N-Q 1 v402426_nq.htm N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-02538

Touchstone Investment 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: December 31, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

Portfolio of Investments

Touchstone Active Bond Fund – December 31, 2014 (Unaudited)

Principal			Market
Amount			Value

		Corporate Bonds — 44.5%

		Financials — 12.8%
$	504,000	AerCap Ireland Capital Ltd. / AerCap
		Global Aviation Trust (Ireland), 144a,
		4.500%, 5/15/21	$	510,300
	290,000	Ally Financial, Inc., 8.000%, 11/1/31		369,025
	480,000	American Express Credit Corp. MTN,
		2.375%, 3/24/17		490,871
	630,000	Bank of America Corp.,
		5.200%, 12/29/49^(A)		581,962
	145,000	Bank of America Corp. MTN,
		5.000%, 5/13/21		161,799
	452,000	Bank of America NA, 5.300%, 3/15/17		485,523
	280,000	Boston Properties LP, 3.850%, 2/1/23		290,662
	250,000	Citigroup, Inc., 3.375%, 3/1/23		252,236
	630,000	Citigroup, Inc., 5.350%, 4/29/49^(A)		581,175
	630,000	Fifth Third Bancorp,
		4.900%, 12/29/49^(A)		609,525
	890,000	Ford Motor Credit Co. LLC,
		2.375%, 1/16/18		895,158
	1,100,000	General Electric Capital Corp.,
		6.250%, 12/22/49^(A)		1,197,625
	305,000	General Electric Capital Corp. MTN,
		4.650%, 10/17/21		343,774
	155,000	Goldman Sachs Group, Inc. (The),
		5.250%, 7/27/21		174,943
	630,000	Goldman Sachs Group, Inc. (The),
		5.700%, 12/29/49^(A)		637,245
	415,000	Goldman Sachs Group, Inc. (The),
		6.125%, 2/15/33		508,669
	175,000	Health Care REIT, Inc., 6.125%, 4/15/20		201,168
	180,000	HSBC Bank PLC, 144a, 4.125%, 8/12/20		194,846
	145,000	JPMorgan Chase & Co.,
		3.250%, 9/23/22		145,845
	630,000	JPMorgan Chase & Co.,
		5.150%, 12/29/49^(A)		593,460
	465,000	JPMorgan Chase & Co.,
		6.000%, 1/15/18		520,260
	630,000	Morgan Stanley, 5.450%, 7/29/49^(A)		631,134
	360,000	Navient LLC MTN, 6.125%, 3/25/24		353,700
	300,000	Omega Healthcare Investors, Inc. REIT,
		4.950%, 4/1/24		312,191
	500,000	PHH Corp., 6.375%, 8/15/21		458,125
	250,000	PNC Bank NA, 2.700%, 11/1/22		239,415
	192,000	Protective Life Corp., 7.375%, 10/15/19		231,052
	1,075,000	Simon Property Group LP, REIT,
		2.750%, 2/1/23		1,052,536
	580,000	Wells Fargo & Co., 5.900%, 12/12/49^(A)		584,350
				13,608,574

		Energy — 7.1%
	450,000	Access Midstream Partners LP / ACMP
		Finance Corp., 5.875%, 4/15/21		469,125
	500,000	Boardwalk Pipelines LP, 3.375%, 2/1/23		455,485
	475,000	Cenovus Energy, Inc. (Canada),
		6.750%, 11/15/39		541,122
	248,000	Chesapeake Energy Corp.,
		5.375%, 6/15/21		247,845
	890,000	CNOOC Finance 2012 Ltd., 144a,
		3.875%, 5/2/22		905,375
	620,000	ConocoPhillips Co., 3.350%, 11/15/24		626,415
	565,000	Continental Resources, Inc./OK,
		7.125%, 4/1/21		607,375
	735,000	DCP Midstream LLC, 144a,
		5.350%, 3/15/20		769,278
	500,000	FTS International, Inc., 144a,
		6.250%, 5/1/22		365,000
	575,000	Kinder Morgan Energy Partners LP,
		3.500%, 9/1/23		545,874
	504,000	Linn Energy LLC / Linn Energy Finance
		Corp., 8.625%, 4/15/20		438,480
	215,000	Nabors Industries, Inc.,
		5.000%, 9/15/20		211,167
	250,000	Petrobras International Finance Co. -
		Pifco, 5.375%, 1/27/21		231,642
	493,000	Plains Exploration & Production Co.,
		6.875%, 2/15/23		548,462
	570,000	Suncor Energy, Inc., 3.600%, 12/1/24		563,248
				7,525,893

		Consumer Discretionary — 6.6%
	295,000	Anheuser-Busch InBev Worldwide,
		Inc., 8.200%, 1/15/39		455,427
	490,000	AutoNation, Inc., 5.500%, 2/1/20		537,388
	275,000	Caterpillar Financial Services Corp.
		MTN, 5.450%, 4/15/18		306,931
	425,000	CBS Corp., 4.900%, 8/15/44		431,572
	504,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 6.625%, 1/31/22		535,500
	504,000	Cequel Communications Holdings I
		LLC / Cequel Capital Corp., 144a,
		6.375%, 9/15/20		521,640
	200,000	Comcast Corp., 4.650%, 7/15/42		218,902
	220,000	DIRECTV Holdings LLC / DIRECTV
		Financing Co., Inc., 2.400%, 3/15/17		224,151
	504,000	DISH DBS Corp., 6.750%, 6/1/21		541,800
	475,000	Forest Laboratories, Inc., 144a,
		5.000%, 12/15/21		514,342
	220,000	Home Depot, Inc. (The),
		5.950%, 4/1/41		287,337
	252,000	MGM Resorts International,
		6.750%, 10/1/20		264,599
	170,000	Mondelez International, Inc.,
		4.125%, 2/9/16		176,316
	210,000	News America, Inc., 6.900%, 3/1/19		247,622
	400,000	Scripps Networks Interactive, Inc.,
		2.750%, 11/15/19		401,674
	497,000	Sirius XM Radio, Inc., 144a,
		5.250%, 8/15/22		521,850
	440,000	Time Warner Cable, Inc.,
		4.125%, 2/15/21		470,884
	330,000	Viacom, Inc., 6.250%, 4/30/16		352,540
				7,010,475

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 44.5% (Continued)

		Telecommunication Services — 3.8%
$	325,000	CenturyLink, Inc., 5.150%, 6/15/17 $	$	340,438
	245,000	Frontier Communications Corp.,
		6.875%, 1/15/25		244,999
	480,000	Orange SA (France), 2.750%, 2/6/19		488,916
	520,000	SBA Tower Trust, 144a,
		2.898%, 10/15/19		521,363
	349,000	Sprint Nextel Corp., 6.000%, 11/15/22		321,079
	194,000	Telefonica Emisiones SAU,
		6.421%, 6/20/16		207,532
	504,000	T-Mobile USA, Inc., 6.731%, 4/28/22		519,120
	504,000	UPCB Finance III Ltd. (Cayman Islands),
		144a, 6.625%, 7/1/20		529,200
	275,000	Verizon Communications, Inc.,
		6.250%, 4/1/37		337,492
	551,000	Windstream Corp., 6.375%, 8/1/23		515,185
				4,025,324

		Utilities — 3.2%
	874,000	Alabama Power Capital Trust V,
		3.335%, 10/1/42^(A)		820,579
	320,000	CenterPoint Energy, Inc.,
		5.950%, 2/1/17		348,916
	500,000	Dominion Resources, Inc./ VA,
		5.750%, 10/1/54^(A)		521,708
	316,000	Dynegy, Inc., 5.875%, 6/1/23		300,199
	265,000	Iberdrola International BV,
		6.750%, 7/15/36		337,823
	115,000	NextEra Energy Capital Holdings, Inc.,
		6.000%, 3/1/19		131,002
	225,000	NextEra Energy Capital Holdings, Inc.,
		6.350%, 10/1/66^(A)		223,594
	496,000	NRG Energy, Inc., 6.625%, 3/15/23		515,840
	185,000	PPL Energy Supply LLC,
		6.500%, 5/1/18		194,298
				3,393,959

		Materials — 3.2%
	504,000	ArcelorMittal (Luxembourg),
		6.000%, 3/1/21		524,160
	530,000	Domtar Corp., 10.750%, 6/1/17		629,943
	378,000	First Quantum Minerals Ltd. (Canada),
		144a, 7.250%, 10/15/19		349,650
	260,000	Glencore Funding LLC, 144a,
		2.500%, 1/15/19		256,016
	633,000	International Paper Co.,
		7.950%, 6/15/18		746,253
	500,000	Rio Tinto Finance USA Ltd.,
		3.500%, 11/2/20		518,784
	226,000	Southern Copper Corp.,
		5.375%, 4/16/20		246,123
	62,000	Vale Overseas Ltd., 5.625%, 9/15/19		65,969
				3,336,898

		Industrials — 2.6%
	250,000	Air Lease Corp., 5.625%, 4/1/17		269,375
	190,000	Burlington Northern Santa Fe LLC,
		5.750%, 5/1/40		234,415
	158,000	Con-way, Inc., 6.700%, 5/1/34		180,606
	400,000	FedEx Corp., 5.100%, 1/15/44		461,866
	80,000	Hutchison Whampoa International
		09/19 Ltd. (Cayman Islands), 144a,
		5.750%, 9/11/19		91,216
	252,000	Navios Maritime Holdings, Inc. /
		Navios Maritime Finance II US Inc.
		(Marshall Islands), 144a,
		7.375%, 1/15/22		230,579
	370,000	Republic Services, Inc., 3.550%, 6/1/22		379,848
	508,000	Rexel SA (France), 144a,
		5.250%, 6/15/20		511,810
	378,000	United Rentals North America, Inc.,
		7.625%, 4/15/22		415,611
				2,775,326

		Consumer Staples — 2.5%
	515,000	Kraft Foods Group, Inc.,
		6.875%, 1/26/39		680,705
	500,000	Kroger Co. (The), 5.000%, 4/15/42		544,766
	504,000	Post Holdings, Inc., 7.375%, 2/15/22		504,000
	435,000	Walgreens Boots Alliance, Inc. old,
		2.700%, 11/18/19		437,213
	370,000	Wal-Mart Stores, Inc., 6.200%, 4/15/38		495,550
				2,662,234

		Health Care — 1.9%
	504,000	CHS / Community Health Systems,
		Inc., 7.125%, 7/15/20		537,390
	406,000	HCA, Inc., 6.500%, 2/15/20		454,923
	325,000	Medtronic, Inc., 4.450%, 3/15/20		356,577
	66,000	Select Medical Corp., 6.375%, 6/1/21		66,989
	573,000	Valeant Pharmaceuticals International,
		144a, 6.750%, 8/15/21		598,785
				2,014,664

		Information Technology — 0.8%
	325,000	Apple, Inc., 1.000%, 5/3/18		320,177
	385,000	Oracle Corp., 3.875%, 7/15/20		413,692
	94,000	Western Union Co. (The),
		5.253%, 4/1/20		103,064
				836,933
		Total Corporate Bonds	$	47,190,280

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		U.S. Government Mortgage-Backed
		Obligations — 20.3%
$	84,993	FHLMC, Pool #1B3366,
		2.408%, 3/1/37^(A)	$	90,181
	225,342	FHLMC, Pool #1H1348,
		2.265%, 10/1/36^(A)		239,682
	949,298	FHLMC, Pool #1Q0339,
		2.513%, 4/1/37^(A)		1,019,825
	42,679	FHLMC, Pool #A12886, 5.000%, 8/1/33		47,342
	66,345	FHLMC, Pool #A13842, 6.000%, 9/1/33		75,051
	24,721	FHLMC, Pool #A21415, 5.000%, 5/1/34		27,411
	58,524	FHLMC, Pool #A35682, 5.000%, 7/1/35		64,755
	27,777	FHLMC, Pool #A36523, 5.000%, 8/1/35		30,677
	212,188	FHLMC, Pool #A46590, 5.000%, 8/1/35		234,578
	58,705	FHLMC, Pool #A56988, 5.500%, 2/1/37		65,570
	350,312	FHLMC, Pool #A96485, 4.500%, 1/1/41		381,892
	1,218,649	FHLMC, Pool #A97897, 4.500%, 4/1/41		1,346,862
	31,713	FHLMC, Pool #C62740, 7.000%, 1/1/32		36,010
	35,491	FHLMC, Pool #C72254, 6.500%, 7/1/32		40,323
	136,054	FHLMC, Pool #C90986, 7.000%, 6/1/26		152,447
	57,477	FHLMC, Pool #G02184, 5.000%, 4/1/36		63,545
	817,941	FHLMC, Pool #G05733,
		5.000%, 11/1/39		913,105
	476,625	FHLMC, Pool #J13584,
		3.500%, 11/1/25		505,509
	183,767	FNMA, Pool #255628, 5.500%, 2/1/25		205,355
	13,430	FNMA, Pool #432269, 6.500%, 8/1/28		15,295
	14,745	FNMA, Pool #496848, 6.500%, 6/1/29		16,792
	7,685	FNMA, Pool #535290, 8.000%, 5/1/30		9,363
	28,902	FNMA, Pool #540040, 7.500%, 6/1/28		30,100
	26,283	FNMA, Pool #561741, 7.500%, 1/1/31		31,144
	11,315	FNMA, Pool #569874, 8.000%, 2/1/31		12,055
	4,144	FNMA, Pool #575501, 6.000%, 5/1/17		4,183
	39,100	FNMA, Pool #596500, 6.500%, 7/1/16		40,084
	18,734	FNMA, Pool #626811, 6.500%, 6/1/17		19,474
	98,166	FNMA, Pool #640291, 7.000%, 8/1/32		110,041
	35,585	FNMA, Pool #653301, 6.500%, 7/1/32		40,526
	121,654	FNMA, Pool #653502, 6.500%, 7/1/32		138,543
	97,457	FNMA, Pool #670402, 6.500%, 6/1/32		114,273
	39,033	FNMA, Pool #690208, 6.500%, 3/1/33		44,451
	44,020	FNMA, Pool #704460, 6.000%, 5/1/18		46,039
	8,414	FNMA, Pool #725906,
		2.094%, 8/1/34^(A)		8,959
	546,885	FNMA, Pool #745257, 6.000%, 1/1/36		627,878
	3,692	FNMA, Pool #745974,
		2.464%, 10/1/36^(A)		3,971
	187,123	FNMA, Pool #810049, 5.500%, 3/1/35		211,043
	395,350	FNMA, Pool #819297, 6.000%, 9/1/35		451,221
	114,443	FNMA, Pool #889060, 6.000%, 1/1/38		131,784
	243,524	FNMA, Pool #889061, 6.000%, 1/1/38		280,207
	125,015	FNMA, Pool #893003, 7.000%, 9/1/36		143,247
	40,165	FNMA, Pool #895657, 6.500%, 8/1/36		44,324
	419,214	FNMA, Pool #905049, 5.500%, 11/1/36		473,916
	561,569	FNMA, Pool #908944, 5.500%, 1/1/37		636,275
	901,457	FNMA, Pool #928553, 5.500%, 8/1/37		1,024,268
	44,437	FNMA, Pool #995220, 6.000%, 11/1/23		48,569
	583,890	FNMA, Pool #AA3467, 4.500%, 4/1/39		638,657
	925,600	FNMA, Pool #AA4584, 4.500%, 4/1/39		1,012,379
	173,990	FNMA, Pool #AB1800, 4.000%, 11/1/40		186,928
	750,531	FNMA, Pool #AB2452, 4.000%, 3/1/26		803,983
	195,351	FNMA, Pool #AB5989, 2.500%, 8/1/27		199,428
	244,000	FNMA, Pool #AD3775, 4.500%, 3/1/25		263,755
	298,610	FNMA, Pool #AD6193, 5.000%, 6/1/40		331,498
	641,659	FNMA, Pool #AE0996, 4.000%, 2/1/41		689,424
	397,545	FNMA, Pool #AE1568, 4.000%, 9/1/40		424,783
	1,108,734	FNMA, Pool #AE2497, 4.500%, 9/1/40		1,217,223
	254,840	FNMA, Pool #AE5441, 5.000%, 10/1/40		282,999
	645,728	FNMA, Pool #AH1135, 5.000%, 1/1/41		717,062
	997,836	FNMA, Pool #AH3483, 3.500%, 2/1/26		1,062,862
	473,720	FNMA, Pool #AH3671, 4.000%, 2/1/26		509,402
	881,037	FNMA, Pool #AH6622, 4.000%, 3/1/41		951,811
	58,967	FNMA, Pool #AI0805, 4.500%, 7/1/41		64,076
	1,265,822	FNMA, Pool #AL0150, 4.000%, 2/1/41		1,359,998
	342,871	FNMA, Pool #AL0211, 5.000%, 4/1/41		380,720
	75,067	GNMA, Pool #5305, 4.000%, 2/20/42		80,570
	21,717	GNMA, Pool #748495, 4.000%, 8/15/40		23,335
	29,779	GNMA, Pool #8503, 1.625%, 9/20/24^(A)		30,696
		Total U.S. Government
		Mortgage-Backed Obligations	$	21,529,734

		U.S. Treasury Obligations — 17.6%
	8,430,000	U.S. Treasury Note, 0.500%, 11/30/16		8,408,925
	2,855,000	U.S. Treasury Note, 0.875%, 11/15/17		2,841,393
	285,000	U.S. Treasury Note, 1.500%, 10/31/19		283,263
	350,000	U.S. Treasury Note, 2.250%, 11/15/24		352,352
	5,700,000	United States Treasury Inflation
		Indexed Bonds, 0.625%, 1/15/24		5,825,587
	785,000	United States Treasury Inflation
		Indexed Bonds, 1.375%, 2/15/44		905,208
		Total U.S. Treasury Obligations	$	18,616,728

		Asset-Backed Securities — 3.7%
	3,754	CIT Group Home Equity Loan Trust,
		Ser 2002-1, Class AF5,
		6.710%, 2/25/33^(B)		3,750
	455,190	Countrywide Asset-Backed
		Certificates, Ser 2007-S1, Class A5,
		6.018%, 11/25/36^(A)		409,433
	273,301	FHLMC Structured Pass Through
		Securities, Ser T-20, Class A5,
		8.370%, 12/25/29^(B)		316,386
	600,000	First Franklin Mortgage Loan Trust, Ser
		2005-FFA, Class M3,
		6.017%, 3/25/25^(B)		523,051
	102,780	FNMA REMIC, Ser 2001-W2, Class AF6,
		6.589%, 10/25/31^(B)		111,528
	1,900,688	Mid-State Capital Corp. Trust, Ser
		2005-1, Class M2, 7.079%, 1/15/40		2,099,183
	439,096	RAMP Trust, Ser 2003-RZ5, Class A7,
		5.470%, 9/25/33^(B)		453,483
	6,444	RASC Trust, Ser 2001-KS3, Class AI6,
		5.960%, 9/25/31^(A)		6,570
		Total Asset-Backed Securities	$	3,923,384

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Commercial Mortgage-Backed Securities — 2.7%

$	64,935	Banc of America Commercial
		Mortgage Trust, Ser 2006-2, Class
		A3, 5.700%, 5/10/45^(A)	$	65,133
	435,000	Banc of America Commercial
		Mortgage Trust, Ser 2006-6, Class
		A3, 5.369%, 10/10/45		441,392
	151,078	Banc of America Commercial
		Mortgage Trust, Ser 2007-2, Class
		AAB, 5.562%, 4/10/49^(A)		154,083
	750,000	COMM Mortgage Trust, Ser
		2014-SAVA, Class A, 144a,
		1.311%, 6/15/34^(A)		749,598
	115,336	First Union Commercial Mortgage
		Trust, Ser 1999-C1, Class F, 144a,
		5.350%, 10/15/35		116,345
	275,000	LB-UBS Commercial Mortgage Trust,
		Ser 2005-C7, Class AM,
		5.263%, 11/15/40^(A)††		283,637
	700,000	Morgan Stanley Bank of America
		Merrill Lynch Trust, Ser 2014-C18,
		Class ASB, 3.621%, 10/15/47		732,206
	102,513	Mortgage Pass Through Certificates,
		Ser 2001-CIB2, Class D,
		6.802%, 4/15/35^(A)		102,925
	113,780	Wachovia Bank Commercial Mortgage
		Trust, Ser 2007-C30, Class APB,
		5.294%, 12/15/43		115,321
	112,188	Wachovia Bank Commercial Mortgage
		Trust, Ser 2007-C34, Class APB,
		5.617%, 5/15/46		113,336
		Total Commercial
		Mortgage-Backed Securities	$	2,873,976

		Non-Agency Collateralized Mortgage
		Obligations — 2.9%
	6,810	Adjustable Rate Mortgage Trust, Ser
		2004-4, Class 3A1,
		2.677%, 3/25/35^(A)		6,627
	636,455	Countrywide Alternative Loan Trust,
		Ser 2004-30CB, Class 3A1,
		5.000%, 2/25/20		656,228
	83,095	Countrywide Alternative Loan Trust,
		Ser 2005-J3, Class 3A1,
		6.500%, 9/25/34		83,590
	122,958	Credit Suisse First Boston Mortgage
		Securities Corp., Ser 2004-7, Class
		6A1, 5.250%, 10/25/19		125,083
	319,461	Deutsche ALT-A Securities, Inc.
		Alternate Loan Trust, Ser 2005-3,
		Class 4A4, 5.250%, 6/25/35		323,351
	176,117	JP Morgan Mortgage Trust, Ser
		2005-A1, Class 2A1,
		2.405%, 2/25/35^(A)		177,882
	510,436	JP Morgan Mortgage Trust, Ser
		2005-A2, Class 7CB1,
		2.596%, 4/25/35^(A)		514,122
	95,365	JP Morgan Mortgage Trust, Ser
		2006-A4, Class 2A2,
		2.362%, 6/25/36^(A)		86,691
	81,097	MASTR Alternative Loans Trust, Ser
		2004-7, Class 10A1, 6.000%, 6/25/34		83,175
	53,004	MASTR Asset Securitization Trust
		2003-4, Ser 2003-4, Class 4A2,
		5.500%, 5/25/33		54,683
	281,260	Residential Asset Securitization Trust,
		Ser 2006-A1, Class 1A3,
		6.000%, 4/25/36		229,646
	17,310	Sequoia Mortgage Trust 2011-1, Ser
		2011-1, Class A1, 4.125%, 2/25/41^(A)		17,513
	53,877	Structured Adjustable Rate Mortgage
		Loan Trust, Ser 2005-23, Class 1A3,
		2.538%, 1/25/36^(A)		52,754
	33,465	Structured Asset Securities Corp., Ser
		2004-21XS, Class 2A6B,
		5.150%, 12/25/34^(B)		34,262
	259,182	Structured Asset Securities Corp., Ser
		2005-17, Class 5A1,
		5.500%, 10/25/35		227,988
	205,668	Washington Mutual Alternative
		Mortgage Pass-Through
		Certificates, Ser 2005-9, Class 2A4,
		5.500%, 11/25/35		191,030
	201,369	Wells Fargo Mortgage Backed
		Securities Trust, Ser 2003-G, Class
		A1, 2.490%, 6/25/33^(A)		203,279
		Total Non-Agency Collateralized
		Mortgage Obligations	$	3,067,904

Shares

		Preferred Stock — 0.5%

		Financials — 0.5%
	22,133	Public Storage, 5.900%†	559,522

Principal
Amount

		Municipal Bonds — 1.6%

		California — 0.2%
$	215,000	State of California, Purp 3, UTGO,
		5.950%, 4/1/16	229,074

		Georgia — 0.2%
	205,000	Muni Elec Authority of GA, Build
		America Bonds, 6.655%, 4/1/57	270,210

		Ohio — 0.9%
	850,000	JobsOhio Beverage System, Ser B,
		4.532%, 1/1/35	912,126

Touchstone Active Bond Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Municipal Bonds — 1.6% (Continued)

		Pennsylvania — 0.3%
	250,000	Pennsylvania State, Build America
		Bonds, Ser 2010-B, UTGO,
		5.850%, 7/15/30	$	285,708
		Total Municipal Bonds	$	1,697,118

		Sovereign Bond — 0.9%
	950,000	Province of Quebec Canada, 2.625%,
		2/13/23	$	948,836

		Agency Collateralized Mortgage
		Obligations — 0.4%
	247,106	FNMA, Ser 2004-W15, Class 2AF,
		0.405%, 8/25/44^(A)		245,604
	177,859	FNMA REMIC, Ser 2011-28, Class MA,
		4.500%, 7/25/38		181,455
	16,464	GNMA, Ser 2003-11, Class GJ,
		4.000%, 10/17/29		17,393
		Total Agency Collateralized
		Mortgage Obligations	$	444,452

Shares
	Investment Funds — 4.3%
230,850	Invesco Government & Agency
	Portfolio, Institutional Class,
	0.01%**^∞Ω		230,850
4,361,033	Touchstone Institutional Money
	Market Fund, 0.01%^^∞Ω		4,361,033
	Total Investment Funds	$	4,591,883

	Total Investment Securities —99.4%
	(Cost $102,918,205)	$	105,443,817

	Other Assets in
	Excess of Liabilities — 0.6%		606,341

	Net Assets — 100.0%	$	106,050,158

^(A)

Variable rate security - Rate reflected is the rate in effect as of December 31, 2014.

^(B)

Step Bond - A bond that pays an initial interest rate for the first period and then a higher interest rate for the following periods until maturity. The interest rate shown reflects the rate in effect at December 31, 2014.

Represents collateral for securities loaned.

Affiliated Fund.

†

All or a portion of the security is on loan. The total market valueofthesecuritiesonloanasofDecember31,2014was $227,520.

^††

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 December 31, 2014.

Portfolio Abbreviations:

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

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

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 December 31, 2014, these securities were valued at $8,257,193 or 7.8% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

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 Portfolios of Investments.

Valuation inputs at Reporting Date:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	47,190,280	$	—	$	47,190,280
U.S. Government Mortgage-Backed Obligations		—		21,529,734		—		21,529,734
U.S. Treasury Obligations		—		18,616,728		—		18,616,728
Asset-Backed Securities		—		3,923,384		—		3,923,384
Commercial Mortgage-Backed Securities		—		2,873,976		—		2,873,976
Non-Agency Collateralized Mortgage Obligations		—		3,067,904		—		3,067,904
Preferred Stock		559,522		—		—		559,522
Municipal Bonds		—		1,697,118		—		1,697,118
Sovereign Bond		—		948,836		—		948,836
Agency Collateralized Mortgage Obligations		—		444,452		—		444,452
Investment Funds		4,591,883		—		—		4,591,883
							$	105,443,817

See accompanying Notes to Portfolios of Investments.

Portfolio of Investments

Touchstone High Yield Fund – December 31, 2014 (Unaudited)

Principal			Market
Amount			Value

		Corporate Bonds — 98.0%

		Consumer Discretionary — 19.4%
$	995,000	Albea Beauty Holdings SA
		(Luxembourg), 144a,
		8.375%, 11/1/19	$	1,044,750
	2,398,000	AMC Networks, Inc., 7.750%, 7/15/21		2,565,860
	1,580,000	American Axle & Manufacturing, Inc.,
		6.250%, 3/15/21		1,659,000
	500,000	Cablevision Systems Corp.,
		8.000%, 4/15/20		565,000
	598,000	CBS Outdoor Americas Capital LLC /
		CBS Outdoor Americas Capital
		Corp., 144a, 5.250%, 2/15/22		602,485
	997,000	CBS Outdoor Americas Capital LLC /
		CBS Outdoor Americas Capital
		Corp., 144a, 5.875%, 3/15/25		1,004,478
	203,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 5.250%, 3/15/21		204,522
	832,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 5.250%, 9/30/22		829,920
	291,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 5.750%, 9/1/23		294,638
	870,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 6.500%, 4/30/21		913,500
	1,240,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 6.625%, 1/31/22		1,317,500
	1,033,000	CCO Holdings LLC / CCO Holdings
		Capital Corp., 7.000%, 1/15/19		1,071,738
	2,712,000	Cequel Communications Holdings I
		LLC / Cequel Capital Corp., 144a,
		6.375%, 9/15/20		2,806,920
	1,219,000	Clear Channel Worldwide Holdings,
		Inc., 6.500%, 11/15/22		1,255,570
	623,000	Cogeco Cable, Inc. (Canada), 144a,
		4.875%, 5/1/20		623,000
	89,000	DISH DBS Corp., 6.750%, 6/1/21		95,675
	1,093,000	DISH DBS Corp., 7.875%, 9/1/19		1,240,555
	354,000	DR Horton, Inc., 3.750%, 3/1/19		350,460
	296,000	DR Horton, Inc., 4.375%, 9/15/22		290,080
	569,000	Gannett Co., Inc., 144a,
		4.875%, 9/15/21		564,732
	320,000	Gannett Co., Inc., 144a,
		5.500%, 9/15/24		320,800
	285,000	General Motors Co., 4.000%, 4/1/25		285,712
	2,723,000	Goodyear Tire & Rubber Co. (The),
		8.750%, 8/15/20		3,151,872
	609,000	Lamar Media Corp., 5.875%, 2/1/22		631,838
	1,192,000	Ltd. Brands, Inc., 5.625%, 2/15/22		1,281,400
	1,310,000	Men's Wearhouse, Inc. (The), 144a,
		7.000%, 7/1/22		1,346,025
	2,214,000	Meritage Homes Corp.,
		7.150%, 4/15/20		2,380,050
	2,623,000	MGM Resorts International,
		5.250%, 3/31/20†		2,603,328
	773,000	Netflix, Inc., 144a, 5.750%, 3/1/24		803,920
	1,076,000	Penske Automotive Group, Inc.,
		5.375%, 12/1/24		1,089,450
	1,321,000	Quebecor Media, Inc. (Canada),
		5.750%, 1/15/23		1,350,722
	1,447,000	Reynolds Group Issuer, Inc. / Reynolds
		Group Issuer LLC / Reynolds Group
		Issuer Lu, 6.875%, 2/15/21		1,510,306
	400,000	Reynolds Group Issuer, Inc. / Reynolds
		Group Issuer LLC / Reynolds Group
		Issuer Lu, 7.125%, 4/15/19		413,500
	1,254,000	Royal Caribbean Cruises Ltd. (Liberia),
		5.250%, 11/15/22		1,316,700
	620,000	Ryland Group, Inc. (The),
		5.375%, 10/1/22		601,400
	250,000	Service Corp. International/US,
		5.375%, 5/15/24		255,000
	158,000	Service Corp. International/US,
		7.000%, 6/15/17		169,850
	485,000	Service Corp. International/US,
		8.000%, 11/15/21		561,388
	1,641,000	Sinclair Television Group, Inc.,
		5.375%, 4/1/21		1,628,692
	757,000	Sinclair Television Group, Inc.,
		6.125%, 10/1/22		770,248
	300,000	Sinclair Television Group, Inc.,
		6.375%, 11/1/21		309,000
	899,000	Sirius XM Radio, Inc., 144a,
		5.250%, 8/15/22		943,950
	509,000	Sirius XM Radio, Inc., 144a,
		5.875%, 10/1/20		524,270
	2,159,000	Stackpole International Intermediate /
		Stackpole International Powder
		(Luxembourg), 144a,
		7.750%, 10/15/21		2,159,000
	476,000	Standard Pacific Corp.,
		5.875%, 11/15/24		476,000
	383,000	Standard Pacific Corp.,
		8.375%, 1/15/21		433,748
	17,000	Taylor Morrison Communities, Inc. /
		Monarch Communities Inc., 144a,
		5.625%, 3/1/24		16,405
	461,000	Taylor Morrison Communities, Inc. /
		Monarch Communities Inc., 144a,
		7.750%, 4/15/20		488,660
	418,000	Tenneco, Inc., 6.875%, 12/15/20		442,035
	773,000	Toll Brothers Finance Corp.,
		5.875%, 2/15/22		825,178
	1,246,000	TRW Automotive, Inc., 144a,
		4.500%, 3/1/21		1,252,230
	328,000	Virgin Media Secured Finance PLC
		(United Kingdom), 144a,
		5.375%, 4/15/21		338,660
	692,000	Weyerhaeuser Real Estate Co., 144a,
		4.375%, 6/15/19		682,485
	368,000	William Lyon Homes, Inc.,
		5.750%, 4/15/19		367,080
				51,031,285

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 98.0% (Continued)

		Energy — 17.3%
$	494,000	Atlas Pipeline Partners LP / Atlas
		Pipeline Finance Corp.,
		5.875%, 8/1/23	$	489,060
	1,405,000	Atlas Pipeline Partners LP / Atlas
		Pipeline Finance Corp.,
		6.625%, 10/1/20		1,429,588
	348,000	Basic Energy Services, Inc.,
		7.750%, 10/15/22		261,000
	306,000	Baytex Energy Corp. (Canada), 144a,
		5.125%, 6/1/21		260,100
	600,000	Berry Petroleum Co., 6.750%, 11/1/20		480,000
	1,970,000	Bill Barrett Corp., 7.000%, 10/15/22		1,585,850
	1,606,000	Calfrac Holdings LP, 144a,
		7.500%, 12/1/20		1,357,070
	2,841,000	California Resources Corp., 144a,
		5.500%, 9/15/21		2,429,055
	1,336,000	Carrizo Oil & Gas, Inc., 7.500%, 9/15/20		1,282,560
	940,000	Chesapeake Energy Corp.,
		4.875%, 4/15/22		914,150
	81,000	Chesapeake Energy Corp.,
		5.375%, 6/15/21		80,949
	645,000	Chesapeake Energy Corp.,
		6.625%, 8/15/20		685,312
	1,133,000	Clayton Williams Energy, Inc.,
		7.750%, 4/1/19		963,050
	154,000	Cloud Peak Energy Resources LLC /
		Cloud Peak Energy Finance Corp.,
		6.375%, 3/15/24		143,220
	1,049,000	Cloud Peak Energy Resources LLC /
		Cloud Peak Energy Finance Corp.,
		8.500%, 12/15/19		1,093,582
	259,000	CONSOL Energy, Inc., 144a,
		5.875%, 4/15/22		240,870
	362,000	Crestwood Midstream Partners LP /
		Crestwood Midstream Finance
		Corp., 6.125%, 3/1/22		345,710
	2,494,000	Drill Rigs Holdings, Inc. (Marshall
		Islands), 144a, 6.500%, 10/1/17		2,057,550
	650,000	FTS International, Inc., 144a,
		6.250%, 5/1/22		474,500
	1,439,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 5.750%, 2/15/21		1,338,270
	175,000	Genesis Energy LP / Genesis Energy
		Finance Corp., 7.875%, 12/15/18		176,750
	1,088,000	Gibson Energy, Inc. (Canada), 144a,
		6.750%, 7/15/21		1,085,280
	1,273,000	Hilcorp Energy I LP / Hilcorp Finance
		Co., 144a, 7.625%, 4/15/21		1,279,365
	1,377,000	Hornbeck Offshore Services, Inc.,
		5.000%, 3/1/21		1,129,140
	2,803,000	Key Energy Services, Inc.,
		6.750%, 3/1/21		1,737,860
	683,000	KLX, Inc., 144a, 5.875%, 12/1/22		689,830
	3,025,000	Linn Energy LLC / Linn Energy Finance
		Corp., 8.625%, 4/15/20		2,631,750
	2,654,000	MEG Energy Corp. (Canada), 144a,
		6.375%, 1/30/23		2,368,695
	255,000	MEG Energy Corp. (Canada), 144a,
		6.500%, 3/15/21		232,688
	227,000	Midcontinent Express Pipeline LLC,
		144a, 6.700%, 9/15/19		248,565
	859,000	Northern Blizzard Resources, Inc.
		(Canada), 144a, 7.250%, 2/1/22		695,790
	581,000	NuStar Logistics LP, 4.800%, 9/1/20		546,140
	541,000	Oasis Petroleum, Inc., 6.875%, 3/15/22		492,310
	484,000	Pacific Drilling SA (Luxembourg), 144a,
		5.375%, 6/1/20		394,460
	2,152,000	Pacific Drilling V Ltd. (Virgin Islands),
		144a, 7.250%, 12/1/17		1,936,800
	662,000	Peabody Energy Corp.,
		6.000%, 11/15/18		600,765
	743,000	QEP Resources, Inc., 6.800%, 3/1/20		769,005
	384,000	Rose Rock Midstream LP / Rose Rock
		Finance Corp., 5.625%, 7/15/22		359,040
	467,000	Sanchez Energy Corp., 144a,
		6.125%, 1/15/23		392,280
	303,000	SandRidge Energy, Inc.,
		7.500%, 2/15/23		190,890
	2,178,000	SandRidge Energy, Inc.,
		8.750%, 1/15/20		1,470,150
	1,308,000	SemGroup Corp., 7.500%, 6/15/21		1,308,000
	457,000	Seventy Seven Energy, Inc.,
		6.500%, 7/15/22		267,345
	1,338,000	Targa Resources Partners LP / Targa
		Resources Partners Finance Corp.,
		6.375%, 8/1/22		1,354,725
	472,000	Tesoro Logistics LP / Tesoro Logistics
		Finance Corp., 5.875%, 10/1/20		473,180
	281,000	Tesoro Logistics LP / Tesoro Logistics
		Finance Corp., 144a,
		6.250%, 10/15/22		280,298
	1,580,000	Tullow Oil PLC (United Kingdom),
		144a, 6.000%, 11/1/20		1,311,400
	113,000	Tullow Oil PLC (United Kingdom),
		144a, 6.250%, 4/15/22		94,920
	1,714,000	Whiting Petroleum Corp.,
		5.000%, 3/15/19		1,602,590
	1,522,000	Whiting Petroleum Corp.,
		5.750%, 3/15/21		1,411,655
				45,443,112

		Financials — 11.6%
	1,641,000	AerCap Ireland Capital Ltd. / AerCap
		Global Aviation Trust (Ireland), 144a,
		3.750%, 5/15/19		1,624,590
	564,000	AerCap Ireland Capital Ltd. / AerCap
		Global Aviation Trust (Ireland), 144a,
		4.500%, 5/15/21		571,050
	312,000	AerCap Ireland Capital Ltd. / AerCap
		Global Aviation Trust (Ireland), 144a,
		5.000%, 10/1/21		322,920

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 98.0% (Continued)

		Financials — (Continued)
$	423,000	Aircastle Ltd. (Bermuda),
		6.250%, 12/1/19	$	446,265
	604,000	Ally Financial, Inc., 8.000%, 12/31/18		685,540
	2,640,000	Ally Financial, Inc., 8.000%, 11/1/31		3,359,400
	1,084,000	Blue Racer Midstream LLC / Blue Racer
		Finance Corp., 144a,
		6.125%, 11/15/22		1,046,060
	508,000	CBRE Services, Inc., 5.250%, 3/15/25		518,160
	2,846,000	CIT Group, Inc., 5.000%, 8/15/22		2,924,265
	394,000	Credit Acceptance Corp., 144a,
		6.125%, 2/15/21		394,000
	1,003,000	Crown Castle International Corp., REIT,
		5.250%, 1/15/23		1,023,060
	1,318,000	CTR Partnership LP / CareTrust Capital
		Corp., 5.875%, 6/1/21		1,334,475
	1,333,000	First Cash Financial Services, Inc.,
		6.750%, 4/1/21		1,386,320
	303,000	General Motors Financial Co., Inc.,
		3.500%, 7/10/19		309,400
	1,553,000	General Motors Financial Co., Inc.,
		4.375%, 9/25/21		1,620,944
	233,000	International Lease Finance Corp.,
		4.625%, 4/15/21		237,078
	644,000	International Lease Finance Corp.,
		5.875%, 8/15/22		698,740
	770,000	International Lease Finance Corp.,
		6.250%, 5/15/19		841,225
	3,115,000	MPT Operating Partnership LP / MPT
		Finance Corp., 6.875%, 5/1/21		3,333,050
	226,000	Navient Corp., 5.000%, 10/26/20		221,762
	1,360,000	Navient LLC MTN, 6.125%, 3/25/24		1,336,200
	1,396,000	Navient LLC, MTN, 8.450%, 6/15/18		1,556,540
	924,000	Ocwen Financial Corp., 144a,
		6.625%, 5/15/19		845,460
	1,000,000	Omega Healthcare Investors, Inc.,
		7.500%, 2/15/20		1,045,000
	987,000	PHH Corp., 6.375%, 8/15/21		904,339
	1,793,000	PHH Corp., 7.375%, 9/1/19		1,797,482
				30,383,325

		Industrials — 10.3%
	1,362,000	ADT Corp. (The), 3.500%, 7/15/22		1,161,105
	311,000	ADT Corp. (The), 6.250%, 10/15/21†		319,552
	694,000	Alliant Techsystems, Inc., 144a,
		5.250%, 10/1/21		699,205
	1,138,142	American Airlines 2013-2 Class B Pass
		Through Trust, 5.600%, 7/15/20		1,160,905
	1,532,000	Amsted Industries, Inc., 144a,
		5.000%, 3/15/22		1,505,190
	712,000	Anixter, Inc., 5.125%, 10/1/21		712,000
	765,000	Calcipar SA (Luxembourg), 144a,
		6.875%, 5/1/18		768,825
	884,000	DigitalGlobe, Inc., 144a,
		5.250%, 2/1/21		839,800
	994,000	Dynacast International LLC / Dynacast
		Finance, Inc., 9.250%, 7/15/19		1,066,065
	491,000	Gibraltar Industries, Inc.,
		6.250%, 2/1/21		498,365
	74,000	Iron Mountain, Inc., 8.375%, 8/15/21		77,145
	1,902,000	JB Poindexter & Co., Inc., 144a,
		9.000%, 4/1/22		2,054,160
	2,388,000	Martin Midstream Partners LP / Martin
		Midstream Finance Corp.,
		7.250%, 2/15/21		2,244,720
	731,000	Multi-Color Corp., 144a,
		6.125%, 12/1/22		731,000
	1,374,000	Navios Maritime Holdings, Inc. /
		Navios Maritime Finance II US Inc.
		(Marshall Islands), 144a,
		7.375%, 1/15/22		1,257,210
	432,000	NCL Corp. Ltd., 144a, 5.250%, 11/15/19		435,240
	381,000	Nielsen Co. Luxembourg SARL (The)
		(Luxembourg), 144a,
		5.500%, 10/1/21		388,620
	823,000	Nielsen Finance LLC / Nielsen Finance
		Co., 4.500%, 10/1/20		827,115
	1,329,000	Nielsen Finance LLC / Nielsen Finance
		Co., 144a, 5.000%, 4/15/22		1,335,645
	1,481,000	Rexel SA (France), 144a,
		5.250%, 6/15/20		1,492,108
	65,000	RR Donnelley & Sons Co.,
		7.250%, 5/15/18		71,825
	800,000	Stena AB (Sweden), 144a,
		7.000%, 2/1/24		732,000
	366,000	United Airlines 2014-2 Class B Pass
		Through Trust, 4.625%, 9/3/22		358,680
	221,000	United Rentals North America, Inc.,
		5.750%, 7/15/18		230,392
	303,000	United Rentals North America, Inc.,
		5.750%, 11/15/24		312,090
	1,053,000	United Rentals North America, Inc.,
		7.375%, 5/15/20		1,137,240
	835,000	United Rentals North America, Inc.,
		7.625%, 4/15/22		918,082
	2,283,000	URS Corp., 5.000%, 4/1/22		2,146,020
	663,722	US Airways 2013-1 Class B Pass
		Through Trust, 5.375%, 11/15/21		675,337
	1,012,000	West Corp., 144a, 5.375%, 7/15/22		968,990
				27,124,631

		Telecommunication Services — 9.5%
	334,000	CenturyLink, Inc., 5.625%, 4/1/20		346,525
	537,000	CenturyLink, Inc., 5.800%, 3/15/22		557,138
	1,436,000	CenturyLink, Inc., 6.450%, 6/15/21		1,540,110
	702,000	Cincinnati Bell, Inc., 8.375%, 10/15/20		737,100
	1,610,000	Frontier Communications Corp.,
		8.125%, 10/1/18		1,807,225
	1,585,000	Frontier Communications Corp.,
		8.500%, 4/15/20		1,767,275
	1,238,000	Intelsat Jackson Holdings SA
		(Luxembourg), 7.250%, 10/15/20		1,307,638
	500,000	Intelsat Jackson Holdings SA
		(Luxembourg), 7.500%, 4/1/21		535,000

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value

		Corporate Bonds — 98.0% (Continued)

		Telecommunication Services — (Continued)
$	886,000	Softbank Corp. (Japan), 144a,
		4.500%, 4/15/20	$	872,710
	945,000	Sprint Capital Corp., 6.900%, 5/1/19		963,900
	1,399,000	Sprint Nextel Corp., 6.000%, 11/15/22		1,287,080
	2,012,000	Sprint Nextel Corp., 144a,
		9.000%, 11/15/18		2,288,449
	592,000	Telecom Italia Capital SA
		(Luxembourg), 6.999%, 6/4/18		657,120
	120,000	T-Mobile USA, Inc., 5.250%, 9/1/18		124,500
	388,000	T-Mobile USA, Inc., 6.125%, 1/15/22		393,820
	939,000	T-Mobile USA, Inc., 6.250%, 4/1/21		961,066
	63,000	T-Mobile USA, Inc., 6.464%, 4/28/19		65,519
	2,605,000	T-Mobile USA, Inc., 6.542%, 4/28/20		2,689,662
	89,000	T-Mobile USA, Inc., 6.731%, 4/28/22		91,669
	177,000	T-Mobile USA, Inc., 6.836%, 4/28/23		182,752
	89,000	UPCB Finance III Ltd. (Cayman Islands),
		144a, 6.625%, 7/1/20		93,450
	1,819,000	UPCB Finance V Ltd. (Cayman Islands),
		144a, 7.250%, 11/15/21		1,989,531
	599,000	UPCB Finance VI Ltd. (Cayman Islands),
		144a, 6.875%, 1/15/22		651,412
	391,000	Videotron Ltd. (Canada),
		5.000%, 7/15/22		397,842
	97,000	Windstream Corp., 6.375%, 8/1/23		90,695
	2,370,000	Windstream Corp., 7.875%, 11/1/17		2,565,525
				24,964,713

		Materials — 7.8%
	1,649,000	Aleris International, Inc.,
		7.625%, 2/15/18		1,657,245
	433,000	Aleris International, Inc.,
		7.875%, 11/1/20		430,835
	267,000	Amsted Industries, Inc., 144a,
		5.375%, 9/15/24		259,658
	2,513,000	ArcelorMittal (Luxembourg),
		5.750%, 8/5/20		2,607,238
	89,000	ArcelorMittal (Luxembourg),
		6.000%, 3/1/21		92,560
	460,000	ArcelorMittal (Luxembourg),
		6.750%, 2/25/22		491,050
	1,428,000	Cascades, Inc. (Canada),
		7.875%, 1/15/20		1,485,120
	30,000	Cascades, Inc. (Canada), 144a,
		5.500%, 7/15/22		29,849
	943,000	Chemtura Corp., 5.750%, 7/15/21		919,425
	1,589,000	First Quantum Minerals Ltd. (Canada),
		144a, 7.000%, 2/15/21		1,430,100
	159,000	First Quantum Minerals Ltd. (Canada),
		144a, 7.250%, 10/15/19		147,075
	544,000	First Quantum Minerals Ltd. (Canada),
		144a, 7.250%, 5/15/22		489,600
	675,000	FMG Resources August 2006 Pty Ltd.
		(Australia), 144a, 6.875%, 4/1/22		561,938
	702,000	HudBay Minerals, Inc. (Canada),
		9.500%, 10/1/20		680,940
	1,715,000	Huntsman International LLC,
		4.875%, 11/15/20		1,702,138
	1,111,000	JMC Steel Group, Inc., 144a,
		8.250%, 3/15/18		1,055,450
	548,000	Lundin Mining Corp., 144a,
		7.500%, 11/1/20		542,520
	365,000	Lundin Mining Corp., 144a,
		7.875%, 11/1/22		365,000
	575,000	Novelis, Inc. (Canada),
		8.375%, 12/15/17		596,562
	1,617,000	PolyOne Corp., 5.250%, 3/15/23		1,615,917
	619,000	Steel Dynamics, Inc., 5.250%, 4/15/23		628,285
	86,000	Steel Dynamics, Inc., 7.625%, 3/15/20		89,655
	417,000	Steel Dynamics, Inc., 144a,
		5.125%, 10/1/21		424,819
	558,000	Tembec Industries, Inc. (Canada),
		144a, 9.000%, 12/15/19		548,932
	275,000	United States Steel Corp.,
		7.375%, 4/1/20		288,750
	1,185,000	Vulcan Materials Co., 7.500%, 6/15/21		1,380,525
				20,521,186

		Consumer Staples — 7.6%
	747,000	ARAMARK Corp., 5.750%, 3/15/20		771,278
	390,000	B&G Foods, Inc., 4.625%, 6/1/21		380,679
	1,299,000	Barry Callebaut Services N.V.
		(Belgium), 144a, 5.500%, 6/15/23		1,384,279
	971,000	BI-LO LLC / BI-LO Finance Corp., 144a,
		9.250%, 2/15/19		893,320
	1,553,000	Cenveo Corp., 144a, 6.000%, 8/1/19		1,405,465
	395,000	Constellation Brands, Inc.,
		3.750%, 5/1/21		391,050
	630,000	Constellation Brands, Inc.,
		4.250%, 5/1/23		625,275
	1,326,000	Cott Beverages, Inc., 144a,
		6.750%, 1/1/20		1,326,000
	732,000	Harland Clarke Holdings Corp., 144a,
		6.875%, 3/1/20		713,700
	705,000	Harland Clarke Holdings Corp., 144a,
		9.750%, 8/1/18		745,538
	2,898,000	JBS USA LLC / JBS USA Finance, Inc.,
		144a, 7.250%, 6/1/21		2,984,940
	615,000	JBS USA LLC / JBS USA Finance, Inc.,
		144a, 8.250%, 2/1/20		647,288
	2,626,000	Post Holdings, Inc., 7.375%, 2/15/22		2,626,000
	1,854,000	Smithfield Foods, Inc., 6.625%, 8/15/22		1,937,430
	2,920,000	Tenet Healthcare Corp.,
		6.000%, 10/1/20		3,135,584
				19,967,826

		Health Care — 6.1%
	2,769,000	CHS / Community Health Systems,
		Inc., 7.125%, 7/15/20		2,952,446
	200,000	CHS/Community Health Systems, Inc.,
		8.000%, 11/15/19		213,500
	863,000	Grifols Worldwide Operations Ltd.
		(Ireland), 144a, 5.250%, 4/1/22		882,590

Touchstone High Yield Fund (Unaudited) (Continued)

Principal			Market
Amount			Value
		Corporate Bonds — 98.0% (Continued)

		Health Care — (Continued)
$	2,707,000	HCA, Inc., 6.500%, 2/15/20	$	3,033,194
	1,003,000	Kindred Healthcare, Inc., 144a,
		6.375%, 4/15/22		955,358
	911,000	LifePoint Hospitals, Inc.,
		5.500%, 12/1/21		931,498
	504,000	Omnicare, Inc., 4.750%, 12/1/22		510,300
	2,955,000	Select Medical Corp., 6.375%, 6/1/21		2,999,325
	1,562,000	Universal Hospital Services, Inc.,
		7.625%, 8/15/20		1,343,320
	19,000	Valeant Pharmaceuticals International,
		144a, 6.375%, 10/15/20		19,855
	101,000	Valeant Pharmaceuticals International,
		144a, 6.750%, 8/15/21		105,545
	1,913,000	Valeant Pharmaceuticals International
		Inc. (Canada), 144a, 6.750%, 8/15/18		2,034,992
				15,981,923

		Information Technology — 4.4%
	2,208,000	Activision Blizzard, Inc., 144a,
		5.625%, 9/15/21		2,318,400
	50,000	Activision Blizzard, Inc., 144a,
		6.125%, 9/15/23		53,875
	641,000	Audatex North America, Inc., 144a,
		6.000%, 6/15/21		660,230
	306,000	Audatex North America, Inc., 144a,
		6.125%, 11/1/23		315,945
	400,000	Cardtronics, Inc., 144a, 5.125%, 8/1/22		390,000
	321,000	Equinix, Inc., 4.875%, 4/1/20		319,395
	962,000	Equinix, Inc., 5.375%, 4/1/23		962,000
	244,000	Hughes Satellite Systems Corp.,
		6.500%, 6/15/19		261,690
	1,414,000	LIN Television Corp., 6.375%, 1/15/21		1,410,465
	278,000	LIN Television Corp., 144a,
		5.875%, 11/15/22		275,220
	1,156,000	NCR Corp., 5.875%, 12/15/21		1,187,790
	1,875,000	Seagate HDD Cayman (Cayman
		Islands), 144a, 4.750%, 1/1/25		1,931,559
	294,000	Sensata Technologies BV
		(Netherlands), 144a,
		4.875%, 10/15/23		292,530
	1,293,000	ViaSat, Inc., 6.875%, 6/15/20		1,344,720
				11,723,819

		Utilities — 4.0%
	452,000	AES Corp., 5.500%, 3/15/24		458,690
	380,000	AES Corp., 7.375%, 7/1/21		429,400
	813,000	AES Corp. VA, 3.234%, 6/1/19^(A)		792,675
	1,046,000	Calpine Corp., 144a, 7.875%, 1/15/23		1,153,215
	699,000	DPL, Inc., 7.250%, 10/15/21		712,980
	356,000	Dynegy Finance I, Inc. / Dynegy
		Finance II Inc., 144a,
		6.750%, 11/1/19		362,230
	356,000	Dynegy Finance I, Inc. / Dynegy
		Finance II Inc., 144a,
		7.625%, 11/1/24		363,120
	500,000	GenOn Energy, Inc., 7.875%, 6/15/17		497,500
	1,698,000	InterGen NV (Netherlands), 144a,
		7.000%, 6/30/23		1,613,100
	650,000	NGL Energy Partners LP / NGL Energy
		Finance Corp., 144a,
		6.875%, 10/15/21		640,250
	138,000	NRG Energy, Inc., 6.250%, 7/15/22		141,105
	162,000	NRG Energy, Inc., 6.625%, 3/15/23		168,480
	1,182,000	NRG Energy, Inc., 7.875%, 5/15/21		1,273,605
	929,000	NRG Energy, Inc., 144a, 6.250%, 5/1/24		945,258
	962,000	Sabine Pass LNG LP, 6.500%, 11/1/20		971,620
				10,523,228
		Total Corporate Bonds	$	257,665,048

Shares

		Investment Funds — 1.6%
	3,000,206	Invesco Government & Agency
		Portfolio, Institutional Class,
		0.01%**^∞Ω		3,000,206
	1,122,661	Touchstone Institutional Money
		Market Fund, 0.01%^^∞Ω		1,122,661
		Total Investment Funds	$	4,122,867

		Total Investment Securities —99.6%
		(Cost $267,683,405)	$	261,787,915

		Other Assets in
		Excess of Liabilities — 0.4%		1,002,635
		Net Assets — 100.0%	$	262,790,550

^(A)	Variable rate security - Rate reflected is the rate in effect as of December 31, 2014.

**	Represents collateral for securities loaned.

^	Affiliated Fund.

†	All or a portion of the security is on loan. The total market value of the securities on loan as of December 31, 2014 was $2,892,106.

∞	Open-End Fund.

Ω	Represents the 7-day SEC yield as of December 31, 2014.

Portfolio Abbreviations:

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

LP - Limited Partnership

Touchstone High Yield Fund (Unaudited) (Continued)

MTN -Medium Term Note

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144A of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2014, these securities were valued at $88,528,654 or 33.7% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total

Corporate Bonds	$	—	$	257,665,048	$	—	$	257,665,048
Investment Funds		4,122,867		—		—		4,122,867
							$	261,787,915

See accompanying Notes to Portfolios of Investments.

Portfolio of Investments

Touchstone Institutional Money Market Fund – December 31, 2014 (Unaudited)

Principal			Interest			Maturity
Amount			Rate			Date	Value

		Variable Rate Demand Notes^(A)— 31.9%
$	205,000	Kenwood Lincoln-Mercury		0.170	%	05/01/15	$	205,000
	120,000	New Belgium Brewing Co., Inc.		0.200		07/01/15		119,999
	785,000	CA St Infrastructure & Saddleback Vy Ser 2010 (LOC: East West Bank, FHLMC)		0.240		12/01/15		785,000
	770,000	Jefferson Land Development Ltd. US Domestic Ser 1997		0.270		10/01/16		770,000
	1,100,000	Orange City IA IDR (Vogel Enterprises Limited) Ser 2002 (LOC: U.S. Bank NA)		0.120		04/01/17		1,100,000
	1,040,000	Hamilton Co OH Hosp Facs Rev Childrens Hosp Med Ctr A Ser 1997 (LOC: PNC Bank NA)		0.040		05/15/17		1,040,000
	200,000	Upper IL River Vly Dev Auth Ser 2003 B (LOC: Lasalle Bank NA)		0.210		06/01/17		200,000
	1,395,000	WA MO IDA Dev Pauwels Ser 1999 (LOC: HSBC Bank USA NA)		0.470		12/01/19		1,395,000
	765,000	Hopewell Development Co.		0.170		03/01/20		765,000
	3,340,000	Crystal Clinic		0.140		04/01/20		3,340,000
	1,190,000	Auburn ME Rev J & A Properties Ser 2001 (LOC: TD Bank NA)		0.110		01/01/21		1,190,000
	1,000,000	QC Reprographics LLC		0.300		02/28/21		1,000,000
	2,065,000	CHS Properties, Inc. Ser 2006		0.160		06/01/21		2,065,000
	610,000	WA St HFC Brittany Pk Ser 1996 B (LIQ: FNMA)		0.170		11/01/21		610,000
	2,590,000	Crozer-Keystone Health System		0.160		12/15/21		2,590,000
	1,493,000	Progress Industrial Properties, Inc.		0.140		01/01/22		1,493,000
	1,370,000	Odenton Baptist Church		0.340		07/01/22		1,370,000
	3,600,000	Mason City Clinic PC		0.240		09/01/22		3,600,000
	4,500,000	Penco Products, Inc. 144a		0.180		09/01/22		4,500,000
	760,000	Taylor Station Surgical Center Ltd. US Domestic Ser 2002		0.170		12/01/22		760,000
	1,656,600	Campus Research Corp. Ser A		0.160		06/01/23		1,656,600
	1,600,000	Jackson Co MS Port Fac Reven Adj Ref Chevron Usa Inc Proj		0.010		06/01/23		1,600,000
	4,860,000	Mountain Agency, Inc. (The)		0.240		12/01/23		4,860,000
	100,000	Cleveland OH Arpt Sys Rev Ser 2013 D (LOC: Bank of America NA)		0.060		01/01/24		99,999
	3,015,000	First Church of Christ Christian, Inc. Ser 06-A		0.300		04/01/26		3,015,000
	2,195,000	First Church of Christ Christian, Inc. Ser 06-B		0.300		04/01/26		2,195,000
	1,750,000	Winnebago Co IL IDR Seward Screw Prods Proj Ser 2001 (LOC: Alpine Bank & Trust Co)		0.160		04/01/26		1,750,000
	1,075,000	Heart Property LLC Project		0.170		07/01/26		1,075,000
	2,205,000	Miarko, Inc.		0.140		02/01/27		2,205,000
	1,800,000	Albany NY IDA Med Ctr Hosp Proj Ser 2007 B (LOC: Bank Of America NA)		0.250		05/01/27		1,800,000
	495,000	CA St Statewide CDA Oakmont Stockton C T Rmk Ser 1997 (LOC: FHLB)		0.260		05/01/27		495,000
	6,635,000	Blue Hen Hotel LLC		0.140		09/01/27		6,635,000
	3,200,000	Jungs Station Associates		0.190		09/01/27		3,200,000
	1,650,000	Saint Paul's Episcopal Church Ser 2008 (LOC: JP Morgan Chase Bank NA)		0.150		07/01/28		1,650,000
	12,370,000	Kansas City MO (Blue Ridge Mall) Ser 2005 (LOC: BMO Harris Bank NA)		0.130		11/01/28		12,370,000
	5,800,000	Lower Neches Vly TX Auth Indl Adj Mobil Oil Refining Corp Proj		0.010		04/01/29		5,800,000
	1,500,000	Jacksonville FL Edl Facs Rev (Edward Waters College Proj) Ser 2004 (LOC: Wells Fargo Bank NA)		0.140		12/01/29		1,500,000
	8,580,000	TP Racing LLLP		0.130		06/01/30		8,580,000
	500,000	MS St Business Fin Corp. (Chevron USA, Inc. Proj) Ser A Ser 2007		0.010		12/01/30		500,000
	795,000	Springfield MO IDA DMP Pptys LLC Ser 2010 (LOC: Guaranty Bank/FHLB)		0.160		12/01/30		795,000
	1,200,000	Montgomery Co PA Redev Auth Forge Gate Apts Ser 2001 A T1 (LIQ: FNMA)		0.250		08/15/31		1,200,000
	1,575,000	Sheboygan Falls WI Indl Rev Adj Dev, Inc. Project Ser 2007 B (LOC: U.S. Bank NA)		0.240		01/01/32		1,575,000
	1,375,000	486 Lesser Street LLC		0.120		02/01/32		1,375,000
	1,410,000	KS St Dev Fin Auth Rev (Indl Dlr Bldg Proj) Ser 2002 O (LOC: Great Western Bank)		0.320		09/01/32		1,410,000
	705,000	Abag CA Fin Auth For Nonprofit Housing Gaia Bldg Ser 2000 A-T (LIQ: FNMA)		0.110		09/15/32		705,000
	13,200,000	Andrew W Mellon Foundation Ser 2008		0.140		12/01/32		13,200,000
	4,445,000	Hart Family Holdings LLC		0.130		12/01/32		4,445,000
	8,250,000	TMF Biofuels LLC		0.160		12/01/32		8,250,000
	14,330,000	Lexington Financial Services LLC		0.320		01/01/33		14,330,000

Touchstone Institutional Money Market Fund (Unaudited) (Continued)

Principal			Interest			Maturity
Amount			Rate			Date		Value

		Variable Rate Demand Notes^(A)— 31.9% (Continued)
$	7,400,000	Raleigh NC Certificate of Participation Ser 2008 (LOC: Wachovia Bank NA)		0.160	%		08/01/33	$	7,400,000
	4,105,000	First Christian Church Of Florissant		0.150			01/01/34		4,105,000
	1,000,000	French Lick IN EDR Town Green Place Ser A (LOC: PNC Bank NA)		0.170			01/01/34		1,000,000
	1,950,000	Huntingburg IN Mf Rev Adj Hsg Lincoln Vlg Apts Proj Ser 2000 (LOC: FHLB)		0.225			07/01/35		1,950,000
	2,600,000	East Baton Rouge Parish LA IDB (Exxonmobil Proj) Ser 2010 A		0.010			08/01/35		2,600,000
	3,200,000	MS St Business Fin Co (Chevron USA Inc) Ser 2010 L		0.030			11/01/35		3,200,000
	7,850,000	MS St Business Fin Co Chevron Usa Ser D		0.010			11/01/35		7,850,000
	1,525,000	JJB Properties LLC (Rental Property) Ser 2006 (LOC: Arvest Bank, FHLMC)		0.130			01/01/36		1,525,000
	745,000	Springside Corp. Exchange Partners I LLC		0.140			02/01/36		745,000
	3,370,000	Manhattan Christian College, Inc.		0.220			05/01/36		3,370,000
	2,215,000	Southwestern OH Water Co. (The)		0.140			05/01/36		2,215,000
	3,521,000	Mill Street Village LLC		0.290			01/01/37		3,521,000
	5,310,000	Harvest Time Tabernacle, Inc.		0.220			08/01/37		5,310,000
	900,000	BJ Financing LLC		0.150			12/01/37		900,000
	1,800,000	Grace Evangelical Lutheran Church		0.220			02/01/38		1,800,000
	1,625,000	Pickerington Church of the Nazarene		0.220			07/01/38		1,625,000
	1,100,000	OH St Hgr Edl Fac Comm Hosp Cleveland Clinic Hlth Sys Ser 2013 (LIQ: Bank of NY Mellon Trust)		0.020			01/01/39		1,100,000
	2,955,000	Orthopedic Hospital of Wisconsin LLC (LOC: BMO)		0.150			03/01/39		2,955,000
	5,000,000	CA St Hlth Facs Fing A Txbl Variable Social Model Rec Ser 2014 (LOC: Preferred Bank)		0.210			04/01/39		5,000,000
	2,035,000	Vold Vision Ventures LLC US Domestic		0.220			10/01/39		2,035,000
	1,980,000	New York HFA (West 37Th Street) Ser 2008 (LIQ: FHLMC)		0.070			05/01/42		1,980,000
	1,620,000	Corporate Finance Managers, Inc. Ser B		0.160			02/02/43		1,620,000
	1,900,000	Blue Mountain Enterprises LLC Ser 2013		0.160			09/01/43		1,900,000
	2,355,000	Partisan Property, Inc. Ser 2014		0.160			09/01/44		2,355,000
	3,980,000	Schreiber Capital Co. LLC Ser 2006		0.160			04/01/46		3,980,000
	3,190,000	Helmholdt Capital LLC Ser 2007		0.210			04/01/47		3,190,000
	10,000,000	Monroe Co GA Dev Auth Poll Control Rev (GA Pwr Co Scherer Proj) Ser 2008		0.030			11/01/48		10,000,000
	7,168,000	E Baton Rouge Parish LA (ExxonMobil Proj Gulf) Ser 2011 D		0.010			12/01/51		7,168,000
	2,700,000	YMCA of Northwoods (The)		0.210			05/01/54		2,700,000
	1,120,000	AM Investment Partners LLC MI		0.220			06/01/56		1,120,000
		Total Variable Rate Demand Notes						$	233,388,598

Touchstone Institutional Money Market Fund (Unaudited) (Continued)

Principal			Interest			Maturity
Amount			Rate			Date		Value

		U.S. Government Agency Obligations — 26.9%
$	14,992,000	FNMA DN^(A)#		0.250	%		01/05/15	$	14,991,969
	25,000,000	FHLB Discount Notes^(A)#		0.080			01/16/15		24,999,222
	25,000,000	FHLB Discount Notes^(A)#		0.115			01/28/15		24,997,924
	1,900,862	Overseas Private Investment Corp.^(A)(B)		0.110			03/15/17		1,900,862
	20,000,000	Overseas Private Investment Corp.^(A)(B)		0.110			06/15/17		20,000,000
	10,000,000	Overseas Private Investment Corp.^(A)(B)		0.110			06/15/17		10,000,000
	3,230,733	Overseas Private Investment Corp.^(A)(B)		0.110			10/20/17		3,230,733
	2,160,000	Overseas Private Investment Corp.^(A)(B)		0.110			12/15/19		2,160,000
	13,000,000	Overseas Private Investment Corp.^(A)(B)		0.110			12/16/19		13,000,000
	14,200,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/15/20		14,200,000
	8,385,641	Overseas Private Investment Corp.^(A)(B)		0.110			01/15/21		8,385,641
	6,484,800	Overseas Private Investment Corp.^(A)(B)		0.110			01/15/21		6,484,800
	5,192,982	Overseas Private Investment Corp.^(A)(B)		0.110			03/15/24		5,192,982
	4,530,609	Overseas Private Investment Corp.^(A)(B)		0.110			03/15/24		4,530,609
	1,622,807	Overseas Private Investment Corp.^(A)(B)		0.110			03/15/24		1,622,807
	6,666,659	Overseas Private Investment Corp.^(A)(B)		0.110			06/15/24		6,666,659
	500,000	Overseas Private Investment Corp.^(A)(B)		0.110			01/15/30		500,000
	6,700,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/30/31		6,700,000
	4,700,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/30/31		4,700,000
	4,500,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/30/31		4,500,000
	4,000,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/30/31		4,000,000
	3,400,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/30/31		3,400,000
	2,750,000	Overseas Private Investment Corp.^(A)(B)		0.110			09/30/31		2,750,000
	3,270,000	Overseas Private Investment Corp.^(A)(B)		0.110			10/15/33		3,270,000
	4,500,000	Overseas Private Investment Corp.^(A)(B)		0.110			06/15/34		4,500,000
		Total U.S. Government Agency Obligations						$	196,684,208

		Corporate Bonds — 10.4%
	1,346,000	General Electric Capital Corp.		2.150			01/09/15		1,346,484
	1,625,000	Bank of Nova Scotia (The)		1.850			01/12/15		1,625,707
	2,870,000	Credit Suisse USA, Inc.		4.875			01/15/15		2,874,544
	4,950,000	EI du Pont DE Nemours & Co.		3.250			01/15/15		4,955,127
	1,478,000	UBS AG/Stamford CT		3.875			01/15/15		1,479,824
	2,279,000	Bank of Nova Scotia		3.400			01/22/15		2,282,862
	2,900,000	Bank of Tokyo-Mitsubishi UFJ Ltd (The) 144a		3.850			01/22/15		2,905,437
	15,700,000	HSBC USA, Inc. MTN		2.375			02/13/15		15,736,797
	2,840,000	Procter & Gamble Co. (The) MTN		3.500			02/15/15		2,850,784
	19,600,000	Toyota Motor Credit Corp. MTN		1.000			02/17/15		19,618,483
	1,600,000	Bank of New York Mellon Corp. (The) MTN		1.200			02/20/15		1,600,714
	10,690,000	US BanCorp./MN MTN		3.150			03/04/15		10,741,795
	6,200,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 144a		3.200			03/11/15		6,233,978
	1,300,000	Credit Suisse/New York MTN		3.500			03/23/15		1,308,879
	600,000	Caterpillar Financial Services Corp.		1.050			03/26/15		601,028
		Total Corporate Bonds						$	76,162,443

		Certificates of Deposit — 3.7%
	12,500,000	Bank of Nova Scotia/Houston^(B)		0.290			02/25/15		12,500,000
	7,000,000	Canadian Imperial Bank of Commerce/New York NY^(B)		0.215			03/20/15		7,000,000
	7,850,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY (Netherlands)^(B)		0.262			07/17/15		7,850,000
		Total Certificates of Deposit						$	27,350,000

Touchstone Institutional Money Market Fund (Unaudited) (Continued)

Principal			Interest			Maturity
Amount			Rate			Date		Value

		Commercial Paper — 14.4%
$	15,000,000	Bank Tokyo-Mit UFJ Cp^(C)		0.120	%		01/02/15	$	15,000,000
	10,000,000	Cibc Cp^(C)		0.100			01/05/15		9,999,917
	14,608,000	Washington Gas Light Cp^(C)		0.140			01/05/15		14,607,830
	16,500,000	Nstar Electric Cp^(C)		0.240			01/06/15		16,499,560
	14,000,000	Nstar Electric Cp^(C)		0.200			01/08/15		13,999,533
	5,500,000	Washington Gas Light Cp^(C)		0.180			01/13/15		5,499,698
	10,000,000	National Rural Utilities Cp^(C)		0.140			01/16/15		9,999,456
	20,000,000	Microsoft Corp. Cp^(C)		0.070			01/28/15		19,998,989
		Total Commercial Paper						$	105,604,983

		Municipal Bonds — 0.9%
	440,000	NC St HFA Ser 2014		0.488			01/01/15		440,000
	2,900,000	Franklin Co OH Spl Oblg Txbl BANS Stadium Fac Proj Revenue Notes Ser 2014		0.800			03/05/15		2,901,961
	1,750,000	Riverside OH Rev BANS Txbl Bldg Acquistion Revenue Notes Ser 2014		1.250			04/23/15		1,752,636
	1,435,000	Westerville OH (Spl Oblg) Non Txbl NTS Revenue Notes Ser 2014		0.350			05/05/15		1,435,000
		Total Municipal Bonds						$	6,529,597

		Repurchase Agreements — 11.7%
	50,300,000	BMO Capital, 0.04%, dated 12/31/14, matures on 01/02/15, repurchase price $50,300,112 (collateralized by various U.S. Treasury Notes, ranging in par value from $156,600 - $11,657,000, 0.000% - 2.750%, 02/05/15 - 11/15/24, total market value $51,306,065)		0.040			01/02/15		50,300,000
	35,000,000	Wells Fargo, 0.06%, dated 12/31/14, matures on 01/02/15, repurchase price $35,000,117 (collateralized by a U.S Treasury Note, par value $32,687,471, 3.750%, 11/15/18, total market value $35,734,048)		0.060			01/02/15		35,000,000
		Total Repurchase Agreements						$	85,300,000

		Total Investment Securities —99.9%
		(Cost $731,019,829)						$	731,019,829

		Other Assets in Excess of Liabilities — 0.1%							531,224

		Net Assets — 100.0%						$	731,551,053

Touchstone Institutional Money Market Fund (Unaudited) (Continued)

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

^(B)	Variable rate security - Rate reflected is the rate in effect as of December 31, 2014.

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

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

Portfolio Abbreviations:

BANS - Bond Anticipation Notes

CDA - Communities Development Authority

EDR - Economic Development Revenue

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

HFA - Housing Finance Agency

IDA - Industrial Development Authority/Agency

IDB - Industrial Development Board

IDR - Industrial Development Revenue

LIQ - Liquidity Facility

LLC - Limited Liability Company

LOC - Letter of Credit

MTN - Medium Term Note

144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144A of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2014, these securities were valued at $13,639,415 or 1.9% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone Institutional Money Market Fund (Unaudited) (Continued)

Other Information:

	Valuation inputs at Reporting Date:
Description	Level 1		Level 2		Level 3		Total
Variable Rate Demand Notes	$	—	$	233,388,598	$	—	$	233,388,598
U.S. Government Agency Obligations		—		196,684,208		—		196,684,208
Corporate Bonds		—		76,162,443		—		76,162,443
Certificates of Deposit		—		27,350,000		—		27,350,000
Commercial Paper		—		105,604,983		—		105,604,983
Municipal Bonds		—		6,529,597		—		6,529,597
Repurchase Agreements		—		85,300,000		—		85,300,000
							$	731,019,829

See accompanying Notes to Portfolios of Investments.

Portfolio of Investments

Touchstone Money Market Fund – December 31, 2014 (Unaudited)

Principal			Interest			Maturity
Amount			Rate			Date	Value

		Variable Rate Demand Notes^(A)— 46.6%
$	600,000	Pittsburgh Technical Institute US Domestic Ser 1999		0.160	%	10/01/15	$	600,000
	1,130,000	Plymouth WI IDR (Wis Plastic Prods Inc Proj) Ser 1998 (LOC: Bank First National)		0.100		05/01/18		1,130,000
	1,095,000	Livingston Co NY IDA Ref Red/Nicholas Ser 2007 B (LOC: HSBC Bank USA NA)		0.150		07/01/19		1,095,000
	1,370,000	St Ann's Medical Office Building II LP US Domestic Ser 1998		0.170		11/01/19		1,370,000
	1,120,000	CMW Real Estate LLC US Domestic Ser 2000		0.160		06/01/20		1,120,000
	590,000	Stonehedge Enterprises, Inc. US Domestic Ser 2000		0.190		01/04/21		590,000
	100,000	WA St Hsg Fin Commission Brittany Pk Ser 1998 B (LIQ: FNMA)		0.150		11/01/21		100,000
	1,012,000	Progress Industrial Properties, Inc. US Domestic Ser 2002		0.140		01/01/22		1,012,000
	700,000	Mason City Clinic PC US Domestic Ser 1992		0.240		09/01/22		700,000
	200,000	Rise, Inc. Mesa AZ US Domestic Ser 2002		0.210		11/01/22		200,000
	2,799,800	Campus Research Corp. US Domestic Ser 2002		0.160		06/01/23		2,799,800
	430,000	Dick Masheter Ford, Inc. US Domestic Ser 2003		0.170		07/01/23		430,000
	292,000	WAI Enterprises LLC US Domestic Ser 2004		0.300		06/01/24		292,000
	409,000	Fitch Denny Funeral Home, Inc. Ser 2004		0.290		09/01/24		409,000
	1,640,000	St James Properties Ltd. Priv Placement Ser 2004		0.300		12/01/24		1,640,000
	225,000	NY City NY IDA N Y Congregational Ser 2006 B (LOC: HSBC Bank USA NA)		1.370		02/01/25		225,000
	3,950,000	Jeff Wyler Automotive Family, Inc. Priv Placement Ser 2006		0.300		01/04/27		3,950,000
	2,480,000	Chelwood LP Ser 2013		0.130		03/20/27		2,480,000
	1,750,000	VT St Edl & Hlth Bldg (Brattleboro Mem Hosp Proj) Ser 2008 A (LOC: TD Banknorth NA)		0.010		10/01/28		1,750,000
	7,085,000	KS City MO Tax Incr Rev Blue Ridge Mall Tax Allocation Ser 2005 (LOC: BMO Harris Bank NA)		0.130		11/01/28		7,085,000
	2,710,000	M&P Richfield LLC Ser 2001		0.140		11/01/28		2,710,000
	730,000	CA St Infrastructure & Studio Moulding Ser 2001 B (LOC: Comerica Bank)		0.260		12/01/28		730,000
	11,200,000	Lower Neches Valley IDA Corp Adj Mobil Oil Refining Corp Pj		0.010		04/01/29		11,200,000
	1,160,000	Tennis For Charity, Inc. OH Ser 2004 (LOC: JP Morgan Chase Bank NA)		0.080		12/01/29		1,160,000
	5,035,000	Flamingo Enterprises, Inc. US Domestic Ser 2008		0.270		05/01/30		5,035,000
	2,120,000	TP Racing LLLP US Domestic Ser 2000		0.130		06/01/30		2,120,000
	550,000	Alameda Co CA IDA Plastikon Inds B Ser 2013 (LOC: Comerica Bank)		0.170		07/01/30		550,000
	8,090,000	MS St Business Fin Corp. (Chevron USA Inc Proj) Ser 2007 A		0.010		12/01/30		8,090,000
	465,000	Springfield MO IDA DMP Pptys LLC Ser 2010 (LOC: Guaranty Bank/FHLB)		0.160		12/01/30		465,000
	1,145,000	Montgomery Co PA Redev Auth Kingswood Apts Pj A T1 Ser 2001 (LIQ: FNMA)		0.130		08/15/31		1,145,000
	8,200,000	Allen Co OH Hosp Facs Rev Catholic Healthcare Ser 2008 A (LOC: Bank of America NA)		0.030		10/01/31		8,200,000
	2,200,000	OH St Hgr Edu Fac Rev (Case Western Reserve University Proj) Ser 2002 A (SPA: Wells Fargo NA)		0.010		10/01/31		2,200,000
	600,000	Sheboygan Falls WI Industrial Rev Adj Dev Htt Inc Proj Ser A Ser 2007 (LOC: U.S. Bank NA)		0.160		01/01/32		600,000
	660,000	486 Lesser Street LLC Ser 2007		0.120		02/01/32		660,000
	1,530,000	KS St Dev Fin Auth Rev (Indl Dlr Bldg Proj) Ser 2009 O (LOC: Great Western Bank)		0.320		09/01/32		1,530,000
	4,875,000	Andrew W Mellon Foundation Ser 2008		0.140		12/01/32		4,875,000
	5,612,000	Hart Family Holdings LLC		0.130		12/01/32		5,612,000
	9,000,000	Lexington Financial Services LLC US Domestic Ser 2008		0.320		01/01/33		9,000,000
	2,420,000	First Christian Church Of Florissant US Domestic Ser 2008		0.150		01/01/34		2,420,000
	3,700,000	City of New York Subser Ser 2004 H 1 (LOC: Bank of NY Mellon)		0.020		03/01/34		3,700,000
	2,060,000	Allen Co OH Hosp Facs Rev Catholic Healthcare Ser 2010 C (LOC: Union Bank NA)		0.040		06/01/34		2,060,000
	2,350,000	D&I Properties LLC US Domestic Ser 2004		0.120		11/01/34		2,350,000
	7,500,000	Westchester Co NY Hlthcare Sr Lien Ser 2010 D (LOC: TD Bank NA)		0.080		11/01/34		7,500,000
	805,000	WA St Hsg Fin Commission Mallard Lakes Ser 2002 B (LIQ: FNMA)		0.150		05/15/35		805,000
	5,600,000	MS St Business Fin CO Chevron USA Inc Ser 2010 L		0.030		11/01/35		5,600,000
	3,800,000	New York NY UTGO Ser 2013 (LOC: Bank Of NY Mellon Trust)		0.020		04/01/36		3,800,000
	390,000	CA St Infrastructure & Tobinworld Proj Ser 2007 B (LOC: Comerica Bank)		0.260		11/01/36		390,000

Touchstone Money Market Fund (Unaudited) (Continued)

Principal			Interest			Maturity
Amount			Rate			Date	Value

		Variable Rate Demand Notes^(A)— 46.6% (Continued)
$	1,821,000	Mill Street Village LLC Ser 2006		0.290	%	01/01/37	$	1,821,000
	785,000	WA St Hsg Fin Commission Vintage Proj Ser 2003 B (LIQ: FNMA)		0.130		01/15/37		785,000
	4,030,000	Keep Memory Alive Ser 2013		0.110		05/01/37		4,030,000
	1,350,000	WA St Hsg Fin Commission Highlander Apts B Ser 2004 (LIQ: FHLMC)		0.150		05/01/37		1,350,000
	7,115,000	Sarasota Co FL Public Hosp D Ref Sarasota Mem Hosp Ser 2008 A (LOC: Northern Trust Company)		0.010		07/01/37		7,115,000
	225,000	LA Crosse WI IDR (G G P Inc Proj) Ser 2007 B (LOC: Wells Fargo Bank NA)		0.210		08/01/37		225,000
	5,170,000	OSF Finance Co. LLC US Domestic Ser 2007		0.110		12/01/37		5,170,000
	2,600,000	OH St Hgr Edl Fac Comm Hosp Cleveland Clinic Hlth Sys Ser 2013 (LIQ: Bank of NY Mellon Trust)		0.020		01/01/39		2,600,000
	1,530,000	Orthopedic Hospital of Wisconsin LLC (LOC: BMO)		0.150		03/01/39		1,530,000
	35,000	Montgomery Co OH Rev Miami VY Hosp Ser 2011 C (SPA: Wells Fargo Bank NA)		0.010		11/15/39		35,000
	1,600,000	Partisan Property, Inc. US Domestic Ser 2014		0.160		09/01/44		1,600,000
	3,820,000	Schreiber Capital Co. LLC US Domestic Ser 2006		0.160		04/01/46		3,820,000
	5,000,000	MI St Fin Auth Rev Sch Ln Ser 2010 B (LOC: Bank of Montreal)		0.120		09/01/50		5,000,000
	950,000	MBE Investment Co. LLC US Domestic Ser 2001		0.220		02/01/51		950,000
	1,200,000	YMCA of Northwoods (The)		0.210		05/01/54		1,200,000
		Total Variable Rate Demand Notes					$	160,715,800

		U.S. Government Agency Obligations — 22.5%
	1,955,172	Overseas Private Investment Corp.^(A)(B)		0.110		03/15/17		1,955,172
	1,551,720	Overseas Private Investment Corp.^(A)(B)		0.110		03/15/17		1,551,720
	6,000,000	Overseas Private Investment Corp.^(A)(B)		0.110		06/15/17		6,000,000
	6,000,000	Overseas Private Investment Corp.^(A)(B)		0.110		06/15/17		6,000,000
	1,384,600	Overseas Private Investment Corp.^(A)(B)		0.110		10/20/17		1,384,600
	2,000,000	Overseas Private Investment Corp.^(A)(B)		0.110		12/16/19		2,000,000
	9,700,000	Overseas Private Investment Corp.^(A)(B)		0.110		09/15/20		9,700,000
	2,265,305	Overseas Private Investment Corp.^(A)(B)		0.110		03/15/24		2,265,305
	10,500,000	Overseas Private Investment Corp.^(A)(B)		0.110		07/15/25		10,500,000
	11,600,000	Overseas Private Investment Corp.^(A)(B)		0.110		01/15/30		11,600,000
	2,880,000	Overseas Private Investment Corp.^(A)(B)		0.110		05/15/30		2,880,000
	2,300,000	Overseas Private Investment Corp.^(A)(B)		0.110		09/30/31		2,300,000
	1,900,000	Overseas Private Investment Corp.^(A)(B)		0.110		09/30/31		1,900,000
	1,350,000	Overseas Private Investment Corp.^(A)(B)		0.110		09/30/31		1,350,000
	9,145,299	Overseas Private Investment Corp.^(A)(B)		0.110		10/15/32		9,145,299
	2,100,000	Overseas Private Investment Corp.^(A)(B)		0.110		06/01/33		2,100,000
	5,100,000	Overseas Private Investment Corp.^(A)(B)		0.110		06/15/34		5,100,000
		Total U.S. Government Agency Obligations					$	77,732,096

		Corporate Bonds — 10.9%
	3,075,000	Bank of Nova Scotia		1.850		01/12/15		3,076,287
	558,000	Bank of New York Mellon Corp. (The) MTN		3.100		01/15/15		558,552
	1,243,000	Credit Suisse USA, Inc.		4.875		01/15/15		1,244,981
	1,513,000	EI du Pont DE Nemours & Co.		3.250		01/15/15		1,514,566
	1,179,000	UBS AG/Stamford CT (Switzerland)		3.875		01/15/15		1,180,466
	600,000	Bank of Nova Scotia		3.400		01/22/15		601,028
	1,500,000	Bank of Tokyo-Mitsubishi UFJ Ltd (The) (Japan) 144a		3.850		01/22/15		1,502,812
	350,000	International Business Machines Corp.		0.550		02/06/15		350,115
	7,830,000	HSBC USA, Inc. MTN		2.375		02/13/15		7,848,362
	2,439,000	Procter & Gamble Co. (The) MTN		3.500		02/15/15		2,448,305
	8,200,000	Toyota Motor Credit Corp. MTN		1.000		02/17/15		8,207,730
	745,000	Bank of New York Mellon Corp. (The) MTN		1.200		02/20/15		745,330

Touchstone Money Market Fund (Unaudited) (Continued)

Principal			Interest			Maturity
Amount			Rate			Date	Value

		Corporate Bonds — 10.9% (Continued)
$	4,510,000	US BanCorp. MN MTN		3.150	%	03/04/15	$	4,531,899
	2,480,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 144a		3.200		03/11/15		2,493,597
	600,000	Credit Suisse/New York NY (Switzerland) MTN		3.500		03/23/15		604,098
	430,000	Caterpillar Financial Services Corp.		1.050		03/26/15		430,755
	100,000	Caterpillar Financial Services Corp. MTN		1.100		05/29/15		100,333
		Total Corporate Bonds					$	37,439,216

		Commercial Paper — 10.6%
	8,000,000	Bank Tokyo-Mit UFJ^(C)		0.140		01/02/15		8,000,000
	4,000,000	Washington Gas Light^(C)		0.120		01/02/15		4,000,000
	8,000,000	Nstar Electric^(C)		0.240		01/06/15		7,999,787
	6,500,000	Nstar Electric^(C)		0.200		01/08/15		6,499,783
	5,000,000	Washington Gas Light^(C)		0.180		01/13/15		4,999,725
	5,000,000	Microsoft Corp.^(C)		0.700		01/28/15		4,999,747
		Total Commercial Paper					$	36,499,042

		Certificates of Deposit — 4.0%
	6,000,000	Bank of Nova Scotia/Houston^(B)		0.290		02/25/15		6,000,000
	3,900,000	Canadian Imperial Bank of Commerce/New York NY^(B)		0.215		03/20/15		3,900,000
	3,800,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY (Netherlands)^(B)		0.262		07/17/15		3,800,000
		Total Certificates of Deposit					$	13,700,000

		Municipal Bonds — 1.5%
	1,375,000	Avon OH Wtr Sys Impt Rev BANS Txbl Rev Notes Ser 2014		1.000		02/05/15		1,375,573
	620,000	Loveland OH (Spl Oblig) Txbl NTS Downtown Rev Notes Ser 2014		3.000		02/10/15		620,978
	1,350,000	Franklin Co OH (Spl Oblg) BANS (Stadium Fac Proj) Ser 2014		0.800		03/05/15		1,350,913
	1,200,000	Upper Arlington OH Txbl Land Acq LTGO Ser 2014		0.300		04/15/15		1,200,000
	600,000	Westerville OH (Spl Oblg) Non Txbl Rev Notes Ser 2014		0.350		05/05/15		600,000
		Total Municipal Bonds					$	5,147,464

		Repurchase Agreement — 3.8%
	13,200,000	BMO Capital, 0.040%, dated 12/31/14, matures on 01/02/15, repurchase price $13,200,029 (collateralized by U.S. Treasury Notes, ranging in par value from $576,700 -$12,883,000, 0.000% - 1.625%, 02/19/15 - 07/31/19, total market value $13,464,077)		0.040		01/02/15		13,200,000
		Total Repurchase Agreements					$	13,200,000

Touchstone Money Market Fund (Unaudited) (Continued)

	Value

Total Investment Securities —99.9%
(Cost $344,433,618)	$	344,433,618

Other Assets in Excess of Liabilities — 0.1%		283,483

Net Assets — 100.0%	$	344,717,101

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

^(B)Variable rate security - Rate reflected is the rate in effect as of December 31, 2014.

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

Portfolio Abbreviations:

BANS - Bond Anticipation Notes

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

IDA - Industrial Development Authority/Agency

IDR - Industrial Development Revenue

LIQ - Liquidity Facility

LLC - Limited Liability Company

LOC - Letter of Credit

LP - Limited Partnership

LTGO - Limited Tax General Obligation

MTN - Medium Term Note

SPA - Stand-by Purchase Agreement

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 December 31, 2014, these securities were valued at $3,996,409 or 1.2% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

Touchstone Money Market Fund (Unaudited) (Continued)

Other Information:

	Valuation inputs at Reporting Date:
Description		Level 1		Level 2		Level 3		Total
Variable Rate Demand Notes		$	—	$	160,715,800	$	—	$	160,715,800
U.S. Government Agency Obligations			—		77,732,096		—		77,732,096
Corporate Bonds			—		37,439,216		—		37,439,216
Commercial Paper			—		36,499,042		—		36,499,042
Certificates of Deposit			—		13,700,000		—		13,700,000
Municipal Bonds			—		5,147,464		—		5,147,464
Repurchase Agreement			—		13,200,000		—		13,200,000
								$	344,433,618

See accompanying Notes to Portfolios of Investments.

Notes to Portfolios of Investments

December 31, 2014 (Unaudited)

Security valuation and fair value measurements — Generally accepted accounting principles in the United States (“U.S. GAAP”) defines fair value as the price the Funds (Fund) would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. All investments in securities are recorded at their estimated fair value. The Fund defines the term “market value”, as used throughout this report, as the estimated fair value. The Fund uses various methods to measure fair value of its portfolio securities on a recurring basis. U.S. GAAP fair value measurement standards require disclosure of a hierarchy that prioritizes inputs to valuation methods. These inputs are summarized in the three broad levels listed below:

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market instruments are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The aggregate value by input level, as of December 31, 2014, for the Funds’ investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, if applicable, is included in the Funds’ Portfolio of Investments, which also includes a breakdown of the Funds’ investments by portfolio allocation. The Funds did not hold any Level 3 categorized securities during the period ended December 31, 2014.

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy. All transfers in and out of the levels are recognized at the value at the end of the period. During the period ended December 31, 2014 there were no transfers between Level 1, 2 and 3 for all Funds.

Investments held by the Touchstone Institutional Money Market Fund and Touchstone Money Market Fund are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and thereafter, a constant proportionate accretion of discounts and amortization of premiums are recorded until the maturity of the security.

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

Debt securities held by the Funds are valued at their most recent evaluated bid by an independent pricing service or at their last broker-quoted bid prices as obtained from one or more of the major market makers for such securities. Independent pricing services use information provided by market makers or estimates of market values through accepted market modeling conventions. Inputs to the models may include prepayment speeds,

Notes to Portfolios of Investments (Unaudited) (Continued)

pricing spread, yield, trade information, dealer quotes, market color, cash flow models, the securities’ terms and conditions, among others, and are generally categorized in Level 2. Money market instruments and other debt securities with a remaining maturity of less than 60 days are valued at amortized cost, which approximates market value and are categorized in Level 2. While this method provides consistency in valuation (and may only be used if it approximates market value), it may result in periods during which value, as determined by amortized cost, is higher or lower than the price that would be received if the Fund sold the investment.

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

Securities mainly traded on a non-U.S. exchange or denominated in foreign currency are generally valued according to the preceding closing values on that exchange, translated to U.S. dollars using currency exchange rates as of the close of regular trading on the NYSE, and generally categorized in Level 1. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value and generally categorized in Level 2. This may cause the value of the security, if held on the books of the Fund to be different from the closing value on the non-U.S. exchange and may affect the calculation of that Fund’s NAV. The Fund 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 Fund’s 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 Fund’s 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 Fund 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 Fund’s Board of Trustees and are generally categorized in Level 3.

Investment companies—Certain Funds may invest in securities of other investment companies, including exchange-traded funds (“ETFs”), open-end funds and closed-end funds. Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter. An ETF is an investment company that typically seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. ETFs are traded on a securities exchange based on their market value. The risks of investment in other investment companies typically reflect the risks of the types of securities in which 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 Funds’ fees and expenses.

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

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

Notes to Portfolios of Investments (Unaudited) (Continued)

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

The Funds do not isolate that portion of gains and losses on investment 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 the Fund’s total return, and the potential for losses in excess of the Fund’s initial investment.

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

For the period ended December 31, 2014, 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 include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

Portfolio securities loaned — Each Fund may lend its portfolio securities. Lending portfolio securities exposes a Fund to the risk that the borrower may fail to return the loaned securities or may not be able to provide additional collateral or that the Funds may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially. To minimize these risks, the borrower must agree to maintain cash collateral with the Funds’ custodian. The loaned securities are secured by collateral valued at least equal, at all times, to the market value of the securities loaned 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 investment vehicle. The approved investment vehicle is subject to market risk.

As of December 31, 2014, the following Funds loaned securities and received collateral as follows:

	Market		Market
	Value of		Value of
	Securities		Collateral
Fund	Loaned		Received
Active Bond Fund	$	227,520	$	230,850
High Yield Fund		2,892,106		3,000,206

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.

Notes to Portfolios of Investments (Unaudited) (Continued)

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

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

Repurchase agreements— Repurchase agreements, which are collateralized by U.S. Government obligations, are valued at cost, which together with accrued interest approximates market value. At the time each Fund enters into a repurchase agreement, the seller agrees that the value of the underlying collateral securities, including accrued interest, will at all times be equal to or exceed the face amount of the repurchase agreement.

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.

Federal Tax Information— As of December 31, 2014, the Funds had the following federal tax cost resulting in net unrealized appreciation (depreciation) as follows:

			Gross		Gross			Net Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation
	Cost		Appreciation		Depreciation			(Depreciation)
Active Bond Fund	$	102,918,205	$	3,741,468	$	(1,215,856	)	$	2,525,612
High Yield Fund		267,683,405		4,356,004		(10,251,494	)		(5,895,490	)
Institutional Money Market Fund		344,433,618		—		—			—
Money Market Fund		731,019,829		—		—			—

Item 2. 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 have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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 Investment Trust

By (Signature and Title)*	/s/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date

02/24/15

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

By (Signature and Title)*	/s/ Jill T. McGruder
	Jill T. McGruder, President
	(principal executive officer)

Date

02/24/15

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

Date

02/24/15

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