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<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">TOUCHSTONE HIGH YIELD FUND SUMMARY</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">TOUCHSTONE MONEY MARKET FUND SUMMARY</font></b></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">TOUCHSTONE CORE BOND FUND SUMMARY</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">TOUCHSTONE INSTITUTIONAL MONEY MARKET FUND SUMMARY</font></b></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Investment Goal</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Investment Goal</font></b></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Investment Goal</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Investment Goal</font></b></div>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2">The Touchstone High Yield Fund (the “Fund”) seeks to achieve a high level of income as its main goal.</font></p>
<div>The Touchstone Money Market Fund (the “Fund”) seeks high current income, consistent with liquidity and stability of principal.  The Fund is a money market fund, which seeks to maintain a constant share price of $1.00 per share.</div>
<div><font style="font-size: 10pt; ; font-family: times new roman;" size="2">The Touchstone Core Bond Fund (the “Fund”) seeks to provide as high a level of current income as is consistent with the preservation of capital.</font></div>
<div>The Touchstone Institutional Money Market Fund (the “Fund”) seeks high current income, consistent with liquidity and stability of principal.  The Fund is a money market fund, which seeks to maintain a constant share price of $1.00 per share.</div>
<div><font size="2" style="font-family:times new roman,times">Capital appreciation is a secondary consideration.</font></div>
<div><font size="2" style="font-family:times new roman,times">Capital appreciation is a secondary goal.</font></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Fees and Expenses</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Fees and Expenses</font></b></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Fees and Expenses</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Fees and Expenses</font></b></div>
<div><font style="font-size: 10pt; ; font-family: times new roman;; font-family:times new roman,times" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.  More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund’s prospectus on page 25 and in the Fund’s Statement of Additional Information (“SAI”) on page 46.</font></div>
<div>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</div>
<div><font style="font-size: 10pt; ; font-family: times new roman;" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.  More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund’s prospectus on page 25 and in the Fund’s Statement of Additional Information (“SAI”) on page 46.</font></div>
<div>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:</div>
<p style="text-indent: -10pt; margin: 0in 0in 0pt 10pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<div><strong>Shareholder Fees (fees paid directly from your investment)</strong></div>
<p style="text-indent: -10pt; margin: 0in 0in 0pt 10pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<p style="margin: 0in 0in 0pt 10pt; text-indent: -10pt;"><b><font style="font-family: times new roman; font-size: 10pt; font-weight: bold;" size="2">Shareholder Fees (fees paid directly from your investment) None</font></b></p>
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<p style="text-indent: -10pt; margin: 0in 0in 0pt 10pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: -13.333333015441895px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></div>
<p style="text-indent: -10pt; margin: 0in 0in 0pt 10pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: -13.333333015441895px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></div>
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<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Example</font></b></div>
<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Example.</font></b><font style="font-size: 10pt;" size="2"> </font></div>
<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Example</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Example</font></b></div>
<div><font size="2" style="font-family:times new roman,times">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div>
<div><font size="2" style="font-family:times new roman,times">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div>
<div><font style="font-family: times new roman,times;" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div>
<div><font size="2" style="font-family:times new roman,times">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting any contractual fee waivers).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div>
<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Assuming Redemption at End of Period</font></b></div>
<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Assuming Redemption at End of Period</font></b></div>
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<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Assuming No Redemption</font></b></div>
<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Assuming No Redemption</font></b></div>
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<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Portfolio Turnover</font></b></div>
<div><font size="2" style="font-family:times new roman,times"><b><font style="font-size: 10pt; font-weight: bold;">Portfolio Turnover</font></b></font></div>
<div><font style="font-size: 10pt;; font-family:times new roman,times" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio.</font></div>
<div><font style="font-size: 10pt;; font-family:times new roman,times" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 525%<b> </b>of the average value of its portfolio.</font></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Principal Investment Strategies</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Principal Investment Strategies</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Principal Investment Strategies</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Principal Investment Strategies</font></b></div>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in non-investment-grade debt securities.  This is a non-fundamental policy that can be changed by the Fund upon 60 days’ prior notice to shareholders.  The Fund generally invests in non-investment-grade debt securities of domestic corporations.  Non-investment-grade debt securities are higher risk, lower quality securities, often referred to as “junk bonds”, and are considered speculative.  They are rated below BBB- by S&P and Fitch or below Baa3 by Moody’s.  The Fund expects to have an average stated maturity of between 6 and 9 years, but it may vary to between 5 and 10 years.</font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2">In selecting securities for the Fund, the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington” or “Sub-Advisor”), analyzes the overall investment opportunities and risks in different industry sectors focusing on those industries that exhibit stability and predictability.  Having developed certain industry biases resulting from the current macroeconomic environment, Fort Washington implements a process of elimination through which certain types of securities are removed from the list of initially selected securities due to their structure.  The next step is to apply a rigorous credit selection process in order to identify securities that offer attractive investment opportunities.  Once a security has been purchased, the credit analysis process is re-applied to each individual security in the Fund’s portfolio on a periodic basis or as new information becomes available to determine whether or not to keep a security in the Fund’s portfolio.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund invests in U.S. government securities and high-quality money market instruments rated in one of the top two short-term rating categories or determined by the sub-advisor to be of comparable quality.  The Fund’s investments may include:</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:symbol" size="2">·</font><font style="font-size: 3pt;" size="1">         </font><font style="font-size: 10pt;" size="2">Bank obligations, including certificates of deposit, bankers’ acceptances and time deposits</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:symbol" size="2">·</font><font style="font-size: 3pt;" size="1">         </font><font style="font-size: 10pt;" size="2">U.S. government securities issued directly by the U.S. Treasury or by agencies of the U.S. government</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:symbol" size="2">·</font><font style="font-size: 3pt;" size="1">         </font><font style="font-size: 10pt;" size="2">Short-term corporate debt securities</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:symbol" size="2">·</font><font style="font-size: 3pt;" size="1">         </font><font style="font-size: 10pt;" size="2">Short-term municipal securities</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:symbol" size="2">·</font><font style="font-size: 3pt;" size="1">         </font><font style="font-size: 10pt;" size="2">Variable- and floating-rate securities</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:symbol" size="2">·</font><font style="font-size: 3pt;" size="1">         </font><font style="font-size: 10pt;" size="2">Repurchase agreements</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund maintains a dollar-weighted average portfolio maturity of 60 days or less and a dollar-weighted average life of 120 days or less, and it purchases only U.S. dollar-denominated securities with maturities of 397 days or less.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman"
size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund will hold at least 10% of its total assets in “Daily Liquid Assets” and at least 30% of its total assets in “Weekly Liquid Assets.”  “Daily Liquid Assets” include cash (including demand deposits), direct obligations of the U.S. government, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day.  “Weekly Liquid Assets” include cash (including demand deposits), direct obligations of the U.S. government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within 5 business days.  The Fund is also subject to quality and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, which are designed to help it maintain a constant share price of $1.00 per share.</font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in bonds.  Bonds include mortgage-related securities, asset-backed securities, government securities, and corporate debt securities.  Shareholders will be provided with at least 60 days’ prior notice of any change in this policy.  The Fund expects to have an average effective maturity of between 5 and 15 years.  The Fund invests at least 80% of its total assets in investment-grade debt securities, but may invest up to 20% of its total assets in non-investment-grade debt securities rated less than a BBB-/Baa3 rating by Moody’s Investors Service, Standard & Poor’s Ratings Group or Fitch Ratings.  Non-investment-grade debt securities are often referred to as “junk bonds” and are considered speculative.</font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2">In deciding what securities to buy and sell for the Fund, the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington” or “Sub-Advisor”), analyzes the overall investment opportunities and risks in different sectors of the debt securities markets by focusing on maximizing total return while reducing volatility of the Fund’s portfolio.  Fort Washington follows a disciplined sector allocation process in order to build a broadly diversified portfolio of bonds.</font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="font: /normal 'times new roman'; margin: 0in 0in 0pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund may engage in frequent and active trading as part of its principal investment strategy.</font></p>
<div style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2">The Fund invests in U.S. government securities and high-quality money market instruments rated in one of the top two short-term rating categories or determined by the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington” or “Sub-Advisor”) to be of comparable quality. The Fund’s investments may include:</font></p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font size="2"><font style="font-size: 10pt; ; font-family: symbol;">·</font><font style="font-family:times new roman,times"><font style="font-size: 3pt;">         </font><font style="font-size: 10pt;">Bank obligations, including certificates of deposit, bankers’ acceptances and time deposits</font></font></font></p>
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font size="2" style="font-family:times new roman,times"><font style="font-size: 10pt; ; font-family: symbol;">·</font><font style="font-size: 3pt;">         </font><font style="font-size: 10pt;">U.S. government securities issued directly by the U.S. Treasury or by agencies of the U.S. government</font></font></p>
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font size="2" style="font-family:times new roman,times"><font style="font-size: 10pt; ; font-family: symbol;">·</font><font style="font-size: 3pt;">         </font><font style="font-size: 10pt;">Short-term corporate debt securities</font><font style="font-size: 10pt; ; font-family: symbol;"> </font></font></p>
</div>
<div style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font size="2" style="font-family:times new roman,times"><font style="font-size: 10pt; ; font-family: symbol;">·</font><font style="font-size: 3pt;">         </font><font style="font-size: 10pt;">Short-term municipal securities</font></font></p>
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font size="2" style="font-family:times new roman,times"><font style="font-size: 10pt; ; font-family: symbol;">·</font><font style="font-size: 3pt;">         </font><font style="font-size: 10pt;">Variable and floating rate securities</font></font></p>
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font size="2" style="font-family:times new roman,times"><font style="font-size: 10pt; ; font-family: symbol;">·</font><font style="font-size: 3pt;">         </font><font style="font-size: 10pt;">Repurchase agreements</font></font></p>
<p style="margin: 0in 0in 0pt 33pt; text-indent: -11pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2">The Fund maintains a dollar-weighted average portfolio maturity of 60 days or less and a dollar-weighted average life of 120 days or less, and it purchases only U.S. dollar-denominated securities with maturities of 397 days or less.</font></p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2">The Fund will hold at least 10% of its total assets in “Daily Liquid Assets” and at least 30% of its total assets in “Weekly Liquid Assets.”  “Daily Liquid Assets” include cash (including demand deposits), direct obligations of the U.S. government and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day.  “Weekly Liquid Assets” include cash (including demand deposits), direct obligations of the U.S. government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within 5 business days.  The Fund is also subject to quality and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, which are designed to help it maintain a constant share price of $1.00 per share.</font></p>
</div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Principal Risks</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Principal Risks</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Principal Risks</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Principal Risks</font></b></div>
<div style="font-family: times new roman;">
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund’s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.</font></p>
<p style="margin: 0in 0in 0pt;"> </p>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Non-Investment-Grade Debt Securities Risk:</font></b><font style="font-size: 10pt;" size="2"> Non-investment-grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that the Fund could suffer a loss from investments in non-investment-grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment-grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment-grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment-grade debt securities can also be more difficult to sell for good value. </font></p>
<p style="margin: 0in 0in 0pt;"> </p>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Credit Risk:</font></b><font style="font-size: 10pt;" size="2"> The securities in the Fund’s portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions. This could cause an issuer to fail to make timely payments of principal or interest, when due. This may cause the issuer’s securities to decline in value. </font></p>
<p style="margin: 0in 0in 0pt;"> </p>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Interest Rate Risk:</font></b><font style="font-size: 10pt;" size="2"> As interest rates rise, the value of fixed income securities the Fund owns will likely decrease. 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, of a fixed income 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. Maturity, on the other hand, is the date on which a fixed income security </font><font style="font-size: 10pt;; font-family:times new roman" size="2">becomes due for payment of principal.</font></p>
</div>
<div style="font-family: times new roman;">
<p style="margin: 0in 0in 0pt;"> </p>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Management Risk: </font></b><font style="font-size: 10pt;" size="2">Touchstone Advisors, Inc., the Fund’s advisor (the “Advisor”),<b> </b>engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund. There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors. The value of your investment may decrease if the sub-advisor’s judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p>
<p style="margin: 0in 0in 0pt;"> </p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal.</font></p>
</div>
<div style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the U.S. Treasury, or any other government agency.  Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.  There is no guarantee that the Fund will be able to avoid a negative yield.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Market Risk: </font></b><font style="font-size: 10pt;" size="2"> Adverse developments affecting banks could have a negative effect on the value of the Fund’s portfolio securities.  This could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share.  During periods of extreme market volatility, prices of securities held by the Fund may be negatively impacted due to imbalances between credit market participants seeking to sell the same or similar securities and market participants willing or able to buy such securities.  As a result, the market prices of securities held by the Fund could go down, at times without regard to the financial condition of or specific events impacting the issuer of the security.  A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time during which the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Credit Risk:</font></b><font style="font-size: 10pt;" size="2"> The securities in the Fund’s portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions, could cause an issuer to fail to make timely payments of principal or interest, when due.  This may cause the issuer’s securities to decline in value.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2"> </font></b></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Interest Rate Risk:</font></b><font style="font-size: 10pt;" size="2"> The yield of the Fund will vary from day to day due to changes in interest rates.  Generally, the Fund’s yield will increase when interest rates increase and will decrease when interest rates decrease.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Management Risk: </font></b><font style="font-size: 10pt;" size="2">Touchstone Advisors, Inc., the Fund’s advisor (the “Advisor”),<b> </b>engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the sub-advisor’s judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.</font></p>
</div>
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<p align="center" style="margin: 0in 0in 0.0001pt; text-align: center;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">U.S. Government Agencies Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so.  Such securities are neither issued nor guaranteed by the U.S. Treasury.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal.</font></p>
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<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2">The Fund’s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments.  The Fund is subject to the principal risks summarized below.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Credit Risk:</font></b><font style="font-size: 10pt;" size="2">  The securities in the Fund’s portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions.  This could cause an issuer to fail to make timely payments of principal or interest, when due.  This may cause the issuer’s securities to decline in value.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Prepayment Risk: </font></b><font style="font-size: 10pt;" size="2">The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Interest Rate Risk:</font></b><font style="font-size: 10pt;" size="2"> As interest rates rise, the value of fixed income securities the Fund owns will likely decrease.  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, of a fixed income 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.  Maturity, on the other hand, is the date on which a fixed income security becomes due for payment of principal.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Investment-Grade Debt Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Investment-grade debt securities may be downgraded by a Nationally Recognized Statistical Rating Organization (“NRSRO”) to below investment-grade status, which would increase the risk of holding these securities or a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. </font><font style="font-size: 10pt; ; font-family: times new roman;" size="2">Investment-grade debt securities rated in the lowest rating category by an NRSRO involve a higher degree of risk than fixed-income securities in the higher-rating categories.  While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well.  For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.</font></p>
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<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Mortgage-Backed Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans.  As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security.  Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price.  When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates.  Prepayment risk may make it difficult to calculate the average duration of the Fund’s mortgage-backed securities which in turn would make it difficult to assess the interest rate risk of the Fund.  An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund.  The risk of such defaults is generally higher in the cases of mortgage pools that include subprime mortgages.  Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages.  Collateralized mortgage obligations are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Asset-Backed Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Asset-backed securities are fixed income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases.  Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party. Even with a credit enhancement by a third party, there is still risk of loss.  There could be inadequate collateral or no collateral for asset-backed securities.  The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and, at times, the financial condition of the issuer.  Some asset-backed securities also may receive prepayments that can change the securities’ effective durations.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Non-Investment-Grade Debt Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Non-investment-grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal.  There is a high risk that the Fund could suffer a loss from investments in non-investment-grade debt securities caused by the default of an issuer of such securities.  Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment-grade debt securities generally will not receive payments until the holders of all other debt have been paid.  In addition, the market for non-investment-grade debt securities has historically had more frequent and larger price changes than the markets for other securities.  Non-investment-grade debt securities can also be more difficult to sell for good value.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Management Risk: </font></b><font style="font-size: 10pt;" size="2">Touchstone Advisors, Inc., the Fund’s advisor (the “Advisor”), engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the Advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the sub-advisor’s judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">Portfolio Turnover Risk:</font></b><font style="font-size: 10pt;" size="2">  Frequent and active trading may result in greater expenses to the Fund and may generate more taxable short-term gains for shareholders, which may lower the Fund’s performance.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold; ; font-family: times new roman;" size="2">U.S. Government Agencies Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so.  Such securities are neither issued nor guaranteed by the U.S. Treasury.</font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2"> </font></p>
<p style="margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt; ; font-family: times new roman;" size="2">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal.</font></p>
</div>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the U.S. Treasury or any other government agency.  Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.  There is no guarantee that the Fund will be able to avoid a negative yield.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Market Risk:</font></b><font style="font-size: 10pt;" size="2">  Adverse developments affecting banks could have a negative effect on the value of the Fund’s portfolio securities.  This could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share.  During periods of extreme market volatility, prices of securities held by the Fund may be negatively impacted due to imbalances between credit market participants seeking to sell the same or similar securities and market participants willing or able to buy such securities.  As a result, the market prices of securities held by the Fund could go down, at times without regard to the financial condition of or specific events impacting the issuer of the security.  A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time during which the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Credit Risk:</font></b><font style="font-size: 10pt;" size="2"> The securities in the Fund’s portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions.  This could cause an issuer to fail to make timely payments of principal or interest, when due.  This may cause the issuer’s securities to decline in value.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Interest Rate Risk:</font></b><font style="font-size: 10pt;" size="2"> The yield of the Fund will vary from day to day due to changes in interest rates. Generally, the Fund’s yield will increase when interest rates increase and will decrease when interest rates decrease.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Management Risk: </font></b><font style="font-size: 10pt;" size="2">Touchstone Advisors, Inc., the Fund’s advisor (the “Advisor”),<b> </b>engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of each Fund.  There is a risk that the Advisor may be unable to
identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the sub-advisor’s judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">U.S. Government Agencies Securities Risk:</font></b><font style="font-size: 10pt;" size="2">  Certain U.S. government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so.  Such securities are neither issued nor guaranteed by the U.S. Treasury.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal.</font></p>
<div><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Performance</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Performance</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Performance</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">The Fund’s Performance</font></b></div>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Merrill Lynch U.S. High Yield Cash Pay Index. The bar chart does not reflect any sales charges, which would reduce your return. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></p>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 year, 5 years, and 10 years for Class A shares, and 1 year, 5 years, and since inception for Class S shares.  The Fund’s past performance does not necessarily indicate how it will perform in the future.  Updated performance and current yield information is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Barclays Capital U.S. Aggregate Bond Index.  The bar chart does not reflect any sales charges, which would reduce your return.  The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 year, 5 years, and 10 years.  The Fund’s past performance does not necessarily indicate how it will perform in the future.  Updated performance and current yield information is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></div>
<p style="margin: 0in 0in 0pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">High Yield Fund — Class A Total Returns as of December 31</font></b></p>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Money Market Fund — Class A Total Returns as of December 31</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Core Bond Fund — Class A Total Returns as of December 31</font></b></div>
<div><b style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Institutional Money Market Fund Total Returns as of December 31</font></b></div>
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<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">Best Quarter:  2</font><font style="position: relative; font-size: 6.5pt; top: -3pt;" size="1">nd</font><font style="font-size: 10pt;" size="2"> Quarter 2009 +22.23%        Worst Quarter:  3</font><font style="position: relative; font-size: 6.5pt; top: -3pt;" size="1">rd</font><font style="font-size: 10pt;" size="2"> Quarter 2008 -20.40%</font></p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="margin: 0in 0in 0pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The year-to-date return for the Fund’s Class A shares as of December 31, 2012 is 12.91%.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">Best Quarter:  3</font><font style="font-size: 6.5pt; position: relative; top: -3pt;" size="1">rd</font><font style="font-size: 10pt;" size="2"> Quarter 2007 +1.17%        Worst Quarter:  4</font><font style="font-size: 6.5pt; position: relative; top: -3pt;" size="1">th</font><font style="font-size: 10pt;" size="2"> Quarter 2009 0.00%</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The year-to-date return for the Fund’s Class A shares as of December 31, 2012 is 0.01%.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">Best Quarter: 3</font><font style="font-size: 6.5pt; position: relative; top: -3pt;" size="1">rd</font><font style="font-size: 10pt;" size="2"> Quarter 2009  +7.14%        Worst Quarter:  3</font><font style="font-size: 6.5pt; position: relative; top: -3pt;" size="1">rd</font><font style="font-size: 10pt;" size="2"> Quarter 2008  -2.68%</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The year-to-date return for the Fund’s Class A shares as of December 31, 2012 is 5.75%.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">Best Quarter:  3</font><font style="font-size: 6.5pt; position: relative; top: -3pt;" size="1">rd</font><font style="font-size: 10pt;" size="2"> Quarter 2007 +1.33%        Worst Quarter:  3</font><font style="font-size: 6.5pt; position: relative; top: -3pt;" size="1">rd</font><font style="font-size: 10pt;" size="2"> Quarter 2011 +0.03%</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">The year-to-date return for the Fund’s Class A shares as of December 31, 2012 is 0.15%.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Your actual after-tax returns may differ from those shown and depend on your tax situation.  The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  The after-tax returns shown in the table are for Class A shares only.  The after-tax returns for other classes of shares offered by the Fund will differ from the Class A after-tax returns.</font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2"> </font></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><font style="font-size: 10pt;; font-family:times new roman" size="2">Class A shares began operations on May 1, 2000, Class C shares began operations on May 23, 2000, Class Y shares began operations on February 1, 2007 and Institutional Class shares began operations on January 27, 2012.</font></p>
<div><font style="font-family: times new roman,times;; font-family:times new roman,times" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Your actual after-tax returns may differ from those shown and depend on your tax situation.  The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  The after-tax returns shown in the table are for Class A shares only.  The after-tax returns for other classes of shares offered by the Fund will differ from the Class A after-tax returns.</font></div>
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0
0
0
0
0.0475
0
0.0475
0
0.0100
0
0.0100
0
0
0
0
0
15
15
15
15
15
0
15
15
15
15
0.0044
0.0049
0.0052
0.0049
0.0052
0.0052
0.0052
0.0020
0.0049
0.0049
0.0044
0.0100
0
0
0
0.0100
0
0
0.0037
0.0061
0.0034
0.0048
0.0043
0.0033
0.0040
0.0020
0.0049
0.0062
0.0046
0.0001
0.0001
0.0001
0.0001
0.0116
0.0086
0.0095
0.0110
0.0192
0.0040
0.0115
0.0090
0.0059
0.0020
0.0084
0.0051
0.0085
20
557
76
52
262
92
60
571
60
87
277
108
812
262
295
611
343
273
798
267
336
586
204
1087
465
558
1086
613
504
1042
490
604
1020
486
1870
1050
1308
2400
1386
1166
1742
1133
1371
2229
177
162
586
611
1020
1086
2229
2400
0.0094
0.0074
0.1954
0.0325
0.0104
0.0090
0.0941
0.0303
0.0298
0.0265
0.0325
0.0158
0.0499
0.0438
0.0738
0.0384
0.0525
0.0462
0.0230
0.0536
0.0342
0.0294
-0.2512
-0.0519
0.0107
0.0063
0.5250
0.1802
0.0029
0.0001
0.1334
0.0772
0.0016
0.0001
0.0548
0.0817
0.0015
0.0001
0.1291
0.0575
Class A Return After Taxes on Distributions
Barclays Capital U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
Class A Return Before Taxes
Class S Shares
Class A Return After Taxes on Distributions
Class C Return Before Taxes
Merrill Lynch U.S. High Yield Cash Pay Index (reflects no deductions for fees, expenses or taxes)
Institutional Return Before Taxes
Class A Return After Taxes on Distributions and Sale of Fund Shares
Institutional Money Market Fund
Institutional Class Return Before Taxes
Class Y Return Before Taxes
Class A Return Before Taxes
Class C Return Before Taxes
Class A Shares
Class A Return After Taxes on Distributions and Sale of Fund Shares
Class Y Return Before Taxes
-0.0078
0.0421
0.0759
0.0001
0.0525
0.1106
0.1544
0.0046
0.0015
0.0071
0.0399
0.0001
0.0486
0.0399
0.0595
0.0799
0.0062
0.0485
0.0820
0.0990
0.0382
0.0101
0.0561
0.0584
0.0072
0.0488
0.0293
0.0518
0.0809
0.0510
0.0780
0.1023
0.0290
0.0201
0.0450
0.0423
0.0168
0.0512
0.0148
2003-02-03
Other
2013-01-30
TOUCHSTONE INVESTMENT TRUST
0000066117
false
TINXX
TOBAX
TMMXX
THYYX
TOBYX
TODCX
THIYX
THYAX
THYCX
TOBIX
2013-01-30
2013-01-30
2013-01-30
2014-04-16
2014-01-29
2014-04-16
2014-01-29
2014-04-16
2014-01-29
2014-01-29
2014-01-29
2014-04-16
2014-01-29
5.25
0.48
<div><font size="2" style="font-family:times new roman,times">You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.</font></div>
<div><font size="2" style="font-family:times new roman,times"> You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds.</font></div>
50000
50000
<div><i style="color: #000000; font-family: 'times new roman'; font-size: medium; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-style: italic;" size="2">Expenses shown above have been restated to reflect a change in the Fund’s contractual fee waiver and will differ from the expenses reflected in the Fund’s Annual Report for the fiscal year ended September 30, 2012.</font></i></div>
<div><i style="color: #000000; font-family: 'times new roman'; font-size: medium; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-size: 10pt; font-style: italic;" size="2">Expenses shown above have been restated to reflect a change in the Fund’s contractual fee waiver and will differ from the expenses reflected in the Fund’s Annual Report for the fiscal year ended September 30, 2012.</font></i></div>
<div><font size="2" style="font-family:times new roman,times">The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in bonds.</font></div>
<div><font size="2" style="font-family:times new roman,times">The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments.</font></div>
<div><font style="font-size: 10pt;; font-family:times new roman" size="2">The Fund’s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments.</font></div>
<div>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</div>
<div><font size="2" style="font-family:times new roman,times">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</font></div>
<div>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the U.S. Treasury or any other government agency.</div>
<div><font size="2" style="font-family:times new roman,times">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), the U.S. Treasury, or any other government agency.</font></div>
<div>The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 year, 5 years, and 10 years.</div>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Barclays Capital U.S. Aggregate Bond Index.</font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for 1 year, 5 years, and 10 years for Class A shares, and 1 year, 5 years, and since inception for Class S shares.</font></div>
<div><font style="font-size: 10.0pt;; font-family:times new roman" size="2">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Merrill Lynch U.S. High Yield Cash Pay Index.</font></div>
1.800.543.0407
1.800.543.0407
1.800.543.0407
<div><font size="2" style="font-family:times new roman,times">1.800.543.0407</font></div>
www.TouchstoneInvestments.com
www.TouchstoneInvestments.com
www.TouchstoneInvestments.com
<div><font size="2" style="font-family:times new roman,times">www.TouchstoneInvestments.com</font></div>
<div>The Fund’s past performance does not necessarily indicate how it will perform in the future.</div>
<div><font size="2" style="font-family:times new roman,times">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</font></div>
<div><font size="2" style="font-family:times new roman,times">The Fund’s past performance does not necessarily indicate how it will perform in the future.</font></div>
<div><font size="2" style="font-family:times new roman,times">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart does not reflect any sales charges, which would reduce your return.</font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart does not reflect any sales charges, which would reduce your return.</font></div>
<div><font size="2" style="font-family:times new roman,times"><b>year-to-date return</b></font></div>
<div><font size="2" style="font-family:times new roman,times">year-to-date return</font></div>
<div>year-to-date return</div>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">year-to-date return </font></b><b>
0.0001
0.1291
0.0015
0.0575
2012-12-31
2012-12-31
2012-12-31
2012-12-31
<div><font size="2" style="font-family:times new roman,times"><b>Best Quarter:</b></font></div>
<div><font size="2" style="font-family:times new roman,times">Best Quarter:</font></div>
<div>Best Quarter:</div>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Best Quarter </font></b><b>
0.0117
0.2223
0.0133
0.0714
2007-09-30
2009-06-30
2007-09-30
2009-09-30
<div><font size="2" style="font-family:times new roman,times"><b>Worst Quarter:</b></font></div>
<div><font size="2" style="font-family:times new roman,times">Worst Quarter:</font></div>
<div>Worst Quarter:</div>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Worst Quarter </font></b><b>
0.0000
-0.2040
0.0003
-0.0268
2009-12-31
2008-09-30
2011-09-30
2008-09-30
<div><font size="2" style="font-family:times new roman,times">reflects no deductions for fees, expenses or taxes</font></div>
<div><font size="2" style="font-family:times new roman,times">reflects no deductions for fees, expenses or taxes</font></div>
<div><font size="2" style="font-family:times new roman,times">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font></div>
<div><font style="font-size: 10pt;; font-family:times new roman" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font></div>
<div><font size="2" style="font-family:times new roman,times">Your actual after-tax returns may differ from those shown and depend on your tax situation.  The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.</font></div>
<div><font size="2" style="font-family:times new roman,times">Your actual after-tax returns may differ from those shown and depend on your tax situation.  The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.</font></div>
<div><font size="2" style="font-family:times new roman,times">The after-tax returns shown in the table are for Class A shares only.</font></div>
<div><font size="2" style="font-family:times new roman,times">The after-tax returns shown in the table are for Class A shares only.</font></div>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Average Annual Total Returns </font></b><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">For the period ended December 31, 2012</font></b></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Average Annual Total Returns </font></b><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">For the period ended December 31, 2012</font></b></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Average Annual Total Returns </font></b><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">For the period ended December 31, 2012</font></b></p>
<p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; margin: 0in 0in 0.0001pt;"><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">Average Annual Total Returns </font></b><b><font style="font-size: 10pt; font-weight: bold;; font-family:times new roman" size="2">For the period ended December 31, 2012</font></b></p>
The Fund is authorized under its 12b-1 plan for Class A shares to pay an annual fee of up to 0.35% of its average daily net assets for the sale and distribution of shares. The Fund currently intends to limit the amount of 12b-1 fees for Class A shares to a maximum of 0.25% per annum of the average daily net assets of Class A shares.
The Fund is authorized under its 12b-1 plan for Class S shares to pay an annual fee of up to 1.00% of its average daily net assets for the sale and distribution of shares. The Fund currently intends to limit the amount of 12b-1 fees for Class S shares to a maximum of 0.35% per annum of the average daily net assets of Class S shares.
The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets that are included in the Fund's Annual Report dated September 30, 2012, which reflects operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 0.85% and 0.90% for Class A shares and Class S shares, respectively. This expense limitation will remain in effect until at least January 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund’s shareholders. The terms of Touchstone Advisors’ contractual waiver agreement provide that Touchstone Advisors is entitled to recover, subject to approval by the Fund’s Board of Trustees, such amounts waived or reimbursed for a period of up to three (3) years from the year in which Touchstone Advisors reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s operating expenses are below the expense limitation amount. See the discussion entitled “Contractual Fee Waiver Agreement” under the section entitled “The Funds’ Management” in the Fund’s prospectus for more information.
The fee waivers do not correlate to "Ratio of net expenses to average net assets" shown in the Fund's Annual Report due to an additional voluntary fee waiver. During the last fiscal year, Touchstone Advisors voluntarily waived additional fees or reimbursed certain Fund expenses. Due to the voluntary fee waivers, the Fund's actual ratio of net expenses to average net expenses was 0.36% and 0.36% for Class A shares and Class S shares, respectively.
Expenses shown above have been restated to reflect a change in the Fund's contractual fee waiver and will differ from the expenses reflected in the Fund's Annual Report for the fiscal year ended September 30, 2012.
Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 0.83%, 1.58%, 0.58%, and 0.50% for Class A shares, Class C shares, Class Y Shares, and Institutional Class Shares respectively. This expense limitation will remain in effect until at least April 16, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund’s shareholders. The terms of Touchstone Advisors’ contractual waiver agreement provide that Touchstone Advisors is entitled to recover, subject to approval by the Fund’s Board of Trustees, such amounts waived or reimbursed for a period of up to three (3) years from the year in which Touchstone Advisors reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s operating expenses are below the expense limitation amount. See the discussion entitled “Contractual Fee Waiver Agreement” under the section entitled “The Funds’ Management” in the Fund’s prospectus for more information.
Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 0.99%, 1.74%, 0.74%, and 0.59% for Class A shares, Class C shares, Class Y shares, and Institutional Class shares, respectively. This expense limitation will remain in effect until at least January 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund’s shareholders. Touchstone Advisors is entitled to recoup, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which Touchstone Advisors reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the expense limitation. See the discussion entitled “Contractual Fee Waiver Agreement” under the section entitled “The Funds’ Management” in the Fund’s prospectus for more information.
Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 0.20%. This expense limitation will remain in effect until at least January 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund’s shareholders. The terms of Touchstone Advisors’ contractual waiver agreement provide that Touchstone Advisors is entitled to recover, subject to approval by the Fund’s Board of Trustees, such amounts waived or reimbursed for a period of up to three (3) years from the year in which Touchstone Advisors reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s operating expenses are below the expense limitation amount. See the discussion entitled “Contractual Fee Waiver Agreement” under the section entitled “The Funds’ Management” in the Fund’s prospectus for more information.
Class Y shares and Institutional Class shares performance was calculated using the historical performance of Class A shares for the periods prior to February 1, 2007 and January 27, 2012, respectively.
Class Y shares and Institutional Class shares performance was calculated using the historical performance of Class A shares for the periods prior to April 16, 2012. Class Y shares and Institutional Class shares commenced operations on April 16, 2012.
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