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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE LARGE CAP GROWTH FUND SUMMARY </font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Touchstone Large Cap Growth Fund seeks long-term growth of capital. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;lineheight:normal;"> The Fund’s Fees and Expenses
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information (“SAI”) on page 75. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;lineheight:normal;">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule3 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;lineheight:normal;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule4 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (reflecting the contractual fee waiver). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;lineheight:normal;"> Assuming Redemption at End of Period</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule5 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;lineheight:normal;">Assuming No Redemption
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule6 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 109% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Under normal circumstances, the Fund will invest at least 80% of its assets in common stocks of large-cap U.S. companies.  This is a non-fundamental investment policy that can be changed by the Fund upon 60-day prior notice to shareholders.  A large cap company has a market capitalization found within the Russell 1000® Index (between $511 million and $420 billion at the time of its most recent reconstitution on May 31, 2013) at the time of purchase.  The size of the companies in the Russell 1000® Index will change with market conditions. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The sub-advisor, Navellier & Associates, Inc. (“Navellier” or “Sub-Advisor”), seeks to identify and select inefficiently priced securities with strong appreciation potential by employing a proprietary investment process.  Navellier's proprietary investment process is a disciplined quantitative, objective, “bottom-up” process and contains the following three steps.  In the first step of the investment process, Navellier calculates and analyzes a “reward-risk ratio” for each potential investment. The reward-risk ratio is designed to identify stocks with above average potential returns that are adjusted for risk.  In the second step, Navellier applies two or more sets of fundamental criteria to identify attractive stocks among those with favorable reward/risk ratios. Examples of these criteria include earnings growth, profit margins, reasonable price-earnings ratios based on expected future earnings, and various other fundamental criteria. Stocks with a combination of the applicable criteria are further considered in the third and final step of the investment process, which addresses the construction of the portfolio.  Stocks are selected and weighted according to a disciplined methodology designed to maximize potential return and minimize potential risk. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Every quarter Navellier evaluates the fundamental criteria used in the second step of the investment process.  The criteria included in this step and the relative weightings of each fundamental criterion are adjusted as necessary. This allows Navellier to monitor which criteria appear to be in favor in the financial markets. If a security held by the Fund does not meet the requirements of each step of Navellier's investment process, then Navellier will evaluate the security and, if necessary, replace it.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund is non-diversified and may invest a significant percentage of its assets in the securities of one issuer and may focus on a particular market sector.  The Fund may invest up to 10% of its total assets in the securities of one company. The Fund may engage in frequent and active trading as part of its principal investment strategy.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate.  You could lose money on your investment in the Fund, and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below:</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Large-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Large-cap risk is the risk that stocks of larger companies may underperform relative to those of small- and mid-sized companies.  Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Growth Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Growth oriented funds may underperform when value investing is in favor and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential.  Emerging growth companies typically have less ability to withstand any changes to their business prospects, may involve greater risk than is customarily associated with established companies, and may have heightened liquidity risk and exposure to price movement. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Non-Diversification Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> 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. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Sector Focus Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  A Fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The bar chart and performance table below illustrate some indication of the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and 10 years compare with the Russell 1000® Growth Index.  The bar chart does not reflect any sales charges, which would reduce your return.  For information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Large Cap Growth Fund - Class A shares Total Returns as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart7 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter:  3</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">rd</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2009 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">+</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">14.98%        Worst Quarter:  4</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">th</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2008 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">23.90% </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year to date return for the Fund's Class A shares as of June 30, 2013 is 8.73%. </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Class A shares began operations on December 19, 1997. Class B shares and Class C shares began operations on October 4, 2003. Class Y shares began operations on November 10, 2004.  The Class B shares, Class C shares, and Class Y shares performance was calculated using the historical performance of the Class A shares for the periods prior to October 4, 2003 for Class B and Class C shares and November 10, 2004 for Class Y shares.  For the Class B and Class C shares, performance for this period has been restated to reflect the impact of Class B shares and Class C shares fees and expenses, respectively. Annual returns would differ only to the extent that Classes have different expenses. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the period ended December  31, 2012 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule8 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0500
0.0100
0.0000
-15
-15
-15
-15
0.0071
0.0071
0.0071
0.0071
0.0025
0.0034
0.0100
0.0000
0.0036
0.0063
0.0037
0.0037
0.0132
0.0168
0.0208
0.0108
-0.0007
0.0000
-0.0008
-0.0009
0.0125
0.0168
0.0200
0.0099
695
671
303
101
963
830
644
335
1251
1013
1111
587
2068
1892
2404
1309
171
203
530
644
913
1111
1892
2404
0.356
0.1712
0.1637
-0.0391
0.2642
-0.4164
0.2588
0.1916
0.049
0.0612
Class A Return Before Taxes
0.0001
-0.0169
0.0751
Class A Return After Taxes on Distributions
-0.0005
-0.0171
0.075
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.0009
-0.0143
0.0665
Class B Return Before Taxes
0.0042
-0.0124
0.0757
Class C Return Before Taxes
0.0434
-0.0125
0.0742
Class Y Return Before Taxes
0.0641
-0.0025
0.0836
Russell 1000 Growth Index (reflects no deductions for fees, expenses or taxes)
0.1526
0.0312
0.0752
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE MID CAP GROWTH FUND SUMMARY</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goals</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Touchstone Mid Cap Growth Fund seeks to increase the value of Fund shares as a primary goal </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> to earn income as a secondary goal.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information (“SAI”) on page 75.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule10 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule11 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting any contractual fee waivers).  Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule12 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming No Redemption</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule13 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 70% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Under normal circumstances, the Fund will invest at least 80% of its assets in common stocks of mid-cap U.S. companies. This is a non-fundamental investment policy that can be changed by the Fund upon 60-day prior notice to shareholders. A mid-cap company has a market capitalization $1.5 billion and $12 billion or within the range of market capitalizations represented in the Russell Midcap® Index (between $487 million and $30.3 billion as of June 28, 2013.  The size of the companies in the Russell Midcap® Index will change with market conditions. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund invests primarily in stocks of domestic growth companies that the sub-advisor, Westfield Capital Management Company, L.P. (“Westfield” or “Sub-Advisor”), believes have a demonstrated record of achievement with excellent prospects for earnings growth over a 1 to 3 year period. In choosing securities, Westfield looks for companies that it believes are reasonably priced with high forecasted earnings potential.  The Fund will invest in companies that Westfield believes have shown above-average and consistent long-term growth in earnings and have excellent prospects for future growth.  Westfield evaluates companies by using fundamental analysis of the company's financial statements, interviews with management, analysis of the company's operations, and product development and consideration of the company's industry category. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Westfield generally will sell a security if one or more of the following occurs:</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(1) the predetermined price target objective is exceeded;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(2) there is an alteration to the original investment case;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(3) valuation relative to the stock's peer group is no longer attractive; or</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(4) better risk/reward opportunities may be found in other stocks.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund may engage in frequent and active trading as part of its principal investment strategy and may focus on a particular market sector. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate.  You could lose money on your investment in the Fund, and the Fund could also return less than other investments.  The Fund is subject to the principal risks summarized below:</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Mid-Cap Risk: </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Mid-sized companies may have limited product lines, or financial resources, and may be dependent upon a particular niche of the market. </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Growth Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Growth oriented funds may underperform when value investing is in favor and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential.  Emerging growth companies typically have less ability to withstand any changes to their business prospects, may involve greater risk than is customarily associated with established companies, and may have heightened liquidity risk and exposure to price movement. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Sector Focus Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  A Fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its goals.  You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 Midcap® Growth Index.  The bar chart does not reflect any sales charges, which would reduce your return. For information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Mid Cap Growth Fund - Class A shares Total Returns as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart14 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">BestQuarter:  2</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">nd</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2003 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">+</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">20.30%        WorstQuarter:  4</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">th</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2008 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">26.51% </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year to date return for the Fund's Class A shares as of June 30, 2013 is 12.05%.</font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account. After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Class A shares and Class C shares began operations on October 3, 1994. Class B shares began operations on May 1, 2001. Class Y shares began operations on February 2, 2009. Institutional Class shares began operations on April 1, 2011. The Class B, Class Y, and Institutional Class shares performance was calculated using the historical performance of the Class A shares for the periods prior to May 1, 2001, February 2, 2009 and April 1, 2011, respectively. For the Class B shares, performance for this period has been restated to reflect the impact of Class B shares fees and expenses. Annual returns would differ only to the extent that classes have different expenses. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the period ended December 31, 2012 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule15 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0000
0.0500
0.0100
0.0000
0.0000
-15
-15
-15
-15
-15
0.0074
0.0074
0.0074
0.0074
0.0074
0.0025
0.0031
0.0100
0.0000
0.0000
0.0041
0.0067
0.0041
0.0042
0.0024
0.0001
0.0001
0.0001
0.0001
0.0001
0.0141
0.0173
0.0216
0.0117
0.0099
0.0000
0.0000
0.0000
0.0000
0.0000
0.0141
0.0173
0.0216
0.0117
0.0099
710
676
319
119
101
996
845
676
372
315
1302
1039
1159
644
547
2169
1957
2493
1420
1213
176
219
545
676
939
1159
1957
2493
0.4335
0.1058
0.1074
0.1426
0.1209
-0.3941
0.3771
0.2106
-0.1166
0.198
Class A Return Before Taxes
0.129
0.0015
0.0852
Class A Return After Taxes on Distributions
0.1174
-0.0032
0.0765
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.0977
0.0005
0.0734
Class B Return Before Taxes
0.1418
0.0065
0.0879
Class C Return Before Taxes
0.1791
0.0057
0.086
Class Y Return Before Taxes
0.2014
0.0158
0.0929
Institutional Class Return Before Taxes
0.2029
0.0148
0.0924
Russell Midcap Growth Index (reflects no deductions for fees, expenses or taxes)
0.1581
0.0323
0.1032
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE GROWTH OPPORTUNITIES FUND SUMMARY </font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Touchstone Growth Opportunities Fund seeks long-term growth of capital. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information (“SAI”) on page 75. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Shareholder Fees (fees paid directly from your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule17 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule18 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting any contractual fee waivers).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule19 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming No Redemption</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule20 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 95% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund invests primarily in stocks of domestic growth companies that the sub-advisor, Westfield Capital Management Company, L.P. (“Westfield” or “Sub-Advisor”), believes have a demonstrated record of achievement with excellent prospects for earnings growth over a 1 to 3 year period.  In choosing securities, Westfield looks for companies that it believes are reasonably priced with high forecasted earnings potential.  The Fund will invest in companies that Westfield believes have shown above-average and consistent long-term growth in earnings and have excellent prospects for future growth.  Westfield evaluates companies by using fundamental analysis of the company's financial statements, interviews with management, analysis of the company's operations and product development and consideration of the company's industry category. The Fund may invest in companies of any market capitalization. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Westfield expects to hold investments in the Fund for an average of 12 to 24 months.  However, changes in Westfield's outlook and market conditions may significantly affect the amount of time the Fund holds a security.  The Fund's portfolio turnover may vary greatly from year to year and during a particular year.  As a result, the Fund may engage in frequent and active trading as part of its principal investment strategy. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Westfield generally will sell a security if one or more of the following occurs:</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(1) the predetermined price target objective is exceeded;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(2) there is an alteration to the original investment case;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(3) valuation relative to the stock's peer group is no longer attractive; or</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(4) better risk/reward opportunities may be found in other stocks.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund is non-diversified and may invest a significant percentage of its assets in the securities of a single company. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate.  You could lose money on your investment in the Fund, and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Large-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Large-cap risk is the risk that stocks of larger companies may underperform relative to those of small- and mid-sized companies.  Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Mid-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that medium-capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small-Cap Risk: </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund at times may be primarily invested in small-capitalization companies.  The Fund is subject to the risk that small-capitalization stocks may underperform other types of stocks or the equity markets as </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"> </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">a whole.  Small-cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group.  In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Growth Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Growth oriented funds may underperform when value investing is in favor and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential.  Emerging growth companies typically have less ability to withstand any changes to their business prospects, may involve greater risk than is customarily associated with established companies, and may have heightened liquidity risk and exposure to price movement. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Non-Diversification Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> 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. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Sector Focus Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  A Fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its goal.  You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 3000® Growth Index.  The bar chart does not reflect any sales charges, which would reduce your return. For information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Growth Opportunities Fund - Class A shares Total Returns as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart21 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;"> <tr> <td valign="top" width="37%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter: 2</font><font style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">nd</font><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter2003 </font><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">+</font></b><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">18.90%</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:1.0pt;line-height:normal;"> </font></p> </td> <td valign="top" width="62%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">WorstQuarter: 4</font><font style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">th</font><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2008 </font><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">24.04% </font></p> </td> </tr></table></div><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year to date return for the Fund's Class A shares as of June 30, 2013 is 12.40%. </font></p>
<p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.</font></p><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Class A shares began operations on September 29, 1995. Class C shares began operations on August 2, 1999. Class Y shares and Institutional Class shares began operations on February 2, 2009.  The Class Y shares and Institutional Class shares performance was calculated using the historical performance of the Class A shares for the periods prior to February 2, 2009. Annual returns would differ only to the extent that the Classes have different expenses.</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the period ended December 31, 2012 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule22 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
-15
-15
-15
-15
0.0075
0.0075
0.0075
0.0075
0.0025
0.0100
0.0000
0.0000
0.0037
0.0062
0.0041
0.0025
0.0137
0.0237
0.0116
0.0100
-0.0013
-0.0038
-0.0017
-0.0016
0.0124
0.0199
0.0099
0.0084
694
302
101
86
972
703
352
302
1270
1231
622
537
2116
2677
1394
1210
202
703
1231
2677
0.3974
0.0852
0.0907
0.0001
0.1715
-0.3992
0.3554
0.205
-0.0821
0.2078
Class A Return Before Taxes
Class A Return After Taxes on Distributions
Class A Return After Taxes on Distributions and Sale of Fund Shares
Class C Return Before Taxes
Class Y Return Before Taxes
Institutional Class Return Before Taxes
Russell 3000 Growth Index (reflects no deductions for fees, expenses or taxes)
0.1384
0.1104
0.0915
0.1893
0.2104
0.2126
0.1521
0.007
0.0019
0.0032
0.0116
0.0209
0.0222
0.0315
0.0722
0.0695
0.0623
0.0735
0.0796
0.0803
0.0769
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE DIVERSIFIED SMALL CAP GROWTH FUND SUMMARY</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;argin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Touchstone Diversified Small Cap Growth Fund seeks long-term growth of capital.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information (“SAI”) on page 75.  </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Shareholder Fees (fees paid directly from your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule24 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule25 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule26 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Assuming No Redemption</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule27 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 70% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Under normal circumstances, the Fund will invest at least 80% of its assets in the common stocks of small-cap companies.  This is a non-fundamental investment policy that can be changed by the Fund upon 60-day prior notice to shareholders.  A small cap-company has a market capitalization of less than $2.5 billion or a market capitalization represented within the range of the Russell 2000® Index (between $23 million and $5.8 billion as of June 28, 2013).  The size of the companies in the Russell 2000 Index will change with market conditions. The Fund will generally hold approximately 80 - 120 stocks. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund will invest in securities that the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington” or “Sub-Advisor”), believes will capitalize on inefficiencies that exist in the small-cap growth market by focusing on: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:33.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">         </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Companies that are experiencing improving long-term or cyclical fundamental trends;</font></p> <p style="margin-bottom:.0001pt;margin-left:33.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">         </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">High quality, well-managed companies; and</font></p> <p style="margin-bottom:.0001pt;margin-left:33.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">         </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Companies with competitive business models. </font></p> <p style="margin-bottom:.0001pt;margin-left:33.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:13.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Fort Washington employs a four-step investment process:</font></p> <p style="margin-bottom:.0001pt;margin-left:13.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;"> <tr> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">1.</font></p> </td> <td valign="top" width="98%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Proprietary Quantitative Selection Criteria - The small-cap growth stock universe is analyzed through a quantitative model and stocks are given rankings along four dimensions: fundamental, risk, valuation and technical. This reduces the universe to a bullpen of approximately 300 stocks. </font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:1.0pt;line-height:normal;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;"> <tr> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">2.</font></p> </td> <td valign="top" width="98%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Fundamental Research - Bottom-up fundamental research is conducted on the resulting bullpen of stocks along several dimensions, such as earnings drivers (those factors that ultimately determine a company's ability to grow its earnings), business model (the strategy used in managing the business), and operating margins (the earnings a company produces before allocating interest expenses, taxes, depreciation, etc.).</font></p> </td> </tr> <tr> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">3.</font></p> </td> <td valign="top" width="98%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Team Review - A portfolio manager recommends stocks after performing the fundamental research. Each portfolio manager specializes in one or more economic sectors, and is responsible for making recommendations within that sector. The entire investment team reviews this recommendation, determining whether to add it to the Fund along with the corresponding position weight, if applicable.</font></p> </td> </tr> <tr> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">4.</font></p> </td> <td valign="top" width="98%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Construction - The portfolio is constructed subject to guidelines and constraints. A risk overlay is added to ensure optimal positioning with respect to macroeconomic trends. Positions are consistently monitored and an annual intensive review is conducted to determine if drivers of growth are still present in each security.</font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:13.0pt;margin-right:0in;margin-top:0in;text-indent:-11.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund may engage in frequent and active trading as part of its principal investment strategy.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate.  You could lose money on your investment in the Fund, and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small-Cap Risk: </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund at times may be primarily invested in small-capitalization companies.  The Fund is subject to the risk that small-capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Small-cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group.  In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Growth Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Growth oriented funds may underperform when value investing is in favor and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential.  Emerging growth companies typically have less ability to withstand any changes to their business prospects, may involve greater risk than is customarily associated with established companies, and may have heightened liquidity risk and exposure to price movement. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Sector Focus Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  A Fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its goal. You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 since inception compare with the Russell 2000 Growth Index.  The bar chart does not reflect any sales charges, which would reduce your return.  For more information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Touchstone Diversified Small Cap Growth Fund - Class A shares Total Returns as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart28 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter:  2nd Quarter 2009 +17.07%        Worst Quarter:  4th Quarter 2008 -28.14%</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The year to date return for the Fund's Class A shares as of June 30, 2013 is 13.20%.</font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account. After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Class A shares and Class Y shares began operations on September 6, 2006 and Class C shares began operations on August 1, 2007. The Class C shares performance was calculated using the historical performance of the Class A shares for the period from September 6, 2006 through July 31, 2007. Performance for this period has been restated to reflect the impact of Class C shares fees and expenses. Annual returns would differ only to the extent that the Classes have different expenses. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the period ended December 31, 2012 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule29 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0100
0.0000
-15
-15
-15
0.0105
0.0105
0.0105
0.0025
0.0100
0.0000
0.0082
0.0157
0.0050
0.0001
0.0001
0.0001
0.0213
0.0363
0.0156
779
465
159
1204
1112
493
1653
1878
850
2895
3889
1856
365
1112
1878
3889
0.1684
-0.4267
0.2626
0.263
-0.0345
0.0919
Class A Return Before Taxes
Class A Return After Taxes on Distributions
Class A Return After Taxes on Distributions and Sale of Fund Shares
Class C Return Before Taxes
Class Y Return Before Taxes
Russell 2000 Growth Index (reflects no deductions for fees, expenses or taxes)
0.0292
0.0292
0.019
0.0729
0.0946
0.1459
-0.0183
-0.0183
-0.0154
-0.014
-0.0045
0.0349
0.0254
0.0208
0.0194
0.0274
0.0375
0.0519
2006-09-06
2006-09-06
2006-09-06
2006-09-06
2006-09-06
2006-09-06
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> TOUCHSTONE FOCUSED FUND SUMMARY</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund seeks to provide investors with capital appreciation. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information (“SAI”) on page 75. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Shareholder Fees (fees paid directly from your investment)</font></b>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b>
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<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting the contractual fee waiver).  Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b>
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<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming No Redemption</font></b>
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<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the portfolio turnover rate of the Fund was 189% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund invests, under normal market conditions, at least 80% of its assets in equity securities.  This is a non-fundamental policy that can be changed by the Fund upon 60-day prior notice to shareholders. Equity securities include common stock, preferred stock, convertible bonds and warrants.  The Fund may invest in companies of any market capitalization in seeking to achieve its investment goal. These securities may be traded over-the-counter or listed on an exchange. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">In selecting securities for the Fund, the Fund's sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington” or “Sub-Advisor”), seeks to invest in companies that: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Are trading below its estimate of the companies' intrinsic value; and </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty, or a government barrier (e.g., license or subsidy). Fort Washington believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund will generally hold 25 to 35 securities with residual cash and equivalents expected to represent less than 10% of the Fund's net assets. The Fund may, at times, hold fewer securities and a higher percentage of cash and equivalents when, among other reasons, Fort Washington cannot find a sufficient number of securities that meets its purchase requirements. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund may invest up to 35% of its assets in securities of foreign issuers through the use of ordinary shares or depositary receipts such as American Depositary Receipts (“ADRs”). Non-U.S. issuer or foreign companies (or issuers) are companies that: (i) are organized under the laws of; (ii) maintain their principal place of business in; (iii) have the principal trading market for their securities in; (iv) derive at least 50% of revenues or profits from operation in; or (v) have at least 50% of their assets in, foreign countries. The Fund may also invest in securities of emerging market countries.  Emerging market countries are generally countries not included in the MSCI World Index. The Fund's investment strategy often involves overweighting the Fund's position in the industry sectors which it believes hold the most growth potential. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Fort Washington will generally sell a security if it reaches its estimate of fair value, if a more attractive investment opportunity is available, or if a structural change has taken place and Fort Washington cannot reliably estimate the impact of the change on the business fundamentals. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund is non-diversified and may invest a significant percentage of its assets in the securities of a single company. The Fund may also engage in frequent and active trading as part of its principal investment strategy. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's shares will fluctuate.  You could lose money on your investment in the Fund and the Fund could return less than other investments.  The Fund is subject to the principal risks summarized below. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Emerging Markets Risk:  </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Large-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Large-cap risk is the risk that stocks of larger companies may underperform relative to those of small- and mid-sized companies.  Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Mid-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that medium-capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small-Cap Risk: </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund at times may be primarily invested in small-capitalization companies.  The Fund is subject to the risk that small-capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Small-cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group.  In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Foreign Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers.  These events will not necessarily affect the U.S. economy or similar issuers located in the United States.  In addition, investments in foreign securities are generally denominated in foreign currency.  As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments.  There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures.  Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Non-Diversification Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  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. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Preferred Stock Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Sector Focus Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund may focus its investments within certain sectors.  A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. It is possible that economic, business, or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. The Fund's investment strategy often involves overweighting the Fund's position in the industry sectors which it believes hold the most growth potential. As a result, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments. In addition, the Fund focuses on a small number of companies, making it highly vulnerable to isolated business setbacks. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund's Performance </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and 10 years compare with the Russell 3000® Index and the S&P 500 Index.  The bar chart does not reflect any sales charges, which would reduce your return.  For information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Touchstone Focused Fund -Class Y shares Total Return as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart35 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter:</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line height:normal;">                                                          </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:1.0pt;line-height:normal;"> </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;">       </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Worst Quarter: </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">2nd Quarter 2009 +19.55%</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line height:normal;">                                       </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:1.0pt;line-height:normal;"> </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;">       </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">4th Quarter 2008 -19.04%</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year to date return for the Fund's Class Y Shares as of June 30, 2013 is 14.90%. </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Class Y shares began operations on February 12, 1999. Class A shares began operations on September 30, 2003.  Institutional Class shares began operations on December 20, 2006. Class C shares began operations on April 16, 2012.  Class A shares, Institutional Class shares, and Class C shares performance was calculated using the historical performance of Class Y shares for the periods prior to September 30, 2003, December 20, 2006, and April 16, 2012, respectively.  The Class A and C shares performance for this period has been restated to reflect the impact of Class A and C shares fees and expenses.  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. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the periods ended December 31, 2012 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule36 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
-15
-15
-15
-15
0.0065
0.0065
0.0065
0.0065
0.0025
0.0100
0.0000
0.0000
0.0099
2.5673
0.0039
0.0050
0.0002
0.0002
0.0002
0.0002
0.0191
2.5840
0.0106
0.0117
-0.0069
-2.5643
-0.0009
-0.0035
0.0122
0.0197
0.0097
0.0082
692
300
99
84
1077
13511
328
337
1487
13511
576
610
2627
13511
1286
1389
200
13511
13511
13511
0.3336
0.1413
0.0193
0.2286
0.0299
-0.327
0.3668
0.0955
-0.0082
0.2213
Class Y Return Before Taxes
Class Y Return After Taxes on Distributions
Class Y Return After Taxes on Distributions and Sale of Fund Shares
Class A Return Before Taxes
Class C Return Before Taxes
Institutional Class Return Before Taxes
Russell 3000 Index (reflects no deduction for fees, expenses or taxes)
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
0.2213
0.2209
0.1444
0.149
0.2214
0.2232
0.1642
0.16
0.0345
0.028
0.0259
0.0198
0.028
0.037
0.0204
0.0166
0.0881
0.0833
0.0756
0.079
0.0792
0.0894
0.0768
0.071
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE SMALL CAP GROWTH FUND SUMMARY </font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Touchstone Small Cap Growth Fund (the “Fund”) (formerly the Touchstone Micro Cap Value Fund) seeks to achieve long-term capital growth. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information on page 75. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Shareholder Fees (fees paid directly from your investment)
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule38 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule39 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting the contractual fee waiver).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule40 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule41 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the portfolio turnover rate of the Fund was 45% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small-cap companies. This is a non-fundamental policy that the Fund can change upon 60-day prior notice to shareholders. In implementing this policy, the Fund primarily invests in common stock of small-cap companies. Apex Capital Management, Inc., sub-advisor to the Fund (“Apex” or “Sub-Advisor”) defines small-cap companies as companies with market capitalizations between $150 million and $3.5 billion at the time of purchase.  The Fund may invest up to 15% of its assets in common stocks of foreign small- and mid-cap companies through the purchase of depositary receipts or foreign domiciled companies listed on U.S. stock exchanges. Non-U.S. issuer or foreign companies (or issuers) are companies that: (i) are organized under the laws of; (ii) maintain their principal place of business in; (iii) have the principal trading market for their securities in; (iv) derive at least 50% of revenues or profits from operation in; or (v) have at least 50% of their assets in, foreign countries. The Fund may also invest in shares of exchange traded funds (“ETFs”) and other similar instruments. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund seeks to achieve its investment objective by investing in a diversified portfolio of common stocks of small-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which are expected to grow faster than the U.S. economy.  In selecting investments for the Fund, Apex uses an approach that combines “top-down” secular- and macro-economic trend analysis with “bottom-up” security selection.  The “top-down” approach takes into consideration factors such as interest rates, inflation, fiscal and monetary policy, global demographic trends, the regulatory environment, and global investment opportunities.  Through this “top-down” view, Apex seeks to provide a framework for “bottom up” research by identifying sectors, industries, and companies that may benefit from the sustainability of the observed trends. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Apex applies fundamental “bottom-up” research to identify individual companies that exhibit earnings growth potential and may benefit from the observed secular- and macro-economic trends.  The core investments of the Fund typically include more established companies that Apex recognizes as “stable growth” companies.  Stable growth companies typically provide more stability and consistency in volatile markets and are identified as exhibiting potential earnings acceleration, consistency of earnings, solid fundamentals (e.g., a strong balance sheet or the ability to generate free-cash flow), franchise durability, and reasonable valuations in the context of projected growth rates.  The Fund may also invest in companies that are in the earlier stages of their growth cycle that Apex recognizes as “emerging growth” companies.  Emerging growth companies typically exhibit more aggressive growth characteristics and may be experiencing a significant positive transformation or a favorable catalyst impacting their long-term earnings potential.  Characteristics Apex considers in identifying emerging growth companies for the Fund include accelerating revenue growth, relative strength, company specific market advantage, or an introduction of a new product line with a large addressable marketplace. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Apex may sell a security when it achieves full valuation; Apex identifies a more attractive investment; the Fund needs to maintain portfolio diversification; or an individual security experiences declining fundamentals, negative earnings surprise, or similar adverse events.  In general, once a security reaches $5 billion in market capitalization Apex gradually liquidates the position. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate. You could lose money on your investment in the Fund, and the Fund could also return less than other investments.  The Fund is subject to the principal risks listed below. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Depositary Receipts Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Foreign receipts, which include American Depositary Receipts (“ADRs”) are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer.  ADRs may be available  through “sponsored” or “unsponsored” facilities.  The risks of depositary receipts include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Mid-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that medium-capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small-Cap Risk: </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund at times may be primarily invested in small-capitalization companies.  The Fund is subject to the risk that small-capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Small-cap stock risk is the risk that stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group.  In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Exchange-Traded Funds:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  When investing in ETFs, shareholders bear their proportionate share of the Fund's expenses and their proportionate share of ETF expenses which are similar to the Fund's expenses.  Also, although ETFs seek to provide investment results that correspond generally to the price and yield performance of a particular market index, the price movement of an ETF may not track the underlying index. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Foreign Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers.  These events will not necessarily affect the U.S. economy or similar issuers located in the United States.  In addition, investments in foreign securities are generally denominated in foreign currency.  As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments.  There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures.  Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Growth Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Growth oriented funds may underperform when value investing is in favor and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential.  Emerging growth companies typically have less ability to withstand any changes to their business prospects, may involve greater risk than is customarily associated with established companies, and may have heightened liquidity risk and exposure to price movement. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual  total returns for 1 year, 5 years, and 10 years compare with the Russell 2000® Growth Index.  The bar chart does not reflect any sales charges, which would reduce your return.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small Cap Growth Fund - Class A shares Total Return as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart42 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter:  2nd Quarter 2009 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">+</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">32.54%      Worst Quarter:  4th Quarter 2008 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">27.89% </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year-to-date return for the Fund's Class A shares as of June 30, 2013 is 13.93%. </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Before the Small Cap Growth Fund changed its name, principal investment strategy, and sub-advisor, the Fund was managed as the Touchstone Micro Cap Value Fund. The change from the Micro Cap Value Fund to Small Cap Growth Fund occurred on April 26, 2013.    Before the Micro Cap Value Fund commenced operations, all of the assets and liabilities of the Fifth Third Micro Cap Value Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on September 10, 2012.  As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization.  Financial and performance information prior to April 26, 2013 included in the Fund's prospectus is that of the Micro Cap Value Fund and its Predecessor Fund.  For more information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information. </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Class A and Class C shares began operations on August 13, 2001. Class Y shares began operations on February 1, 1998. Institutional Class shares began operations on September 10, 2012.  The Institutional Class shares performance information is calculated using the historical performance of Class Y shares for periods prior to September 10, 2012.  Institutional Class 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. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the periods ended December 31, 2012</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule43 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
-15
-15
-15
-15
0.0100
0.0100
0.0100
0.0100
0.0025
0.0100
0.0000
0.0000
0.0088
0.0116
0.0077
9.4443
0.0001
0.0001
0.0001
0.0001
0.0214
0.0317
0.0178
9.4544
-0.0069
-0.0097
-0.0058
-9.4439
0.0145
0.0220
0.0120
0.0105
714
323
122
107
1144
887
504
49246
1599
1575
910
49246
2854
3409
2047
49246
223
887
1575
3409
0.6916
0.2297
-0.006
0.1243
-0.099
-0.3069
0.3388
0.3018
-0.0515
0.1484
Class A Return Before Taxes
Class A Return After Taxes on Distributions
Class A Return After Taxes on Distributions and Sale of Fund Shares
Class C Return Before Taxes
Class Y Return Before Taxes
Institutional Class Return Before Taxes
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)
0.0817
0.0722
0.0651
0.1324
0.1521
0.1524
0.1459
0.0438
0.0415
0.0372
0.0488
0.059
0.0591
0.0349
0.1002
0.0796
0.0839
0.0995
0.1094
0.1094
0.098
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE SMALL COMPANY VALUE FUND SUMMARY</font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund seeks long-term capital growth.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and the Fund's Statement of Additional Information on page 75.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule45 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule46 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting the contractual fee waiver).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Assuming Redemption at End of Period</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule47 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Assuming No Redemption</font></b>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule48 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the portfolio turnover rate of the Fund was     155% of the average value of its portfolio.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small-cap companies. This is a non-fundamental investment policy that can be changed by the Fund upon 60-day prior notice to shareholders. For purposes of the Fund, a small capitalization company has a market capitalization of no more than $2 billion at the time of initial purchase. Equity securities consist of common stock and preferred stock.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's sub-advisor, DePrince, Race & Zollo, Inc. (“DRZ” or “Sub-Advisor”), seeks to invest in companies that it believes have the potential for growth and that appear to be trading below their perceived value. DRZ employs a multi-step, “bottom up” investment process. Initially, DRZ screens the investible universe for small capitalization companies that pay a dividend. DRZ then applies various valuation multiples such as price-to-earnings, price-to-book and price-to-cash flow, to find companies that it believes are trading at the low end of their historical relative valuation levels. DRZ then conducts fundamental analysis to identify an imminent catalyst (e.g., a new product cycle, management focus on return on invested capital, management changes, restructuring, improving financial or operating conditions, or an industry-pricing cycle), that it believes may lead to future price appreciation. DRZ establishes relative price targets for the remaining stocks that have identifiable catalysts. Finally, DRZ filters the results to choose companies that it believes have the potential for growth and appear to be trading below their perceived value. DRZ considers selling a security when, in DRZ's opinion, the security's yield falls below an acceptable limit, when the valuation is no longer attractive or the fundamentals of the company or sector deteriorate.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Most of these companies are based in the U.S., but in some instances may be foreign companies. Non-U.S. issuer or foreign companies (or issuers) are companies that: (i) are organized under the laws of; (ii) maintain their principal place of business in; (iii) have the principal trading market for their securities in; (iv) derive at least 50% of revenues or profits from operation in; or (v) have at least 50% of their assets in, foreign countries. The Fund will typically hold 65 to 80 securities. The Fund may engage in frequent and active trading of securities as a part of its principal investment strategy.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund's share price will fluctuate. You could lose money on your investment in the Fund, and the Fund could also return less than other investments.  The Fund is subject to the principal risks listed below.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:  </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of the Fund's shares.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group.  In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects.</font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Foreign Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers.  These events will not necessarily affect the U.S. economy or similar issuers located in the United States.  In addition, investments in foreign securities are generally denominated in foreign currency.  As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments.  There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures.  Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance and may generate more taxable short-term gains for shareholders.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Preferred Stock Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Value Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and since the Fund's inception compare with the Russell 2000® Value Index.  The bar chart does not reflect any sales charges, which would reduce your return.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407.</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small Company Value Fund - Class A Total Returns as of December 31</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart49 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter:  2</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">nd</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter2009 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">+</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">26.20%       Worst Quarter:  4</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">th</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2008 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">27.57%</font></p><p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year-to-date return for the Fund's Class A shares as of June 30, 2013 is 12.88%.</font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third Small Cap Value Fund (the “Predecessor Fund”) were transferred to theFund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on September 10, 2012.  As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization.  Financial and performanceinformation prior to September 10, 2012 included in the Fund's prospectus is that of the Predecessor Fund.  For more information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund'sStatement of Additional Information.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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. Yourafter-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Class A,C and, Y shares began operations on April 1, 2003. Institutional Class shares began operations on September 10, 2012.  TheInstitutional Class shares performance information is calculated using the historical performance of Class Y shares for periods prior to September 10, 2012.  Institutional Class 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.</font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the periods ended December 31, 2012</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule50 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
-15
-15
-15
-15
0.0090
0.0090
0.0090
0.0090
0.0025
0.0100
0.0000
0.0000
0.0157
0.0173
0.0086
0.0049
0.0000
0.0000
0.0000
0.0000
0.0272
0.0363
0.0176
0.0139
-0.0134
-0.0150
-0.0063
-0.0041
0.0138
0.0213
0.0113
0.0098
707
316
115
100
1251
973
493
400
1819
1751
895
721
3358
3791
2021
1633
216
973
1751
3791
0.1143
0.1166
0.1343
-0.0452
-0.2873
0.3355
0.1962
0.0039
0.112
Class A Return Before Taxes
Class A Return After Taxes on Distributions
Class A Return After Taxes on Distributions and Sale of Fund Shares
Class C Return Before Taxes
Class Y Return Before Taxes
Institutional Class Return Before Taxes
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)
0.0482
0.0085
0.0557
0.0958
0.1151
0.1166
0.1805
0.0368
0.0253
0.0278
0.0415
0.0519
0.0522
0.0355
0.0857
0.067
0.0677
0.0842
0.0952
0.0954
0.1035
2003-04-01
2003-04-01
2003-04-01
2003-04-01
2003-04-01
2003-04-01
2003-04-01
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE INTERNATIONAL VALUE FUND SUMMARY </font></b></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund seeks long-term capital growth.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information on page 75.</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Shareholder Fees (fees paid directly from your investment)</font></b></p>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </font></b></p>
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<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting the contractual fee waiver). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule54 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Assuming No Redemption </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule55 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the portfolio turnover rate of the Fund was 133% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Under normal circumstances, the Fund primarily invests its assets in equity securities of foreign issuers. Equity securities include common and preferred stocks. Non-U.S. issuer or foreign companies (or issuers) are companies that: (i) are organized under the laws of; (ii) maintain their principal place of business in; (iii) have the principal trading market for their securities in; (iv) derive at least 50% of revenues or profits from operation in; or (v) have at least 50% of their assets in, foreign countries. The Fund allocates its assets to securities of issuers located in both developed and emerging markets. The companies whose securities are represented in the Fund's portfolio are located in at least three countries other than the U.S. The Fund may invest in companies of any market capitalization. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley” or “Sub-Advisor”), uses traditional methods of stock selection - research and analysis - to identify securities it believes are undervalued. Barrow Hanley seeks to invest in companies that have (1) price-to-earnings and price-to-book ratios below the market, (2) enterprise-value/free-cash-flow ratios at or below the market, and (3) dividend yields above the market. For purposes of the preceding sentence, the companies comprising the MSCI EAFE Index constitute the market. Barrow Hanley's investment management approach may be described as traditional value with a focus on income from dividends because it generally focuses on companies which are out of favor with other investors due to internal or external challenges judged to be short-term in nature.  Barrow Hanley's process seeks to identify the reasons for a temporary undervaluation of a company's shares and believes that value to the Fund can be added through individual stock selection. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Barrow Hanley utilizes risk management tools in an effort to keep the Fund from becoming over-exposed to particular market segments. Barrow Hanley is a “bottom-up” value manager meaning it analyzes the fundamentals of companies one at a time rather than focusing on broader market themes. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Barrow Hanley generally considers selling a security when, in Barrow Hanley's opinion, the security reaches fair value estimate, when earnings forecasts do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company's fundamentals, or when other investment opportunities appear more attractive. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund may engage in frequent and active trading as part of its principal investment strategy. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate. You could lose money on your investment in the Fund, and the Fund could also return less than other investments.  The Fund is subject to the principal risks listed below. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Emerging Markets Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Fund's investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry or economic trends and developments. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Large-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Large-cap risk is the risk that stocks of larger companies may underperform relative to those of small- and mid-sized companies.  Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Mid-Cap Risk: </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Mid-sized companies may have limited product lines, or financial resources, and may be dependent upon a particular niche of the market. </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;line-height:normal;">·</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:3.0pt;line-height:normal;">                  </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Small-Cap Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole.  Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.  Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group.  In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects. </font></p> <p style="margin-bottom:.0001pt;margin-left:31.5pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Foreign Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers.  These events will not necessarily affect the U.S. economy or similar issuers located in the United States.  In addition, investments in foreign securities are generally denominated in foreign currency.  As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments.  There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures.  Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Value Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and 10 years compare with the MSCI EAFE Index, Net.  The bar chart does not reflect any sales charges, which would reduce your return.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407 </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Touchstone International Value Fund - Class A shares Total Return as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart56 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;"> <tr> <td valign="top" width="38%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter: 2</font><font style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">nd</font><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2009 +24.58%</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:1.0pt;line-height:normal;"> </font></p> </td> <td valign="top" width="61%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Worst Quarter: 3</font><font style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">rd</font><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2008 </font><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">21.83% </font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year-to-date return for the Fund's Class A shares as of June 30, 2013 is 0.00%. </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third International Equity Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on September 10, 2012.  As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization.  Financial and performance information prior to September 10, 2012 included in the Fund's prospectus is that of the Predecessor Fund.  For more information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Class A shares began operations on August 18, 1994. Class C shares began operations on April 25, 1996. Class Y shares began operations on October 9, 1998. Institutional Class shares began operations on September 10, 2012.  The Institutional Class shares performance was calculated using the historical performance of the Class A shares for the periods prior to September 10, 2012. Institutional Class 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. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"></font></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule57 ~</div>
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0.0136
-0.0083
-0.0719
-0.0037
-0.0037
0.0139
0.0214
0.0114
0.0099
708
317
116
101
1154
2054
441
394
1625
3736
789
709
2921
7342
1770
1603
217
2054
3736
7342
0.3338
0.1564
0.1366
0.2205
0.1444
-0.4528
0.2603
0.093
-0.1368
0.1358
Class A Return Before Taxes
0.0707
-0.0697
0.0548
Class A Return After Taxes on Distributions
0.0701
-0.0824
0.043
Class A Return After Taxes on Distributions and Sale of Fund Shares
0.0561
-0.0627
0.0437
Class C Return Before Taxes
0.119
-0.0655
0.053
Class Y Return Before Taxes
0.1393
-0.056
0.0636
Institutional Return Before Taxes
0.1393
-0.0581
0.0614
MSCI EAFE Index, Net (reflects no deduction for fees or expenses)
0.1732
-0.0369
0.0821
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">TOUCHSTONE FLEXIBLE INCOME FUND SUMMARY </font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(Formerly Touchstone Strategic Income Fund) </font></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Investment Goal</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund seeks a high level of income consistent with reasonable risk.</font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund seeks capital appreciation as a secondary goal. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Fees and Expenses</font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Touchstone Funds. More information about these and other discounts is available from your financial professional and in the section entitled “Choosing a Class of Shares” in the Fund's prospectus on page 60 and in the Fund's Statement of Additional Information on page 75. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Shareholder Fees (fees paid directly from your investment)
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule59 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule60 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Example.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (reflecting any contractual fee waivers).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Assuming Redemption at End of Period</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule61 ~</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Assuming No Redemption</font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule62 ~</div>
<b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Portfolio Turnover.</font></b>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the portfolio turnover rate of the Fund was 41% of the average value of its portfolio. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Principal Investment Strategies </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Under normal circumstances, the Fund invests at least 80% of its assets in income-producing securities such as debt securities, common stocks, and preferred stocks.  This is a non-fundamental policy that can be changed by the Fund upon 60-day prior notice to shareholders. Debt securities in which the Fund may invest include, but are not limited to, U.S. government agency securities and variable, or floating-rate instruments. Certain of the debt securities and preferred stocks in which the Fund may invest may be convertible into common shares. The Fund normally invests in equity securities of companies with a market capitalization of approximately $400 million or higher.  The Fund may invest in both domestic and foreign securities.  The Fund may also invest in equity securities of Real Estate Investment Trusts. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's sub-advisor, Fifth Third Asset Management, Inc. (“FTAM” or “Sub-Advisor”), seeks to provide value by investing in asset classes that appear to be attractive based on their risks and in companies with attractive price-to-cash flow ratios. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FTAM may invest in debt securities of any maturity, and will increase its investment in short-term debt securities during periods when it believes interest rates will rise and will increase its investment in long-term debt securities during periods when it believes interest rates will decline. FTAM seeks to maximize risk-adjusted returns through fundamental research, quantitative modeling, quantitative analysis, and capital structure analysis. In performing this research, modeling and analysis, FTAM evaluates companies based on such factors as sales, assets, earnings, markets, and management. FTAM also searches for companies with favorable debt-to-equity ratios. The Fund seeks returns by investing across a broader array of investments than traditional investment-grade fixed-income funds, and FTAM believes that a low correlation between various asset classes leads to stability of expected returns. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">In selecting corporate debt securities for the Fund, FTAM intends to invest principally in securities rated Baa or better by Moody's (or the equivalent using Standard & Poor's), but may invest in non-investment-grade debt securities rated as low as Ba, B, Caa, or Ca, or unrated securities when these investments are believed by FTAM to be sound and consistent with an objective of reasonable risk. The Fund will not invest more than 20% of its assets in either (i) securities rated Ba or lower by Moody's or (ii) unrated securities which, in the opinion of FTAM, are of quality comparable to those rated Ba or lower. Securities rated lower than Baa by Moody's, sometimes referred to as “junk bonds,” are lower-rated securities and have speculative characteristics. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund may invest in any diversified closed-end income fund as long as the Fund's total portfolio maintains no more than 20% of its assets in securities rated Ba or lower. The Fund may consider closed-end funds as a “pass-through” security, and will look at the composition of the underlying portfolio. Therefore, the Fund may invest in any single closed-end fund even if more than 20% of the closed-end fund's assets are invested in securities rated Ba or lower. The closed-end funds in which the Fund may invest may in turn invest in debt and equity securities of United States or foreign issuers. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">In order to efficiently seek certain exposures or to hedge certain risks, the Fund may invest in derivative instruments, such as currency forwards, options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FTAM may consider selling a portfolio holding when: deterioration in a company's strategic position, growth prospects, or financial reporting is detected; an individual security comprises too large a position in the portfolio; a company with declining financial fundamentals has risk volatility of more than one standard deviation in FTAM's proprietary credit risk model; a company's valuations are no longer attractive; or a better opportunity arises. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Principal Risks </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's share price will fluctuate. You could lose money on your investment in the Fund, and the Fund could also return less than other investments.  The Fund is subject to the principal risks listed below. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Convertible Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying security. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Credit Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The securities in the Fund's portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions, could cause an issuer to fail to make timely payments of principal or interest, when due.  This may cause the issuer's securities to decline in value. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Derivatives Risk:  </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default.  These additional risks could cause the Fund to experience losses to which it would otherwise not be subject. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Equity Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of the Fund's shares. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Foreign Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers.  These events will not necessarily affect the U.S. economy or similar issuers located in the United States.  In addition, investments in foreign securities are generally denominated in foreign currency.  As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments.  There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures.  Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Forward Currency Exchange Contract Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value of a currency, but they also limit any potential gains, do not protect against fluctuations in the value of the underlying position and are subject to counterparty risk. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Futures Contracts Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The risks associated with futures include: the potential inability to terminate or sell a position, the lack of a liquid secondary market for the Fund's position and the risk that the counterparty to the transaction will not meet its obligations. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Interest Rate Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  As interest rates rise, the value of fixed-income securities the Fund owns will be likely to decrease. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure of the expected life, taking into account any prepayment or call features of the security, of a fixed-income security that is used to determine the price sensitivity of the security for a given change in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Management Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> The Advisor engages one or more sub-advisors to make investment decisions on its behalf for a portion or all of the Fund.  There is a risk that the advisor may be unable to identify and retain sub-advisors who achieve superior investment returns relative to other similar sub-advisors.  The value of your investment may decrease if the Sub-Advisor's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Non-Investment-Grade Debt Securities Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Non-investment-grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers' ability to make payments of interest and principal. There is a high risk that the Fund could suffer a loss from investments in non-investment-grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment-grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment-grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment-grade debt securities can also be more difficult to sell for good value.  Successful investment in non-investment-grade debt securities involves greater investment risk and is highly dependent on the sub-advisor's credit analysis and market analysis. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Options Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  Options trading is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The value of options can be highly volatile, and their use can result in loss if the sub-advisor is incorrect in its expectation of price fluctuations. The successful use of options for hedging purposes also depends in part on the ability of the sub-advisor to predict future price fluctuations and the degree of correlation between the options and securities markets.  When options are purchased over the counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its position. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Preferred Stock Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Real Estate Investment Trust (“REITs”) Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  REITs are pooled investment vehicles that primarily invest in commercial real estate or real estate-related loans.  REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses, rising interest rates, competition, overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically incur fees that are separate from those of an underlying fund.  Accordingly, an underlying fund's investments in REITs will result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying fund expenses. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Swap Agreements Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">  The Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap agreements also may be considered to be illiquid. In addition, the Fund may enter into swap agreements that involve a limited number of counterparties, which may increase the Fund's exposure to credit risk. Further, there is a risk that no suitable counterparties are willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment goal. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Value Investing Risk:</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the “Investment Strategies and Risks” section of the Fund's Prospectus. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Fund's Performance </font></b></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for 1 year, 5 years, and 10 years compare with the Barclays U.S. Aggregate Bond Index.  The bar chart does not reflect any sales charges, which would reduce your return.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.  Updated performance is available at no cost by visiting www.TouchstoneInvestments.com or by calling 1.800.543.0407. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Touchstone Flexible Income Fund - Class A shares Total Return as of December 31 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRBarChart63 ~</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Best Quarter: 2</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">nd</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2009 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">+</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">21.98%  Worst Quarter: 3</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.5pt;line-height:normal;">rd</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> Quarter 2008 </font><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">18.48% </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The year-to-date return for the Fund's Class A shares as of June 30, 2013 is -0.27%.</font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Before the Fund commenced operations, all of the assets and liabilities of the Fifth Third Strategic Income Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on September 10, 2012.  As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization.  Financial and performance information prior to September 10, 2012 included in the Fund's prospectus is that of the Predecessor Fund.  For more information on the prior history of the Fund, please see the section entitled “The Trust” in the Fund's Statement of Additional Information. Effective May 31, 2013, the Fund changed its name from Touchstone Strategic Income Fund to Touchstone Flexible Income Fund. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.  After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Class A shares began operations on April 1, 2004, Class C shares began operations on October 29, 2001, Class Y shares began operations on September 1, 1998, and Institutional Class shares began operations on September 10, 2012.  The performance figures for Class A shares prior to April 1, 2004 represent the performance of the Fifth Third/Maxus Income Fund Investor Shares with an inception date of March 10, 1985 and are adjusted to reflect expenses and applicable sales charges of the Predecessor Fund.  The Institutional Class shares performance was calculated using the historical performance of the Class Y shares for the periods prior to September 10, 2012. Institutional Class 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. </font></p>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the periods ended December 31, 2012 </font></b></p>
<div style="display:none">~ http://www.TouchstoneInvestments.com/role/RRSchedule64 ~</div>
0.0575
0.0000
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
-15
-15
-15
-15
0.0070
0.0070
0.0070
0.0070
0.0025
0.0100
0.0000
0.0000
0.0037
0.0041
0.0030
0.0028
0.0001
0.0001
0.0001
0.0001
0.0133
0.0212
0.0101
0.0099
-0.0023
-0.0027
-0.0016
-0.0024
0.0110
0.0185
0.0085
0.0075
681
288
87
77
951
638
306
291
1241
1114
542
524
2065
2430
1222
1191
188
638
1114
2430
0.0983
0.067
0.0159
0.08
-0.0283
-0.209
0.3656
0.2445
0.0579
0.0907
Class A Return Before Taxes
Class A Return After Taxes on Distributions
Class A Return After Taxes on Distributions and Sale of Fund Shares
Class C Return Before Taxes
Class Y Return Before Taxes
Institutional Class Return Before Taxes
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
0.028
0.0142
0.0208
0.0736
0.0944
0.0945
0.0421
0.0573
0.0362
0.036
0.0621
0.0724
0.0724
0.0595
0.0514
0.0321
0.0326
0.0501
0.0604
0.0605
0.0518
1.09
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.
50000
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
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.
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.
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
1.800.543.0407
www.TouchstoneInvestments.com
2014-07-29
2014-07-29
2014-07-29
2014-07-29
The year-to-date return
2013-06-30
0.0873
Best Quarter:
2009-09-30
0.1498
Worst Quarter:
2008-12-31
-0.239
reflects no deductions for fees, expenses or taxes
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your after-tax returns may differ from those shown and depend on your tax situation.The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary.
0.7
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.
50000
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 March 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
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 Midcap® Growth Index.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deductions for fees, expenses or taxes
2014-07-29
2014-07-29
2014-07-29
2014-07-29
2014-07-29
year to date return
2013-06-30
0.1205
Best Quarter:
2003-06-30
0.203
Worst Quarter:
2008-12-31
-0.2651
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your after-tax returns may differ from those shown and depend on your tax situation.The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
0.95
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.
50000
You could lose money on your investment in the Fund, and the Fund could also return less than other investments
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.
2014-07-29
2014-07-29
2014-07-29
2014-07-29
Year to Date Return
2013-06-30
0.124
Best Quarter:
2003-06-30
0.189
Worst Quarter:
2008-12-31
-0.2404
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 3000® Growth Index.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deductions for fees, expenses or taxes
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes
Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k) or other tax-deferred account.
After-tax returns are only shown for Class Y shares and after-tax returns for other Classes will vary.
0.7
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.
50000
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 March 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
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 since inception compare with the Russell 2000 Growth Index.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deductions for fees, expenses or taxes
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 after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
year to date return
2013-06-30
0.132
Best Quarter
2009-06-30
0.1707
Worst Quarter:
2008-12-31
-0.2814
1.89
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.
50000
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 March 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
You could lose money on your investment in the Fund and the Fund could return less than other investments.
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.
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Russell 3000® Index and the S&P 500 Index.
The bar chart does not reflect any sales charges, which would reduce your return.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
2014-07-29
2014-07-29
2014-07-29
2014-07-29
year to date return
2013-06-30
0.149
Best Quarter:
2009-06-30
0.1955
Worst Quarter:
2008-12-31
-0.1904
reflects no deduction for fees, expenses or taxes
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 after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
0.45
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.
50000
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Russell 2000® Growth Index.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deduction for fees, expenses or taxes
2014-08-31
2014-08-31
2014-08-31
2014-08-31
year to date return
2013-06-30
0.1393
Best Quarter:
2009-06-30
0.3254
Worst Quarter:
2008-12-31
-0.2789
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your after-tax returns may differ from those shown and depend on your tax situation.The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
1.55
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.
50000
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and since the Fund’s inception compare with the Russell 2000® Value Index.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deduction for fees, expenses or taxes
2014-07-29
2014-07-29
2014-07-29
2014-07-29
year to date return
2013-06-30
0.1288
Best Quarter:
2009-06-30
0.262
Worst Quarter:
2008-12-31
-0.2757
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your after-tax returns may differ from those shown and depend on your tax situation.The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"></font></b></p><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Average Annual Total Returns For the periods ended December 31, 2012</font></b></p>
1.33
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.
50000
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the MSCI EAFE Index, Net.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deduction for fees or expenses
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
2014-07-29
2014-07-29
2014-07-29
2014-07-29
year-to-date return
2013-06-30
0.00
Best Quarter:
2009-06-30
0.2458
Worst Quarter:
2008-09-30
-0.2183
0.41
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.
50000
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 March 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
You could lose money on your investment in the Fund, and the Fund could also return less than other investments.
The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from calendar year to calendar year and by showing how the Fund’s average annual total returns for 1 year, 5 years, and 10 years compare with the Barclays U.S. Aggregate Bond Index.
1.800.543.0407
www.TouchstoneInvestments.com
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
The bar chart does not reflect any sales charges, which would reduce your return.
reflects no deduction for fees, expenses or taxes
2014-07-29
2014-07-29
2014-07-29
2014-07-29
year to date return
2013-06-30
-0.0027
Best Quarter:
2009-06-30
0.2198
Worst Quarter:
2008-09-30
-0.1848
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Your after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an IRA, 401(k), or other tax-deferred account.
After-tax returns are only shown for Class A shares and after-tax returns for other Classes will vary.
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 or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.20%, 1.95%, 1.95% and 0.95% for Class A B, C, and Y shares, respectively. This expense limitation will remain in effect until at least September 10, 2013 but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Following the expiration of the contractual fee waiver above, Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25%, 2.00%, 2.00% and 0.99%, for Classes A, B, C, and Y shares, respectively. This expense limitation will remain in effect until at least July 29, 2014 but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recover, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more 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 March 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Touchstone Advisors, Inc., and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.43%, 2.18%, 2.18%, 1.18%, and 1.03%, for Classes A, B, C, Y, and Institutional shares, respectively. This expense limitation will remain in effect until at least July 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recover, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more information.
Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.20%,1.95% 0.95% and 0.84%, for Class A, C, Y, and Institutional Class shares, respectively. This expense limitation will remain in effect until at least September 10, 2013 but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Following the expiration of the contractual fee waiver above, Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operation expenses to 1.24%, 1.99%, 0.99%, and 0.84%, for Classes A, C, Y, and Institutional shares, respectively. This expense limitation will remain in effect until at least July 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recover, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more information.
Touchstone Advisors, Inc., has voluntarily agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit the Total Annual Operating Expenses (not including Acquired Fund Fees and Expenses) to 1.40%, 2.15%, and 1.15% for Classes A, C, and Y shares, respectively. This expense limitation will remain in effect until the Fund's reorganization into the Touchstone Small Cap Growth Fund is consummated. The reorganization is expected to consummate on or about August 23, 2013.
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 March 31, 2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Management fees have been restated to reflect contractual changes effective April 16, 2012.
Touchstone Advisors, Inc. and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.20%, 1.95%, 0.95%, and 0.80%, for Classes A, C, Y, and Institutional shares, respectively. This expense limitation will remain in effect until at least July 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recover, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more 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 March 31,2013, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Touchstone Advisors, Inc., and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.44%, 2.19%, 1.19%,, and 1.04%, for Classes A, C, Y, and Institutional shares, respectively. This expense limitation will remain in effect until at least August 31 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recoup, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more information.
Touchstone Advisors, Inc., and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.20%, 1.95%, 0.95% and 0.85% for Class A, C, Y, and Institutional Class shares, respectively. This expense limitation will remain in effect until at least November 29, 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's shareholders. Following the expiration of the contractual fee waiver above, Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.38 %, 2.13 %, 1.13 %, and 0.98%, for Classes A, C, Y, and Institutional shares, respectively. This expense limitation will remain in effect until at least July 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recoup, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional for more information.
Touchstone Advisors, Inc, and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.36%, 2.11%, 1.11%, and 0.96%, for Class A, C, Y, and Institutional Class shares, respectively. This expense limitation will remain in effect until at least November 29, 2013, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination beneficial to the Fund's shareholders. Following the expiration date of the contractual waiver fee above, Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.39%, 2.14%, 1.14%, and 0.99%, for Classes A, C, Y, and Institutional shares, respectively. This expense limitation will remain in effect until at least July 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recoup, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more information.
Management fees have been restated to reflect contractual changes effective May 31, 2013.
Touchstone Advisors Inc., and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 0.94%,1.69%, 0.69%, and 0.59%, for Class A, C, Y, and Institutional Class shares, respectively. This expense limitation will remain in effect until at least November 29, 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's shareholders. Following the expiration of the contractual fee waiver above, Touchstone Advisors had contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operation expenses to 1.09%, 1.84%, 0.84%, and 0.74 % for Classes A, C, Y, and Institutional shares, respectively.This expense limitation will remain in effect until at least July 29, 2014, but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund's shareholders. Touchstone Advisors is entitled to recoup, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three 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 'Expense Limitation Agreement' under the section entitled 'The Investment Advisor' in the Fund's Statement of Additional Information for more information.