Other
2011-07-31
0000711080
2012-09-10
TOUCHSTONE STRATEGIC TRUST
false
2012-09-10
2012-09-10
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the fiscal year ended July 31, 2011, the portfolio turnover rate of the <br />Fund was 42% of the average value of its portfolio.</tt>
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<tt>The Fund seeks a high level of income consistent with reasonable risk.  The Fund<br />seeks capital appreciation as a secondary goal.</tt>
<tt>This example is intended to help you compare the cost of investing in the <br />Fund with the cost of investing in other mutual funds. The example assumes<br />that you invest $10,000 in the Fund for the time periods indicated and then,<br />except as indicated, redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same (reflecting the contractual fee<br />waiver).  Although your actual costs may be higher or lower, based on these<br />assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in<br />income-producing securities such as debt securities, common stocks, preferred<br />stocks and common and preferred shares of closed-end investment companies (also<br />known as "closed-end funds") having portfolios consisting primarily of<br />income-producing securities. Debt securities in which the Fund may invest<br />include, but are not limited to, U.S. government agency securities and variable<br />or floating-rate instruments. Certain of the debt securities and preferred<br />stocks in which the Fund may invest may be convertible into common shares. The<br />Fund normally invests in equity securities of companies with a market<br />capitalization of approximately $400 million to $700 billion.<br /> <br />The Fund's sub-advisor, Fifth Third Asset Management, Inc. ("FTAM"), seeks to<br />provide value by investing in asset classes that appear to be attractive based<br />on their risks and in companies with cheap (e.g., attractive price to cash flow<br />ratio) cash flows in each asset class.<br /> <br />FTAM may invest in debt securities of any maturity, and will increase its<br />investment in short term debt securities during periods when it believes<br />interest rates will rise and will increase its investment in long-term debt<br />securities during periods when it believes interest rates will decline. FTAM<br />seeks to maximize risk-adjusted returns through fundamental research,<br />quantitative modeling, and capital structure analysis. In performing this<br />research, modeling and analysis, FTAM evaluates companies based on such factors<br />as sales, assets, earnings, markets, and management, and FTAM searches for<br />companies with favorable debt-to-equity ratios. The Fund seeks returns by<br />investing across a broader array of investments than traditional investment<br />grade fixed income funds, and FTAM believes that a low correlation between<br />various asset classes leads to stability of expected returns.<br /> <br />In selecting corporate debt securities for the Fund, FTAM intends to invest<br />principally in securities rated BBB or better by Standard & Poor's (or the<br />equivalent using Moody's), but may invest in securities rated as low as BB, B,<br />CCC or CC or unrated securities when these investments are believed by FTAM to<br />be sound and consistent with an objective of reasonable risk. The Fund will not<br />invest more than 20% of its assets in (i) securities rated BB or lower by<br />Standard & Poor's and/or (ii) unrated securities which, in the opinion of FTAM,<br />are of quality comparable to those rated BB or lower. Securities rated lower<br />than BBB by Standard & Poor's, sometimes referred to as "junk bonds," are<br />lower-rated securities and have speculative characteristics.<br /> <br />The Fund may invest in any diversified closed-end income fund as long as the<br />Fund's total portfolio maintains no more than 20% of its assets in securities<br />rated BB or lower. The Fund may consider closed-end funds as a "pass through"<br />security, and will look at the composition of the underlying portfolio.<br />Therefore, the Fund may invest in any single closed-end fund even if more than<br />20% of the closed-end fund's assets are invested in securities rated BB or<br />lower. The closed-end funds in which the Fund may invest may in turn invest in<br />debt and equity securities of United States or foreign issuers.<br />  <br />The Fund may enter into foreign currency contracts to settle planned purchases<br />or sales of securities or to protect against a possible loss resulting from the<br />adverse change in the relationship between the U.S. dollar and a foreign<br />currency involved in an underlying transaction. The Fund may enter into futures<br />contracts to gain exposure to, or hedge against changes in the value of interest<br />rates or foreign currencies. The Fund may enter into interest rate, total<br />return, credit default, and other forms of swap agreements to manage its<br />exposure to interest rates and credit risk. The Fund may utilize call and put<br />options to gain investment exposure or to hedge against portfolio volatility.<br /> <br />FTAM may consider selling a portfolio holding when: deterioration in a company's<br />strategic position, growth prospects, or financial reporting is detected; an<br />individual security comprises too large a position in the portfolio; a company<br />with declining financial fundamentals has risk volatility of more than one<br />standard deviation in FTAM's proprietary credit risk model; a company's<br />valuations are no longer attractive; or a better opportunity arises.</tt>
TOUCHSTONE STRATEGIC INCOME FUND SUMMARY
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.
Example.
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.
The Fund's Investment Goal
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The Principal Risks
Shareholder Fees (fees paid directly from your investment)
0.42
Your 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.
Touchstone Strategic Income Fund - Class A shares Total Return as of December 31
The bar chart does not reflect any sales charges, which would reduce your return.
The Fund's Performance
50000
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years and 10 years compare with the Barclays U.S. Aggregate Bond Index.
<tt>Best Quarter: 2nd Quarter 2009 +21.98%    Worst Quarter:  3rd Quarter 2008<br />-18.49%<br />  <br />The year-to-date return for the Fund's Class A shares as of June 30, 2012 is<br />+5.20%.</tt>
1.800.543.0407
"Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Average Annual Total Returns For the periods ended December 31, 2011
Portfolio Turnover.
<tt>The Fund's share price will fluctuate. You could lose money on your investment<br />in the Fund, and the Fund could also return less than other investments.  The<br />Fund is subject to the principal risks listed below.<br /> <br />Closed-End Fund Risk:  The risks of investment in other investment companies<br />typically reflect the risk of the types of securities in which the investment<br />companies invest. The value of the shares of closed-end investment companies may<br />be lower than the value of the portfolio securities held by the closed-end<br />investment company. When the Fund invests in another investment company,<br />shareholders of the Fund bear their proportionate share of the other investment<br />company's fees and expenses as well as its share of the Fund's fees and<br />expenses. There may also not be an active trading market available for shares of<br />some closed-end funds. Additionally, trading of closed-end fund shares may be<br />halted or delisted by the listing exchange.<br /><br />Convertible Securities Risk:  Convertible securities are subject to the risks of<br />both debt securities and equity securities. The values of convertible securities<br />tend to decline as interest rates rise and, due to the conversion feature, tend<br />to vary with fluctuations in the market value of the underlying security.<br /> <br />Credit Risk:  An issuer may be unable to make timely payments of either<br />principal or interest. This may cause the issuer's securities to decline in<br />value. Credit risk is particularly relevant to those portfolios that invest a<br />significant amount of their assets in junk bonds or lower-rated securities.<br /> <br />Debt Securities Risk:  The prices of the Fund's fixed income securities respond<br />to economic developments, particularly interest rate changes, as well as to<br />perceptions about the creditworthiness of individual issuers, including<br />governments.<br /> <br />Derivatives Risk:  Derivatives may be more sensitive to changes in economic or<br />market conditions than other types of investments and could result in losses<br />that significantly exceed the Fund's original investment. Use of derivatives may<br />increase the amount and affect the timing and character of taxes payable by<br />shareholders. When a derivative is used as a hedge against an opposite position<br />that the Fund also holds, any loss generated by the derivative should be<br />substantially offset by gains on the hedged investment, and vice versa. Hedges<br />are sometimes subject to imperfect matching between the derivative and<br />underlying security, and there can be no assurance that the Fund's hedging<br />transactions will be effective.<br /> <br />Equity Securities Risk:  The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may suffer a<br />decline in response to such developments which could result in a decline in the<br />value of the Fund's shares.<br /> <br />Foreign Securities Risk:  Investing in foreign securities poses additional risks<br />since political and economic events unique in a country or region will affect<br />those markets and their issuers.  These events will not necessarily affect the<br />U.S. economy or similar issuers located in the United States.  In addition,<br />investments in foreign securities are generally denominated in foreign currency.  <br />As a result, changes in the value of those currencies compared to the U.S. <br />dollar may affect (positively or negatively) the value of the Fund's <br />investments.  These currency movements may happen separately from, or in <br />response to, events that do not otherwise affect the value of the security in<br />the issuer's home country.  There is a risk that foreign securities may not be<br />subject to accounting standards or governmental supervision comparable to U.S.<br />companies and that less public information about their operations may exist. <br />There is risk associated with the clearance and settlement procedures in<br />non-U.S. markets, which may be unable to keep pace with the volume of securities<br />transactions and may cause delays.  Foreign markets may be less liquid and more<br />volatile than U.S. markets and offer less protection to investors.<br />Over-the-counter securities may also be less liquid than exchange-traded<br />securities.<br /> <br />Forward Currency Exchange Contract Risk: A forward foreign currency exchange<br />contract is an agreement to buy or sell a specific currency at a future date and<br />at a price set at the time of the contract. Forward foreign currency exchange<br />contracts may reduce the risk of loss from a change in value of a currency, but<br />they also limit any potential gains, do not protect against fluctuations in the<br />value of the underlying position and are subject to counterparty risk.<br /> <br />Futures Contracts Risk: The risks associated with futures include: the potential<br />inability to terminate or sell a position, the lack of a liquid secondary market<br />for the Fund's position and the risk that the counterparty to the transaction<br />will not meet its obligations.<br />  <br />Interest Rate Risk:  As interest rates rise, the value of fixed income<br />securities the Fund owns will be likely to decrease. Longer-term securities are<br />generally more volatile, so the longer the average maturity or duration of these<br />securities, the greater their price risk. Duration is a measure of the expected<br />life, taking into account any prepayment or call features of the security, of a<br />fixed income security that is used to determine the price sensitivity of the<br />security for a given change in interest rates. Specifically, duration is the<br />change in the value of a fixed income security that will result from a 1% change<br />in interest rates, and generally is stated in years. Maturity, on the other<br />hand, is the date on which a fixed income security becomes due for payment of<br />principal.<br /> <br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br /> <br />Market Risk: Market risk is the risk that the market value of a security may<br />fluctuate, sometimes rapidly and unpredictably.<br /> <br />Non-Investment Grade Debt Securities Risk:  Non-investment grade debt securities<br />are sometimes referred to as "junk bonds" and are considered speculative with<br />respect to their issuers' ability to make payments of interest and principal.<br />There is a high risk that the Fund could suffer a loss from investments in<br />non-investment grade debt securities caused by the default of an issuer of such<br />securities. Part of the reason for this high risk is that, in the event of a<br />default or bankruptcy, holders of non-investment grade debt securities generally<br />will not receive payments until the holders of all other debt have been paid. In<br />addition, the market for non-investment grade debt securities has, in the past,<br />had more frequent and larger price changes than the markets for other<br />securities. Non-investment grade debt securities can also be more difficult to<br />sell for good value.  Successful investment in non-investment grade debt<br />securities involves greater investment risk and is highly dependent on the<br />sub-advisor's credit analysis and market analysis.<br /> <br />Options Risk:  Options trading is a highly specialized activity that involves<br />investment techniques and risks different from those associated with ordinary<br />portfolio securities transactions. The value of options can be highly volatile,<br />and their use can result in loss if the sub-advisor is incorrect in its<br />expectation of price fluctuations. The successful use of options for hedging<br />purposes also depends in part on the ability of the sub-advisor to predict<br />future price fluctuations and the degree of correlation between the options and<br />securities markets.  When options are purchased over the counter, the Fund bears<br />the risk that the counter-party that wrote the option will be unable or<br />unwilling to perform its obligations under the option contract. Such options may<br />also be illiquid, and in such cases, the Fund may have difficulty closing out<br />its position.<br />  <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br /> <br />Prepayment Risk: The risk that a debt security may be paid off and proceeds<br />invested earlier than anticipated. Prepayment risk is more prevalent during<br />periods of falling interest rates.<br /> <br />Swap Agreements Risk:  The Fund bears the risk of loss of the amount expected to<br />be received under a swap agreement in the event of the default or bankruptcy of<br />a swap agreement counterparty. Swap agreements also may be considered to be<br />illiquid. In addition, the Fund may enter into swap agreements that involve a<br />limited number of counterparties, which may increase the Fund's exposure to<br />credit risk. Further, there is a risk that no suitable counterparties are<br />willing to enter into, or continue to enter into, transactions with the Fund<br />and, as a result, the Fund may not be able to achieve its investment goal.<br /> <br />Value Investing Risk: A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br /> <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
The Fund's Principal Investment Strategies
www.TouchstoneInvestments.com
<tt>The bar chart and the performance table below illustrate the risks and<br />volatility of an investment in the Fund by showing changes in the Fund's<br />performance from calendar year to calendar year and by showing how the Fund's<br />average annual total returns for 1 year, 5 years and 10 years compare with the<br />Barclays U.S. Aggregate Bond Index.  The bar chart does not reflect any sales<br />charges, which would reduce your return.  Past performance (before and after<br />taxes) does not necessarily indicate how the Fund will perform in the future. <br />Updated performance is available at no cost by visiting<br />www.TouchstoneInvestments.com or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.  You may qualify for sales charge discounts for Class A<br />shares if you and your family invest, or agree to invest in the future, at least<br />$50,000 or more in the Touchstone Funds. More information about these and other<br />discounts is available from your financial professional and in the section<br />entitled "Choosing a Class of Shares" in the Fund's prospectus on page 39 and in<br />the section entitled "Choosing a Share Class" in the Fund's Statement of<br />Additional Information on page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your tax<br />situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account.  After-tax returns are only shown for<br />Class A shares and after-tax returns for other Classes will vary.<br /> <br />Class A shares began operations on April 1, 2004, Class C shares began operations <br />on October 29, 2001 and Class Y shares began operations on September 1, 1998.  <br />The performance figures for Class A shares prior to April 1, 2004 represent the <br />performance of the Fifth Third/Maxus Income Fund Investor Shares with an inception <br />date of March 10, 1985 and are adjusted to reflect expenses and applicable sales <br />charges of the Predecessor Fund.</tt>
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Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
0.0784
0.0650
0.0578
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
0.0060
0.0167
0.0319
Class A Shares Return After Taxes on Distributions
-0.0090
0.0129
0.0312
TFSLX
-15
0.0000
65
294
-0.0042
1251
542
0.0031
0.0070
2013-09-10
0.0000
0.0064
0.0106
0.0005
0.0000
MXIIX
-15
0.0000
Class Y Shares Return Before Taxes
76
309
-0.0034
1282
560
0.0594
0.0033
0.0070
2013-09-10
0.0477
0.0000
0.0590
0.0074
0.0108
0.0005
0.0000
FRACX
-15
0.0000
Class C Shares Return Before Taxes
277
177
631
-0.0040
2437
1111
0.0497
0.0039
0.0070
2013-09-10
2437
0.0375
631
1111
0.0100
0.0486
0.0174
0.0214
0.0005
0.0100
FFSAX
0.0745
-15
Worst Quarter:
Best Quarter:
0.0575
2012-06-30
Class A Shares Return Before Taxes
670
2009-06-30
949
-0.1849
0.067
-0.0038
0.1245
2095
1248
-0.0283
0.2198
0.0050
0.0037
-0.209
0.0070
2013-09-10
2008-09-30
0.3656
0.0347
0.0159
The year-to-date return
0.0579
0.0983
0.0025
0.0507
0.0099
0.0137
0.08
0.0520
0.0005
0.0000
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the fiscal year ended July 31, 2011, the portfolio turnover rate of the <br />Fund was 131% of the average value of its portfolio.</tt>
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<tt>The Fund seeks long-term capital growth.</tt>
<tt>This example is intended to help you compare the cost of investing in the <br />Fund with the cost of investing in other mutual funds. The example assumes<br />that you invest $10,000 in the Fund for the time periods indicated and then,<br />except as indicated, redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the Fund's operating expenses remain the same (reflecting the contractual fee <br />waiver).  Although your actual costs may be higher or lower, based on these <br />assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, the Fund primarily invests its assets in equity<br />securities of non-U.S. issuers. Equity securities include common and preferred<br />stocks. The Fund allocates its assets to securities of issuers located in both<br />developed and emerging markets. The companies whose securities are represented<br />in the Fund's portfolio are located in at least three countries other than the<br />U.S. The Fund may invest in companies of any size in seeking to achieve its<br />investment goal.<br /> <br />The Fund's sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow<br />Hanley"), uses traditional methods of stock selection -- research and analysis --<br />to identify securities it believes are undervalued. Barrow Hanley seeks to<br />invest in companies that have (1) price to earnings and price to book ratios<br />below the market, (2) enterprise value/free cash flow ratios at or below the<br />market and (3) dividend yields above the market. For purposes of the preceding<br />sentence, the companies comprising the MSCI EAFE Index constitute the market.<br />Barrow Hanley's investment management approach may be described as traditional<br />value with a focus on income from dividends because it generally focuses on<br />companies which are out of favor with other investors due to internal or<br />external challenges judged to be short-term in nature.  Barrow Hanley's process<br />seeks to identify the reasons for a temporary undervaluation of a company's<br />shares and believes that value to the Fund can be added through individual stock<br />selection.<br />  <br />Barrow Hanley utilizes risk management tools in an effort to keep the Fund from<br />becoming over-exposed to particular market segments. Barrow Hanley is a<br />"bottom-up" value manager meaning it analyzes the fundamentals of companies one<br />at a time rather than focusing on broader market themes.<br /><br />Barrow Hanley generally considers selling a security when, in Barrow Hanley's<br />opinion, the security reaches fair value estimate, when earnings forecasts do<br />not appear to justify the current price, when there has been or there is an<br />expectation of an adverse change in the company's fundamentals, or when other<br />investment opportunities appear more attractive.<br /> <br />The Fund may engage in frequent and active trading as part of its principal<br />investment strategy.</tt>
TOUCHSTONE INTERNATIONAL VALUE FUND SUMMARY
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.
Example.
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.
The Fund's Investment Goal
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The Principal Risks
Shareholder Fees (fees paid directly from your investment)
1.31
Your 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.
Touchstone International Value Fund - Class A shares Total Return as of December 31
The bar chart does not reflect any sales charges, which would reduce your return.
The Fund's Performance
50000
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years and 10 years compare with the MSCI EAFE Index, Net.
<tt>Best Quarter: 2nd Quarter 2009 +24.57%    Worst Quarter:  3rd Quarter 2008<br />-21.83%<br /> <br />The year-to-date return for the Fund's Class A shares as of June 30, 2012 is<br />+1.88%.</tt>
1.800.543.0407
"Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Average Annual Total Returns For the periods ended December 31, 2011
Portfolio Turnover.
<tt>The Fund's share price will fluctuate. You could lose money on your investment<br />in the Fund, and the Fund could also return less than other investments.  The<br />Fund is subject to the principal risks listed below.<br /> <br />Emerging Markets Risk:  Emerging markets may be more likely to experience<br />political turmoil or rapid changes in market or economic conditions than more<br />developed countries. In addition, the financial stability of issuers (including<br />governments) in emerging market countries may be more precarious than in other<br />countries. As a result, there will tend to be an increased risk of price<br />volatility associated with the Fund's investments in emerging market countries,<br />which may be magnified by currency fluctuations relative to the U.S. dollar.<br /> <br />Equity Securities Risk:  The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may suffer a<br />decline in response to such developments which could result in a decline in the<br />value of the Fund's shares.<br /> <br />Foreign Securities Risk:  Investing in foreign securities poses additional risks<br />since political and economic events unique in a country or region will affect<br />those markets and their issuers.  These events will not necessarily affect the<br />U.S. economy or similar issuers located in the United States.  In addition,<br />investments in foreign securities are generally denominated in foreign<br />currency.  As a result, changes in the value of those currencies compared to the<br />U.S. dollar may affect (positively or negatively) the value of the Fund's<br />investments.  These currency movements may happen separately from, or in<br />response to, events that do not otherwise affect the value of the security in<br />the issuer's home country.  There is a risk that foreign securities may not be<br />subject to accounting standards or governmental supervision comparable to U.S.<br />companies and that less public information about their operations may exist. <br />There is risk associated with the clearance and settlement procedures in<br />non-U.S. markets, which may be unable to keep pace with the volume of securities<br />transactions and may cause delays.  Foreign markets may be less liquid and more<br />volatile than U.S. markets and offer less protection to investors.<br />Over-the-counter securities may also be less liquid than exchange-traded<br />securities.<br /> <br />Large Cap Risk:  Large cap risk is the risk that stocks of larger companies may<br />underperform relative to those of small and mid-sized companies. Large cap<br />companies may be unable to respond quickly to new competitive challenges, such<br />as changes in technology and consumer tastes, and also may not be able to attain<br />the high growth rate of successful smaller companies, especially during extended<br />periods of economic expansion.<br /> <br />Management Risk:  The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br /> <br />Market Risk:  Market risk is the risk that the market value of a security may<br />fluctuate, sometimes rapidly and unpredictably.<br /> <br />Mid Cap Risk:  The Fund is subject to the risk that medium capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Stocks<br />of mid-sized companies may be subject to more abrupt or erratic market movements<br />than stocks of larger, more established companies. Mid-sized companies may have<br />limited product lines or financial resources, and may be dependent upon a<br />particular niche of the market.<br /> <br />Portfolio Turnover Risk:  Frequent and active trading may result in greater<br />expenses to the Fund, which may lower the Fund's performance and may generate<br />more taxable short-term gains for shareholders.<br /> <br />Small Cap Risk:  The Fund is subject to the risk that small capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Small<br />cap stock risk is the risk that stocks of smaller companies may be subject to<br />more abrupt or erratic market movements than stocks of larger, more established<br />companies. Small companies may have limited product lines or financial<br />resources, or may be dependent upon a small or inexperienced management group.<br />In addition, small cap stocks typically are traded in lower volume, and their<br />issuers typically are subject to greater degrees of changes in their earnings<br />and prospects.<br /> <br />Value Investing Risk:  A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
The Fund's Principal Investment Strategies
www.TouchstoneInvestments.com
<tt>The bar chart and the performance table below illustrate the risks and<br />volatility of an investment in the Fund by showing changes in the Fund's<br />performance from calendar year to calendar year and by showing how the Fund's<br />average annual total returns for 1 year, 5 years and 10 years compare with the<br />MSCI EAFE Index, Net.  The bar chart does not reflect any sales charges, which<br />would reduce your return.  Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance is available at no cost by visiting www.TouchstoneInvestments.com or<br />by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.  You may qualify for sales charge discounts for Class A<br />shares if you and your family invest, or agree to invest in the future, at least<br />$50,000 or more in the Touchstone Funds. More information about these and other<br />discounts is available from your financial professional and in the section<br />entitled "Choosing a Class of Shares" in the Fund's prospectus on page 39 and in<br />the section entitled "Choosing a Share Class" in the Fund's Statement of<br />Additional Information on page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your tax<br />situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account.  After-tax returns are only shown for<br />Class A shares and after-tax returns for other Classes will vary.<br /> <br />Class A shares began operations on August 18, 1994, Class C shares began<br />operations on April 25, 1996 and Class Y shares began operations on October 9,<br />1998.</tt>
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MSCI EAFE Index, Net (reflects no deduction for fees, expenses or taxes)
-0.1214
-0.0472
0.0467
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
-0.1111
-0.0584
0.0204
Class A Shares Return After Taxes on Distributions
-0.1821
-0.0810
0.0164
FSIEX
-0.1396
-15
Worst Quarter:
Best Quarter:
0.0575
2012-06-30
Class A Shares Return Before Taxes
0.0001
707
2009-06-30
1055
-0.2183
0.1564
-0.0035
0.093
2468
1427
0.1444
0.2457
-0.1797
0.0047
-0.4528
0.0100
2013-09-10
2008-09-30
0.2603
-0.0669
0.1366
The year-to-date return
0.0046
-0.1368
0.3338
0.0025
0.0268
0.0138
0.0173
0.2205
0.0188
0.0001
0.0000
FIVIX
-15
0.0000
0.0001
100
406
-0.0044
1662
734
0.0041
0.0100
2013-09-10
0.0040
0.0000
0.0098
0.0142
0.0001
0.0000
FIEIX
-15
0.0000
Class Y Shares Return Before Taxes
0.0001
115
416
-0.0027
1654
739
-0.1339
0.0039
0.0100
2013-09-10
-0.0547
0.0038
0.0000
0.0344
0.0113
0.0140
0.0001
0.0000
FTECX
-15
0.0000
Class C Shares Return Before Taxes
0.0001
316
216
1056
-0.0192
4126
1912
-0.1429
0.0204
0.0100
2013-09-10
4126
-0.0643
1056
1912
0.0203
0.0100
0.0239
0.0213
0.0405
0.0001
0.0100
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the fiscal year ended July 31, 2011, the portfolio turnover<br />rate of the Fund was 93% of the average value of its portfolio.</tt>
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<tt>The Fund seeks long-term capital growth.</tt>
<tt>This example is intended to help you compare the cost of investing in the <br />Fund with the cost of investing in other mutual funds. The example assumes<br />that you invest $10,000 in the Fund for the time periods indicated and then,<br />except as indicated, redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same (reflecting the contractual fee<br />waiver).  Although your actual costs may be higher or lower, based on these<br />assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in<br />equity securities of small cap companies. This is a non-fundamental investment<br />policy that can be changed by the Fund upon 60 days' prior notice to<br />shareholders. For purposes of the Fund, a small capitalization company has a<br />market capitalization of no more than $2 billion at the time of initial<br />purchase. Equity securities consist of common stock, preferred stock and<br />convertible bonds.<br /> <br />The Fund's sub-advisor, DePrince, Race & Zollo, Inc. ("DRZ"), seeks to invest in<br />companies that it believes have the potential for growth and that appear to be<br />trading below their perceived value.<br /> <br />DRZ employs a multi-step, "bottom up" investment process. Initially, DRZ screens<br />the investible universe for small market capitalization companies that pay a<br />dividend. DRZ then applies various valuation multiples such as<br />price-to-earnings, price-to-book and price-to-cash flow, to find companies that<br />it believes are trading at the low end of their historical relative valuation<br />levels. DRZ then conducts rigorous fundamental analysis to identify an imminent<br />catalyst (e.g. a new product cycle, management focus on return on invested<br />capital, management changes, restructuring, improving financial or operating<br />conditions or an industry-pricing cycle) which it believes may lead to future<br />price appreciation. DRZ establishes relative price targets for the remaining<br />stocks that have identifiable catalysts. Finally, DRZ filters the results to<br />choose companies that it believes have the potential for growth and appear to be<br />trading below their perceived value. DRZ considers selling a security when, in<br />DRZ's opinion, the security's yield falls below an acceptable limit, when the<br />valuation is no longer attractive or the fundamentals of the company or sector<br />deteriorate.<br /> <br />The Fund invests in securities of companies operating in a broad range of<br />industries. Most of these companies are based in the U.S., but in some instances<br />may be headquartered in or doing a substantial portion of their business outside<br />the U.S. The Fund will typically hold 65 to 80 securities. The Fund may engage<br />in frequent and active trading of securities as a part of its principal<br />investment strategy.</tt>
TOUCHSTONE SMALL COMPANY VALUE FUND SUMMARY
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.
Example.
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.
The Fund's Investment Goal
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The Principal Risks
Shareholder Fees (fees paid directly from your investment)
0.93
Your 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.
Touchstone Small Company Value Fund - Class A Total Returns as of December 31
The bar chart does not reflect any sales charges, which would reduce your return.
The Fund's Performance
50000
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years and since the Fund's inception compare with the Russell 2000® Value Index.
<tt>Best Quarter:  2nd Quarter 2009 +26.20%    Worst Quarter:  4th Quarter 2008<br />-27.57%<br /><br />The year-to-date return for the Fund's Class A shares as of June 30, 2012 is<br />+2.73%.</tt>
1.800.543.0407
"Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Average Annual Total Returns For the periods ended December 31, 2011
Portfolio Turnover.
<tt>The Fund's share price will fluctuate. You could lose money on your investment<br />in the Fund, and the Fund could also return less than other investments.  The<br />Fund is subject to the principal risks listed below.<br /> <br />Convertible Securities Risk:  Convertible securities are subject to the risks of<br />both debt securities and equity securities. The values of convertible securities<br />tend to decline as interest rates rise and, due to the conversion feature, tend<br />to vary with fluctuations in the market value of the underlying security.<br /> <br />Equity Securities Risk:  The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may suffer a<br />decline in response to such developments which could result in a decline in the<br />value of the Fund's shares.<br /> <br />Foreign Securities Risk:  Investing in foreign securities poses additional risks<br />since political and economic events unique in a country or region will affect<br />those markets and their issuers.  These events will not necessarily affect the<br />U.S. economy or similar issuers located in the United States.  In addition,<br />investments in foreign securities are generally denominated in foreign<br />currency.  As a result, changes in the value of those currencies compared to the<br />U.S. dollar may affect (positively or negatively) the value of the Fund's<br />investments.  These currency movements may happen separately from, or in<br />response to, events that do not otherwise affect the value of the security in<br />the issuer's home country.  There is a risk that foreign securities may not be<br />subject to accounting standards or governmental supervision comparable to U.S.<br />companies and that less public information about their operations may exist. <br />There is risk associated with the clearance and settlement procedures in<br />non-U.S. markets, which may be unable to keep pace with the volume of securities<br />transactions and may cause delays.  Foreign markets may be less liquid and more<br />volatile than U.S. markets and offer less protection to investors.<br />Over-the-counter securities may also be less liquid than exchange-traded<br />securities.<br /><br />Management Risk:  The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br /> <br />Market Risk:  Market risk is the risk that the market value of a security may<br />fluctuate, sometimes rapidly and unpredictably.<br /> <br />Micro Cap Risk:  Micro-capitalization companies are substantially riskier than<br />investments in larger, more established companies. The stocks of<br />micro-capitalization companies are less stable in price and less liquid than the<br />stocks of larger companies.<br /> <br />Mid Cap Risk:  The Fund is subject to the risk that medium capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Stocks<br />of mid-sized companies may be subject to more abrupt or erratic market movements<br />than stocks of larger, more established companies. Mid-sized companies may have<br />limited product lines or financial resources, and may be dependent upon a<br />particular niche of the market.<br /> <br />Portfolio Turnover Risk:  Frequent and active trading may result in greater<br />expenses to the Fund, which may lower the Fund's performance and may generate<br />more taxable short-term gains for shareholders.<br /> <br />Preferred Stock Risk:  Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br /> <br />Small Cap Risk:  The Fund is subject to the risk that small capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Small<br />cap stock risk is the risk that stocks of smaller companies may be subject to<br />more abrupt or erratic market movements than stocks of larger, more established<br />companies. Small companies may have limited product lines or financial<br />resources, or may be dependent upon a small or inexperienced management group.<br />In addition, small cap stocks typically are traded in lower volume, and their<br />issuers typically are subject to greater degrees of changes in their earnings<br />and prospects.<br /> <br />Value Investing Risk:  A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
The Fund's Principal Investment Strategies
www.TouchstoneInvestments.com
<tt>The bar chart and the performance table below illustrate the risks and<br />volatility of an investment in the Fund by showing changes in the Fund's<br />performance from calendar year to calendar year and by showing how the Fund's<br />average annual total returns for 1 year, 5 years and since the Fund's inception<br />compare with the Russell 2000® Value Index.  The bar chart does not reflect any<br />sales charges, which would reduce your return.  Past performance (before and<br />after taxes) does not necessarily indicate how the Fund will perform in the<br />future.  Updated performance is available at no cost by visiting<br />www.TouchstoneInvestments.com or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.  You may qualify for sales charge discounts for Class A<br />shares if you and your family invest, or agree to invest in the future, at least<br />$50,000 or more in the Touchstone Funds. More information about these and other<br />discounts is available from your financial professional and in the section<br />entitled "Choosing a Class of Shares" in the Fund's prospectus on page 39 and in<br />the section entitled "Choosing a Share Class" in the Fund's Statement of<br />Additional Information on page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your tax<br />situation. The after-tax returns do not apply to shares held in an IRA, 401(k)<br />or other tax-deferred account.  After-tax returns are only shown for Class A<br />shares and after-tax returns for other Classes will vary.<br /> <br />Class A, Class C and Class Y shares began operations on April 1, 2003.</tt>
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Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)
-0.0550
-0.0187
0.0640
2003-04-01
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
-0.0191
0.0040
0.0657
2003-04-01
Class A Shares Return After Taxes on Distributions
-0.0547
-0.0008
0.0666
2003-04-01
FTVLX
-15
0.0000
88
357
-0.0039
1473
647
0.0034
0.0090
2013-09-10
0.0000
0.0086
0.0125
0.0001
0.0000
FTVIX
-15
0.0000
Class Y Shares Return Before Taxes
98
367
-0.0029
1483
657
0.0063
0.0034
0.0090
2013-09-10
0.0203
0.0000
0.0096
0.0125
0.0929
2003-04-01
0.0001
0.0000
FTVCX
-15
0.0000
Class C Shares Return Before Taxes
299
199
749
-0.0065
2893
1326
-0.0034
0.0070
0.0090
2013-09-10
2893
0.0100
749
1326
0.0100
0.0196
0.0261
0.0819
2003-04-01
0.0001
0.0100
FTVAX
-15
Worst Quarter:
Best Quarter:
0.0575
2012-06-30
Class A Shares Return Before Taxes
691
2009-06-30
1043
-0.2757
0.1143
-0.0054
0.1962
2471
1419
-0.0452
0.2620
-0.0463
0.0059
-0.2873
0.0090
2013-09-10
2008-12-31
0.3355
0.0072
0.1166
The year-to-date return
0.0039
0.0025
0.0121
0.0175
0.1343
0.0837
2003-04-01
0.0273
0.0001
0.0000
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the fiscal year ended July 31, 2011, the portfolio turnover rate of the <br />Fund was 59% of the average value of its portfolio.</tt>
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<tt>The Fund seeks capital appreciation.</tt>
<tt>This example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The example assumes<br />that you invest $10,000 in the Fund for the time periods indicated and then,<br />except as indicated, redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same (reflecting the contractual fee<br />waiver).  Although your actual costs may be higher or lower, based on these<br />assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>Under normal circumstances, the Fund invests at least 80% of its assets in<br />equity securities of micro cap companies. This is a non-fundamental policy that<br />the Fund can change upon 60 days' prior notice to shareholders. Micro cap<br />companies are those companies contained within the Russell Microcap® Value<br />Index, or companies with similar size characteristics at the time of initial<br />purchase.  As of July 31, 2012, the market capitalization of companies included<br />in the Russell Microcap Value Index ranged from $15 million to $782 million.  As<br />of July 31, 2012, the average market capitalization for companies contained<br />within the Russell Microcap Value Index was approximately $281 million and the<br />median market capitalization was approximately $162 million.  The size of the<br />companies in the Russell Microcap Value Index will change with market<br />conditions.  Equity securities consist of common stock and securities<br />convertible into common stock.<br /> <br />The Fund seeks to provide broad exposure to micro cap domestic equities and<br />seeks to outperform the Russell Microcap Value Index over a long-term investment<br />horizon. The Fund's sub-advisor, Fifth Third Asset Management, Inc. ("FTAM"),<br />seeks to invest in companies that it considers to be "statistically cheap"<br />(based on factors which may include, for example, low ratio of price to<br />earnings, price to cash flow, price to book value, and price to sales). FTAM<br />also looks for companies that it believes are undervalued relative to their<br />earning power and long term earnings growth prospects, adjusted for risk. FTAM<br />may filter out less attractive companies by analyzing cash flows, evaluating<br />financial strength, performing normalized earnings analysis and reviewing<br />purchase and sale activity in company shares by company executives, and through<br />fundamental analysis, which may include a review of assets, earnings, sales,<br />products, markets, and management, among other indicators. Ideally, after<br />filtering out companies that do not meet FTAM's criteria above, FTAM looks for<br />companies that it believes have a positive catalyst (e.g., new products,<br />management changes, acquisition, etc.).<br /> <br />FTAM also utilizes a strict sell discipline and may consider selling a security<br />when: it becomes fully valued or less attractive; one of the Fund's holdings has<br />performed well and reached or approached FTAM's price target; a company fails to<br />pass FTAM's investment screens; or there is deterioration in a company's<br />fundamentals, management or financial reporting.<br /> <br />FTAM will look to manage risk through several strategies, which will typically<br />include: maintaining minimum and maximum sector weightings relative to the<br />Russell Microcap Value Index; monitoring risk statistics relative to the Russell<br />Microcap Value Index; and monitoring trade volume.<br /><br />The Fund may also invest up to 10% of its assets in foreign securities.</tt>
TOUCHSTONE MICRO CAP VALUE FUND SUMMARY
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.
Example.
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.
The Fund's Investment Goal
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The Principal Risks
Shareholder Fees (fees paid directly from your investment)
0.59
Your 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.
Touchstone Micro Cap Value Fund - Class A shares Total Return as of December 31
The bar chart does not reflect any sales charges, which would reduce your return.
The Fund's Performance
50000
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years and 10 years compare with the Russell 2000® Value Index and Russell Microcap® Value Index.
<tt>Best Quarter:  2nd Quarter 2009 +32.54%    Worst Quarter:  4th Quarter 2008<br />-27.89%<br /> <br />The year-to-date return for the Fund's Class A shares as of June 30, 2012 is<br />+6.91%.</tt>
1.800.543.0407
"Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Average Annual Total Returns For the periods ended December 31, 2011
Portfolio Turnover.
<tt>The Fund's share price will fluctuate. You could lose money on your investment<br />in the Fund, and the Fund could also return less than other investments.  The<br />Fund is subject to the principal risks listed below.<br /> <br />Convertible Securities Risk:  Convertible securities are subject to the risks of<br />both debt securities and equity securities. The values of convertible securities<br />tend to decline as interest rates rise and, due to the conversion feature, tend<br />to vary with fluctuations in the market value of the underlying security.<br /> <br />Equity Securities Risk:  The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may suffer a<br />decline in response to such developments which could result in a decline in the<br />value of the Fund's shares.<br /> <br />Foreign Securities Risk:  Investing in foreign securities poses additional risks<br />since political and economic events unique in a country or region will affect<br />those markets and their issuers.  These events will not necessarily affect the<br />U.S. economy or similar issuers located in the United States.  In addition,<br />investments in foreign securities are generally denominated in foreign<br />currency.  As a result, changes in the value of those currencies compared to the<br />U.S. dollar may affect (positively or negatively) the value of the Fund's<br />investments.  These currency movements may happen separately from, or in<br />response to, events that do not otherwise affect the value of the security in<br />the issuer's home country.  There is a risk that foreign securities may not be<br />subject to accounting standards or governmental supervision comparable to U.S.<br />companies and that less public information about their operations may exist. <br />There is risk associated with the clearance and settlement procedures in<br />non-U.S. markets, which may be unable to keep pace with the volume of securities<br />transactions and may cause delays.  Foreign markets may be less liquid and more<br />volatile than U.S. markets and offer less protection to investors.<br />Over-the-counter securities may also be less liquid than exchange-traded<br />securities.<br /> <br />Management Risk:  The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br /> <br />Market Risk:  Market risk is the risk that the market value of a security may<br />fluctuate, sometimes rapidly and unpredictably.<br /> <br />Micro Cap Risk:  Micro-capitalization companies are substantially riskier than<br />investments in larger, more established companies. The stocks of<br />micro-capitalization companies are less stable in price and less liquid than the<br />stocks of larger companies.<br /> <br />Value Investing Risk:  A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br /><br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
The Fund's Principal Investment Strategies
www.TouchstoneInvestments.com
<tt>The bar chart and the performance table below illustrate the risks and<br />volatility of an investment in the Fund by showing changes in the Fund's<br />performance from calendar year to calendar year and by showing how the Fund's<br />average annual total returns for 1 year, 5 years and 10 years compare with the<br />Russell 2000® Value Index and Russell Microcap® Value Index.  The bar chart does<br />not reflect any sales charges, which would reduce your return.  Past performance<br />(before and after taxes) does not necessarily indicate how the Fund will perform<br />in the future.  Updated performance is available at no cost by visiting<br />www.TouchstoneInvestments.com or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A<br />shares if you and your family invest, or agree to invest in the future, at least<br />$50,000 or more in the Touchstone Funds. More information about these and other<br />discounts is available from your financial professional and in the section<br />entitled "Choosing a Class of Shares" in the Fund's prospectus on page 39 and in<br />the section entitled "Choosing a Share Class" in the Fund's Statement of<br />Additional Information on page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your tax<br />situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account.  After-tax returns are only shown for<br />Class A shares and after-tax returns for other Classes will vary.<br /> <br />Class A and Class C shares began operations on August 13, 2001, and Class Y<br />shares began operations on February 1, 1998.</tt>
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Russell Microcap® Value Index (reflects no deduction for fees, expenses or taxes)
-0.1033
-0.0523
0.0599
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)
-0.0550
-0.0187
0.0640
Class A Shares Return After Taxes on Distributions and Sale of Fund Shares
-0.0637
-0.0055
0.0726
Class A Shares Return After Taxes on Distributions
-0.0980
-0.0176
0.0665
MXCIX
-15
0.0000
129
429
-0.0013
1664
751
0.0038
0.0100
2013-09-10
0.0000
0.0127
0.0140
0.0002
0.0000
MXAIX
-15
0.0000
Class Y Shares Return Before Taxes
139
477
-0.0021
1855
839
-0.0499
0.0056
0.0100
2013-09-10
0.0087
0.0000
0.0941
0.0137
0.0158
0.0002
0.0000
MXCSX
-15
0.0000
Class C Shares Return Before Taxes
340
240
775
-0.0018
2867
1337
-0.0604
0.0053
0.0100
2013-09-10
2867
-0.0018
775
1337
0.0100
0.0841
0.0237
0.0255
0.0002
0.0100
MXCAX
0.0008
-15
Worst Quarter:
Best Quarter:
0.0575
2012-06-30
Class A Shares Return Before Taxes
730
2009-06-30
1094
-0.2789
0.2297
-0.0019
0.3018
2567
1482
-0.099
0.3254
-0.0980
0.0054
-0.3069
0.0100
2013-09-10
2008-12-31
0.3388
-0.0039
-0.0060
The year-to-date return
-0.0515
0.6916
0.0025
0.0861
0.0162
0.0181
0.1243
0.0691
0.0002
0.0000
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"Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.
Touchstone Advisors 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 1.60%, 2.35%, 1.35% and 1.25% for Class A shares, Class C shares, Class Y shares, and Institutional shares, respectively. This expense limitation will remain in effect until at least September 10, 2013 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 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.
Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third Micro Cap Value Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on September 10, 2012. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. Financial and performance information included in the Fund's prospectus is that of the Predecessor Fund. For more information on the prior history of the Fund, please see the section entitled "The Trust" in the Fund's Statement of Additional Information.
Institutional shares have not been operational and offered prior to the date of the Fund's prospectus. Institutional shares would have had substantially similar annual returns because the shares are invested in the same portfolio. Annual returns would differ only to the extent that the Classes have different expenses.
"Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.
Touchstone Advisors 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 1.20%, 1.95%, 0.95% and 0.85% for Class A shares, Class C shares, Class Y shares, and Institutional shares, respectively. This expense limitation will remain in effect until at least September 10, 2013 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 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.
Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third Small Cap Value Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on September 10, 2012. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. Financial and performance information included in the Fund's prospectus is that of the Predecessor Fund. For more information on the prior history of the Fund, please see the section entitled "The Trust" in the Fund's Statement of Additional Information.
Touchstone Advisors 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 1.36%, 2.11%, 1.11% and 0.96% for Class A shares, Class C shares, Class Y shares and Institutional shares, respectively. This expense limitation will remain in effect until at least September 10, 2013 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 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.
Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third International Equity Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on September 10, 2012. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. Financial and performance information included in the Fund's prospectus is that of the Predecessor Fund. For more information on the prior history of the Fund, please see the section entitled "The Trust" in the Fund's Statement of Additional Information.
Touchstone Advisors 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 0.94%, 1.69%, 0.69% and 0.59% for Class A shares, Class C shares, Class Y shares and Institutional shares, respectively. This expense limitation will remain in effect until at least September 10, 2013 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 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.
Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third Strategic Income Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on September 10, 2012. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. Financial and performance information included in the Fund's prospectus is that of the Predecessor Fund. For more information on the prior history of the Fund, please see the section entitled "The Trust" in the Fund's Statement of Additional Information.