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 <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the three months ended June 30, 2012, the portfolio <br />turnover rate of the Fund was 13% of the average value of its portfolio.</tt>
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<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 <br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then, except as <br />indicated, redeem all of your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same (reflecting the contractual fee waiver).  <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />(generally, companies with market capitalizations of approximately $2.5 billion<br />or above) that the Fund's sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC<br />("Barrow Hanley") believes are undervalued. Equity securities include common<br />and preferred stocks.<br />  <br />Barrow Hanley uses traditional methods of stock selection - research and<br />analysis - to identify securities it believes are undervalued and searches <br />for companies that have price to earnings and price to book ratios below the <br />market and that have above average dividend yields. Barrow Hanley's investment<br />management approach may be described as traditional value with a focus on income<br />from dividends because it generally focuses on companies which are out of favor<br />with other investors due to internal or external challenges judged to be<br />short-term in nature. Barrow Hanley's process seeks to identify the reasons for<br />a temporary undervaluation of a company's shares and believes that value can be<br />added through individual stock selection.<br />  <br />Barrow Hanley utilizes risk management tools in an effort to keep the Fund from<br />becoming over-exposed to particular market segments. Barrow Hanley is a "bottom-up" <br />value manager meaning it analyzes the fundamentals of companies one at a time <br />rather than focusing on broader market themes.<br />  <br />Barrow Hanley generally considers selling a security when it reaches fair value<br />estimate, when earnings forecasts do not appear to justify the current price,<br />when there has been or there is an expectation of an adverse change in the<br />company's fundamentals, or when other investment opportunities appear more<br />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:       <br />Second Quarter 2003 +20.19% Fourth Quarter 2008 -19.56%<br />  <br />The year-to-date return for the Fund's Class Y shares as of September 30, 2012<br />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<br />in the Fund and the Fund could return less than other investments. The Fund is<br />subject to the principal risks summarized below.<br />  <br />Equity Securities Risk: The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may decline in<br />response to such developments, which could result in a decline in the value of<br />the Fund's shares.<br /><br />Large Cap Risk: Large cap risk is the risk that stocks of larger companies may<br />underperform relative to those of small and mid-sized companies. Large cap<br />companies may be unable to respond quickly to new competitive challenges, such<br />as changes in technology and consumer tastes, and also may not be able to attain<br />the high growth rate of successful smaller companies, especially during extended<br />periods of economic expansion.<br />  <br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br />  <br />Mid Cap Risk:  The Fund is subject to the risk that medium capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Stocks<br />of mid-sized companies may be subject to more abrupt or erratic market movements<br />than stocks of larger, more established companies. Mid-sized companies may have<br />limited product lines or financial resources, and may be dependent upon a<br />particular niche of the market.<br />  <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br />  <br />Sector Focus Risk: The Fund may focus its investments in certain industries<br />within certain sectors. A fund that focuses its investments in the securities<br />of a particular market sector is subject to the risk that adverse circumstances<br />will have a greater impact on the fund than a fund that does not focus its<br />investments in a particular sector. It is possible that economic, business or<br />political developments or other changes affecting one security in the area of<br />focus will affect other securities in that area of focus in the same manner,<br />thereby increasing the risk of such investments.<br />  <br />Value Investing Risk: A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class 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<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from calendar year to calendar year and by showing how the Fund's average annual<br />total returns for 1 year, 5 years and 10 years compare with the Russell 1000<br />Value Index. The bar chart does not reflect any sales charges, which would<br />reduce your return. Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance is available at no cost by visiting www.TouchstoneInvestments.com <br />or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A shares <br />if you and your family invest, or agree to invest in the future, at least $50,000 <br />or more in the Touchstone Funds. More information about these and other discounts <br />is available from your financial professional and in the section entitled "Choosing <br />a Class of Shares" in the Fund's Prospectus on page 51 and in the section entitled <br />"Choosing a Share Class" in the Fund's Statement of Additional Information on <br />page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your <br />tax situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account. After-tax returns are only shown for<br />Class Y shares and after-tax returns for other Classes will vary.<br />  <br />Class Y shares began operations on September 10, 1998, Class A shares began<br />operations on July 31, 2003 and Institutional shares began operations on<br />December 20, 2006. Class A shares and Institutional shares performance was<br />calculated using the historical performance of Class Y shares for the periods<br />prior to July 31, 2003 and December 20, 2006, respectively. The Class A shares<br />performance for this period has been restated to reflect the impact of Class A<br />shares fees and expenses.</tt>
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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 <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the three months ended June 30, 2012, the portfolio <br />turnover rate of the Fund was 69% of the average value of its portfolio.</tt>
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<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 <br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then, except as <br />indicated, redeem all of your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same (reflecting the contractual fee waiver).  <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />companies whose securities are traded in U.S. markets and are tied economically<br />to the United States. This is a non-fundamental investment policy that can be<br />changed by the Fund upon 60 days' prior notice to shareholders. The Fund may<br />invest up to 20% of its assets in securities of foreign issuers. While the Fund<br />may invest in companies of any size, it generally invests in large and mid-cap<br />companies, or companies with market capitalizations of approximately $2.5<br />billion or above. Equity securities include common and preferred stocks. <br />The Fund may invest in long and short positions of publicly traded equity<br />securities. The Fund's long and short positions may include equity securities<br />of foreign issuers that are traded in U.S. markets. The Fund buys securities<br />"long" that Analytic Investors, LLC ("Analytic"), the Fund's sub-advisor,<br />believes will outperform and sells securities "short" that Analytic believes<br />will underperform.<br /> <br />Analytic selects equity securities using a proprietary system that ranks stocks<br />according to a mathematical model. Analytic's system seeks to determine a<br />security's intrinsic value by evaluating variables, such as relative valuation,<br />price momentum, company fundamentals, liquidity and risk. Analytic begins the<br />stock selection process by ranking stocks according to their one-month expected<br />return. Analytic then uses a process called "portfolio optimization" to select<br />securities that it believes will:<br /> <br />o Maximize expected return for the Fund;<br /> <br />o Minimize expected volatility relative to its benchmark; and<br /> <br />o Diversify the assets of the Fund among industries, sectors, and<br />  individual securities.<br /> <br />Analytic monitors the stocks held by the Fund on a real-time basis for<br />developments such as news events or significant changes in fundamental factors. <br />Using its system, Analytic strives to assemble a portfolio of securities that is<br />style and sector neutral to achieve a level of diversification and risk similar<br />to that of the S&P 500 Index. The Fund generally takes long equity positions<br />equal to approximately 120% of the Fund's equity assets excluding cash, and<br />short equity positions equal to approximately 20% of the Fund's equity assets at<br />the time of investment, although the Fund's long-short exposure will vary over<br />time based on Analytic's assessment of market conditions and other factors. The<br />Fund's long equity exposure ordinarily ranges from 110% to 125% of the Fund's<br />net assets and its short equity exposure ordinarily ranges from 10% to 33% of<br />the Fund's net assets. The cash received from short sales may be used to invest<br />in long equity positions. Analytic will normally maintain long and short<br />positions such that the Fund's net long equity exposure (i.e., the percentage <br />of long equity positions minus the percentage of short equity positions) does <br />not exceed 100% of the Fund's net assets. The Fund may engage in frequent and<br />active trading of securities as part of its principal investment strategy.<br />  <br />Analytic generally considers selling a security when it reaches fair value<br />estimate, when the company's fundamentals do not appear to justify the current<br />price, when there has been or there is an expectation of an adverse change in<br />the company's fundamentals, when the risks of the security unexpectedly rise, or<br />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:       <br />Second Quarter 2009 +15.67%   Fourth Quarter 2008 -22.38%<br />  <br />The year-to-date return for the Fund's Class Y shares as of September 30, 2012<br />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<br />in the Fund and the Fund could return less than other investments. The Fund is<br />subject to the principal risks summarized below.<br />  <br />Equity Securities Risk: The Fund is subject to the risk that stock prices will<br />fall (or rise with respect to short positions) over short or extended periods of<br />time. Individual companies may report poor results or be negatively affected by<br />industry and/or economic trends and developments. The prices of securities<br />issued by these companies may decline in response to such developments, which<br />could result in a decline in the value of the Fund's shares. Conversely, the<br />risk of price increases with respect to securities sold short will also cause a<br />decline in the value of the Fund's shares.<br />  <br />Foreign Securities Risk: Investing in foreign securities poses additional risks<br />since political and economic events unique in a country or region will affect<br />those markets and their issuers. These events will not necessarily affect the<br />U.S. economy or similar issuers located in the United States.<br />  <br />Large Cap Risk: Large cap risk is the risk that stocks of larger companies may<br />underperform relative to those of small and mid-sized companies. Large cap<br />companies may be unable to respond quickly to new competitive challenges, such<br />as changes in technology and consumer tastes, and also may not be able to attain<br />the high growth rate of successful smaller companies, especially during extended<br />periods of economic expansion.<br />  <br />Leverage Risk: By investing the proceeds received from selling securities<br />short, the Fund is employing leverage, which creates special risks. The use of<br />leverage may increase the Fund's exposure to long or short equity positions and<br />make any change in the Fund's net asset value greater than without the use of<br />leverage. This could result in increased volatility of returns.<br />  <br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br />  <br />Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Stocks<br />of mid-sized companies may be subject to more abrupt or erratic market movements<br />than stocks of larger, more established companies. Mid-sized companies may have<br />limited product lines or financial resources, and may be dependent upon a<br />particular niche of the market.<br />  <br />Portfolio Turnover Risk: Frequent and active trading may result in greater<br />expenses to the Fund, which may lower the Fund's performance and may generate<br />more taxable short-term gains for shareholders.<br />  <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br />  <br />Sector Focus Risk: The Fund may focus its investments in certain industries<br />within certain sectors. A fund that focuses its investments in the securities<br />of a particular market sector is subject to the risk that adverse circumstances<br />will have a greater impact on the fund than a fund that does not focus its<br />investments in a particular sector. It is possible that economic, business or<br />political developments or other changes affecting one security in the area of<br />focus will affect other securities in that area of focus in the same manner,<br />thereby increasing the risk of such investments.<br /><br />Short Sales Risk: When selling a security short, the Fund will sell a security<br />it does not own at the then-current market price. The Fund borrows the security<br />to deliver to the buyer and is obligated to buy the security at a later date so<br />it can return the security to the lender. If a security sold short increases in<br />price, the Fund may have to cover its short position at a higher price than the<br />short sale price, resulting in a loss. To borrow the security, the Fund also<br />may be required to pay a premium, which would increase the cost of the security<br />sold short. The amount of any gain will be decreased, and the amount of any<br />loss increased, by the amount of the premium, dividends, interest or expenses<br />the Fund may be required to pay in connection with the short sale. In addition,<br />a lender may request, or market conditions may dictate, that securities sold<br />short be returned to the lender on short notice, and the Fund may have to <br />buy the securities sold short at an unfavorable price. If this occurs, any<br />anticipated gain to the Fund may be reduced or eliminated or the short sale <br />may result in a loss. In addition, because the Fund's loss on a short sale <br />arises from increases in the value of the security sold short, such loss is<br />theoretically unlimited. By contrast, the Fund's loss on a long position arises<br />from decreases in the value of the security and is limited by the fact that a<br />security's value cannot drop below zero.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class 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<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from calendar year to calendar year and by showing how the Fund's average annual<br />total returns for 1 year, 5 years and 10 years compare with the S&P 500 Index. <br />The bar chart does not reflect any sales charges, which would reduce your<br />return. Prior to February 2006, the Fund did not take short positions as part<br />of its principal investment strategy. For more information on the prior history<br />of the Fund, please see the section entitled "The Trust" in the Fund's Statement<br />of Additional Information. Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance is available at no cost by visiting www.TouchstoneInvestments.com <br />or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A shares <br />if you and your family invest, or agree to invest in the future, at least $50,000 <br />or more in the Touchstone Funds. More information about these and other discounts <br />is available from your financial professional and in the section entitled "Choosing <br />a Class of Shares" in the Fund's Prospectus on page 51 and in the section entitled <br />"Choosing a Share Class" in the Fund's Statement of Additional Information on <br />page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your <br />tax situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account.  After-tax returns are only shown for<br />Class Y shares and after-tax returns for other Classes will vary.<br />  <br />Class Y shares began operations on July 1, 1993, Class A shares began operations<br />on July 31, 2003 and Institutional shares began operations on December 20, 2006.  <br />Class A shares and Institutional shares performance was calculated using the <br />historical performance of Class Y shares for the periods prior to July 31, 2003 <br />and December 20, 2006, respectively.  The Class A shares performance for this <br />period has been restated to reflect the impact of Class A shares fees and<br />expenses.</tt>
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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 <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the three months ended June 30, 2012, the portfolio <br />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 <br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then, except as <br />indicated, redeem all of your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same (reflecting the contractual fee waiver).  <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />small cap companies. This is a non-fundamental investment policy that can be<br />changed by the Fund upon 60 days' prior notice to shareholders. For purposes of<br />this Fund, small cap companies are those companies with market capitalizations<br />at the time of investment similar to the market capitalizations of companies <br />in the Russell 2000® Value Index (between approximately $40 million and $3.5<br />billion as of its most recent reconstitution on August 31, 2012). The size of<br />the companies in the Russell 2000® Value Index will change with market<br />conditions. Equity securities include common and preferred stocks.<br />  <br />Thompson, Siegel & Walmsley LLC ("TS&W"), the Fund's sub-advisor, primarily<br />invests in common stocks. TS&W seeks to invest in companies it believes present<br />a value or potential worth that is not recognized by prevailing market prices or<br />that have experienced some fundamental changes and are intrinsically undervalued<br />by the investment community. TS&W's small-cap value process uses a combination<br />of quantitative and qualitative methods and is based on a four-factor valuation<br />screen. Parts one and two of the screen attempt to assess a company's discount<br />to private market value relative to other small-cap stocks. The third factor<br />considers the relative earnings prospects of the company. The fourth factor<br />involves looking at the company's recent price action.<br />  <br />TS&W's analysts also explore numerous factors that might affect the outlook <br />for a company. They evaluate publicly available information including but not<br />limited to sell-side research, company filings, and trade periodicals. The<br />analysts may speak with company management to hear their perspectives and<br />outlook on the pertinent business issues. They apply a consistent and<br />disciplined review in a team environment that encourages critical thinking <br />and analysis for each company considered for investment.<br />  <br />In addition to portfolio holdings derived from TS&W's four-factor valuation<br />screen and fundamental research described above, a portion of the Fund's<br />portfolio will be constructed using TS&W's quantitative optimization procedure. <br />This quantitative optimization procedure utilizes TS&W's four factor screened<br />small-cap universe to construct an expanded portfolio of securities with risk<br />and return characteristics similar to those of the portfolio of securities<br />identified by TS&W's four-factor valuation screen and fundamental research.<br />  <br />TS&W generally considers selling a security when the catalyst for the investment<br />is no longer valid, when TS&W believes that another stock will have a higher<br />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:       <br />Third Quarter 2009 +17.67%   Fourth Quarter 2008 -24.43%<br /> <br />The year-to-date return for the Fund's Class Y shares as of September 30, 2012<br />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<br />in the Fund and the Fund could return less than other investments. The Fund is<br />subject to the principal risks summarized below.<br /><br />Equity Securities Risk: The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may decline in<br />response to such developments, which could result in a decline in the value of<br />the Fund's shares.<br />  <br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br /> <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br />  <br />Sector Focus Risk: The Fund may focus its investments in certain industries<br />within certain sectors. A fund that focuses its investments in the securities<br />of a particular market sector is subject to the risk that adverse circumstances<br />will have a greater impact on the fund than a fund that does not focus its<br />investments in a particular sector. It is possible that economic, business or<br />political developments or other changes affecting one security in the area of<br />focus will affect other securities in that area of focus in the same manner,<br />thereby increasing the risk of such investments.<br />  <br />Small Cap Risk: The Fund is subject to the risk that small capitalization<br />stocks may underperform other types of stocks or the equity markets as a whole.<br />Small cap stock risk is the risk that stocks of smaller companies may be subject<br />to more abrupt or erratic market movements than stocks of larger, more established <br />companies. Small companies may have limited product lines or financial resources, <br />or may be dependent upon a small or inexperienced management group. In addition, <br />small cap stocks typically are traded in lower volume, and their issuers typically <br />are subject to greater degrees of changes in their earnings and prospects.<br />  <br />Value Investing Risk: A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class 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<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from calendar year to calendar year and by showing how the Fund's average annual<br />total returns for 1 year, 5 years and 10 years compare with the Russell 2000®<br />Value Index. The bar chart does not reflect any sales charges, which would<br />reduce your return. Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance is available at no cost by visiting www.TouchstoneInvestments.com <br />or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A shares <br />if you and your family invest, or agree to invest in the future, at least $50,000 <br />or more in the Touchstone Funds. More information about these and other discounts <br />is available from your financial professional and in the section entitled "Choosing <br />a Class of Shares" in the Fund's Prospectus on page 51 and in the section entitled <br />"Choosing a Share Class" in the Fund's Statement of Additional Information on <br />page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your <br />tax situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account. After-tax returns are only shown for<br />Class Y shares and after-tax returns for other Classes will vary.<br /> <br />Class Y shares began operations on July 25, 2003. Performance information<br />presented prior to July 25, 2003 for Class Y shares includes performance of a<br />predecessor fund whose inception date was July 31, 2000. Class A shares began<br />operations on July 31, 2003 and Institutional shares began operations on<br />December 9, 2008. Class A shares and Institutional shares performance was<br />calculated using the historical performance of Class Y shares for the periods<br />prior to July 31, 2003 and December 9, 2008, respectively. The Class A shares<br />performance for this period has been restated to reflect the impact of Class A<br />shares fees and expenses.</tt>
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<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 <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the three months ended June 30, 2012, the portfolio <br />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 <br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then, except as <br />indicated, redeem all of your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same (reflecting the contractual fee waiver). <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />cap companies. This is a non-fundamental investment policy that can be changed<br />by the Fund upon 60 days' prior notice to shareholders. For purposes of this<br />Fund, mid cap companies are those companies with market capitalizations at the<br />time of investment similar to the market capitalizations of companies in the<br />Russell Midcap® Value Index (between approximately $301 million and $19.3<br />billion as of its most recent reconstitution on August 31, 2012). The size <br />of the companies in the Russell Midcap® Value Index will change with market<br />conditions. Equity securities include common and preferred stocks. The Fund<br />may also invest in small cap companies and focus its investments in certain<br />industries within certain sectors.<br />  <br />Thompson, Siegel & Walmsley LLC ("TS&W"), the Fund's sub-advisor, primarily<br />invests in common stocks. TS&W seeks to invest in companies that it believes<br />present a value or potential worth that is not recognized by prevailing market<br />prices or that have experienced some fundamental changes and are intrinsically<br />undervalued by the investment community. TS&W's mid-cap value process uses a<br />combination of quantitative and qualitative methods and is based on a four-factor <br />valuation screen. Parts one and two of the screen attempt to assess a company's <br />attractiveness based on cash flows relative to other mid-cap stocks and as <br />compared to their industry or sector peers. The third factor considers the <br />relative earnings prospects of the company. The fourth factor involves<br />looking at the company's recent price action. TS&W generally limits its<br />investment universe to those companies with a minimum of three years of <br />sound operating history.<br /> <br />TS&W's analysts also explore numerous factors that might affect the outlook <br />for a company. They evaluate publicly available information including but not<br />limited to sell-side research, company filings and trade periodicals. The<br />analysts may speak with company management to hear their perspectives and<br />outlook on the pertinent business issues. They apply a consistent and<br />disciplined review in a team environment that encourages critical thinking <br />and analysis for each company considered for investment.<br />  <br />TS&W generally considers selling a security when the catalyst for the investment<br />is no longer valid, when TS&W believes that another stock will have a higher<br />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:       <br />Third Quarter 2009 +15.62%   Fourth Quarter 2008 -21.16%<br />  <br />The year-to-date return for the Fund's Class A shares as of September 30, 2012<br />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<br />in the Fund and the Fund could return less than other investments. The Fund is<br />subject to the principal risks summarized below.<br />  <br />Equity Securities Risk: The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may decline in<br />response to such developments, which could result in a decline in the value of<br />the Fund's shares.<br /><br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br />  <br />Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks<br />may underperform other types of stocks or the equity markets as a whole. Stocks<br />of mid-sized companies may be subject to more abrupt or erratic market movements<br />than stocks of larger, more established companies. Mid-sized companies may have<br />limited product lines or financial resources, and may be dependent upon a<br />particular niche of the market.<br />  <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br />  <br />Sector Focus Risk: The Fund may focus its investments in certain industries<br />within certain sectors. A fund that focuses its investments in the securities<br />of a particular market sector is subject to the risk that adverse circumstances<br />will have a greater impact on the fund than a fund that does not focus its<br />investments in a particular sector. It is possible that economic, business or<br />political developments or other changes affecting one security in the area of<br />focus will affect other securities in that area of focus in the same manner,<br />thereby increasing the risk of such investments.<br />  <br />Small Cap Risk: The Fund is subject to the risk that small capitalization<br />stocks may underperform other types of stocks or the equity markets as a whole. <br />Small cap stock risk is the risk that stocks of smaller companies may be subject<br />to more abrupt or erratic market movements than stocks of larger, more established <br />companies. Small companies may have limited product lines or financial resources, <br />or may be dependent upon a small or inexperienced management group. In addition, <br />small cap stocks typically are traded in lower volume, and their issuers typically <br />are subject to greater degrees of changes in their earnings and prospects.<br />   <br />Value Investing Risk: A value-oriented investment approach is subject to the<br />risk that a security believed to be undervalued does not appreciate in value as<br />anticipated or experiences a decline in value.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
The Fund's Principal Investment Strategies
www.TouchstoneInvestments.com
<tt>The bar chart and performance table below illustrate some indication of the<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from calendar year to calendar year and by showing how the Fund's average annual<br />total returns for 1 year and since inception compare with the Russell Midcap®<br />Value Index. The bar chart does not reflect any sales charges, which would<br />reduce your return. Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance is available at no cost by visiting www.TouchstoneInvestments.com <br />or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A shares <br />if you and your family invest, or agree to invest in the future, at least $50,000 <br />or more in the Touchstone Funds. More information about these and other discounts <br />is available from your financial professional and in the section entitled "Choosing <br />a Class of Shares" in the Fund's Prospectus on page 51 and in the section entitled <br />"Choosing a Share Class" in the Fund's Statement of Additional Information on <br />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<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your <br />tax situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account. After-tax returns are only shown for<br />Class A shares and after-tax returns for other Classes will vary.<br /> <br />Class A shares and Institutional shares began operations on June 4, 2007 and<br />Class Y shares began operations on December 9, 2008. Class Y shares performance<br />was calculated using the historical performance of Class A shares for the<br />periods prior to December 9, 2008. The Class Y shares performance for this<br />period has been restated to exclude the maximum applicable sales charge for<br />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>
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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 <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the three months ended June 30, 2012, the portfolio <br />turnover rate of the Fund was 6% of the average value of its portfolio.</tt>
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<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 <br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then, except as <br />indicated, redeem all of your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same (reflecting the contractual fee waiver).  <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />large cap companies. For purposes of this Fund, large cap companies are those<br />companies with market capitalizations at the time of investment similar to the<br />market capitalizations of companies in the Russell 1000® Growth Index (between<br />approximately $773 million and $622 billion as of its most recent reconstitution<br />on August 31, 2012). The size of the companies in the Russell 1000® Growth Index <br />will change with market conditions.  Equity securities include common and preferred <br />stocks and American Depositary Receipts ("ADRs"). The Fund is non-diversified and <br />may invest a significant percentage of its assets in the securities of one issuer.<br />  <br />The Fund's sub-advisor, Ashfield Capital Partners, LLC ("Ashfield"), seeks to<br />invest in companies that in Ashfield's opinion have above average growth. <br />Ashfield utilizes a four-step investment process to implement the Fund's<br />investment strategy:<br />  <br />o Top-Down Thematic. Ashfield seeks to identify sectors where positive<br />  change is occurring.<br /> <br />o Quantitative. Ashfield employs a quantitative process whereby the universe<br />  of potential stock picks is screened and ranked to create a group of eligible <br />  stocks. During the screening process, Ashfield considers the size and liquidity, <br />  growth characteristics and valuation of potential stock picks. Ashfield then <br />  ranks the refined universe of stock picks based on earnings.<br /> <br />o Qualitative. Ashfield next employs a qualitative process and conducts rigorous <br />  fundamental research on the group of ranked stocks to further narrow the group <br />  of eligible stocks.  Throughout this process, Ashfield identifies sectors of <br />  the economy that it believes may exhibit above average long-term growth.<br /> <br />o Construct Portfolio. In the final stage, Ashfield constructs the<br />  Fund's portfolio.<br /> <br />Ashfield generally will consider selling a security if:<br />  <br />o The stock falls to the bottom 20% of its equity ranking model;<br /> <br />o A fundamental change in the company's business model or management<br />  occurs;<br /> <br />o There is a change in Ashfield's thematic emphasis;<br /> <br />o The company receives a low forensic accounting score based on<br />  Ashfield's models; or<br /> <br />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:       <br />Third Quarter 2009 +14.94%   Fourth Quarter 2008 -26.94%<br />  <br />The year-to-date return for the Fund's Class Y shares as of September 30, 2012<br />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<br />in the Fund and the Fund could return less than other investments. The Fund is<br />subject to the principal risks summarized below.<br /><br />ADR Risk: The risks of ADRs include many risks associated with investing<br />directly in foreign securities, such as individual country risk and liquidity<br />risk. Unsponsored ADRs involve additional risks because U.S. reporting<br />requirements do not apply and the issuing bank will recover shareholder<br />distribution costs from movement of share prices and payment of dividends.<br />  <br />Equity Securities Risk: The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may decline in<br />response to such developments, which could result in a decline in the value of<br />the Fund's shares.<br />  <br />Growth Investing Risk: The Fund may lose money because growth stocks may be<br />more volatile than other stocks because they are more sensitive to investor<br />perceptions of the issuing company's growth of earnings potential. Also, since<br />growth companies usually invest a high portion of earnings in their business,<br />growth stocks may lack the dividends of some value stocks that can cushion stock<br />prices in a falling market. Growth oriented funds may underperform when value<br />investing is in favor.<br />  <br />Large Cap Risk: Large cap risk is the risk that stocks of larger companies may<br />underperform relative to those of small and mid-sized companies. Large cap<br />companies may be unable to respond quickly to new competitive challenges, such<br />as changes in technology and consumer tastes, and also may not be able to attain<br />the high growth rate of successful smaller companies, especially during extended<br />periods of economic expansion.<br />  <br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br />  <br />Non-Diversification Risk: The Fund is non-diversified, which means that it may<br />invest a greater percentage of its assets than diversified mutual funds in the<br />securities of a limited number of issuers. The use of a non-diversified investment <br />strategy may increase the volatility of the Fund's investment performance, as the <br />Fund may be more susceptible to risks associated with a single economic, political <br />or regulatory event than a diversified fund.<br />  <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing the<br />price of preferred stocks to decline. Preferred stock may have mandatory sinking<br />fund provisions, as well as provisions allowing the stock to be called or<br />redeemed prior to its maturity, which can have a negative impact on the stock's<br />price when interest rates decline.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class 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<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from calendar year to calendar year and by showing how the Fund's average <br />annual total returns for 1 year, 5 years and 10 years compare with the Russell <br />1000® Growth Index. The bar chart does not reflect any sales charges, which <br />would reduce your return. Past performance (before and after taxes) does not<br />necessarily indicate how the Fund will perform in the future. Updated<br />performance is available at no cost by visiting www.TouchstoneInvestments.com <br />or by calling 1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A shares <br />if you and your family invest, or agree to invest in the future, at least $50,000 <br />or more in the Touchstone Funds. More information about these and other discounts <br />is available from your financial professional and in the section entitled "Choosing <br />a Class of Shares" in the Fund's Prospectus on page 51 and in the section entitled <br />"Choosing a Share Class" in the Fund's Statement of Additional Information on <br />page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Your after-tax returns may differ from those shown and depend on your tax situation. <br />The after-tax returns do not apply to shares held in an IRA, 401(k) or other <br />tax-deferred account. After-tax returns are only shown for Class Y shares and <br />after-tax returns for other Classes will vary.<br />  <br />Class Y shares began operations on November 29, 1996, Class A shares began<br />operations on September 30, 2003 and Institutional shares began operations on<br />December 20, 2006. Class A shares and Institutional shares performance was<br />calculated using the historical performance of Class Y shares for the periods<br />prior to September 30, 2003 and December 20, 2006, respectively. The Class A<br />shares performance for this period has been restated to reflect the impact of<br />Class A shares fees and expenses.</tt>
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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 <br />securities (or "turns over" its portfolio). A higher portfolio turnover may <br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in annual fund operating expenses or in the example, affect the Fund's<br />performance. During the three months ended June 30, 2012, the portfolio <br />turnover rate of the Fund was 21% of the average value of its portfolio.</tt>
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<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 <br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then, except as <br />indicated, redeem all of your shares at the end of those periods. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same (reflecting the contractual fee waiver).  <br />Although your actual costs may be higher or lower, based on these assumptions <br />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<br />non-U.S. small cap companies, including companies located in countries with<br />emerging markets. This is a non-fundamental investment policy that can be<br />changed by the Fund upon 60 days' prior notice to shareholders. For purposes of<br />this Fund, small cap companies are those companies with market capitalizations<br />at the time of investment similar to the market capitalizations of companies in<br />the S&P Developed ex-U.S. SmallCap Index (between approximately $23 million and<br />$13.6 billion as of its most recent reconstitution on June 30, 2012). The size<br />of the companies in the S&P Developed ex-U.S. SmallCap Index will change with<br />market conditions. For purposes of this Fund, non-U.S. companies are companies<br />that meet all of the following criteria:<br />  <br />o They are organized under the laws of a foreign country.<br /> <br />o They maintain their principal place of business in a foreign country.<br /> <br />o The principal trading market for their securities is located in a<br />  foreign country.<br /> <br />o They derive at least 50% of their revenues or profits from operations<br />  in foreign countries.<br /><br />o They have at least 50% of their assets located in foreign countries.<br />  <br />Equity securities include common and preferred stocks and American Depositary<br />Receipts ("ADRs").<br />  <br />The Fund's sub-advisor, Copper Rock Capital Partners LLC ("Copper Rock"), applies <br />a blend of fundamental and quantitative analyses to generate the initial investment <br />ideas. Copper Rock's investment process seeks to add value through bottom-up stock <br />selection and in-depth fundamental research. When identifying potential investments, <br />Copper Rock will typically examine a company's financial condition, management team, <br />business prospects, competitive position and overall business strategy. Copper Rock <br />looks for companies it believes have strong management, superior earnings growth <br />prospects and attractive relative valuations. Copper Rock typically sells or reduces <br />a position when the target price for a stock is attained, there is a change in the <br />company's management team or business objectives, or when there is deterioration <br />in a company's fundamentals. Copper Rock seeks to construct a portfolio that is <br />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:       <br />Second Quarter 2003 +25.57% Fourth Quarter 2008 -22.50%<br /> <br />The year-to-date return for the Fund's Class Y shares as of September 30, 2012<br />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<br />in the Fund and the Fund could return less than other investments. The Fund is<br />subject to the principal risks summarized below.<br />  <br />ADR Risk: The risks of ADRs include many risks associated with investing<br />directly in foreign securities, such as individual country risk and liquidity<br />risk. Unsponsored ADRs involve additional risks because U.S. reporting<br />requirements do not apply and the issuing bank will recover shareholder<br />distribution costs from movement of share prices and payment of dividends.<br />  <br />Emerging Markets Risk: Emerging markets may be more likely to experience<br />political turmoil or rapid changes in market or economic conditions than more<br />developed countries. In addition, the financial stability of issuers (including<br />governments) in emerging market countries may be more precarious than in other<br />countries. As a result, there will tend to be an increased risk of price<br />volatility associated with the Fund's investments in emerging market countries,<br />which may be magnified by currency fluctuations relative to the U.S. dollar.<br />  <br />Equity Securities Risk: The Fund is subject to the risk that stock prices will<br />fall over short or extended periods of time. Individual companies may report<br />poor results or be negatively affected by industry and/or economic trends and<br />developments. The prices of securities issued by these companies may decline in<br />response to such developments, which could result in a decline in the value of<br />the Fund's shares.<br />  <br />Foreign Securities Risk: Investing in foreign securities poses additional risks<br />since political and economic events unique in a country or region will affect<br />those markets and their issuers. These events will not necessarily affect the<br />U.S. economy or similar issuers located in the United States. In addition,<br />investments in foreign securities are generally denominated in foreign<br />currency. As a result, changes in the value of those currencies compared to <br />the U.S. dollar may affect (positively or negatively) the value of the Fund's<br />investments. These currency movements may happen separately from, or in<br />response to, events that do not otherwise affect the value of the security in<br />the issuer's home country. There is a risk that foreign securities may not be<br />subject to accounting standards or governmental supervision comparable to U.S.<br />companies and that less public information about their operations may exist. <br />There is risk associated with the clearance and settlement procedures in<br />non-U.S. markets, which may be unable to keep pace with the volume of securities<br />transactions and may cause delays. Foreign markets may be less liquid and more<br />volatile than U.S. markets and offer less protection to investors.<br />Over-the-counter securities may also be less liquid than exchange-traded<br />securities.<br />  <br />Management Risk: The value of your investment may decrease if the sub-advisor's<br />judgment about the attractiveness, value or market trends affecting a particular<br />security, issuer, industry or sector or about market movements is incorrect.<br />  <br />Preferred Stock Risk: Preferred stock represents an equity or ownership interest<br />in an issuer that pays dividends at a specified rate and that has precedence<br />over common stock in the payment of dividends. In the event an issuer is<br />liquidated or declares bankruptcy, the claims of owners of bonds take precedence<br />over the claims of those who own preferred and common stock. If interest rates<br />rise, the fixed dividend on preferred stocks may be less attractive, causing <br />the price of preferred stocks to decline. Preferred stock may have mandatory<br />sinking fund provisions, as well as provisions allowing the stock to be called<br />or redeemed prior to its maturity, which can have a negative impact on the<br />stock's price when interest rates decline.<br />  <br />Portfolio Turnover Risk: Frequent and active trading may result in greater<br />expenses to the Fund, which may lower the Fund's performance and may generate<br />more taxable short-term gains for shareholders.<br />  <br />Small Cap Risk: The Fund is subject to the risk that small capitalization<br />stocks may underperform other types of stocks or the equity markets as a whole. <br />Small cap stock risk is the risk that stocks of smaller companies may be subject<br />to more abrupt or erratic market movements than stocks of larger, more established <br />companies. Small companies may have limited product lines or financial resources, <br />or may be dependent upon a small or inexperienced management group. In addition, <br />small cap stocks typically are traded in lower volume, and their issuers typically <br />are subject to greater degrees of changes in their earnings and prospects.<br />  <br />As with any mutual fund, there is no guarantee that the Fund will achieve its<br />investment goal. You can find more information about the Fund's investments and<br />risks under the "Investment Strategies and Risks" section of the Fund's<br />Prospectus.</tt>
The Fund's Fees and Expenses
After-tax returns are only shown for Class 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<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from calendar year to calendar year and by showing how the Fund's average <br />annual total returns for 1 year, 5 years and 10 years compare with the S&P <br />Developed ex-U.S. SmallCap Index. The bar chart does not reflect any sales <br />charges, which would reduce your return. Effective May 23, 2011, the Fund's <br />investment strategy changed from a domestic small cap strategy to an <br />international small cap strategy. For more information on the prior history <br />of the Fund, please see the section entitled "The Trust" in the Fund's Statement <br />of Additional Information. Past performance (before and after taxes) does not <br />necessarily indicate how the Fund will perform in the future. Updated performance <br />is available at no cost by visiting www.TouchstoneInvestments.com or by calling<br />1.800.543.0407.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for sales charge discounts for Class A shares <br />if you and your family invest, or agree to invest in the future, at least $50,000 <br />or more in the Touchstone Funds. More information about these and other discounts <br />is available from your financial professional and in the section entitled "Choosing <br />a Class of Shares" in the Fund's Prospectus on page 51 and in the section entitled <br />"Choosing a Share Class" in the Fund's Statement of Additional Information on <br />page 65.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your after-tax returns may differ from those shown and depend on your<br />tax situation. The after-tax returns do not apply to shares held in an IRA,<br />401(k) or other tax-deferred account. After-tax returns are only shown for<br />Class Y shares and after-tax returns for other Classes will vary.<br />  <br />Class Y shares began operations on December 31, 1996, Class A shares began<br />operations on July 31, 2003 and Institutional shares began operations on<br />December 20, 2006. Class A shares and Institutional shares performance was<br />calculated using the historical performance of Class Y shares for the periods<br />prior to July 31, 2003 and December 20, 2006, respectively. The Class A shares<br />performance for this period has been restated to reflect the impact of Class A<br />shares fees and expenses.</tt>
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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
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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.