0001144204-12-062019.txt : 20121114 0001144204-12-062019.hdr.sgml : 20121114 20121114102000 ACCESSION NUMBER: 0001144204-12-062019 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 EFFECTIVENESS DATE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOUCHSTONE STRATEGIC TRUST CENTRAL INDEX KEY: 0000711080 IRS NUMBER: 311276717 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03651 FILM NUMBER: 121201544 BUSINESS ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202-4203 BUSINESS PHONE: 5133628000 MAIL ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202-4203 FORMER COMPANY: FORMER CONFORMED NAME: COUNTRYWIDE STRATEGIC TRUST DATE OF NAME CHANGE: 19970303 FORMER COMPANY: FORMER CONFORMED NAME: MIDWEST STRATEGIC TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FINANCIAL INDEPENDENCE TRUST DATE OF NAME CHANGE: 19900604 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOUCHSTONE STRATEGIC TRUST CENTRAL INDEX KEY: 0000711080 IRS NUMBER: 311276717 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-80859 FILM NUMBER: 121201545 BUSINESS ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202-4203 BUSINESS PHONE: 5133628000 MAIL ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202-4203 FORMER COMPANY: FORMER CONFORMED NAME: COUNTRYWIDE STRATEGIC TRUST DATE OF NAME CHANGE: 19970303 FORMER COMPANY: FORMER CONFORMED NAME: MIDWEST STRATEGIC TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FINANCIAL INDEPENDENCE TRUST DATE OF NAME CHANGE: 19900604

0000711080 S000035679 Touchstone International Small Cap Fund

C000109238 A TNSAX

C000109239 C TNSCX

C000109240 Institutional TNSIX

C000109241 Y TNSYX

0000711080 S000035680 Touchstone Capital Growth Fund

C000109242 A TSCGX

C000109243 C TCFCX

C000109244 Institutional TCGNX

C000109245 Y TCGYX

0000711080 S000035681 Touchstone Mid Cap Value Opportunities Fund

C000109246 A TMOAX

C000109247 C TMOCX

C000109248 Institutional TMOIX

C000109249 Y TMOYX

0000711080 S000035682 Touchstone Small Cap Value Opportunities Fund

C000109250 A TSOAX

C000109251 C TSOCX

C000109252 Institutional TSOIX

C000109253 Y TSOYX

0000711080 S000035690 Touchstone US Long/Short Fund

C000109282 A TUSAX

C000109283 C TUSCX

C000109284 Institutional TUSIX

C000109285 Y TUSYX

0000711080 S000035691 Touchstone Value Fund

C000109286 A TVLAX

C000109287 C TVLCX

C000109288 Institutional TVLIX

C000109289 Y TVLYX

485BPOS 1 v327333_485bpos.htm AMENDED REGISTRATION STATEMENT

Filed with the Securities and Exchange Commission on November 14, 2012

Securities Act of 1933 File No. 002-80859

Investment Company Act of 1940 File No. 811-03651

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x

Pre-Effective Amendment No.

Post-Effective Amendment No. 90

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 x

Amendment No. 90

(Check appropriate box or boxes.)

TOUCHSTONE STRATEGIC TRUST

(Exact name of Registrant as Specified in Charter)

303 Broadway, Suite 1100, Cincinnati, Ohio 45202

(Address of Principal Executive Offices) Zip Code

Registrant’s Telephone Number, including Area Code (513) 878-4066

Jill T. McGruder, 303 Broadway, Cincinnati, OH 45202

(Name and Address of Agent for Service)

With Copies to:

John M. Ford, Esq.

Pepper Hamilton LLP

3000 Two Logan Square

Philadelphia, PA 19103

It is proposed that this filing will become effective

(check appropriate box)

x immediately upon filing pursuant to paragraph (b)

o on (date) pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on (date) pursuant to paragraph (a)(2) of rule 485. If appropriate, check the following box:

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirement for effectiveness of this Post-Effective Amendment No. 90 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 90 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Cincinnati, and State of Ohio on the 14^th day of November, 2012.

TOUCHSTONE STRATEGIC TRUST

By: /s/ Jill T. McGruder

Jill T. McGruder

President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 90 to the Registrant’s Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

*	Trustee	November 14, 2012

Phillip R. Cox

*	Trustee	November 14, 2012

H. Jerome Lerner

*	Trustee	November 14, 2012

John P. Zanotti

*	Trustee	November 14, 2012

Donald C. Siekmann

*	Trustee	November 14, 2012

Susan J. Hickenlooper

/s/Jill T. McGruder
	Trustee and President	November 14, 2012
Jill T. McGruder

/s/Terrie Wiedenheft
	Controller, Treasurer	November 14, 2012
Terrie A. Wiedenheft	and Principal Financial
	Officer

*By: _/s/Terri A. Wiedenheft___________________

Terrie A. Wiedenheft

(Attorney-in-Fact Pursuant to Power of Attorney)

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT

EX-101.INS	XBRL Instance Document

EX-101.SCH	XBRL Taxonomy Extension Schema Document

EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 3 ck0000711080-20120630.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-06-30 0000711080 2012-10-29 TOUCHSTONE STRATEGIC TRUST false 2012-10-29 2012-10-30 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 three months ended June 30, 2012, the portfolio turnover rate of the Fund was 13% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035691Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035691Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide investors with long-term capital growth.</tt> <tt>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 the contractual fee waiver).   Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund normally invests in equity securities of large and mid cap companies (generally, companies with market capitalizations of approximately $2.5 billion or above) that the Fund's sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley") believes are undervalued. Equity securities include common and preferred stocks.    Barrow Hanley uses traditional methods of stock selection - research and analysis - to identify securities it believes are undervalued and searches for companies that have price to earnings and price to book ratios below the market and that have above average dividend yields. Barrow Hanley's investment management approach may be described as traditional value with a focus on income from dividends because it generally focuses on companies which are out of favor with other investors due to internal or external challenges judged to be short-term in nature. Barrow Hanley's process seeks to identify the reasons for a temporary undervaluation of a company's shares and believes that value can be added through individual stock selection.    Barrow Hanley utilizes risk management tools in an effort to keep the Fund from becoming over-exposed to particular market segments. Barrow Hanley is a "bottom-up" value manager meaning it analyzes the fundamentals of companies one at a time rather than focusing on broader market themes.    Barrow Hanley generally considers selling a security when it reaches fair value estimate, when earnings forecasts do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company's fundamentals, or when other investment opportunities appear more attractive.</tt> TOUCHSTONE VALUE FUND SUMMARY 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 June 30, 2012, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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 return less than other investments. The Principal Risks Shareholder Fees (fees paid directly from your investment) 0.13 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 Value Fund - Class Y 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 performance table below illustrate some indication of the risks of investing 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 1000 Value Index. <tt>Best Quarter:                    Worst Quarter:        Second Quarter 2003 +20.19% Fourth Quarter 2008 -19.56%    The year-to-date return for the Fund's Class Y shares as of September 30, 2012 is 15.07%.</tt> 1.800.543.0407 "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage 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 in the Fund and the Fund could return less than other investments. The Fund is subject to the principal risks summarized below.    Equity Securities Risk: The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares. Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.    Management Risk: 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.    Mid Cap Risk:  The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.    Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.    Sector Focus Risk: The Fund may focus its investments in certain industries within certain sectors. A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments.    Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value.    As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Investment Strategies and Risks" section of the Fund's Prospectus.</tt> The Fund's Fees and Expenses After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. The Fund's Principal Investment Strategies www.TouchstoneInvestments.com <tt>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 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 1000 Value Index. The bar chart does not reflect any sales charges, which would reduce your return. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting 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 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 51 and in the section entitled "Choosing a Share Class" in the Fund's Statement of Additional Information on page 65.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035691Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035691Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>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 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. After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary.    Class Y shares began operations on September 10, 1998, Class A shares began operations on July 31, 2003 and Institutional shares began operations on December 20, 2006. Class A shares and Institutional shares performance was calculated using the historical performance of Class Y shares for the periods prior to July 31, 2003 and December 20, 2006, respectively. The Class A shares performance for this period has been restated to reflect the impact of Class A shares fees and expenses.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035691Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035691Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) 0.0039 -0.0264 0.0389 Class Y Return After Taxes on Distributions and Sale of Fund Shares 0.0288 -0.0153 0.0180 Class Y Return After Taxes on Distributions 0.0378 -0.0242 0.0063 TVLYX -0.1046 -15 Worst Quarter: Best Quarter: 0.0000 2012-09-30 Class Y Return Before Taxes 86 2003-06-30 354 -0.1956 0.0682 -0.0040 0.1007 1465 643 0.0135 0.2019 0.0445 0.0048 -0.3631 0.0075 2014-04-16 2008-12-31 0.2657 -0.0124 -0.0099 The year-to-date return 0.0445 0.2546 0.0000 0.0247 0.0084 0.0124 0.1440 0.1507 0.0001 0.0000 TVLIX -15 0.0000 Institutional Return Before Taxes 70 309 -0.0041 1303 566 0.0456 0.0034 0.0075 2014-04-16 -0.0113 0.0000 0.0253 0.0069 0.0110 0.0001 0.0000 TVLCX -15 0.0000 287 187 668 -0.0043 2572 1176 0.0051 0.0075 2014-04-16 2572 668 1176 0.0100 0.0184 0.0227 0.0001 0.0100 TVLAX -15 0.0575 Class A Return Before Taxes 680 1376 -0.0241 3981 2093 -0.0176 0.0249 0.0075 2014-04-16 -0.0265 0.0025 0.0161 0.0109 0.0350 0.0001 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 three months ended June 30, 2012, the portfolio turnover rate of the Fund was 69% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035690Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035690Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide investors with above-average total returns.</tt> <tt>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 the contractual fee waiver).   Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund normally invests at least 80% of its assets in equity securities of companies whose securities are traded in U.S. markets and are tied economically to the United States. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days' prior notice to shareholders. The Fund may invest up to 20% of its assets in securities of foreign issuers. While the Fund may invest in companies of any size, it generally invests in large and mid-cap companies, or companies with market capitalizations of approximately $2.5 billion or above. Equity securities include common and preferred stocks. The Fund may invest in long and short positions of publicly traded equity securities. The Fund's long and short positions may include equity securities of foreign issuers that are traded in U.S. markets. The Fund buys securities "long" that Analytic Investors, LLC ("Analytic"), the Fund's sub-advisor, believes will outperform and sells securities "short" that Analytic believes will underperform. Analytic selects equity securities using a proprietary system that ranks stocks according to a mathematical model. Analytic's system seeks to determine a security's intrinsic value by evaluating variables, such as relative valuation, price momentum, company fundamentals, liquidity and risk. Analytic begins the stock selection process by ranking stocks according to their one-month expected return. Analytic then uses a process called "portfolio optimization" to select securities that it believes will: o Maximize expected return for the Fund; o Minimize expected volatility relative to its benchmark; and o Diversify the assets of the Fund among industries, sectors, and   individual securities. Analytic monitors the stocks held by the Fund on a real-time basis for developments such as news events or significant changes in fundamental factors. Using its system, Analytic strives to assemble a portfolio of securities that is style and sector neutral to achieve a level of diversification and risk similar to that of the S&P 500 Index. The Fund generally takes long equity positions equal to approximately 120% of the Fund's equity assets excluding cash, and short equity positions equal to approximately 20% of the Fund's equity assets at the time of investment, although the Fund's long-short exposure will vary over time based on Analytic's assessment of market conditions and other factors. The Fund's long equity exposure ordinarily ranges from 110% to 125% of the Fund's net assets and its short equity exposure ordinarily ranges from 10% to 33% of the Fund's net assets. The cash received from short sales may be used to invest in long equity positions. Analytic will normally maintain long and short positions such that the Fund's net long equity exposure (i.e., the percentage of long equity positions minus the percentage of short equity positions) does not exceed 100% of the Fund's net assets. The Fund may engage in frequent and active trading of securities as part of its principal investment strategy.    Analytic generally considers selling a security when it reaches fair value estimate, when the company's fundamentals do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company's fundamentals, when the risks of the security unexpectedly rise, or when other investment opportunities appear more attractive.</tt> TOUCHSTONE U.S. LONG/SHORT FUND SUMMARY 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 June 30, 2012, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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 return less than other investments. The Principal Risks Shareholder Fees (fees paid directly from your investment) 0.69 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 U.S. Long/Short Fund -- Class Y 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 performance table below illustrate some indication of the risks of investing 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 S&P 500 Index. <tt>Best Quarter:                    Worst Quarter:        Second Quarter 2009 +15.67%   Fourth Quarter 2008 -22.38%    The year-to-date return for the Fund's Class Y shares as of September 30, 2012 is 16.00%.</tt> 1.800.543.0407 "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage 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 in the Fund and the Fund could return less than other investments. The Fund is subject to the principal risks summarized below.    Equity Securities Risk: The Fund is subject to the risk that stock prices will fall (or rise with respect to short positions) over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares. Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the Fund's shares.    Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States.    Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.    Leverage Risk: By investing the proceeds received from selling securities short, the Fund is employing leverage, which creates special risks. The use of leverage may increase the Fund's exposure to long or short equity positions and make any change in the Fund's net asset value greater than without the use of leverage. This could result in increased volatility of returns.    Management Risk: 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.    Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.    Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance and may generate more taxable short-term gains for shareholders.    Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.    Sector Focus Risk: The Fund may focus its investments in certain industries within certain sectors. A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. Short Sales Risk: When selling a security short, the Fund will sell a security it does not own at the then-current market price. The Fund borrows the security to deliver to the buyer and is obligated to buy the security at a later date so it can return the security to the lender. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.    As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Investment Strategies and Risks" section of the Fund's Prospectus.</tt> The Fund's Fees and Expenses After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. The Fund's Principal Investment Strategies www.TouchstoneInvestments.com <tt>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 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 S&P 500 Index. The bar chart does not reflect any sales charges, which would reduce your return. Prior to February 2006, the Fund did not take short positions as part of its principal investment strategy. 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. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting 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 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 51 and in the section entitled "Choosing a Share Class" in the Fund's Statement of Additional Information on page 65.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035690Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035690Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>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 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.  After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary.    Class Y shares began operations on July 1, 1993, Class A shares began operations on July 31, 2003 and Institutional shares began operations on December 20, 2006.   Class A shares and Institutional shares performance was calculated using the historical performance of Class Y shares for the periods prior to July 31, 2003 and December 20, 2006, respectively.  The Class A shares performance for this period has been restated to reflect the impact of Class A shares fees and expenses.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035690Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035690Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Class Y Return After Taxes on Distributions and Sale of Fund Shares 0.0180 -0.0238 0.0134 Class Y Return After Taxes on Distributions 0.0259 -0.0292 0.0148 TUSYX -0.2547 -15 Worst Quarter: Best Quarter: 0.0000 2012-09-30 Class Y Return Before Taxes 0.0036 145 2009-06-30 704 -0.2238 0.0924 -0.0122 0.0884 2883 1291 0.0747 0.1567 0.0277 0.0183 -0.3942 0.0080 2014-04-16 2008-12-31 0.2045 -0.0259 0.0668 The year-to-date return 0.0148 0.0277 0.2904 0.0000 0.0173 0.0142 0.0264 0.2071 0.1600 0.0001 0.0000 TUSIX -15 0.0000 Institutional Return Before Taxes 0.0036 129 929 -0.0254 3883 1748 0.0297 0.0300 0.0080 2014-04-16 -0.0237 0.0264 0.0000 0.0184 0.0127 0.0381 0.0001 0.0000 TUSCX -15 0.0000 0.0036 345 245 804 -0.0024 2975 1389 0.0085 0.0080 2014-04-16 2975 804 1389 0.0049 0.0100 0.0242 0.0266 0.0001 0.0100 TUSAX -15 0.0575 Class A Return Before Taxes 0.0036 735 1625 -0.0288 4805 2524 -0.0341 0.0349 0.0080 2014-04-16 -0.0398 0.0313 0.0025 0.0087 0.0167 0.0455 0.0001 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 three months ended June 30, 2012, the portfolio turnover rate of the Fund was 18% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035682Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035682Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide investors with long-term capital growth.</tt> <tt>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 the contractual fee waiver).   Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund normally invests at least 80% of its assets in equity securities of small cap companies. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days' prior notice to shareholders. For purposes of this Fund, small cap companies are those companies with market capitalizations at the time of investment similar to the market capitalizations of companies in the Russell 2000® Value Index (between approximately $40 million and $3.5 billion as of its most recent reconstitution on August 31, 2012). The size of the companies in the Russell 2000® Value Index will change with market conditions. Equity securities include common and preferred stocks.    Thompson, Siegel & Walmsley LLC ("TS&W"), the Fund's sub-advisor, primarily invests in common stocks. TS&W seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. TS&W's small-cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other small-cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action.    TS&W's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including but not limited to sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on the pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment.    In addition to portfolio holdings derived from TS&W's four-factor valuation screen and fundamental research described above, a portion of the Fund's portfolio will be constructed using TS&W's quantitative optimization procedure. This quantitative optimization procedure utilizes TS&W's four factor screened small-cap universe to construct an expanded portfolio of securities with risk and return characteristics similar to those of the portfolio of securities identified by TS&W's four-factor valuation screen and fundamental research.    TS&W generally considers selling a security when the catalyst for the investment is no longer valid, when TS&W believes that another stock will have a higher expected return, or for portfolio risk management.</tt> TOUCHSTONE SMALL CAP VALUE OPPORTUNITIES FUND SUMMARY 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 June 30, 2012, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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 return less than other investments. The Principal Risks Shareholder Fees (fees paid directly from your investment) 0.18 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 Cap Value Opportunities Fund -- Class Y 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 performance table below illustrate some indication of the risks of investing 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. <tt>Best Quarter:                     Worst Quarter:        Third Quarter 2009 +17.67%   Fourth Quarter 2008 -24.43% The year-to-date return for the Fund's Class Y shares as of September 30, 2012 is 11.43%.</tt> 1.800.543.0407 "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage 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 in the Fund and the Fund could return less than other investments. The Fund is subject to the principal risks summarized below. Equity Securities Risk: The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.    Management Risk: 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. Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.    Sector Focus Risk: The Fund may focus its investments in certain industries within certain sectors. A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments.    Small Cap Risk: The Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects.    Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value.    As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Investment Strategies and Risks" section of the Fund's Prospectus.</tt> The Fund's Fees and Expenses After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. The Fund's Principal Investment Strategies www.TouchstoneInvestments.com <tt>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 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. The bar chart does not reflect any sales charges, which would reduce your return. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting 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 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 51 and in the section entitled "Choosing a Share Class" in the Fund's Statement of Additional Information on page 65.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035682Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035682Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>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 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. After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. Class Y shares began operations on July 25, 2003. Performance information presented prior to July 25, 2003 for Class Y shares includes performance of a predecessor fund whose inception date was July 31, 2000. Class A shares began operations on July 31, 2003 and Institutional shares began operations on December 9, 2008. Class A shares and Institutional shares performance was calculated using the historical performance of Class Y shares for the periods prior to July 31, 2003 and December 9, 2008, respectively. The Class A shares performance for this period has been restated to reflect the impact of Class A shares fees and expenses.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035682Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035682Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 -0.0187 0.0640 Class Y Return After Taxes on Distributions and Sale of Fund Shares -0.0022 -0.0106 0.0749 Class Y Return After Taxes on Distributions -0.0275 -0.0214 0.0753 TSOYX -0.0086 -15 Worst Quarter: Best Quarter: 0.0000 2012-09-30 Class Y Return Before Taxes 128 2009-09-30 431 -0.2443 0.3060 -0.0015 0.1650 1678 757 0.0136 0.1767 -0.0193 0.0045 -0.3238 0.0095 2014-04-16 2008-12-31 0.2083 -0.0110 0.0843 The year-to-date return -0.0193 0.4324 0.0000 0.0856 0.0126 0.0141 0.1951 0.1143 0.0001 0.0000 TSOIX -15 0.0000 Institutional Return Before Taxes 113 459 -0.0050 1869 829 -0.0181 0.0065 0.0095 2014-04-16 -0.0157 0.0000 0.0830 0.0111 0.0161 0.0001 0.0000 TSOCX -15 0.0000 329 229 752 -0.0022 2800 1301 0.0052 0.0095 2014-04-16 2800 752 1301 0.0100 0.0226 0.0248 0.0001 0.0100 TSOAX -15 0.0575 Class A Return Before Taxes 720 1378 -0.0181 3864 2059 -0.0777 0.0211 0.0095 2014-04-16 -0.0251 0.0025 0.0765 0.0151 0.0332 0.0001 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 three months ended June 30, 2012, the portfolio turnover rate of the Fund was 20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035681Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035681Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide investors with long-term capital growth.</tt> <tt>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 the contractual fee waiver). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund normally invests at least 80% of its assets in equity securities of mid cap companies. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days' prior notice to shareholders. For purposes of this Fund, mid cap companies are those companies with market capitalizations at the time of investment similar to the market capitalizations of companies in the Russell Midcap® Value Index (between approximately $301 million and $19.3 billion as of its most recent reconstitution on August 31, 2012). The size of the companies in the Russell Midcap® Value Index will change with market conditions. Equity securities include common and preferred stocks. The Fund may also invest in small cap companies and focus its investments in certain industries within certain sectors.    Thompson, Siegel & Walmsley LLC ("TS&W"), the Fund's sub-advisor, primarily invests in common stocks. TS&W seeks to invest in companies that it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. TS&W's mid-cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's attractiveness based on cash flows relative to other mid-cap stocks and as compared to their industry or sector peers. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. TS&W generally limits its investment universe to those companies with a minimum of three years of sound operating history. TS&W's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including but not limited to sell-side research, company filings and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on the pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking and analysis for each company considered for investment.    TS&W generally considers selling a security when the catalyst for the investment is no longer valid, when TS&W believes that another stock will have a higher expected return, or for portfolio risk management.</tt> TOUCHSTONE MID CAP VALUE OPPORTUNITIES FUND SUMMARY 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 June 30, 2012, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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 return less than other investments. The Principal Risks Shareholder Fees (fees paid directly from your investment) 0.20 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 Mid Cap Value Opportunities 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 performance table below illustrate some indication of the risks of investing 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 and since inception compare with the Russell Midcap® Value Index. <tt>Best Quarter:                    Worst Quarter:        Third Quarter 2009 +15.62%   Fourth Quarter 2008 -21.16%    The year-to-date return for the Fund's Class A shares as of September 30, 2012 is 11.02%.</tt> 1.800.543.0407 "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage 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 in the Fund and the Fund could return less than other investments. The Fund is subject to the principal risks summarized below.    Equity Securities Risk: The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares. Management Risk: 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.    Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.    Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.    Sector Focus Risk: The Fund may focus its investments in certain industries within certain sectors. A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments.    Small Cap Risk: The Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects.     Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value.    As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Investment Strategies and Risks" section of the Fund's 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 performance table below illustrate some indication of the risks of investing 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 and since inception compare with the Russell Midcap® Value Index. The bar chart does not reflect any sales charges, which would reduce your return. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting 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 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 51 and in the section entitled "Choosing a Share Class" in the Fund's Statement of Additional Information on page 65.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035681Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035681Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>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 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. After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. Class A shares and Institutional shares began operations on June 4, 2007 and Class Y shares began operations on December 9, 2008. Class Y shares performance was calculated using the historical performance of Class A shares for the periods prior to December 9, 2008. The Class Y shares performance for this period has been restated to exclude the maximum applicable sales charge for Class A shares.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035681Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035681Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell Midcap® Value Index (reflects no deduction for fees, expenses or taxes) -0.0138 -0.0250 2007-06-04 Class A Return After Taxes on Distributions and Sale of Fund Shares -0.0038 -0.0298 2007-06-04 Class A Return After Taxes on Distributions -0.0345 -0.0376 2007-06-04 TMOYX -15 0.0000 Class Y Return Before Taxes 107 407 -0.0034 1639 728 0.0390 0.0053 0.0085 2014-04-16 0.0000 0.0105 0.0139 -0.0244 2007-06-04 0.0001 0.0000 TMOIX -15 0.0000 Institutional Return Before Taxes 92 358 -0.0033 1460 644 0.0404 0.0037 0.0085 2014-04-16 0.0000 0.0090 0.0123 -0.0177 2007-06-04 0.0001 0.0000 TMOCX -15 0.0000 308 208 711 -0.0033 2691 1241 0.0052 0.0085 2014-04-16 2691 711 1241 0.0100 0.0205 0.0238 0.0001 0.0100 TMOAX -15 Worst Quarter: Best Quarter: 0.0575 2012-09-30 Class A Return Before Taxes 700 2009-09-30 1478 -0.2116 -0.0264 0.1383 4335 2273 0.1562 -0.0239 0.0283 -0.3524 0.0085 2014-04-16 2008-12-31 0.2425 The year-to-date return 0.0361 0.0025 0.0130 0.0394 -0.0345 2007-06-04 0.1102 0.0001 0.0000 The Fund is non-diversified, which means that it may invest a greater percentage of its assets than diversified mutual funds in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund's investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 three months ended June 30, 2012, the portfolio turnover rate of the Fund was 6% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035680Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035680Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide investors with long-term capital growth.</tt> <tt>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 the contractual fee waiver).   Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund normally invests at least 80% of its assets in equity securities of large cap companies. For purposes of this Fund, large cap companies are those companies with market capitalizations at the time of investment similar to the market capitalizations of companies in the Russell 1000® Growth Index (between approximately $773 million and $622 billion as of its most recent reconstitution on August 31, 2012). The size of the companies in the Russell 1000® Growth Index will change with market conditions.  Equity securities include common and preferred stocks and American Depositary Receipts ("ADRs"). The Fund is non-diversified and may invest a significant percentage of its assets in the securities of one issuer.    The Fund's sub-advisor, Ashfield Capital Partners, LLC ("Ashfield"), seeks to invest in companies that in Ashfield's opinion have above average growth. Ashfield utilizes a four-step investment process to implement the Fund's investment strategy:    o Top-Down Thematic. Ashfield seeks to identify sectors where positive   change is occurring. o Quantitative. Ashfield employs a quantitative process whereby the universe   of potential stock picks is screened and ranked to create a group of eligible   stocks. During the screening process, Ashfield considers the size and liquidity,   growth characteristics and valuation of potential stock picks. Ashfield then   ranks the refined universe of stock picks based on earnings. o Qualitative. Ashfield next employs a qualitative process and conducts rigorous   fundamental research on the group of ranked stocks to further narrow the group   of eligible stocks.  Throughout this process, Ashfield identifies sectors of   the economy that it believes may exhibit above average long-term growth. o Construct Portfolio. In the final stage, Ashfield constructs the   Fund's portfolio. Ashfield generally will consider selling a security if:    o The stock falls to the bottom 20% of its equity ranking model; o A fundamental change in the company's business model or management   occurs; o There is a change in Ashfield's thematic emphasis; o The company receives a low forensic accounting score based on   Ashfield's models; or o The weight of the security exceeds 7% of the portfolio.</tt> TOUCHSTONE CAPITAL GROWTH 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 return less than other investments. The Principal Risks Shareholder Fees (fees paid directly from your investment) 0.06 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 Capital Growth Fund -- Class Y 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 performance table below illustrate some indication of the risks of investing 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 1000® Growth Index. <tt>Best Quarter:                     Worst Quarter:        Third Quarter 2009 +14.94%   Fourth Quarter 2008 -26.94%    The year-to-date return for the Fund's Class Y shares as of September 30, 2012 is 17.70%.</tt> 1.800.543.0407 "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage 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 in the Fund and the Fund could return less than other investments. The Fund is subject to the principal risks summarized below. ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends.    Equity Securities Risk: The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.    Growth Investing Risk: The Fund may lose money because growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor.    Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.    Management Risk: 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.    Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets than diversified mutual funds in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund's investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund.    Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.    As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Investment Strategies and Risks" section of the Fund's Prospectus.</tt> The Fund's Fees and Expenses After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. The Fund's Principal Investment Strategies www.TouchstoneInvestments.com <tt>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 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 1000® Growth Index. The bar chart does not reflect any sales charges, which would reduce your return. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting 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 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 51 and in the section entitled "Choosing a Share Class" in the Fund's Statement of Additional Information on page 65.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035680Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035680Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>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 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. After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary.    Class Y shares began operations on November 29, 1996, Class A shares began operations on September 30, 2003 and Institutional shares began operations on December 20, 2006. Class A shares and Institutional shares performance was calculated using the historical performance of Class Y shares for the periods prior to September 30, 2003 and December 20, 2006, respectively. The Class A shares performance for this period has been restated to reflect the impact of Class A shares fees and expenses.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035680Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035680Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) 0.0264 0.0250 0.0260 Class Y Return After Taxes on Distributions and Sale of Fund Shares -0.0170 -0.0011 0.0084 Class Y Return After Taxes on Distributions -0.0265 -0.0014 0.0098 TCGYX -0.3143 -15 Worst Quarter: Best Quarter: 0.0000 2012-09-30 Class Y Return Before Taxes 102 2009-09-30 376 -0.2694 0.0741 -0.0027 0.1875 1510 671 0.2217 0.1494 -0.0261 0.0057 -0.4833 0.0070 2014-04-16 2008-12-31 0.3631 -0.0010 0.0533 The year-to-date return -0.0261 0.3295 0.0000 0.0100 0.0100 0.0127 0.0768 0.1770 0.0000 TCGNX -15 0.0000 Institutional Return Before Taxes 92 485 -0.0093 2072 904 -0.0254 0.0113 0.0070 2014-04-16 0.0007 0.0000 0.0109 0.0090 0.0183 0.0000 TCFCX -15 0.0000 303 203 679 -0.0025 2566 1182 0.0055 0.0070 2014-04-16 2566 679 1182 0.0100 0.0200 0.0225 0.0100 TSCGX -15 0.0575 Class A Return Before Taxes 695 2053 -0.0584 6378 3354 -0.0848 0.0614 0.0070 2014-04-16 -0.0154 0.0025 0.0014 0.0125 0.0709 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover 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 three months ended June 30, 2012, the portfolio turnover rate of the Fund was 21% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExample_S000035679Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/BarChartData_S000035679Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide investors with capital appreciation.</tt> <tt>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 the contractual fee waiver).   Although your actual costs may be higher or lower, based on these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>The Fund normally invests at least 80% of its assets in equity securities of non-U.S. small cap companies, including companies located in countries with emerging markets. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days' prior notice to shareholders. For purposes of this Fund, small cap companies are those companies with market capitalizations at the time of investment similar to the market capitalizations of companies in the S&P Developed ex-U.S. SmallCap Index (between approximately $23 million and $13.6 billion as of its most recent reconstitution on June 30, 2012). The size of the companies in the S&P Developed ex-U.S. SmallCap Index will change with market conditions. For purposes of this Fund, non-U.S. companies are companies that meet all of the following criteria:    o They are organized under the laws of a foreign country. o They maintain their principal place of business in a foreign country. o The principal trading market for their securities is located in a   foreign country. o They derive at least 50% of their revenues or profits from operations   in foreign countries. o They have at least 50% of their assets located in foreign countries.    Equity securities include common and preferred stocks and American Depositary Receipts ("ADRs").    The Fund's sub-advisor, Copper Rock Capital Partners LLC ("Copper Rock"), applies a blend of fundamental and quantitative analyses to generate the initial investment ideas. Copper Rock's investment process seeks to add value through bottom-up stock selection and in-depth fundamental research. When identifying potential investments, Copper Rock will typically examine a company's financial condition, management team, business prospects, competitive position and overall business strategy. Copper Rock looks for companies it believes have strong management, superior earnings growth prospects and attractive relative valuations. Copper Rock typically sells or reduces a position when the target price for a stock is attained, there is a change in the company's management team or business objectives, or when there is deterioration in a company's fundamentals. Copper Rock seeks to construct a portfolio that is diversified across sectors and industries.</tt> TOUCHSTONE INTERNATIONAL SMALL CAP FUND SUMMARY The total annual operating expenses do not correlate to the ratio of expenses that are included in the Fund's Annual Report dated June 30, 2012 because the Annual Report does not include Acquired Fund Fees and Expenses. 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 return less than other investments. The Principal Risks Shareholder Fees (fees paid directly from your investment) 0.21 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 Small Cap Fund -- Class Y 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 performance table below illustrate some indication of the risks of investing 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 S&P Developed ex-U.S. SmallCap Index. <tt>Best Quarter:                   Worst Quarter:        Second Quarter 2003 +25.57% Fourth Quarter 2008 -22.50% The year-to-date return for the Fund's Class Y shares as of September 30, 2012 is 15.72%.</tt> 1.800.543.0407 "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage 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 in the Fund and the Fund could return less than other investments. The Fund is subject to the principal risks summarized below.    ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends.    Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.    Equity Securities Risk: The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.    Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer's home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities.    Management Risk: 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.    Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.    Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance and may generate more taxable short-term gains for shareholders.    Small Cap Risk: The Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects.    As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Investment Strategies and Risks" section of the Fund's Prospectus.</tt> The Fund's Fees and Expenses After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. The Fund's Principal Investment Strategies www.TouchstoneInvestments.com <tt>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 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 S&P Developed ex-U.S. SmallCap Index. The bar chart does not reflect any sales charges, which would reduce your return. Effective May 23, 2011, the Fund's investment strategy changed from a domestic small cap strategy to an international small cap strategy. 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. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting 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 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 51 and in the section entitled "Choosing a Share Class" in the Fund's Statement of Additional Information on page 65.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/OperatingExpensesData_S000035679Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/PerformanceTableData_S000035679Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>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 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. After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary.    Class Y shares began operations on December 31, 1996, Class A shares began operations on July 31, 2003 and Institutional shares began operations on December 20, 2006. Class A shares and Institutional shares performance was calculated using the historical performance of Class Y shares for the periods prior to July 31, 2003 and December 20, 2006, respectively. The Class A shares performance for this period has been restated to reflect the impact of Class A shares fees and expenses.</tt> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ExpenseExampleNoRedemption_S000035679Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.TouchstoneInvestments.com/role/ShareholderFeesData_S000035679Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P Developed ex-U.S. SmallCap Index (reflects no deduction for fees, expenses or taxes) -0.1449 -0.0321 0.0943 Class Y Return After Taxes on Distributions and Sale of Fund Shares -0.0478 -0.0109 0.0162 Class Y Return After Taxes on Distributions -0.0802 -0.0190 0.0116 TNSYX -0.3331 -15 Worst Quarter: Best Quarter: 0.0000 2012-09-30 Class Y Return Before Taxes 134 2003-06-30 511 -0.2250 0.1121 -0.0044 0.2359 2037 913 0.1220 0.2557 -0.0735 0.0079 -0.4062 0.0095 2014-04-16 2008-12-31 0.2694 -0.0064 0.0581 The year-to-date return -0.0735 0.4721 0.0000 0.0223 0.0132 0.0176 0.1147 0.1572 0.0002 0.0000 TNSIX -15 0.0000 Institutional Return Before Taxes 109 552 -0.0100 2320 1021 -0.0702 0.0110 0.0095 2014-04-16 -0.0045 0.0000 0.0233 0.0107 0.0207 0.0002 0.0000 TNSCX -15 0.0000 335 235 782 -0.0028 2914 1355 0.0063 0.0095 2014-04-16 2914 782 1355 0.0100 0.0232 0.0260 0.0002 0.0100 TNSAX -15 0.0575 Class A Return Before Taxes 726 3981 -0.1782 9905 6368 -0.1282 0.1817 0.0095 2014-04-16 -0.0202 0.0025 0.0138 0.0157 0.1939 0.0002 0.0000 0000711080 ck0000711080:SummaryS000035679Memberck0000711080:S000035679Memberck0000711080:C000109238Member 2012-10-30 2012-10-30 0000711080 ck0000711080:SummaryS000035679Memberck0000711080:S000035679Memberck0000711080:C000109239Member 2012-10-30 2012-10-30 0000711080 ck0000711080:SummaryS000035679Memberck0000711080:S000035679Memberck0000711080:C000109240Member 2012-10-30 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ck0000711080:SummaryS000035691Memberck0000711080:S000035691Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000711080:C000109289Member 2012-10-30 2012-10-30 0000711080 ck0000711080:SummaryS000035691Memberck0000711080:S000035691Memberck0000711080:RRINDEX00006Member 2012-10-30 2012-10-30 0000711080 ck0000711080:SummaryS000035691Memberck0000711080:S000035691Member 2012-10-30 2012-10-30 0000711080 2012-10-30 2012-10-30 pure iso4217:USD "Other expenses" for Class C shares have been restated to reflect estimated amounts for the current fiscal year. The total annual operating expenses do not correlate to the ratio of expenses that are included in the Fund's Annual Report dated June 30, 2012 because the Annual Report does not include Acquired Fund Fees and Expenses. 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 1.55%, 2.30%, 1.30% and 1.05% for Class A shares, Class C shares, Class Y shares and Institutional 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 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. Class C shares commenced operations on April 16, 2012. Class C 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. Before the Fund commenced operations, all of the assets and liabilities of the Old Mutual International Small Cap Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on April 16, 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. 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 1.25%, 2.00%, 1.00% and 0.90% for Class A shares, Class C shares, Class Y shares and Institutional 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 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. Expenses shown above have been restated to reflect a change in the Fund's contractual fee waiver and will differ from the expenses shown in the Fund's annual report. Class C shares commenced operations on April 16, 2012. Class C 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. Before the Fund commenced operations, all of the assets and liabilities of the Old Mutual Large Cap Growth Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on April 16, 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. 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. 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 June 30, 2012, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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 1.29%, 2.04%, 1.04% and 0.89% for Class A shares, Class C shares, Class Y shares and Institutional 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 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 Old Mutual TS&W Mid Cap Value Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on April 16, 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. 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 1.50%, 2.25%, 1.25% and 1.10% for Class A shares, Class C shares, Class Y shares and Institutional 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 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 Old Mutual TS&W Small Cap Value Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization").The Reorganization occurred on April 16, 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. 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 1.30%, 2.05%, 1.05% and 0.90% for Class A shares, Class C shares, Class Y shares and Institutional 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 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 Old Mutual Analytic U.S. Long/Short Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization").The Reorganization occurred on April 16, 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. 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. Effective September 10, 2012, Touchstone Advisors and the Trust 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 1.00%, 1.75%, 0.75% and 0.65% for Class A shares, Class C shares, Class Y shares, and Institutional shares, respectively. This expense limitation will remain in effect until 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. Following the expiration of the contractual fee waiver above, 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 1.08%, 1.83%, 0.83% and 0.68% for Class A shares, Class C shares, Class Y shares, and Institutional 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 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 Old Mutual Barrow Hanley Value Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization").The Reorganization occurred on April 16, 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. 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. 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