months ended March 31, 2019 and for the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Includes impact of special dividend from Alexander & Baldwin Inc. in January, 2018 as part of the company's conversion to a real estate investment trust. This special dividend enhanced the ratio of net investment income for Class Y by 2.10% for the fiscal year ended September 30, 2018.

^(H) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

114

Financial Highlights (Continued)

Touchstone Small Cap Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	16.40		$	17.93		$	16.43		$	17.92		$	20.69		$	19.57
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.38	(A)		0.16			0.07			0.24	(B)		(0.02	)(A)
Net realized and unrealized gains (losses) on investments		(1.09	)		1.53			1.41			0.57			(1.41	)		1.81
Total from investment operations		(1.06	)		1.91			1.57			0.64			(1.17	)		1.79
Distributions from:
Net investment income		—			(0.45	)		(0.07	)		(0.18	)		(0.01	)		(0.38	)
Realized capital gains		(3.40	)		(2.99	)		—			(1.95	)		(1.59	)		(0.29	)
Total distributions		(3.40	)		(3.44	)		(0.07	)		(2.13	)		(1.60	)		(0.67	)
Net asset value at end of period	$	11.94		$	16.40		$	17.93		$	16.43		$	17.92		$	20.69
Total return		(4.37	%)(C)		12.52	%		9.57	%		4.05	%		(6.01	%)		9.17	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	45,289		$	93,636		$	122,876		$	255,422		$	301,868		$	393,287
Ratio to average net assets:
Net expenses (including liquidity provider expenses)(D)		1.10	%(E)		1.06	%		1.05	%		1.04	%		1.04	%		1.01	%
Gross expenses (including liquidity provider expenses)(F)		1.20	%(E)		1.10	%		1.05	%		1.04	%		1.04	%		1.04	%
Net investment income (loss)		0.35	%(E)		2.32	%(G)		0.34	%		0.34	%		1.10	%(B)		(0.10	%)
Portfolio turnover rate		4	%(C)(H)		29	%(H)		18	%		17	%		42	%		17	%

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

^(B) Reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the Institutional Class net investment income per share and ratio of net investment income to average net assets would have been lower by $0.13 and 0.65%, respectively.

^(C) Not annualized.

^(D) The ratio of net expenses to average net assets excluding liquidity provider expenses was 1.05% and 1.05% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(E) Annualized.

^(F) The ratio of gross expenses to average net assets excluding liquidity provider expenses was 1.15% and 1.09% for the six months ended March 31, 2019 and the year ended September 30, 2018, respectively. There were no liquidity provider expenses prior to 2018.

^(G) Includes impact of special dividend from Alexander & Baldwin Inc. in January, 2018 as part of the company's conversion to a real estate investment trust. This special dividend enhanced the ratio of net investment income for Institutional Class by 2.10% for the fiscal year ended September 30, 2018.

^(H) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

See accompanying Notes to Financial Statements.

115

Financial Highlights(Continued)

Touchstone Small Cap Value Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	27.91		$	26.06		$	22.20		$	20.17		$	23.23		$	22.79
Income (loss) from investment operations:
Net investment income		0.07			0.02			0.03			0.23			0.36			0.36
Net realized and unrealized gains (losses) on investments		(2.75	)		1.83			3.85			2.80			(2.15	)		0.39
Total from investment operations		(2.68	)		1.85			3.88			3.03			(1.79	)		0.75
Distributions from:
Net investment income		(0.03	)		—	(A)		(0.02	)		(0.27	)		(0.35	)		(0.31	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)		—
Total distributions		(1.73	)		—	(A)		(0.02	)		(1.00	)		(1.27	)		(0.31	)
Net asset value at end of period	$	23.50		$	27.91		$	26.06		$	22.20		$	20.17		$	23.23
Total return(B)		(9.30	%)(C)		7.12	%		17.46	%		15.63	%		(8.32	%)		3.19	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	30,271		$	83,139		$	76,884		$	150,081		$	24,659		$	31,773
Ratio to average net assets:
Net expenses		1.38	%(D)		1.38	%		1.38	%		1.38	%		1.38	%		1.43	%
Gross expenses		1.80	%(D)		1.75	%		1.83	%		1.67	%		1.60	%		1.67	%
Net investment income		0.24	%(D)		0.09	%		0.07	%		1.05	%		1.51	%		1.44	%
Portfolio turnover rate		14	%(C)		49	%(E)(F)		63	%(F)		155	%		112	%		100	%(G)(H)

Touchstone Small Cap Value Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	27.22		$	25.60		$	21.95		$	19.98		$	23.00		$	22.61
Income (loss) from investment operations:
Net investment income (loss)		(0.20	)		(0.11	)		(0.22	)		0.06			0.17			0.16
Net realized and unrealized gains (losses) on investments		(2.50	)		1.73			3.87			2.77			(2.10	)		0.40
Total from investment operations		(2.70	)		1.62			3.65			2.83			(1.93	)		0.56
Distributions from:
Net investment income		—			—			—			(0.13	)		(0.17	)		(0.17	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)		—
Total distributions		(1.70	)		—			—			(0.86	)		(1.09	)		(0.17	)
Net asset value at end of period	$	22.82		$	27.22		$	25.60		$	21.95		$	19.98		$	23.00
Total return(B)		(9.61	%)(C)		6.29	%		16.63	%		14.72	%		(9.01	%)		2.46	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	917		$	1,433		$	1,223		$	1,376		$	1,396		$	2,169
Ratio to average net assets:
Net expenses		2.13	%(D)		2.13	%		2.13	%		2.13	%		2.13	%		2.18	%
Gross expenses		3.45	%(D)		3.66	%		3.69	%		3.39	%		3.13	%		3.25	%
Net investment income (loss)		(0.51	%)(D)		(0.66	%)		(0.68	%)		0.30	%		0.76	%		0.69	%
Portfolio turnover rate		14	%(C)		49	%(E)(F)		63	%(F)		155	%		112	%		100	%(G)(H)

^(A) Less than $0.005 per share.

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

^(C) Not annualized.

^(D) Annualized.

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

^(F) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

^(G) Portfolio turnover excludes securities received from a subscription-in-kind.

^(H) Portfolio turnover excludes the purchases and sales of securities of the Touchstone Small Company Value Fund acquired on March 21, 2014. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

116

Financial Highlights (Continued)

Touchstone Small Cap Value Fund—Class Y
Selected Data for a Share Outstanding Throughout Each Period
	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	27.96		$	26.14		$	22.24		$	20.20		$	23.25		$	22.82
Income (loss) from investment operations:
Net investment income		0.05			0.15			0.06			0.24			0.42			0.35
Net realized and unrealized gains (losses) on investments		(2.71	)		1.78			3.88			2.84			(2.14	)		0.46
Total from investment operations		(2.66	)		1.93			3.94			3.08			(1.72	)		0.81
Distributions from:
Net investment income		(0.06	)		(0.11	)		(0.04	)		(0.31	)		(0.41	)		(0.38	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)		—
Total distributions		(1.76	)		(0.11	)		(0.04	)		(1.04	)		(1.33	)		(0.38	)
Net asset value at end of period	$	23.54		$	27.96		$	26.14		$	22.24		$	20.20		$	23.25
Total return		(9.19	%)(A)		7.41	%		17.80	%		15.86	%		(8.08	%)		3.47	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	29,518		$	41,365		$	2,829		$	3,080		$	4,419		$	9,097
Ratio to average net assets:
Net expenses		1.13	%(B)		1.13	%		1.13	%		1.13	%		1.13	%		1.18	%
Gross expenses		1.30	%(B)		1.71	%		1.95	%		1.70	%		1.44	%		1.65	%
Net investment income		0.49	%(B)		0.34	%		0.32	%		1.30	%		1.76	%		1.70	%
Portfolio turnover rate		14	%(A)		49	%(C)(D)		63	%(D)		155	%		112	%		100	%(E)(F)

Touchstone Small Cap Value Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	27.94		$	26.14		$	22.22		$	20.19		$	23.24		$	22.81
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.28			(0.06	)		0.30			0.45			0.40
Net realized and unrealized gains (losses) on investments		(2.74	)		1.69			4.04			2.80			(2.13	)		0.44
Total from investment operations		(2.64	)		1.97			3.98			3.10			(1.68	)		0.84
Distributions from:
Net investment income		(0.08	)		(0.17	)		(0.06	)		(0.34	)		(0.45	)		(0.41	)
Realized capital gains		(1.70	)		—			—			(0.73	)		(0.92	)		—
Total distributions		(1.78	)		(0.17	)		(0.06	)		(1.07	)		(1.37	)		(0.41	)
Net asset value at end of period	$	23.52		$	27.94		$	26.14		$	22.22		$	20.19		$	23.24
Total return		(9.09	%)(A)		7.53	%		17.93	%		16.05	%		(7.93	%)		3.59	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	37,980		$	29,279		$	7,699		$	23,740		$	25,968		$	29,831
Ratio to average net assets:
Net expenses		0.98	%(B)		0.98	%		0.98	%		0.98	%		0.98	%		1.03	%
Gross expenses		1.17	%(B)		1.27	%		1.52	%		1.22	%		1.19	%		1.30	%
Net investment income		0.64	%(B)		0.49	%		0.47	%		1.45	%		1.91	%		1.84	%
Portfolio turnover rate		14	%(A)		49	%(C)(D)		63	%(D)		155	%		112	%		100	%(E)(F)

^(A) Not annualized.

^(B) Annualized.

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

^(D) Portfolio turnover excludes securities delivered from processing redemptions-in-kind.

^(E) Portfolio turnover excludes securities received from a subscription-in-kind.

^(F) Portfolio turnover excludes the purchases and sales of securities of the Touchstone Small Company Value Fund acquired on March 21, 2014. If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

117

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class A

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41		$	9.45
Income (loss) from investment operations:
Net investment income		0.11			0.16			0.13			0.10			0.06			0.06
Net realized and unrealized gains (losses) on investments		0.01			(0.01	)		(0.02	)		0.02			(0.03	)		0.03
Total from investment operations		0.12			0.15			0.11			0.12			0.03			0.09
Distributions from:
Net investment income		(0.11	)		(0.19	)		(0.14	)		(0.12	)		(0.12	)		(0.13	)
Net asset value at end of period	$	9.26		$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Total return(A)		1.33	%(B)		1.50	%		1.29	%		1.35	%		0.31	%		0.92	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	73,571		$	76,623		$	14,080		$	16,946		$	10,675		$	10,596
Ratio to average net assets:
Net expenses		0.69	%(C)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Gross expenses		0.80	%(C)		0.81	%		0.90	%		0.97	%		0.99	%		0.93	%
Net investment income		2.42	%(C)		1.88	%		1.40	%		1.09	%		0.54	%		0.79	%
Portfolio turnover rate		53	%(B)		143	%(D)		136	%		169	%		132	%		142	%

Touchstone Ultra Short Duration Fixed Income Fund—Class C

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41		$	9.45
Income (loss) from investment operations:
Net investment income		0.09			0.13			0.08			0.06			—	(E)		0.02
Net realized and unrealized gains (losses) on investments		0.01			(0.03	)		(0.02	)		0.02			(0.02	)		0.02
Total from investment operations		0.10			0.10			0.06			0.08			(0.02	)		0.04
Distributions from:
Net investment income		(0.09	)		(0.14	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)
Net asset value at end of period	$	9.26		$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Total return(A)		1.20	%(B)		1.00	%		0.77	%		0.84	%		(0.19	%)		0.42	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	4,762		$	4,492		$	5,704		$	7,961		$	8,291		$	11,272
Ratio to average net assets:
Net expenses		1.19	%(C)		1.19	%		1.19	%		1.19	%		1.19	%		1.19	%
Gross expenses		1.69	%(C)		1.67	%		1.56	%		1.54	%		1.48	%		1.44	%
Net investment income		1.93	%(C)		1.38	%		0.90	%		0.59	%		0.04	%		0.29	%
Portfolio turnover rate		53	%(B)		143	%(D)		136	%		169	%		132	%		142	%

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

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Low Duration Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

^(E) Less than $0.005 per share.

See accompanying Notes to Financial Statements.

118

Financial Highlights (Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class S

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended			Period
	March 31,			Ended
	2019			September 30,
	(Unaudited)			2018(A)
Net asset value at beginning of period	$	9.25		$	9.29
Income (loss) from investment operations:
Net investment income		0.10			0.13
Net realized and unrealized gains (losses) on investments		0.01			(0.02	)
Total from investment operations		0.11			0.11
Distributions from:
Net investment income		(0.10	)		(0.15	)
Net asset value at end of period	$	9.26		$	9.25
Total return		1.21	%(B)		1.24	%(B)
Ratios and supplemental data:
Net assets at end of period (000’s)	$	147,186		$	141,918
Ratio to average net assets:
Net expenses		0.94	%(C)		0.94	%(C)
Gross expenses		0.99	%(C)		0.99	%(C)
Net investment income		2.17	%(C)		1.63	%(C)
Portfolio turnover rate		53	%(B)		143	%(D)

Touchstone Ultra Short Duration Fixed Income Fund—Class Y

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41		$	9.45
Income (loss) from investment operations:
Net investment income		0.12			0.20			0.15			0.13			0.07			0.10
Net realized and unrealized gains (losses) on investments		0.01			(0.03	)		(0.02	)		0.02			(0.02	)		0.01
Total from investment operations		0.13			0.17			0.13			0.15			0.05			0.11
Distributions from:
Net investment income		(0.12	)		(0.21	)		(0.16	)		(0.15	)		(0.14	)		(0.15	)
Net asset value at end of period	$	9.26		$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Total return		1.46	%(B)		1.75	%		1.55	%		1.60	%		0.56	%		1.17	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	262,447		$	262,571		$	260,830		$	206,313		$	200,456		$	244,885
Ratio to average net assets:
Net expenses		0.44	%(C)		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Gross expenses		0.51	%(C)		0.50	%		0.51	%		0.53	%		0.52	%		0.49	%
Net investment income		2.67	%(C)		2.13	%		1.65	%		1.34	%		0.79	%		1.04	%
Portfolio turnover rate		53	%(B)		143	%(D)		136	%		169	%		132	%		142	%

^(A) The Fund began issuing Class S shares on October 27, 2017.

^(B) Not annualized.

^(C) Annualized.

^(D) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Low Duration Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

119

Financial Highlights(Continued)

Touchstone Ultra Short Duration Fixed Income Fund—Class Z

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41		$	9.45
Income (loss) from investment operations:
Net investment income		0.11			0.18			0.13			0.10			0.05			0.08
Net realized and unrealized gains (losses) on investment		0.01			(0.03	)		(0.02	)		0.02			(0.02	)		0.01
Total from investment operations		0.12			0.15			0.11			0.12			0.03			0.09
Distributions from:
Net investment income		(0.11	)		(0.19	)		(0.14	)		(0.12	)		(0.12	)		(0.13	)
Net asset value at end of period	$	9.26		$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Total return		1.33	%(A)		1.50	%		1.29	%		1.35	%		0.31	%		0.91	%
Ratios and supplemental data:
Net assets at end of period (000’s)	$	167,415		$	163,898		$	211,797		$	245,252		$	304,553		$	401,851
Ratio to average net assets:
Net expenses		0.69	%(B)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Gross expenses		0.77	%(B)		0.78	%		0.78	%		0.79	%		0.76	%		0.76	%
Net investment income		2.42	%(B)		1.88	%		1.40	%		1.09	%		0.54	%		0.79	%
Portfolio turnover rate		53	%(A)		143	%(C)		136	%		169	%		132	%		142	%

Touchstone Ultra Short Duration Fixed Income Fund—Institutional Class

Selected Data for a Share Outstanding Throughout Each Period

	Six Months
	Ended
	March 31,
	2019			Year Ended September 30,
	(Unaudited)			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.25		$	9.29		$	9.32		$	9.32		$	9.41		$	9.45
Income (loss) from investment operations:
Net investment income		0.13			0.21			0.16			0.13			0.08			0.10
Net realized and unrealized gains (losses) on investments		0.01			(0.03	)		(0.02	)		0.02			(0.02	)		0.01
Total from investment operations		0.14			0.18			0.14			0.15			0.06			0.11
Distributions from:
Net investment income		(0.13	)		(0.22	)		(0.17	)		(0.15	)		(0.15	)		(0.15	)
Net asset value at end of period	$	9.26		$	9.25		$	9.29		$	9.32		$	9.32		$	9.41
Total return		1.60	%(A)		1.80	%		1.60	%		1.54	%		0.61	%		1.22	%
Ratios and supplemental data:
Net assets at end of period (000's)	$	304,883		$	275,561		$	257,777		$	142,913		$	49,389		$	50,853
Ratio to average net assets:
Net expenses		0.39	%(B)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Gross expenses		0.46	%(B)		0.46	%		0.45	%		0.46	%		0.48	%		0.48	%
Net investment income		2.72	%(B)		2.18	%		1.70	%		1.39	%		0.84	%		1.09	%
Portfolio turnover rate		53	%(A)		143	%(C)		136	%		169	%		132	%		142	%

^(A) Not annualized.

^(B) Annualized.

^(C) Portfolio turnover excludes the purchases and sales of securities of the Sentinel Low Duration Bond Fund acquired on October 27, 2017 (See Note 9 in the Notes to Financial Statements). If these transactions were included, portfolio turnover would have been higher.

See accompanying Notes to Financial Statements.

120

Notes to Financial Statements

March 31, 2019 (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 an Agreement and Declaration of Trust dated October 25, 1993. The Trust consists of the following fourteen funds (individually, a “Fund,” and collectively, the “Funds”):

Touchstone Active Bond Fund (“Active Bond Fund”)

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

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

Touchstone Arbitrage Fund (“Arbitrage Fund”)

Touchstone High Yield Fund (“High Yield Fund”)

Touchstone Impact Bond Fund (“Impact Bond 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 Fund (“Small Cap Fund”)

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

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

Each Fund is diversified, with the exception of the Arbitrage Fund, the Merger Arbitrage Fund, the Sands Capital Select Growth Fund and the Small Cap Fund, which are non-diversified.

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

						Institutional
	Class A	Class C	Class S	Class Y	Class Z	Class
Active Bond Fund	X	X		X		X
Anti-Benchmark® International Core Equity Fund				X		X
Anti-Benchmark® US Core Equity Fund				X		X
Arbitrage Fund	X	X		X		X
High Yield Fund	X	X		X		X
Impact Bond 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 Fund	X	X		X		X
Small Cap Value Fund	X	X		X		X
Ultra Short Duration Fixed Income Fund	X	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 goal, policies, and strategies along with information on the classes of shares currently being offered.

2. Significant Accounting Policies

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

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

Regulatory Updates —In August 2018, the Securities and Exchange Commission (the “SEC”) released its Final Rules that eliminated or amended disclosure requirements in the financial statements that were redundant

121

Notes to Financial Statements(Unaudited) (Continued)

or outdated in light of changes in SEC requirements or U.S. generally accepted accounting principles (“U.S. GAAP”). The Final Rules were effective November 5, 2018. Management has evaluated the SEC Final Rules and is complying with the amendments in the current financial statements.

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

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

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

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

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

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

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

The aggregate value by input level, as of March 31, 2019, for each Fund’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if applicable, is included in each Fund’s Portfolio of Investments, which also includes a breakdown of the Fund’s investments by geographic, portfolio or sector allocation. The Arbitrage Fund, Merger Arbitrage Fund, Small Cap Value Fund and Ultra Short Duration Fixed Income Fund held Level 3 categorized securities during the six months ended March 31, 2019. Refer to the Portfolio of Investments for a reconciliation of Level 3 holdings.

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

During the six months ended March 31, 2019, there were no material changes to the valuation policies and techniques.

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

122

Notes to Financial Statements (Unaudited) (Continued)

the Funds invest are valued at their respective net asset value (“NAV”) as reported by the underlying funds (the “Underlying Funds”) and are categorized in Level 1.

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

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

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

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

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

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

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

· If the validity of market quotations is not reliable.

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

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

123

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

As of March 31, 2019, the Funds did not hold any unfunded loan commitments.

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

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

124

Notes to Financial Statements (Unaudited) (Continued)

Securities sold short —The Funds may engage in selling securities short, which obligates the Fund to replace a security borrowed by purchasing the same security at the current market value. The Fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund would realize a gain if the price of the security declines between those dates. As of March 31, 2019, the Arbitrage Fund and Merger Arbitrage Fund had securities sold short with a fair value of $793,260 and $617,729, respectively, and pledged securities with a fair value of $1,546,285 and $2,501,184, respectively, as collateral for both securities sold short and written options. Arbitrage Fund and Merger Arbitrage Fund pledged cash collateral of $625,805 and $464,566, respectively, for both securities sold short and written options.

Options —The Funds may write or purchase financial option contracts primarily to hedge against changes in the value of equity securities (or securities that the Funds intend to purchase), against fluctuations in fair value caused by changes in prevailing market interest rates or foreign currency exchange rates and against changes in overall equity market volatility. In addition, the Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. The Funds’ option strategy primarily focuses on the use of writing and/or purchasing call or put options on equity indexes. When the Funds write or purchase an option, an amount equal to the premium received or paid by the Funds is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Funds have realized a gain or loss on investment transactions. The Funds, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bear the market risk of an unfavorable change in the price of the security underlying the written option. The Funds, as purchaser of an option, bear the risk that the counterparties to the option may not have the ability to meet the terms of the option contracts. There is minimal counterparty credit risk involved in entering into option contracts since they are exchange-traded instruments and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. The maximum risk of loss associated with writing put options is the notional amount as presented in the Portfolio of Investments. In certain circumstances, the maximum risk of loss amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. The maximum risk of loss associated with writing call options is potentially unlimited. As of March 31, 2019, the Arbitrage Fund and Merger Arbitrage Fund had written options with a fair value of $(20,982) and $(18,830), respectively, and pledged securities with a fair value of $1,546,285 and $2,501,184, respectively, as collateral for both securities sold short and written options. Arbitrage Fund and Merger Arbitrage Fund pledged cash collateral of $625,805 and $464,566, respectively, for both securities sold short and written options. The Arbitrage Fund and Merger Arbitrage Fund held purchased options with a fair value of $17,550 and $15,750, respectively, as of March 31, 2019.

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

Futures Contracts —The Active Bond Fund may buy and sell futures contracts and related options to manage its exposure to changing interest rates and securities prices. Some strategies reduce the Fund’s exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile

125

Notes to Financial Statements(Unaudited) (Continued)

instruments and involve certain risks that could negatively impact the Fund’s return. In order to avoid leveraging and related risks, when the Fund purchases futures contracts, it will collateralize its position by depositing an amount of cash or liquid securities, equal to the market value of the futures positions held, less margin deposits, in a segregated account with its custodian or otherwise “cover” its position in a manner consistent with the 1940 Act or the rules of the Securities and Exchange Commission (the “SEC”) or interpretations thereunder. Collateral equal to the current fair value of the futures position will be determined on a daily basis.

When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of ) the closing transactions and the Fund’s basis in the contract. Risks of entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate the futures transaction. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. There is minimal counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

As of March 31, 2019, the Active Bond Fund held futures contracts as shown in the Portfolio of Investments and had cash in the amount of $109,028 held as collateral to cover futures contracts.

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

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

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

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

Forward foreign currency contracts —A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral, the risk that currency movements will not occur thereby reducing a Fund’s total return, and the potential for losses in excess of a Fund’s initial investment.

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

For the six months ended March 31, 2019, there were no open forward foreign currency contracts.

Real Estate Investment Trusts —The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks associated with investments in REITs include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using

126

Notes to Financial Statements(Unaudited) (Continued)

management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

Master Limited Partnership —The Funds may invest in Master Limited Partnership (“MLP”) common units that represent limited partnership interests in the MLP. Common units are generally listed and traded on U.S. securities exchanges or OTC with their value fluctuating predominantly based on the success of the MLP. Unlike owners of common stock of a corporation, owners of MLP common units have limited voting rights and have no ability to annually elect directors. MLPs generally distribute all available cash flow (cash flow from operations less maintenance capital expenditures) in the form of quarterly distributions. Common unit holders have first priority to receive quarterly cash distributions up to the minimum quarterly distribution and have arrearage rights. Distributions received from MLPs generally are comprised of income and return of capital. Investment income and return of capital are recorded based on estimates made at the time distributions are received. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined. In the event of liquidation, common unit holders have preference over subordinated units, but not debt holders or preferred unit holders, to the remaining assets of the MLP.

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

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

When entering into a derivative transaction, a Fund may be required to post and maintain collateral or margin (including both initial and maintenance margin). Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options, and centrally cleared swaps). Brokers can ask for margining in excess of the clearing house’s minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (forward foreign currency contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as cash deposits held at prime broker and due to prime broker, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments. To the

127

Notes to Financial Statements(Unaudited) (Continued)

extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

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

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

As of March 31, 2019, the Active Bond Fund’s, Arbitrage Fund’s and Merger Arbitrage Fund’s assets and liabilities that were subject to a MNA on a gross basis were as follows:

	Assets		Liabilities
Active Bond Fund
Futures Contracts	$	—	$	61,330
Arbitrage Fund
Written Options	$	—	$	20,982
Merger Arbitrage Fund
Written Options	$	—	$	18,830

The following table presents the Active Bond Fund’s, Arbitrage Fund’s and Merger Arbitrage Fund’s liabilities net of amounts available for offset under MNA and net of the related collateral pledged by the Funds as of March 31, 2019:

					Gross
					Amount
					Available
					for Offset in
			Gross		Statement		Non-
			Amount of		of Assets		Cash			Cash
		Derivative	Recognized		and		Collateral			Collateral			Net
Fund	Counterparty	Type	Liabilities		Liabilities		Pledged			Pledged			Amount(A)
Active Bond Fund	Wells Fargo	Futures Contracts	$	61,330	$	—	$	—		$	(61,330	)	$	—
Arbitrage Fund	Pershing LLC	Written Options		20,982		—		(4,856	)		(16,126	)		—
Merger Arbitrage Fund	Pershing LLC	Written Options		18,830		—		(5,088	)		(13,742	)		—

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

128

Notes to Financial Statements(Unaudited) (Continued)

The following table sets forth the fair value of the Arbitrage Fund’s and Merger Arbitrage Fund’s derivative financial instruments by primary risk exposure as of March 31, 2019:

	Fair Value of Derivative Investments
	as of March 31, 2019
	Derivatives not accounted for as hedging	Asset		Liability
Fund	instruments under ASC 815	Derivatives		Derivatives
Active Bond Fund	Futures Contracts-Interest Rate Contracts*	$	—	$	(61,300	)
Arbitrage Fund	Purchased Options-Equity Contracts**		17,550		—
	Written Options-Equity Contracts***		—		(20,982	)
Merger Arbitrage Fund	Purchased Options- Equity contracts**		15,750		—
	Written Options-Equity Contracts***		—		(18,830	)

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

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

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

The following table sets forth the effect of the Active Bond Fund’s, Arbitrage Fund’s and Merger Arbitrage Fund’s derivative financial instruments by primary risk exposure on the Statements of Operations for the six months ended March 31, 2019:

The Effect of Derivative Investments on the Statements of Operations
for the Six Months Ended March 31, 2019
					Change in
					Unrealized
		Realized Gain			Appreciation
	Derivatives not accounted for as hedging	(Loss)			(Depreciation)
Fund	instruments under ASC 815	on Derivatives			on Derivatives
Active Bond Fund	Futures-Interest Rate Contracts*	$	(207,350	)	$	(61,330	)
Arbitrage Fund	Purchased Options-Equity Contracts**		123,349			7,549
	Written Options-Equity Contracts***		192,899			23,514
Merger Arbitrage Fund	Purchased Options-Equity Contracts**		(87,545	)		(10,572	)
	Written Options-Equity Contracts***		159,656			19,993

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

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

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

For the six months ended March 31, 2019, the average quarterly balances of outstanding derivative financial instruments were as follows:

	Active				Merger
	Bond		Arbitrage		Arbitrage
	Fund		Fund		Fund
Equity contracts:
Purchased Options - Cost	$	—	$	33,379	$	26,865
Written Options - Premiums received	$	—	$	36,407	$	29,880
Interest rate contracts:
Futures Contracts - Notional value	$	60,234,127	$	—	$	—

Portfolio securities loaned —The Funds may lend their portfolio securities. Lending portfolio securities exposes the Funds to the risk that the borrower may fail to return the loaned securities or may not be able to provide additional collateral or that the Funds may experience delays in recovery of the loaned securities or loss of rights

129

Notes to Financial Statements(Unaudited) (Continued)

in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain cash collateral with the Funds’ custodian. The loaned securities are secured by collateral valued at least equal, at all times, to the market value of the loaned securities plus accrued interest, if any. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The cash collateral is reinvested by the Funds’ custodian into an approved short-term investment vehicle. The approved short-term investment vehicle is subject to market risk.

As of March 31, 2019, the following Funds loaned securities and received collateral as follows:

		Market		Market
		Value of		Value of
		Securities		Collateral		Net
Fund	Security Type	Loaned*		Received**		Amount***
Arbitrage Fund	Common Stocks	$	1,600,536	$	1,621,820	$	21,284
High Yield Fund	Corporate Bonds		2,528,926		2,606,310		77,384
Merger Arbitrage Fund	Common Stocks		412,742		432,999		20,257
Premium Yield Equity Fund	Common Stocks		1,043,136		1,065,600		22,464

* The remaining contractual maturity is overnight for all securities.

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

*** Net amount represents the net amount payable due to (receivable from) the borrower in the event of default.

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

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

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

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

Share valuation —The NAV per share of each class of shares of each Fund is calculated daily by dividing the total value of a Fund’s assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class.

130

Notes to Financial Statements(Unaudited) (Continued)

Effective August 17, 2018, the maximum offering price per share of Class A shares of the equity funds (all of the Funds except the Active Bond Fund, High Yield Fund, Impact Bond Fund and Ultra Short Duration Fixed Income Fund) is equal to the NAV per share plus a sales load equal to 5.26% of the NAV (or 5.00% of the offering price). The maximum offering price per share of Class A shares of the fixed income funds (Active Bond Fund, High Yield Fund, Impact Bond Fund and Ultra Short Duration Fixed Income Fund) is equal to the NAV per share plus a sales load equal to 2.04% of the NAV (or 2.00% of the offering price). Prior to August 17, 2018, the maximum offering price per share of Class A shares of the equity funds was equal to the NAV per share plus a sales load equal to 6.10% of the NAV (or 5.75% of the offering price). The maximum offering price per share of Class A shares of the Active Bond Fund, High Yield Fund and Impact Bond Fund was equal to the NAV per share plus a sales load equal to 4.99% of the NAV (or 4.75% of the offering price). The maximum offering price per share of Class A shares of the Ultra Short Duration Fixed Income Fund was equal to the NAV per share plus a sales load equal to 2.04% of the NAV (or 2.00% of the offering price). There is no sales load on equity or fixed income fund purchases when aggregate purchases in all Touchstone funds equal at least $1 million or $500,000, respectively. The maximum offering price per share of Classes C, S, Y, Z, and Institutional Class shares of the Funds is equal to the NAV per share.

The redemption price per share of each class of shares of the Funds is generally equal to the NAV per share. However, Class A redemptions that were part of a no-load purchase due to the aggregate purchase amount in all Touchstone funds equaling at least $1 million for equity funds or $500,000 for fixed income funds where a Finder’s Fee was paid may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% or 0.50%, respectively, if redeemed within a one-year period from the date of purchase. Additionally, purchases of Class C shares of the Funds are subject to a CDSC of 1.00%. The CDSC will be assessed on an amount equal to the lesser of (1) the NAV at the time of purchase of the shares being redeemed or (2) the NAV of such shares being redeemed.

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

Distributions to shareholders —Each Fund intends to distribute to its shareholders substantially all of its income and capital gains. The Anti-Benchmark^®International Core Equity Fund, Anti-Benchmark^®US Core Equity Fund, Arbitrage Fund, Merger Arbitrage Fund, Mid Cap Fund, and Small Cap Fund distribute their income, if any, annually, as a dividend to shareholders. The Mid Cap Value Fund, Sands Capital Select Growth Fund, and Small Cap Value Fund declare and distribute their income, if any, quarterly, as a dividend to shareholders. The Active Bond Fund, High Yield Fund, Impact Bond Fund and Premium Yield Equity Fund declare and distribute their income, if any, monthly, as a dividend to shareholders. The Ultra Short Duration Fixed Income Fund declares its income, if any, daily, and distributes such income monthly, as a dividend to shareholders. Each Fund makes distributions of capital gains, if any, at least annually, net of applicable capital loss carryforwards. Income distributions and capital gain distributions are determined in accordance with income tax regulations. Recognition of the Funds’ net investment income from investments in Underlying Funds is affected by the timing of dividend declarations by the Underlying Funds.

Allocations —Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for a Fund are allocated daily to each class of shares based upon its proportionate share of total

131

Notes to Financial Statements(Unaudited) (Continued)

net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon their proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all the Funds in the Trust, and, if applicable, Touchstone Institutional Funds Trust, Touchstone Strategic Trust and Touchstone Variable Series Trust (collectively with the Trust, “Touchstone Fund Complex”), daily in relation to net assets of each Fund or another reasonable measure.

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

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

3. Investment Transactions

Investment transactions (excluding short-term investments and U.S. Government securities) were as follows for the six months ended March 31, 2019:

			Anti-
			Benchmark®		Anti-
	Active		International		Benchmark®
	Bond		Core Equity		US Core Equity		Arbitrage
	Fund		Fund*		Fund*		Fund
Purchases of investment securities	$	70,204,167	$	42,278,623	$	31,430,734	$	89,197,093
Proceeds from sales and maturities	$	47,068,950	$	26,908,719	$	26,401,218	$	257,236,745

				Impact		Merger
		High Yield		Bond		Arbitrage		Mid Cap
		Fund		Fund		Fund		Fund
Purchases of investment securities	$	51,485,477	$	25,832,279	$	62,771,830	$	227,900,219
Proceeds from sales and maturities	$	60,159,573	$	13,423,779	$	160,274,139	$	100,023,440

		Mid Cap				Sands Capital
		Value		Premium Yield		Select Growth		Small Cap
		Fund		Equity Fund		Fund**		Fund**
Purchases of investment securities	$	154,192,850	$	25,157,813	$	310,733,304	$	4,504,808
Proceeds from sales and maturities	$	148,799,336	$	33,451,023	$	741,044,063	$	62,805,691

	Small Cap		Ultra Short
	Value		Duration Fixed
	Fund		Income Fund
Purchases of investment securities	$	16,139,509	$	404,686,474
Proceeds from sales and maturities	$	52,673,395	$	340,661,291

*The Anti-Benchmark^®International Core Equity Fund and Anti-Benchmark^®US Core Equity Fund had a subscription-in-kind on November 19 2018, which resulted in a subscription into each fund of $25,000,000 and is excluded from the purchases of investment securities. The subscription was comprised of securities and cash in the amount of $19,944,872 and $5,055,128, respectively, for the Anti-Benchmark^®International Core Equity Fund and $19,947,912 and $5,052,088, respectively, for the Anti-Benchmark^®US Core Equity Fund.

**Sands Capital Select Growth Fund and Small Cap Fund had redemptions-in-kind out of the Fund of $187,201,805 and $8,560,779, respectively, which are excluded from the proceeds from sales and maturities. The redemptions were comprised of securities and cash in the amount of $180,617,776 and $6,584,029, respectively, for the Sands Capital Select Growth Fund and $8,365,750 and $195,029, respectively, for the Small Cap Fund.

For the six months ended March 31, 2019, purchases and proceeds from sales and maturities in U.S. Government Securities were $218,998,627 and $273,687,534, respectively, for the Active Bond Fund, $13,499,086 and

132

Notes to Financial Statements (Unaudited) (Continued)

$18,917,159, respectively, for the Impact Bond Fund and $75,092,469 and $84,820,331, respectively, for the Ultra Short Duration Fixed Income Fund. There were no purchases or proceeds from sales and maturities of U.S. Government Securities by the remaining Funds for the six months ended March 31, 2019.

4. Transactions with Affiliates and Other Related Parties

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

On behalf of the Funds, the Advisor pays each Independent Trustee a quarterly retainer plus additional retainers to the Lead Independent Trustee and the chairs of each standing committee. Interested Trustees do not receive compensation from the Funds. Each Independent Trustee also receives compensation for each Board meeting and committee meeting attended. Each standing committee chair receives additional compensation for each committee meeting that he or she oversees. The Advisor is reimbursed by the Funds for the Independent Trustees’ compensation and out-of-pocket expenses relating to their services. The Funds accrued Trustee-related expenses of $98,606 for the six months ended March 31, 2019.

MANAGEMENT & EXPENSE LIMITATION AGREEMENTS

The Advisor provides general investment supervisory services for the Funds, under the terms of an advisory agreement (the “Advisory Agreement”). Under the Advisory Agreement, each Fund pays the Advisor a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below.

Active Bond Fund	0.40% on the first $300 million
	0.35% on such assets over $300 million
Anti-Benchmark® International Core Equity Fund	0.45% on the first $1 billion
	0.40% on such assets over $1 billion
Anti-Benchmark® US Core Equity Fund	0.35% on the first $1 billion
	0.30% on such assets over $1 billion
Arbitrage Fund	1.05% on the first $500 million
	1.00% on the next $500 million
	0.95% on such assets over $1 billion
High Yield Fund	0.60% on the first $50 million
	0.50% on the next $250 million
	0.45% on such assets over $300 million
Impact Bond Fund	0.35%
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 over $1 billion
Mid Cap Value Fund	0.75%
Premium Yield Equity Fund	0.70% on the first $100 million
	0.65% on such assets over $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 over $2 billion

133

Notes to Financial Statements (Unaudited) (Continued)

Small Cap Fund	0.85%
Small Cap Value Fund	0.85%
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 if the Fund outperforms or under-performs its benchmark index by more than 2.50% (the “Hurdle Rate”), for the preceding twelve month period, as follows:

			Performance
	Benchmark	Required	Adjustment
	Index	Hurdle Rate	Rate
Sands Capital Select Growth Fund	Russell 1000® Growth Index	+/-2.50%	+/-0.15%

For the six months ended March 31, 2019, the Advisor’s base fee was increased by $1,396,230 as a result of the performance fee adjustment.

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

EARNEST Partners LLC	Longfellow Investment Management Co., LLC
Impact Bond Fund	Arbitrage Fund
	Merger Arbitrage Fund
Fort Washington Investment Advisors, Inc.*
Active Bond Fund	Miller/Howard Investments, Inc.
High Yield Fund	Premium Yield Equity Fund
Ultra Short Duration Fixed Income Fund
	Sands Capital Management, LLC
LMCG Investments, LLC	Sands Capital Select Growth Fund
Mid Cap Value Fund
Small Cap Value Fund	TOBAM S.A.S.
	Anti-Benchmark® International Core Equity Fund
The London Company	Anti-Benchmark® US Core Equity Fund
Mid Cap Fund
Small Cap Fund

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

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

The Advisor entered into an expense limitation agreement (the “Expense Limitation Agreement”) to contractually limit the annual operating expenses of the Funds, excluding: dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds’ liquidity providers; other expenditures which are capitalized in accordance with U.S. GAAP; the cost of “Acquired Fund Fees and Expenses”, if any; and other extraordinary expenses not incurred in the ordinary course of business. The maximum annual operating expense limit in any year with respect to the Funds is based on a percentage of the average daily net assets of the Funds. The Advisor has agreed to waive a portion of its fees, and to reimburse certain fund expenses in order to maintain the following expense limitations for the Funds:

														Institutional
	Class A			Class C			Class S		Class Y			Class Z		Class
Active Bond Fund		0.90	%		1.65	%		—		0.65	%		—		0.57	%

134

Notes to Financial Statements (Unaudited) (Continued)

																Institutional
	Class A			Class C			Class S			Class Y			Class Z			Class
Anti-Benchmark® International Core Equity Fund		—			—			—			0.69	%		—			0.59	%
Anti-Benchmark® US Core Equity Fund		—			—			—			0.54	%		—			0.44	%
Arbitrage Fund		1.68	%		2.43	%		—			1.43	%		—			1.28	%
High Yield Fund		1.05	%		1.80	%		—			0.80	%		—			0.72	%
Impact Bond Fund		0.85	%		1.60	%		—			0.60	%		—			0.50	%
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		1.22	%		1.97	%		—			0.97	%		—			0.84	%
Premium Yield Equity Fund		1.20	%		1.95	%		—			0.95	%		—			—
Sands Capital Select Growth Fund*		0.25	%		0.25	%		—			0.25	%		0.25	%		—
Small Cap Fund		1.38	%		2.13	%		—			1.13	%		—			1.05	%
Small Cap Value Fund		1.38	%		2.13	%		—			1.13	%		—			0.98	%
Ultra Short Duration Fixed Income Fund		0.69	%		1.19	%		0.94	%		0.44	%		0.69	%		0.39	%

*The Expense Limitation Agreement for Sands Capital Select Growth Fund limits other operating expenses to 0.25% for all classes of the Fund. Other operating expenses include all operating expenses of the Fund except for investment advisory fees, administration fees, performance fees, distribution fees (12b-1), shareholder service fees and any expenses excluded in the Expense Limitation Agreement.

These expense limitations will remain in effect for all Funds through at least January 29, 2020. The Expense Limitation Agreement can be terminated by a vote of the Funds’ Board if it deems the termination to be beneficial to the Funds’ shareholders.

During the six months ended March 31, 2019, the Advisor or its affiliates waived investment advisory fees, administration fees and waived or reimbursed other operating expenses, including distribution fees of the Funds, as follows:

					Other
					Operating
	Investment				Expenses
	Advisory		Administration		Reimbursed/
	Fees Waived		Fees Waived		Waived		Total
Active Bond Fund	$	—	$	64,341	$	72,097	$	136,438
Anti-Benchmark® International Core Equity Fund		22,265		12,966		5,870		41,101
Anti-Benchmark® US Core Equity Fund		17,435		12,783		5,857		36,075
Arbitrage Fund		—		—		26,395		26,395
High Yield Fund		—		26,652		64,952		91,604
Impact Bond Fund		—		53,007		82,896		135,903
Merger Arbitrage Fund		—		12,931		29,682		42,613
Mid Cap Fund		—		64,496		176,057		240,553
Mid Cap Value Fund		—		266,108		133,200		399,308
Premium Yield Equity Fund		—		—		54,036		54,036
Sands Capital Select Growth Fund		—		—		184,338		184,338
Small Cap Fund		—		8,388		66,525		74,913
Small Cap Value Fund		—		83,501		96,242		179,743
Ultra Short Duration Fixed Income Fund		—		153,498		189,620		343,118

Under the terms of the Expense Limitation Agreement, the Advisor is entitled to recover, subject to approval by the Funds’ Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Advisor reduced its compensation or assumed expenses for the Funds. A Fund will make repayments to the Advisor only if such repayment does not cause the Fund’s operating expenses (after the repayment is taken into account) to exceed the Fund’s expense limit in place when such amounts were waived or reimbursed by the Advisor and the Fund’s current expense limitation.

135

Notes to Financial Statements (Unaudited) (Continued)

As of March 31, 2019, the Advisor may seek recoupment of previously waived fees and reimbursed expenses as follows:

	Expires on or		Expires on or		Expires on or		Expires on or
	before		before		before		before
	September		September		September		September
Fund	30, 2019		30, 2020		30, 2021		30, 2022		Total
Active Bond Fund	$	116,429	$	224,157	$	150,083	$	92,039	$	582,708
Anti-Benchmark® International Core Equity Fund		—		—		—		41,101		41,101
Anti-Benchmark® US Core Equity Fund		—		—		—		36,075		36,075
Arbitrage Fund		5,163		15,946		17,556		14,089		52,754
High Yield Fund		57,892		122,090		103,212		65,328		348,522
Impact Bond Fund		114,635		243,198		278,009		123,979		759,821
Merger Arbitrage Fund		—		19,966		29,738		27,038		76,742
Mid Cap Fund		230,583		576,954		468,850		205,444		1,481,831
Mid Cap Value Fund		238,877		555,572		692,241		374,363		1,861,053
Premium Yield Equity Fund		33,888		46,012		26,244		26,741		132,885
Sands Capital Select Growth Fund		154,686		475,369		343,929		184,338		1,158,322
Small Cap Fund		19,462		38,986		63,116		59,044		180,608
Small Cap Value Fund		96,141		462,615		231,612		106,570		896,938
Ultra Short Duration Fixed Income Fund		257,195		457,716		570,299		292,009		1,577,219

For the six months ended March 31, 2019, the Advisor is eligible to recoup previously waived fees or reimbursed expenses from Sands Capital Select Growth Fund of $60,968.

ADMINISTRATION AGREEMENT

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

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

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

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

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

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

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

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

TRANSFER AGENT AGREEMENT

Under the terms of the Transfer Agent Agreement between the Trust and BNY Mellon, BNY Mellon maintains the records of each shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases and redemptions of each Fund’s shares, acts as dividend and distribution disbursing agent, and performs

136

Notes to Financial Statements (Unaudited) (Continued)

other shareholder service functions. For these services, BNY Mellon receives a monthly fee from each Fund. In addition, each Fund pays out-of-pocket expenses incurred by BNY Mellon, including, but not limited to, postage and supplies.

The Funds may reimburse the Advisor for fees paid to intermediaries such as banks, broker-dealers, financial advisors or other financial institutions for sub-transfer agency, sub-administration and other services provided to investors whose shares of record are held in omnibus, other group accounts, retirement plans or accounts traded through registered securities clearing agents. These fees may vary based on, for example, the nature of services provided, but generally range up to 0.15% of the assets of the class serviced or maintained by the intermediary or up to $22 per sub-account maintained by the intermediary.

PLANS OF DISTRIBUTION AND SHAREHOLDER SERVICING FEE ARRANGEMENTS

The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act for each class of shares it offers that is subject to 12b-1 distribution fees. The plans allow each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. The fees charged to the Funds are limited to the actual expenses incurred. Under the Class A plan, each Fund offering Class A shares, excluding the Active Bond Fund and High Yield Fund, pays an annual fee not to exceed 0.25% of average daily net assets that are attributable to Class A shares. The Active Bond Fund and High Yield Fund pay an annual fee not to exceed 0.35% of average daily net assets that are attributable to Class A shares. The Active Bond Fund and High Yield Fund currently limit the 12b-1 fees for Class A shares to 0.25% of average daily net assets attributable to such shares. Under the Class C plan, each Fund offering Class C shares (except the Ultra Short Duration Fixed Income Fund) pays an annual fee not to exceed 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee). The Ultra Short Duration Fixed Income Fund has limited the amount of the 12b-1 fees for Class C shares to 0.75% of average daily net assets through January 29, 2020. Under the Class S plan, the Ultra Short Duration Fixed Income Fund pays an annual shareholder servicing fee not to exceed 0.50% of average daily net assets that are attributable to Class S shares (of which up to 0.25% is a distribution fee and up to 0.25% is a shareholder servicing fee). Under the Class Z plan, each Fund offering Class Z shares pays an annual shareholder servicing fee not to exceed 0.25% of average daily net assets that are attributable to Class Z shares.

UNDERWRITING AGREEMENT

The Underwriter is the Funds’ principal underwriter and, as such, acts as exclusive agent for distribution of the Funds’ shares. Under the terms of the Underwriting Agreement between the Trust and the Underwriter, the Underwriter earned underwriting and broker commissions on the sale of Class A shares of the Funds. W&S Brokerage Services, Inc., an affiliate of the Underwriter and the Advisor, also earned broker commissions on the sale of Class A shares of the Funds. Listed below are the total underwriting and broker commissions earned by the Underwriter and its affiliate during the six months ended March 31, 2019:

Fund	Amount
Active Bond Fund	$	1,242
Arbitrage Fund		28
High Yield Fund		637
Impact Bond Fund		236
Merger Arbitrage Fund		17
Mid Cap Fund		3,685
Mid Cap Value Fund		958
Premium Yield Equity Fund		1,222
Sands Capital Select Growth Fund		6,344
Small Cap Fund		703

137

Notes to Financial Statements (Unaudited) (Continued)

Fund	Amount
Small Cap Value Fund	$	670
Ultra Short Duration Fixed Income Fund		1,467

In addition, the Underwriter collected CDSC on the redemption of Class A and Class C shares of the Funds listed below during the six months ended March 31, 2019:

Fund	Class A		Class C
Active Bond Fund	$	27	$	14
High Yield Fund		—		6
Mid Cap Value Fund		—		85
Sands Capital Select Growth Fund		—		76
Ultra Short Duration Fixed Income Fund		—		446

INTERFUND TRANSACTIONS

Pursuant to Rule 17a-7 under the 1940Act, the Funds may engage in purchase and sale transactions with funds that have a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers. During the six months ended March 31, 2019, the Funds did not engage in any Rule 17a-7 transactions.

5. Liquidity

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

During the six months ended March 31, 2019, the following Funds utilized ReFlow. The shares ReFlow subscribed to and redemptions-in-kind were as follows:

	Shares ReFlow
Fund	Subscribed to		Redemptions-in-kind
Arbitrage Fund		457,180	$	—
Merger Arbitrage Fund		43,978		—
Sands Capital Select Growth Fund		15,655,481		180,617,776
Small Cap Fund		1,040,867		8,365,750

Interfund lending —Pursuant to an Exemptive Order issued by the SEC on March 28, 2017, the Funds, along with certain other funds in the Touchstone Fund Complex, may participate in an interfund lending program. The interfund lending program provides an alternate credit facility that allows the Funds to lend to or borrow from other participating funds in the Touchstone Fund Complex, subject to the conditions of the Exemptive Order. The Funds may not borrow under the facility for leverage purposes and the loans’ duration may be no more than 7 days.

138

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2019, the following Funds participated as lenders in the interfund lending program. The daily average amount loaned, weighted average interest rate and interest income were as follows:

	Daily		Weighted
	Average Amount		Average Interest			Interest
Fund	Loaned		Rate			Income*
Mid Cap Fund	$	135,084		2.83	%	$	1,940
Sands Capital Select Growth Fund	$	1,261,059		2.49	%	$	16,507

*Included in Interest in the Statements of Operations.

During the six months ended March 31, 2019, the following Funds participated as a borrower in the interfund lending program. The daily average amount borrowed, weighted average interest rate and interest expense were as follows:

	Daily		Weighted
	Average Amount		Average Interest			Interest
Fund	Borrowed		Rate			Expense*
Active Bond Fund	$	100,622		2.12	%	$	1,078
Arbitrage Fund	$	1,020,266		2.60	%	$	13,492
High Yield Fund	$	46,397		2.16	%	$	505
Merger Arbitrage Fund	$	593,838		2.72	%	$	7,844
Sands Capital Growth Fund	$	73,718		2.14	%	$	798
Small Cap Fund	$	33,841		2.14	%	$	366

*Included in Other expenses in the Statements of Operations.

6. Federal Tax Information

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

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

The tax character of distributions paid for the years ended September 30, 2018 and 2017 are as follows:

	Active Bond Fund				Arbitrage Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,		September 30,
	2018		2017		2018		2017
From ordinary income	$	10,048,932	$	2,885,074	$	8,773,088	$	4,688,177
From long-term capital gains		—		—		633,584		—
Total distributions	$	10,048,932	$	2,885,074	$	9,406,672	$	4,688,177

139

Notes to Financial Statements (Unaudited) (Continued)

					Impact Bond
	High Yield Fund				Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,		September 30,
	2018		2017		2018		2017
From ordinary income	$	10,245,696	$	11,116,195	$	8,079,643	$	6,815,476
From long-term capital gains		—		—		—		—
Total distributions	$	10,245,696	$	11,116,195	$	8,079,643	$	6,815,476

	Merger Arbitrage				Mid Cap
	Fund				Fund
	Year Ended		Year Ended		Year Ended		Year Ended
	September 30,		September 30,		September 30,		September 30,
	2018		2017		2018		2017
From ordinary income	$	8,602,412	$	5,245,522	$	2,340,836	$	3,693,873
From long-term capital gains		1,012,026		—		6,743,129		—
Total distributions	$	9,614,438	$	5,245,522	$	9,083,965	$	3,693,873

	Mid Cap				Premium Yield				Sands Capital
	Value Fund				Equity Fund				Select Growth 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,
	2018		2017		2018		2017		2018		2017
From ordinary income	$	13,722,613	$	7,502,271	$	2,656,746	$	3,698,205	$	—	$	5,136,516
From long-term capital gains		33,142,075		13,872,720		2,381,070		—		476,473,679		361,190,380
Total distributions	$	46,864,688	$	21,374,991	$	5,037,816	$	3,698,205	$	476,473,679	$	366,326,896

	Small Cap				Small Cap				Ultra Short Duration
	Fund				Value 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,
	2018		2017		2018		2017		2018		2017
From ordinary income	$	4,992,245	$	1,853,070	$	158,448	$	137,427	$	19,867,119	$	10,787,697
From long-term capital gains		34,210,136		—		—		—		—		—
Total distributions	$	39,202,381	$	1,853,070	$	158,448	$	137,427	$	19,867,119	$	10,787,697

The following information is computed on a tax basis for each item as of September 30, 2018:

	Active Bond			Arbitrage			High Yield
	Fund			Fund			Fund
Tax cost of portfolio investments	$	368,109,290		$	227,131,121		$	204,093,686
Gross unrealized appreciation on investments		1,354,563			7,111,009			1,450,850
Gross unrealized depreciation on investments		(8,969,435	)		(11,427,914	)		(4,593,713	)
Net unrealized appreciation (depreciation) on investments		(7,614,872	)		(4,316,905	)		(3,142,863	)
Gross unrealized appreciation on short sales, derivatives and foreign currency transactions		—			749,803			—
Gross unrealized depreciation on short sales, derivatives and foreign currency transactions		(212	)		(2,484,721	)		—
Net unrealized appreciation (depreciation) on short sales, derivatives and foreign currency transactions		(212	)		(1,734,918	)		—
Qualified late-year losses		(3,505,129	)		—			—
Capital loss carryforwards		(91,097,777	)		(3,425,484	)		(14,856,040	)
Undistributed ordinary income		—			1,319,660			210,700
Other temporary differences		—			(14,507	)		—

140

Notes to Financial Statements (Unaudited) (Continued)

	Active Bond			Arbitrage			High Yield
	Fund			Fund			Fund
Accumulated earnings (deficit)	$	(102,217,990	)	$	(8,172,154	)	$	(17,788,203	)

	Impact Bond			Merger			Mid Cap
	Fund			Arbitrage Fund			Fund
Tax cost of portfolio investments	$	258,362,424		$	169,811,945		$	778,000,720
Gross unrealized appreciation on investments		695,602			4,727,908			196,574,509
Gross unrealized depreciation on investments		(8,490,626	)		(8,383,646	)		(14,366,741	)
Net unrealized appreciation (depreciation) on investments		(7,795,024	)		(3,655,738	)		182,207,768
Gross unrealized appreciation on short sales, derivatives and foreign currency transactions		—			497,896			—
Gross unrealized depreciation on short sales, derivatives and foreign currency transactions		—			(1,627,135	)		—
Net unrealized appreciation (depreciation) on short sales, derivatives and foreign currency transactions		—			(1,129,239	)		—
Capital loss carryforwards		(5,600,682	)		(2,113,018	)		—
Undistributed ordinary income		117,309			1,220,797			—
Undistributed capital gains		—			—			23,636,119
Other temporary differences		—			(10,836	)		—
Accumulated earnings (deficit)	$	(13,278,397	)	$	(5,688,034	)	$	205,843,887

				Premium			Sands Capital
	Mid Cap Value			Yield Equity			Select Growth
	Fund			Fund			Fund
Tax cost of portfolio investments	$	740,154,331		$	72,796,846		$	927,088,428
Gross unrealized appreciation on investments		130,877,126			13,957,313			1,445,879,583
Gross unrealized depreciation on investments		(58,761,578	)		(1,324,878	)		(23,829,182	)
Net unrealized appreciation (depreciation) on investments		72,115,548			12,632,435			1,422,050,401
Qualified late-year losses		—			—			(21,770,779	)
Undistributed ordinary income		8,480,613			74,339			—
Undistributed capital gains		23,404,903			6,831,546			381,218,195
Accumulated earnings (deficit)	$	104,001,064		$	19,538,320		$	1,781,497,817

							Ultra Short
							Duration
	Small Cap			Small Cap Value			Fixed Income
	Fund			Fund			Fund
Tax cost of portfolio investments	$	112,144,016		$	155,226,012		$	945,408,182
Gross unrealized appreciation on investments		55,939,418			14,630,311			808,268
Gross unrealized depreciation on investments		(4,477,849	)		(7,296,061	)		(3,395,279	)
Net unrealized appreciation (depreciation) on investments		51,461,569			7,334,250			(2,587,011	)
Capital loss carryforwards		—			—			(98,376,018	)
Undistributed ordinary income		124,190			17,686			268,218
Undistributed capital gains		23,022,389			8,125,924			—
Other temporary differences		—			—			(210,415	)
Accumulated earnings (deficit)	$	74,608,148		$	15,477,860		$	(100,905,226	)

141

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, amortization adjustments on bonds, preferred income outstanding and taxable interest on defaulted securities.

As of September 30, 2018, the Funds had the following capital loss carryforwards for federal income tax purposes:

			No		No
	Short Term Expiring In*		Expiration		Expiration
	2019		Short Term*		Long Term*		Total
Active Bond Fund	$	—	$	49,877,235	$	41,220,542	$	91,097,777
Arbitrage Fund		—		3,425,484		—		3,425,484
High Yield Fund		—		—		14,856,040		14,856,040
Impact Bond Fund		—		1,171,178		4,429,504		5,600,682
Merger Arbitrage Fund		—		1,690,062		422,956		2,113,018
Ultra Short Duration Fixed Income Fund		933,830		27,605,177		69,837,011		98,376,018

* 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.

As of March 31, 2019 the Trust had the following federal tax cost resulting in net unrealized appreciation (depreciation) as follows:

			Gross		Gross			Gross		Gross
			Unrealized		Unrealized			Unrealized		Unrealized			Net
	Federal		Appreciation		Depreciation			Appreciation		Depreciation			Unrealized
	Tax		on		on			on		on			Appreciation
Fund	Cost		Investments		Investments			Other*		Other*			(Depreciation)
Active Bond Fund	$	342,420,867	$	5,954,885	$	(3,132,553	)	$	1,109		$ (62,439	)	$	2,761,002
Anti-Benchmark® International Core Equity Fund		45,723,708		1,493,215		(1,020,310	)		17,877		(12,377	)		478,405
Anti-Benchmark® US Core Equity Fund		24,635,290		1,600,644		(856,941	)		—		—			743,703
Arbitrage Fund		56,254,367		2,201,041		(1,459,346	)		42,210		(2,274	)		781,631
High Yield Fund		191,548,932		2,380,541		(3,174,276	)		—		—			(793,735	)
Impact Bond Fund		261,615,756		3,084,001		(3,034,657	)		—		—			49,344
Merger Arbitrage Fund		49,808,230		1,883,739		(1,050,016	)		34,596		(1,917	)		866,402
Mid Cap Fund		934,674,032		198,317,028		(17,923,219	)		—		—			180,393,809
Mid Cap Value Fund		692,418,418		121,137,615		(57,175,210	)		—		—			63,962,405
Premium Yield Equity Fund		65,958,581		10,493,743		(2,742,687	)		—		—			7,751,056
Sands Capital Select Growth Fund		871,441,197		987,145,348		(18,162,590	)		—		—			968,982,758
Small Cap Fund		60,150,747		29,421,852		(2,260,648	)		—		—			27,161,204
Small Cap Value Fund		94,234,542		11,134,639		(7,846,907	)		—		—			3,287,732
Ultra Short Duration Fixed Income Fund		985,951,557		1,930,055		(2,273,735	)		—		—			(343,680	)

* Other includes Short Sales, Derivatives and Foreign Currency Transactions.

The Funds have analyzed their tax positions taken on federal income tax returns for all open tax years (tax years ended September 30, 2015 through 2018) and have concluded that no provision for income tax is required in their financial statements.

142

Notes to Financial Statements (Unaudited) (Continued)

7. Commitments and Contingencies

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

8. Principal Risks

Risks Associated with Foreign Investments —Some of the Funds may invest in the securities of foreign issuers. Investing in securities issued by companies whose principal business activities are outside the U.S. may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the U.S., and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers, and issuers than in the U.S.

Risks Associated with Sector Concentration —Certain Funds may invest a high percentage of their assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, these Funds may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility on the Funds’ NAVs and magnified effect on the total return.

Risks Associated with Credit —An issuer may be unable to make timely payments of either principal or interest. This may cause the issuer’s securities to decline in value. Credit risk is particularly relevant to those Funds that invest a significant amount of their assets in junk bonds or lower-rated securities.

Risks Associated with Interest Rate Changes —As interest rates rise, the value of fixed-income securities a Fund owns will likely decrease. The price of debt securities is generally linked to the prevailing market interest rates. In general, when interest rates rise, the price of debt securities falls, and when interest rates fall, the price of debt securities rises. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure of the expected life, taking into account any prepayment or call features of the security, that is used to determine the price sensitivity of the security for a given change in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. For example, as a general rule a 1% rise in interest rates means a 1% fall in value for every year of duration. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. The negative impact on fixed income securities if interest rates increase as a result could negatively impact a Fund’s NAV.

Risks Associated with Liquidity —Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund’s returns because the Fund may be unable to transact at advantageous times or prices, or at all.

143

Notes to Financial Statements (Unaudited) (Continued)

Please see the Funds’ prospectus for a complete discussion of these and other risks.

9. Fund Mergers

Small Cap Value Fund:

The shareholders of the Touchstone Small Cap Value Opportunities Fund, a series of the Touchstone Strategic Trust, approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Touchstone Small Cap Value Opportunities Fund to the Touchstone Small Cap Value Fund. The tax-free merger took place on September 21, 2018.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the reorganizations.

						After
	Before Reorganization					Reorganization
	Touchstone
	Small Cap Value			Touchstone		Touchstone
	Opportunities			Small Cap		Small Cap
	Fund			Value Fund		Value Fund
Class A
Shares		72,932	(A)		2,759,552		2,832,484
Net Assets	$	2,071,440		$	78,377,638	$	80,449,078
Net Asset Value	$	28.40	(A)	$	28.40	$	28.40
Class C
Shares		16,657	(B)		36,296		52,953
Net Assets	$	461,382		$	1,005,378	$	1,466,760
Net Asset Value	$	27.70	(B)	$	27.70	$	27.70
Class Y
Shares		1,429,509	(C)		102,513		1,532,022
Net Assets	$	40,693,020		$	2,918,178	$	43,611,198
Net Asset Value	$	28.47	(C)	$	28.47	$	28.47
Institutional Class
Shares		127,709	(D)		950,401		1,078,110
Net Assets	$	3,632,489		$	27,032,700	$	30,665,189
Net Asset Value	$	28.44	(D)	$	28.44	$	28.44
Fund Total
Shares Outstanding		2,667,791			3,848,762		5,495,569
Net Assets	$	46,858,331		$	109,333,894	$	156,192,225
Unrealized Appreciation (Depreciation)	$	7,807,725		$	9,757,990	$	17,565,715

^(A)Reflects a 0.5757:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(B)Reflects a 0.5610:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(C)Reflects a 0.6191:1 stock split which occurred on the date of reorganization, September 21, 2018.

^(D)Reflects a 0.6307:1 stock split which occurred on the date of reorganization, September 21, 2018.

Assuming the reorganizations had been completed on October 1, 2017, the Small Cap Value Fund’s results of operations for the year ended September 30, 2018 would have been as follows:

Net investment income	$	329
Net realized and unrealized gain (loss) on investments	$	14,366,801
Net increase in net assets resulting from operations	$	14,367,130

144

Notes to Financial Statements (Unaudited) (Continued)

Because the combined investment portfolios have been managed as a single portfolio since the reorganizations were 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 reorganizations.

Active Bond Fund:

The shareholders of the Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund, both a series of the Sentinel Group Funds, Inc., approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund to the Touchstone Active Bond Fund. The tax-free mergers took place on October 27, 2017.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the reorganizations.

	Before Reorganizations								After Reorganizations
	Sentinel			Sentinel			Touchstone		Touchstone
	Government			Total Return			Active		Active
	Securities			Bond			Bond		Bond
	Fund			Fund			Fund		Fund
Class A*
Shares		11,174,957	(A)		3,834,554	(D)		2,051,008		17,060,519
Net Assets	$	116,518,985		$	39,982,285		$	21,385,481	$	177,886,751
Net Asset Value	$	10.43	(A)	$	10.43	(D)	$	10.43	$	10.43
Class C
Shares		1,315,564	(B)		1,646,712	(E)		470,496		3,432,772
Net Assets	$	12,682,178		$	15,874,543		$	4,535,633	$	33,092,354
Net Asset Value	$	9.64	(B)	$	9.64	(E)	$	9.64	$	9.64
Class Y**
Shares		1,572,671	(C)		11,128,019	(F)		7,576,068		20,276,758
Net Assets	$	16,389,043		$	115,967,591		$	78,951,815	$	211,308,449
Net Asset Value	$	10.42	(C)	$	10.42	(F)	$	10.42	$	10.42
Institutional Class
Shares		—			—			2,374,145		2,374,145
Net Assets		—			—		$	24,733,043	$	24,733,043
Net Asset Value		—			—		$	10.42	$	10.42
Fund Total
Shares Outstanding		15,103,361			16,500,456			12,471,717		43,144,194
Net Assets	$	145,590,206		$	171,824,419		$	129,605,972	$	447,020,597
Unrealized Appreciation (Depreciation)	$	857,879		$	3,044,192		$	1,368,123	$	5,270,194

^(A)Reflects a 0.9244:1 stock split which occurred on the date of reorganizations, October 27, 2017.

^(B)Reflects a 1.0008:1 reverse stock split which occurred on the date of reorganizations, October 27, 2017.

^(C)Reflects a 0.9252:1 stock split which occurred on the date of reorganizations, October 27, 2017.

^(D)Reflects a 0.9985: 1 stock split on Class A shares and a 0.9984: 1 stock split on Class R3 shares which occurred on the date of reorganization, October 27, 2017.

^(E)Reflects a 1.0769:1 reverse stock split which occurred on the date of reorganizations, October 27, 2017.

^(F)Reflects a 0.9997: 1 stock split on Class I shares and a 0.9999:1 stock split on Class R6 shares which occurred on the date of reorganization, October 27, 2017.

* The Sentinel Total Return Bond Fund had Class R3 shares outstanding immediately prior to the reorganizations, which were exchanged for Class A shares of the Active Bond Fund.

145

Notes to Financial Statements (Unaudited) (Continued)

** The Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund had Class I and Class R6 shares outstanding immediately prior to the reorganizations, which were exchanged for^.Class Y shares of the Active Bond Fund.

Assuming the reorganizations had been completed on October 1, 2017, the Active Bond Fund’s results of operations for the year ended September 30, 2018 would have been as follows:

Net investment income	$	18,802,056
Net realized and unrealized gain (loss) on investments	$	(15,782,337	)
Net increase in net assets resulting from operations	$	3,019,719

Because the combined investment portfolios have been managed as a single portfolio since the reorganizations were completed, it is not practical to separate the amounts of revenue and earnings to the Active Bond Fund that have been included in its statement of operations since the reorganizations.

Ultra Short Duration Fixed Income Fund:

The shareholders of the Sentinel Low Duration Bond Fund, a series of the Sentinel Group Funds, Inc., approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Sentinel Low Duration Bond Fund to the Touchstone Ultra Short Duration Fixed Income Fund. The tax-free merger took place on October 27, 2017.

The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation immediately before and after the reorganization.

	Before Reorganization					After Reorganization
				Touchstone		Touchstone
				Ultra Short		Ultra Short
	Sentinel Low			Duration		Duration
	Duration			Fixed Income		Fixed Income
	Bond Fund			Fund		Fund
Class A
Shares		8,852,517	(A)		1,724,258		10,576,775
Net Assets	$	82,262,174		$	16,022,642	$	98,284,816
Net Asset Value	$	9.29	(A)	$	9.29	$	9.29
Class C
Shares		—			595,689		595,689
Net Assets	$	—		$	5,536,888	$	5,536,888
Net Asset Value	$	—		$	9.29	$	9.29
Class S
Shares		18,778,658	(B)		—		18,778,658
Net Assets	$	174,475,987		$	—	$	174,475,987
Net Asset Value	$	9.29	(B)	$	—	$	9.29
Class Y*
Shares		1,675,485	(C)		28,460,319		30,135,804
Net Assets	$	15,567,307		$	264,430,327	$	279,997,634
Net Asset Value	$	9.29	(C)	$	9.29	$	9.29
Class Z
Shares		—			22,972,057		22,972,057
Net Assets	$	—		$	213,484,506	$	213,484,506
Net Asset Value	$	—		$	9.29	$	9.29
Institutional Class
Shares		—			28,593,394		28,593,394
Net Assets	$	—		$	265,515,783	$	265,515,783
Net Asset Value	$	—		$	9.29	$	9.29
Fund Total
Shares Outstanding		32,123,347			82,345,717		111,652,377
Net Assets	$	272,305,468		$	764,990,146	$	1,037,295,614

146

Notes to Financial Statements(Unaudited) (Continued)

						After
	Before Reorganization					Reorganization
			Touchstone			Touchstone
			Ultra Short			Ultra Short
	Sentinel Low		Duration			Duration
	Duration		Fixed Income			Fixed Income
	Bond Fund		Fund			Fund
Unrealized Appreciation (Depreciation)	$	1,842,713	$	(518,337	)	$	1,324,376

^(A)Reflects a 0.9113:1 stock split which occurred on the date of reorganization, October 27, 2017.

^(B)Reflects a 0.9127:1 stock split which occurred on the date of reorganization, October 27, 2017.

^(C)Reflects a 0.9131:1 stock split which occurred on the date of reorganization, October 27, 2017.

* The Sentinel Low Duration Bond Fund had Class I shares outstanding immediately prior to the reorganization, which were exchanged for Class Y shares of the Ultra Short Duration Fixed Income Fund.

Assuming the reorganization had been completed on October 1, 2017, the Ultra Short Duration Fixed Income Fund’s results of operations for the year ended September 30, 2018 would have been as follows:

Net investment income	$	21,984,626
Net realized and unrealized gain (loss) on investments	$	(4,319,634	)
Net increase in net assets resulting from operations	$	17,664,992

Because the combined investment portfolios have been managed as a single portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings to the Ultra Short Duration Fixed Income Fund that have been included in its statement of operations since the reorganization.

10. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued.

At a meeting of the Board of Trustees (the “Board”) of the Trust held on February 12, 2019, the Board approved the reorganization of the Merger Arbitrage Fund into the Arbitrage Fund. The reorganization was completed on May 10, 2019. In addition, effective May 11, 2019, the Arbitrage Fund was renamed the Touchstone Credit Opportunities II Fund. Concurrent with the change, Ares Capital Management II LLC replaced the previous sub-advisor and the Principal Investment Strategies and Principal Risks have changed to reflect those of Touchstone Credit Opportunities II Fund’s investment strategy.

Effective on or about May 30, 2019, the distribution frequency of the Credit Opportunities II Fund will be changed from annually to quarterly.

At a meeting of the Board of the Trust held on May 16, 2019, the Board approved the name change of the Premium Yield Equity Fund to Touchstone International ESG Equity Fund. Concurrent with the change, Rockefeller & Co., LLC will replace the current sub-advisor and the Principal Investment Strategies, Principal Risks, and benchmark index will change to reflect those of Touchstone International ESG Equity Fund’s investment strategy. The changes will be effective on or about August 28, 2019.

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

147

Other Items (Unaudited)

Proxy Voting Guidelines and Proxy Voting Records

The Sub-Advisors are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Sub-Advisors use in fulfilling this responsibility is available as an appendix to the most recent Statement of Additional Information, which can be obtained without charge by calling toll free 1.800.543.0407 or by visiting the Touchstone website at TouchstoneInvestments.com or on the Securities and Exchange Commission’s (the “Commission”) website sec.gov. Information regarding how those proxies were voted during the most recent twelve-month period ended June 30, when will be filed by August 31 of that year, is also available without charge by calling toll free 1.800.543.0407 or on the Commission’s website at sec.gov.

Quarterly Portfolio Disclosure

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-PORT. The information will be publicly available 60 days after the end of the period. The complete listing of each Fund’s portfolio holdings is available on the Commission’s website and will be made available to shareholders upon request by calling 1.800.543.0407.

Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including 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, 2018 through March 31, 2019).

Actual Expenses

The first line for each share class of a Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended March 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of a Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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.

148

Other Items (Unaudited) (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,
		2019			2018		2019		2019*
Touchstone Active Bond Fund
Class A	Actual		0.90	%	$	1,000.00	$	1,039.60	$	4.58
Class A	Hypothetical		0.90	%	$	1,000.00	$	1,020.44	$	4.53
Class C	Actual		1.65	%	$	1,000.00	$	1,036.00	$	8.38
Class C	Hypothetical		1.65	%	$	1,000.00	$	1,016.70	$	8.30
Class Y	Actual		0.65	%	$	1,000.00	$	1,040.90	$	3.31
Class Y	Hypothetical		0.65	%	$	1,000.00	$	1,021.69	$	3.28
Institutional Class	Actual		0.57	%	$	1,000.00	$	1,041.40	$	2.90
Institutional Class	Hypothetical		0.57	%	$	1,000.00	$	1,022.09	$	2.87
Anti-Benchmark® International Core Equity Fund
Class Y(A)	Actual		0.69	%	$	1,000.00	$	1,009.30	$	2.58
Class Y	Hypothetical		0.69	%	$	1,000.00	$	1,021.49	$	3.48
Institutional Class(A)	Actual		0.59	%	$	1,000.00	$	1,009.40	$	2.21
Institutional Class	Hypothetical		0.59	%	$	1,000.00	$	1,021.99	$	2.97
Anti-Benchmark® US Core Equity Fund
Class Y(A)	Actual		0.54	%	$	1,000.00	$	1,016.40	$	2.03
Class Y	Hypothetical		0.54	%	$	1,000.00	$	1,022.24	$	2.72
Institutional Class(A)	Actual		0.44	%	$	1,000.00	$	1,016.50	$	1.65
Institutional Class	Hypothetical		0.44	%	$	1,000.00	$	1,022.74	$	2.22
Touchstone Arbitrage Fund
Class A	Actual		1.88	%	$	1,000.00	$	1,014.40	$	9.44	**
Class A	Hypothetical		1.88	%	$	1,000.00	$	1,015.56	$	9.45	**
Class C	Actual		2.63	%	$	1,000.00	$	1,011.90	$	13.19	**
Class C	Hypothetical		2.63	%	$	1,000.00	$	1,011.82	$	13.19	**
Class Y	Actual		1.62	%	$	1,000.00	$	1,016.70	$	8.15	**
Class Y	Hypothetical		1.62	%	$	1,000.00	$	1,016.85	$	8.15	**
Institutional Class	Actual		1.48	%	$	1,000.00	$	1,017.60	$	7.44	**
Institutional Class	Hypothetical		1.48	%	$	1,000.00	$	1,017.55	$	7.44	**
Touchstone High Yield Fund
Class A	Actual		1.05	%	$	1,000.00	$	1,031.10	$	5.32
Class A	Hypothetical		1.05	%	$	1,000.00	$	1,019.70	$	5.29
Class C	Actual		1.80	%	$	1,000.00	$	1,027.30	$	9.10
Class C	Hypothetical		1.80	%	$	1,000.00	$	1,015.96	$	9.05
Class Y	Actual		0.80	%	$	1,000.00	$	1,033.40	$	4.06
Class Y	Hypothetical		0.80	%	$	1,000.00	$	1,020.94	$	4.03
Institutional Class	Actual		0.72	%	$	1,000.00	$	1,032.60	$	3.65
Institutional Class	Hypothetical		0.72	%	$	1,000.00	$	1,021.34	$	3.63

149

Other Items (Unaudited) (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,
		2019			2018		2019		2019*
Touchstone Impact Bond Fund
Class A	Actual		0.85	%	$	1,000.00	$	1,039.50	$	4.32
Class A	Hypothetical		0.85	%	$	1,000.00	$	1,020.69	$	4.28
Class C	Actual		1.60	%	$	1,000.00	$	1,036.60	$	8.12
Class C	Hypothetical		1.60	%	$	1,000.00	$	1,016.95	$	8.05
Class Y	Actual		0.60	%	$	1,000.00	$	1,041.80	$	3.05
Class Y	Hypothetical		0.60	%	$	1,000.00	$	1,021.94	$	3.02
Institutional Class	Actual		0.50	%	$	1,000.00	$	1,042.30	$	2.55
Institutional Class	Hypothetical		0.50	%	$	1,000.00	$	1,022.44	$	2.52
Touchstone Merger Arbitrage Fund
Class A	Actual		2.02	%	$	1,000.00	$	1,021.70	$	10.18	***
Class A	Hypothetical		2.02	%	$	1,000.00	$	1,014.86	$	10.15	***
Class C	Actual		2.77	%	$	1,000.00	$	1,017.80	$	13.93	***
Class C	Hypothetical		2.77	%	$	1,000.00	$	1,011.12	$	13.89	***
Class Y	Actual		1.77	%	$	1,000.00	$	1,023.00	$	8.93	***
Class Y	Hypothetical		1.77	%	$	1,000.00	$	1,016.11	$	8.90	***
Institutional Class	Actual		1.62	%	$	1,000.00	$	1,024.70	$	8.18	***
Institutional Class	Hypothetical		1.62	%	$	1,000.00	$	1,016.85	$	8.15	***
Touchstone Mid Cap Fund
Class A	Actual		1.24	%	$	1,000.00	$	1,026.40	$	6.26
Class A	Hypothetical		1.24	%	$	1,000.00	$	1,018.75	$	6.24
Class C	Actual		1.99	%	$	1,000.00	$	1,022.60	$	10.03
Class C	Hypothetical		1.99	%	$	1,000.00	$	1,015.01	$	10.00
Class Y	Actual		0.99	%	$	1,000.00	$	1,027.80	$	5.01
Class Y	Hypothetical		0.99	%	$	1,000.00	$	1,020.00	$	4.99
Class Z	Actual		1.24	%	$	1,000.00	$	1,026.30	$	6.26
Class Z	Hypothetical		1.24	%	$	1,000.00	$	1,018.75	$	6.24
Institutional Class	Actual		0.92	%	$	1,000.00	$	1,027.90	$	4.65
Institutional Class	Hypothetical		0.92	%	$	1,000.00	$	1,020.34	$	4.63
Touchstone Mid Cap Value Fund
Class A	Actual		1.22	%	$	1,000.00	$	963.80	$	5.97
Class A	Hypothetical		1.22	%	$	1,000.00	$	1,018.85	$	6.14
Class C	Actual		1.97	%	$	1,000.00	$	960.30	$	9.63
Class C	Hypothetical		1.97	%	$	1,000.00	$	1,015.11	$	9.90
Class Y	Actual		0.97	%	$	1,000.00	$	965.30	$	4.75
Class Y	Hypothetical		0.97	%	$	1,000.00	$	1,020.09	$	4.89
Institutional Class	Actual		0.84	%	$	1,000.00	$	965.50	$	4.12
Institutional Class	Hypothetical		0.84	%	$	1,000.00	$	1,020.74	$	4.23

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									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,
		2019			2018		2019		2019*
Touchstone Premium Yield Equity Fund
Class A	Actual		1.20	%	$	1,000.00	$	966.80	$	5.88
Class A	Hypothetical		1.20	%	$	1,000.00	$	1,018.95	$	6.04
Class C	Actual		1.95	%	$	1,000.00	$	962.10	$	9.54
Class C	Hypothetical		1.95	%	$	1,000.00	$	1,015.21	$	9.80
Class Y	Actual		0.95	%	$	1,000.00	$	968.00	$	4.66
Class Y	Hypothetical		0.95	%	$	1,000.00	$	1,020.19	$	4.78
Touchstone Sands Capital Select Growth Fund
Class A	Actual		1.52	%	$	1,000.00	$	997.50	$	7.57	****
Class A	Hypothetical		1.52	%	$	1,000.00	$	1,017.35	$	7.64	****
Class C	Actual		2.27	%	$	1,000.00	$	994.10	$	11.29	****
Class C	Hypothetical		2.27	%	$	1,000.00	$	1,013.61	$	11.40	****
Class Y	Actual		1.27	%	$	1,000.00	$	998.80	$	6.33	****
Class Y	Hypothetical		1.27	%	$	1,000.00	$	1,018.60	$	6.39	****
Class Z	Actual		1.51	%	$	1,000.00	$	998.00	$	7.52	****
Class Z	Hypothetical		1.51	%	$	1,000.00	$	1,017.40	$	7.59	****
Touchstone Small Cap Fund
Class A	Actual		1.43	%	$	1,000.00	$	954.30	$	6.97	*****
Class A	Hypothetical		1.43	%	$	1,000.00	$	1,017.80	$	7.19	*****
Class C	Actual		2.18	%	$	1,000.00	$	950.60	$	10.60	*****
Class C	Hypothetical		2.18	%	$	1,000.00	$	1,014.06	$	10.95	*****
Class Y	Actual		1.18	%	$	1,000.00	$	955.70	$	5.75	*****
Class Y	Hypothetical		1.18	%	$	1,000.00	$	1,019.05	$	5.94	*****
Institutional Class	Actual		1.10	%	$	1,000.00	$	956.30	$	5.37	*****
Institutional Class	Hypothetical		1.10	%	$	1,000.00	$	1,019.45	$	5.54	*****
Touchstone Small Cap Value Fund
Class A	Actual		1.38	%	$	1,000.00	$	907.00	$	6.56
Class A	Hypothetical		1.38	%	$	1,000.00	$	1,018.05	$	6.94
Class C	Actual		2.13	%	$	1,000.00	$	903.90	$	10.11
Class C	Hypothetical		2.13	%	$	1,000.00	$	1,014.31	$	10.70
Class Y	Actual		1.13	%	$	1,000.00	$	908.10	$	5.38
Class Y	Hypothetical		1.13	%	$	1,000.00	$	1,019.30	$	5.69
Institutional Class	Actual		0.98	%	$	1,000.00	$	909.10	$	4.66
Institutional Class	Hypothetical		0.98	%	$	1,000.00	$	1,020.04	$	4.94

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									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,
		2019			2018		2019		2019*
Touchstone Ultra Short Duration Fixed Income Fund
Class A	Actual		0.69	%	$	1,000.00	$	1,013.30	$	3.46
Class A	Hypothetical		0.69	%	$	1,000.00	$	1,021.49	$	3.48
Class C	Actual		1.19	%	$	1,000.00	$	1,012.00	$	5.97
Class C	Hypothetical		1.19	%	$	1,000.00	$	1,019.00	$	5.99
Class S	Actual		0.94	%	$	1,000.00	$	1,012.10	$	4.72
Class S	Hypothetical		0.94	%	$	1,000.00	$	1,020.24	$	4.73
Class Y	Actual		0.44	%	$	1,000.00	$	1,014.60	$	2.21
Class Y	Hypothetical		0.44	%	$	1,000.00	$	1,022.74	$	2.22
Class Z	Actual		0.69	%	$	1,000.00	$	1,013.30	$	3.46
Class Z	Hypothetical		0.69	%	$	1,000.00	$	1,021.49	$	3.48
Institutional Class	Actual		0.39	%	$	1,000.00	$	1,016.00	$	1.96
Institutional Class	Hypothetical		0.39	%	$	1,000.00	$	1,022.99	$	1.97

^(A) Represents the period from commencement of operations (November 19, 2018) through March 31, 2019. Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 136/365.

* 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 and liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.44, $12.19, $7.14 and $6.44 respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.45, $12.19, $7.14 and $6.44, respectively.

*** Excluding dividend and interest expenses on securities sold short and liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.47, $12.22, $7.21 and $6.46, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $8.45, $12.19, $7.19 and $6.44, respectively.

**** Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Class Z would be $7.32, $11.04, $6.08 and $7.27, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Class Z would be $7.39, $11.15, $6.14 and $7.34, respectively.

***** Excluding liquidity provider expenses, your actual cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.72, $10.36, $5.51 and $5.12, respectively, and your hypothetical cost of investment in Class A, Class C, Class Y and Institutional Class would be $6.94, $10.70, $5.69 and $5.29, respectively.

Advisory and Sub-Advisory Agreement Approval Disclosure

At a meeting held on November 15, 2018, the Board of Trustees (the “Board” or “Trustees”) of the Touchstone 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

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was in the best interests of the respective Funds and their shareholders. The information provided to the Board included: (1) industry data comparing advisory fees and total expense ratios of comparable funds; (2) comparative performance information; (3) the Advisor’s and its affiliates’ revenues and costs of providing services to the Funds; and (4) information about the Advisor’s and Sub-Advisors’ personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Investment Advisory Agreement and the Sub-Advisory Agreements with management and experienced independent legal counsel and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement. The Independent Trustees also reviewed the proposed continuation of the Investment Advisory Agreement and each Sub-Advisory Agreement with independent legal counsel in private sessions at which no representatives of management were present.

In approving the Funds’ Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided to the Funds, including the personnel providing such services; (2) the Advisor’s compensation and profitability; (3) a comparison of fees and performance with comparable funds; (4) economies of scale; and (5) the terms of the Investment Advisory Agreement. The Board’s analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Advisor Services.The Board considered the level and depth of knowledge of the Advisor, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Advisor, the Board took into account its familiarity with the Advisor’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Advisor’s compliance policies and procedures. The quality of administrative and other services, including the Advisor’s role in coordinating the activities of the Funds’ other service providers, was also considered. The Board also considered the Advisor’s relationship with its affiliates and the resources available to them, as well as any potential conflicts of interest.

The Board discussed the Advisor’s effectiveness in monitoring the performance of each Sub-Advisor, including the 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 periodic compliance due diligence of each Sub-Advisor, during which the Advisor examines a wide variety of factors, such as the financial condition of the Sub-Advisor, the quality of the Sub-Advisor’s systems, the effectiveness of the Sub-Advisor’s disaster recovery programs, trade allocation and execution procedures, compliance with the Sub-Advisor’s policies and procedures, results of regulatory examinations and any other factors that might affect the quality of services that the Sub-Advisor provides to the applicable Fund(s). The Board noted that the Advisor’s compliance monitoring processes also include quarterly reviews of compliance certifications, and that any issues arising from such certifications 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 certain of the Funds) and the direct and indirect benefits derived by the Advisor and its affiliates from the Advisor’s relationship with the Funds. The information considered by the Board included operating profit margin information for the Advisor’s business as a whole. The Board noted that the Advisor waived a portion of advisory fees and administrative fees and/or reimbursed expenses of each of the Funds in order to limit each Fund’s net operating expenses. The Board also noted that

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Other Items (Unaudited) (Continued)

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.

Expenses and Performance.The Board compared the respective advisory fees and total expense ratios for each of the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund’s respective peer group. The Board also considered, among other data, the Funds’ respective performance results during the six-month, twelve-month and thirty-six-month periods ended September 30, 2018, and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board also took into account current market conditions and their effect on the Funds’ performance.

The Board also considered the effect of each Fund’s growth and size on its performance and expenses. The Board noted that the Advisor had waived a portion of the fees and/or reimbursed expenses of each of the Funds 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 considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

Touchstone Active Bond Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and above the median, respectively, of its peer group. The Board noted that the Advisor was 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 4^thquintile of its peer group for the six- and twelve-month periods ended September 30, 2018, and the Fund’s performance was in the 2^ndquintile of its peer group for the thirty-six-month period ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Arbitrage 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 3^rdquintile of its peer group for the six-month period ended September 30, 2018, the Fund’s performance was in the 4^thquintile of its peer group for the twelve-month period ended September 30, 2018, and the Fund’s performance was in the 2^ndquintile of its

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peer group for the thirty-six-month period ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone High Yield 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 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 3^rdquintile of its peer group for the six-month period ended September 30, 2018 and the Fund’s performance was in the 4^thquintile of its peer group for the twelve-and thirty-six-month periods ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Impact Bond 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 3^rdquintile of its peer group for the six- and thirty-six-month periods ended September 30, 2018. The Fund’s performance was in the 2^ndquintile of its peer group for the twelve-month period ended September 30, 2018. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Merger Arbitrage 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 3^rdquintile of its peer group for the six-month period ended September 30, 2018, the Fund’s performance was in the 4^thquintile of its peer group for the twelve-month period ended September 30, 2018, and the Fund’s performance was in the 2^ndquintile of its peer group for the thirty-six-month period ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund 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 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 3^rdquintile of its peer group for the six-month period ended September 30, 2018, the Fund’s performance was in the 1^stquintile of its peer group for the twelve-month period ended September 30, 2018, and the Fund’s performance was in the 2^ndquintile of its peer group for the thirty-six-month period ended September 30, 2018. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

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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 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 4^thquintile of its peer group for the six-month period ended September 30, 2018, the Fund’s performance was in the 5^thquintile of its peer group for the twelve-month period ended September 30, 2018, and the Fund’s performance was in the 3^rdquintile of its peer group for the thirty-six-month period ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

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 5^thquintile of its peer group for the six-, twelve- and thirty-six-month periods ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance, including its continuing generation of income for the Fund’s shareholders. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund 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 1^stquintile of its peer group for the six- and twelve-month periods ended September 30, 2018, and the Fund’s performance was in the 1^stquintile of its peer group for the thirty-six-month period ended September 30, 2018. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund and the other factors considered.

Touchstone Small Cap Fund. The Fund’s advisory fee and total expense ratio (net of applicable expense waivers and reimbursements) were at the median and below the median, respectively, of its peer group. The Board noted that the Advisor was currently waiving 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 4^thquintile of its peer group for the six-month period ended September 30, 2018, the Fund’s performance was in the 3^rdquintile of its peer group for the twelve-month period ended September 30, 2018 and the Fund’s performance was in the 5^thquintile of its peer group for the thirty-six-month period ended September 30, 2018. The Board noted management’s discussion of the Fund’s performance. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and that the advisory fee was reasonable in light of the services received by the Fund 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 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 operating expenses of the Fund. The Fund’s performance was in the 2^ndquintile of its peer group for the six-month period ended September 30, 2018, and the Fund’s performance was in the 3^rdquintile of its peer group for the twelve- and thirty-six-month periods ended September 30, 2018. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar

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Other Items (Unaudited) (Continued)

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 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 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 operating expenses of the Fund. The Fund’s performance was in the 2^ndquintile of its peer group for the six- and thirty-six-month periods ended September 30, 2018, and the Fund’s performance was in the 3^rdquintile of its peer group for the twelve-month period ended September 30, 2018. Based upon their review, the Trustees concluded that the Fund’s overall performance was satisfactory relative to the performance of funds with similar investment objectives and relevant indices, and 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 relative to the performance of funds with similar investment objectives and relevant indices; and (d) each Fund’s advisory fee is reasonable in light of the services received by the Fund from the Advisor and other factors considered. Based on their conclusions, the Trustees determined with respect to each Fund that continuation of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.

In approving the Funds’ respective Sub-Advisory Agreements, the Board considered various factors with respect to each Fund and the applicable Sub-Advisory Agreement, among them: (1) the nature, extent and quality of services provided to the Fund, including the personnel providing such services; (2) the Sub-Advisor’s compensation; (3) a comparison of the sub-advisory fee and performance with comparable funds; and (4) the terms of the Sub-Advisory Agreement. The Board’s analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Services Provided; Investment Personnel.The Board considered information provided by the Advisor regarding the services provided by each Sub-Advisor, including information presented periodically throughout the previous year. The Board noted the affiliation of one of the Sub-Advisors with the Advisor,

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Other Items (Unaudited) (Continued)

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 undertaking of the Advisor to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements were paid by the Advisor out of the advisory fees that it receives under the Investment Advisory Agreement and in addition, with respect to the unaffiliated Sub-Advisors, are negotiated at arm’s-length. As a consequence, the profitability to each Sub-Advisor of its relationship with a Fund was not a substantial factor in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in each Sub-Advisor’s management of the applicable Fund to be a substantial factor in its consideration, although the Board noted that the sub-advisory fee schedule for 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 Active Bond Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Arbitrage Fund. The Fund’s sub-advisory fee was at 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 High Yield Fund. The Fund’s sub-advisory fee was above the median of its peer group. Based upon their review, the Trustees concluded that the sub-advisory fee was reasonable in light of the services received by the Fund from the Sub-Advisor and the other factors considered.

Touchstone Impact Bond. 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 other factors considered.

Touchstone Merger Arbitrage Fund. The Fund’s sub-advisory fee was at 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.

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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 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 Ultra Short Duration 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.

As noted above, the Board considered each Fund’s performance during the six-month, twelve-month and thirty-six-month periods ended September 30, 2018, as compared to each Fund’s peer group and noted that the Board reviews on a quarterly basis detailed information about each Fund’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Sub-Advisor. The Board also was mindful of the Advisor’s ongoing monitoring of each Sub-Advisor’s performance and the measures undertaken by the Advisor to address any underperformance.

Conclusion.In considering the renewal of the Sub-Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board reached the following conclusions regarding each Sub-Advisory Agreement, among others: (a) the Sub-Advisor is qualified to manage each Fund’s assets in accordance with the Fund’s investment goals and policies; (b) the Sub-Advisor maintains an appropriate compliance program; (c) the overall performance of each Fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices; (d) each Fund’s sub-advisory 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.

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Other Items (Unaudited) (Continued)

Touchstone Arbitrage Fund (to be renamed Touchstone Credit Opportunities II Fund)

At a meeting held on February 12, 2019, the Advisor recommended and the Board of Trustees (the “Board” or “Trustees”) of the Touchstone Funds Group Trust (the “Trust”) approved the replacement of Touchstone Arbitrage Fund’s (the “Fund”) sub-advisor, Longfellow Investment Management Co., LLC (“Longfellow”), with Ares Capital Management II LLC (“Ares”). As discussed below, at that same meeting the Board, and by a separate vote, the Independent Trustees of the Trust, initially approved a Sub-Advisory Agreement between the Advisor and Ares with respect to the Fund. The Advisor also recommended that the Sub-Advisory Agreement between the Advisor and Ares take effect on May 11, 2019, and that the Sub-Advisory Agreement with Longfellow be terminated as of that date.

Nature, Extent and Quality of Services to be Provided; Investment Personnel.The Board considered information provided by the Advisor regarding the services to be provided by Ares. The Board considered Ares’s level of knowledge and investment style. The Board reviewed the experience and credentials of the investment personnel who would be responsible for managing the investment of portfolio securities with respect to the Fund. The Board also noted that it is familiar with Ares, as Ares serves as a sub-advisor to the Touchstone Credit Opportunities Fund (“Credit Opportunities Fund”), a series of Touchstone Series Trust, which it manages in accordance with its credit opportunities strategy. The Board noted that Ares would utilize the identical strategy currently employed for the Credit Opportunities Fund in managing the Fund. The Board also noted that the investment team who would manage the Fund would be the same investment team who currently manage the Credit Opportunities Fund. The Board also took into consideration that the Advisor was satisfied with Ares’s in-house risk and compliance teams and its familiarity with Ares given Ares’s management of the Credit Opportunities Fund.

Anticipated Profitability.The Board took into consideration the financial condition of Ares and any direct and indirect benefits to be derived by Ares from its relationship with the Fund. In considering the anticipated level of profitability to Ares, the Board noted the proposed contractual undertaking of the Advisor to maintain expense limitations for the Fund and also noted that the sub-advisory fee under the Sub-Advisory Agreement would be paid by the Advisor out of the advisory fee that it receives from the Fund, and that the proposed sub-advisory fee was negotiated at arm’s length between the Advisor and Ares. As a consequence, the anticipated level of profitability to Ares from its relationship with the Fund was not a substantial factor in the Board’s deliberations. For similar reasons, the Board did not consider potential economies of scale in Ares’s management of the Fund to be a substantial factor in its consideration. The Board noted that in connection with the proposed change in sub-advisor the Advisor also proposed to reduce the Fund’s advisory fee and expense limitations.

Proposed Sub-Advisory Fee.The Board considered that the Fund would pay an advisory fee to the Advisor and that the Advisor would pay the sub-advisory fee to Ares out of the advisory fee. The Board compared Ares’s proposed sub-advisory fee to the sub-advisory fee paid to Longfellow, noting that the proposed sub-advisory fee was lower than the current sub-advisory fee. The Board noted that the proposed sub-advisory fee to be paid to Ares for managing the Fund will be identical to the sub-advisory fee paid to Ares for managing the Credit Opportunities Fund. The Board considered the amount of the advisory fee to be retained by the Advisor and the amount to be paid to Ares with respect to the various services to be provided by the Advisor and Ares. Based upon their review, the Trustees concluded that the Fund’s proposed sub-advisory fee was reasonable in light of the services to be provided to the Fund by Ares.

Fund Performance.The Board considered Ares’s investment performance and the Fund’s investment performance under the management of Longfellow. The Trustees also took into consideration the investment performance of the Credit Opportunities Fund relative to that of the Fund and its benchmark index.

Conclusion.The Board reached the following conclusions regarding the Sub-Advisory Agreement: (a) Ares is qualified to manage the Fund’s assets in accordance with the Fund’s new investment goal and principal investment strategies; (b) Ares maintains an appropriate compliance program; (c) the Fund’s proposed sub-advisory fee is

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Other Items (Unaudited) (Continued)

reasonable in relation to the services to be provided to the Fund by Ares; and (d) Ares’s proposed investment strategies are appropriate for managing the Fund. In considering the approval of the Sub-Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee attributed different weights to the various factors. Based on its conclusions, the Board, including a majority of the Independent Trustees, determined that approval of the Sub-Advisory Agreement was in the best interests of the Fund.

Touchstone Anti-Benchmark^®International Core Equity Fund and Touchstone Anti-Benchmark^®US Core Equity Fund

At a meeting held on May 17, 2018, 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 an amendment to the Investment Advisory Agreement between the Trust and the Advisor adding each Fund and also initially approved Sub-Advisory Agreements between the Advisor and TOBAM S.A.S. (the “Sub-Advisor”), the Funds’ sub-advisor.

In determining whether to approve the amendment to the Investment Advisory Agreement and the Sub-Advisory Agreements, the Advisor and the Sub-Advisor furnished information necessary for a majority of the Independent Trustees to make the determination that approval of the amendment to the Investment Advisory Agreement and the initial approval of the Sub-Advisory Agreements was in the best interests of the respective Funds and their shareholders. The information provided to the Board included: (1) a comparison of the Funds’ proposed advisory fees and anticipated total expense ratios with those of comparable funds; (2) performance information for the Sub-Advisor’s proprietary indexes that the Funds would track; (3) the Advisor’s and its affiliates’ estimated revenues and costs of providing services to the Funds; and (4) information about the Advisor’s and Sub-Advisor’s personnel. Prior to voting, the Independent Trustees reviewed the proposed approval of the amendment to 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 Investment Advisory Agreement and the Sub-Advisory Agreements with respect to the Funds. The Independent Trustees also reviewed the proposed approval of the amendment to the Investment Advisory Agreement and the Sub-Advisory Agreements with independent legal counsel in a private session at which no representatives of management were present.

In approving the amendment to the Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services to be provided to the Funds, including the personnel who would be providing such services; (2) the Advisor’s anticipated compensation and profitability; (3) a comparison of total expenses and relevant performance information; (4) anticipated 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 to be 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 provided to other funds managed by the Advisor, including the Advisor’s role in coordinating the activities of those 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 the Trust’s other sub-advisors, and the Advisor’s timeliness in responding to performance issues. The Board considered the Advisor’s process for monitoring the Sub-Advisor, which would include an examination of both qualitative and quantitative elements of the

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Other Items (Unaudited) (Continued)

Sub-Advisor’s organization, personnel, procedures, investment discipline, infrastructure and performance. The Board considered that the Advisor would conduct periodic compliance due diligence of the Sub-Advisor, during which the Advisor would examine 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 would provide to the Funds. The Board noted that the Advisor’s compliance monitoring processes also would include quarterly reviews of compliance certifications, and that any issues arising from such certifications and the Advisor’s compliance visits to the Sub-Advisor would be reported to the Board.

The Trustees concluded that they were satisfied with the nature, extent and quality of services to be 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 anticipated profitability of the Advisor and its affiliates and the anticipated direct and indirect benefits to be derived by the Advisor and its affiliates from the Advisor’s relationship with the Funds. The Board noted that the Advisor had contractually agreed to waive advisory fees and administrative fees and/or reimburse expenses in order to limit the Funds’ net operating expenses and would pay sub-advisory fees out of the advisory fees the Advisor would receive from the Funds. The Board reviewed the anticipated profitability of the Advisor’s relationship with the Funds and also considered whether the Advisor has the financial wherewithal to provide a high level of services to the Funds, noting the ongoing commitment of the Advisor’s parent company with respect to providing support and resources as needed. The Board also noted that the Advisor would derive 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 would provide to each Fund and the entrepreneurial risk that it would assume as Advisor. Based upon their review, the Trustees concluded that the Advisor’s and its affiliates’ level of profitability, if any, to be derived from their relationship with each Fund was reasonable and not excessive.

Expenses and Performance.The Board compared each Fund’s proposed advisory fees and total expense ratios with those of comparable funds. The Board took into account the Funds’ estimated total expenses for its Class Y and Institutional Shares after estimated waivers and reimbursements. The Board also took into account that the Advisor had contractually agreed to limit the Funds’ net operating expenses for a period of time following the launch of the Funds.

The Board also considered the effect of each Fund’s potential growth and size on its performance and expenses. The Board noted that the Advisor had agreed to waive a portion of its fees and/or reimburse expenses of the Funds in order to reduce each Fund’s operating expenses to targeted levels. The Board noted that the sub-advisory fees under the Sub-Advisory Agreement with respect to each Fund would be paid by the Advisor out of the advisory fee it would receive from the Fund and considered the impact of such sub-advisory fees on the profitability of the Advisor. In reviewing the proposed total expense ratios and relevant performance information, the Board also took into account the nature, extent and quality of the services to be provided to the Funds by the Advisor and its affiliates.

Economies of Scale.The Board considered the effect of each Fund’s potential growth and size on its performance and expenses. The Board took into account management’s discussion of the Funds’ advisory fee structure. The Board considered the proposed 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 proposed advisory fee schedule for each Fund contained a breakpoint that would reduce the advisory fee rate on assets above specified levels as each Fund’s assets increased. The Board also noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets

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Other Items (Unaudited) (Continued)

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 would be reduced by the total sub-advisory fee paid by the Advisor to the Fund’s Sub-Advisor.

Conclusion.In considering the approval of the amendment to the 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 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; and (c) each Fund’s proposed advisory fee is reasonable relative to those of similar funds and the services to be provided by the Advisor. Based on their conclusions, the Trustees determined with respect to each Fund that approval of the amendment to the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.

In initially approving the Sub-Advisory Agreements for the Funds, 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 to be provided to the Fund, including the personnel who would be providing such services; (2) the Sub-Advisor’s proposed sub-advisory fee; (3) the performance of the Sub-Advisor’s proprietary index that the Fund would track; and (4) the terms of the Sub-Advisory Agreement. The Board’s analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

Nature, Extent and Quality of Services Provided; Investment Personnel.The Board considered information provided by the Advisor and the Sub-Advisor regarding the services to be provided by the Sub-Advisor. The Board also considered the Sub-Advisor’s level of knowledge and investment style. The Board reviewed the experience and credentials of the applicable investment personnel of the Sub-Advisor who would be responsible for managing the Funds.

Sub-Advisor’s Proposed Compensation.The Board also took into consideration the financial condition of the Sub-Advisor and any indirect benefits to be derived by the Sub-Advisor from the Sub-Advisor’s relationship with the Funds. In considering the anticipated profitability to the Sub-Advisor of its relationship with the Funds, the Board noted the proposed contractual undertaking of the Advisor to maintain expense limitations for the Funds and also noted that the sub-advisory fees under the Sub-Advisory Agreements would be paid by the Advisor out of the advisory fees that it would receive under the Investment Advisory Agreement and that these fees were negotiated at arm’s-length. As a consequence, the anticipated profitability to the Sub-Advisor of its relationship with each 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 the Sub-Advisor’s management of the Funds to be a substantial factor in its consideration, although the Board noted that the proposed sub-advisory fee schedule for each Fund contained a breakpoint that would reduce the sub-advisory fee rate on assets above specified levels as the applicable Fund’s assets increased.

Sub-Advisory Fees and Performance Information.The Board considered that each Fund would pay an advisory fee to the Advisor and that the Advisor would pay a sub-advisory fee to the Sub-Advisor out of the advisory fee it would receive from the respective Fund. The Board considered the amount to be retained by the Advisor and the sub-advisory fee to be paid to the Sub-Advisor with respect to the various services to be provided by the Advisor and the Sub-Advisor. The Board also noted that the Advisor negotiated the sub-advisory fee with the Sub-Advisor at arm’s-length. Based on their review, the Trustees concluded that each Fund’s proposed sub-advisory

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Other Items (Unaudited) (Continued)

fee was reasonable in light of the quality of services to be provided by the Sub-Advisor to the Fund and the other factors considered.

As noted above, the Board considered the performance of the Sub-Advisor’s proprietary indexes that the Funds would track. The Board also noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Trust’s other sub-advisors. The Board was mindful of the Advisor’s focus on the performance of sub-advisors and the Advisor’s ways of addressing underperformance.

Conclusion.In considering the initial approval of the applicable 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 Fund’s Sub-Advisory Agreement, among others: (a) the Sub-Advisor is qualified to manage the Fund’s assets in accordance with the Fund’s investment goals and policies; (b) the Sub-Advisor maintains an appropriate compliance program; (c) the Fund’s proposed advisory and sub-advisory fee structure is reasonable relative to those of similar funds and to the services to be provided by the Advisor and the Sub-Advisor; and (d) the Sub-Advisor’s proposed investment strategies are appropriate for pursuing the investment goals of the Fund. Based on its conclusions, the Board determined that approval of the applicable Sub-Advisory Agreement with respect to each Fund was in the best interests of the Fund and its shareholders.

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PRIVACY PROTECTION POLICY

We Respect Your Privacy

Thank you for your decision to invest with us. Touchstone and its affiliates have always placed a high value on the trust and confidence our clients place in us. We believe that confidence must be earned and validated through time. In today’s world, when technology allows the sharing of information at light speeds, trust must be reinforced by our sincere pledge to take the steps necessary to ensure that the information you share with us is treated with respect and confidentiality.

Our Pledge to Our Clients

· We collect only the information we need to service your account and administer our business.

· We are committed to keeping your information confidential and we place strict limits and controls on the use and sharing of your information.

· We make every effort to ensure the accuracy of your information.

We Collect the Following Nonpublic Personal Information About You:

· Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and

· Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information, and other financial information.

Categories of Information We Disclose and Parties to Whom We Disclose

We do not disclose any nonpublic personal information about our current or former clients to nonaffiliated third parties, except as required or permitted by law.

We Place Strict Limits and Controls on the Use and Sharing of Your Information

· We restrict access to nonpublic personal information about you to authorized employees who need the information to administer your business.

· We maintain physical, electronic and procedural safeguards that comply with federal standards to protect this information.

· We do not disclose any nonpublic personal information about our current or former clients to anyone, except as required or permitted by law or as described in this document.

· We will not sell your personal information to anyone.

We May Provide Information to Service Your Account

Sometimes it is necessary to provide information about you to various companies such as transfer agents, custodians, broker-dealers and marketing service firms to facilitate the servicing of your account. These organizations have a legitimate business need to see some of your personal information in order for us to provide service to you. We may disclose to these various companies the information that we collect as described above. We require that these companies, including our own subsidiaries and affiliates, strictly maintain the confidentiality of this information and abide by all applicable laws. Companies within our corporate family that may receive this information are financial service providers and insurance companies. We do not permit these associated companies to sell the information for their own purposes, and we never sell our customer information.

This policy is applicable to the following affiliated companies: Touchstone Funds Group Trust, Touchstone Strategic Trust, Touchstone Variable Series Trust, Touchstone Institutional Funds Trust, Touchstone Securities, Inc.,* and W&S Brokerage Services, Inc.

* Touchstone Securities, Inc. serves as the underwriter to the Touchstone Funds.

A Member of Western & Southern Financial Group^®

The Privacy Protection Policy is not part of the Semi-Annual Report.

167

 

 

Touchstone Investments

Distributor

Touchstone Securities, Inc.*

303 Broadway

Cincinnati, Ohio 45202-4203

800.638.8194

www.touchstoneinvestments.com

Investment Advisor

Touchstone Advisors, Inc.*

303 Broadway

Cincinnati, Ohio 45202-4203

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, Massachusetts 01581

Shareholder Service

800.543.0407

* A Member of Western & Southern Financial Group

TSF-56-TFGT-SAR-1903

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

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

SIGNATURES

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

(Registrant)Touchstone Funds Group Trust

By (Signature and Title)*   /s/ Jill T. McGruder               

Jill T. McGruder, President

(principal executive officer)

DateMay 29, 2019

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

By (Signature and Title)*  /s/ Jill T. McGruder               

Jill T. McGruder, President

(principal executive officer)

DateMay 29, 2019

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

Terrie A. Wiedenheft, Controller and Treasurer

(principal financial officer)

DateMay 29, 2019

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