Touchstone Dynamic Equity Fund (Prospectus Summary) | Touchstone Dynamic Equity Fund

TOUCHSTONE DYNAMIC EQUITY FUND SUMMARY

The Fund's Investment Goal

The Fund seeks to obtain long-term capital appreciation from hedged equity
investments with less risk than a fully invested, unhedged equity portfolio.

The Fund's Fees and Expenses

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 81 and in
the section entitled "Choosing a Share Class" in the Fund's Statement of
Additional Information on page 89.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Touchstone Dynamic Equity Fund (USD $)	Class A	Class C	Class Y	Institutional
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.75%	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or the amount redeemed, whichever is less)	none	1.00%	none	none
Wire Redemption Fee	15	15	15	15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Touchstone Dynamic Equity Fund		Class A	Class C	Class Y	Institutional
Management Fees		0.85%	0.85%	0.85%	0.85%
Distribution and/or Service (12b-1) Fees		0.25%	1.00%	none	none
Expenses on Short Sales	[1]	0.27%	0.27%	0.29%	0.27%
Other Operating Expenses	[1]	0.76%	0.66%	0.50%	13.12%
Total Other Expenses		1.03%	0.93%	0.79%	13.39%
Total Annual Fund Operating Expenses		2.13%	2.78%	1.63%	14.24%
Fee Waivers and/or Expense Reimbursement	[2]	(0.31%)	(0.21%)	(0.05%)	(12.72%)
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement		1.82%	2.57%	1.59%	1.52%

Example.

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:

Assuming Redemption at End of Period

Expense Example Touchstone Dynamic Equity Fund (USD $)	Class A	Class C	Class Y	Institutional
Expense Example, With Redemption, 1 Year	749	360	161	155
Expense Example, With Redemption, 3 Years	1,145	822	505	1,769
Expense Example, With Redemption, 5 Years	1,597	1,432	878	4,287
Expense Example, With Redemption, 10 Years	2,844	3,079	1,927	8,808

Assuming No Redemption

Expense Example, No Redemption (USD $)	Touchstone Dynamic Equity Fund Class C
Expense Example, No Redemption, 1 Year	260
Expense Example, No Redemption, 3 Years	822
Expense Example, No Redemption, 5 Years	1,432
Expense Example, No Redemption, 10 Years	3,079

Portfolio Turnover.

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 231.43% of the average value of its portfolio.

The Fund's Principal Investment Strategies

The Fund's sub-advisor, Analytic Investors, LLC ("Analytic"), seeks to achieve
the Fund's investment goal by investing the Fund's assets in a combination of
equity securities, high quality short-term debt securities and derivative
instruments.
  
Equity Strategy.  The Fund normally invests at least 80% of its assets in equity
securities.  This is a non-fundamental investment policy that can be changed by
the Fund upon 60 days' prior notice to shareholders.  The Fund invests primarily
in long and short positions in U.S. large cap stocks included in the Russell
1000® Index, although the Fund may invest in small and mid-cap equity
securities.  The Fund buys securities "long" that Analytic believes will
outperform and sells securities "short" that Analytic believes will
underperform.  The Fund intends to take long and short equity positions that may
vary over time based on Analytic's assessment of market conditions and other
factors.  The Fund's long equity exposure is ordinarily expected to range from
80% to 130% and its short equity exposure from 0% to 70% of the Fund's net
assets, excluding cash.  The Fund may take short positions at the higher end of
this range when it has reduced its written call options positions under the
options strategy (as described below) and may during these periods hold a
substantial portion of the Fund's total assets in high quality short-term debt
securities, cash or cash equivalents.

Analytic selects common stocks and other equity securities for the Fund using a
proprietary system that ranks securities according to a quantitative model.  The
model attempts to determine a security's intrinsic value by evaluating variables
such as relative valuation, price momentum, company fundamentals, liquidity and
risk.

Options Strategy.  Analytic seeks to reduce the overall portfolio risk through
the use of options.  The Fund's options strategy primarily focuses on the use of
writing (selling) call options on equity indexes or index exchange traded funds
("ETFs").  For these purposes, the Fund treats options on indexes and ETFs as
being written on securities having an aggregate value equal to the face or
notional amount of the index or ETF subject to the option.  The Fund may sell
call options on broad-based domestic equity indexes or ETFs, such as the S&P
100® Index, as well as on narrower market indexes or ETFs or on indexes or ETFs
of companies in a particular industry or sector.  The Fund may also sell
call options on foreign indexes or ETFs.  The Fund seeks to write options on
broad and narrow-based indexes and ETFs that correlate with the price movements
of the Fund's equity securities.

The Fund may also buy index put options to help protect the Fund from market
declines that may occur in the future as the value of index put options
increases as the prices of the stocks constituting the index decrease.  However,
during periods of market appreciation, the value of the index put option
decreases as these stocks increase in price.  The Fund may also write (sell)
covered call options on individual equity securities.  The Fund may also
purchase put options on individual equity securities which it owns.
  
Other Derivative Strategies.  In addition to the options strategy, the Fund may
use other derivatives for a variety of purposes, including to: hedge against
market and other risks in the portfolio; manage cash flows; and maintain market
exposure and adjust the characteristics of its investments to more closely
approximate those of its benchmark, with reduced transaction costs.  Analytic
may also use futures contracts to seek to gain broad market exposure and/or to
hedge against market and other risks in the Fund's portfolio.

The Fund may engage in frequent and active trading of securities as part of its
principal investment strategy.  Analytic generally considers selling a security
when it reaches fair value estimate, when the company's fundamentals do not
appear to justify the current price, when there has been or there is an
expectation of an adverse change in the company's fundamentals, when the risks
of the security unexpectedly rise, or when other investment opportunities appear
more attractive.

The Principal Risks

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.
  
Covered Call Options Risk:  Investments in covered calls involve certain risks.
These risks include:

o    Limited Gains.  When the Fund writes a covered call option, the Fund makes
an obligation to deliver a security it already owns at an agreed-upon strike
price on or before a predetermined date in the future in return for a premium.
By selling a covered call option, the Fund may forego the opportunity to benefit
from an increase in the price of the underlying stock above the exercise price,
but continues to bear the risk of a decline in the value of the underlying
stock.  While the Fund receives a premium for writing the call option, the price
the Fund realizes from the sale of stock upon exercise of the option could be
substantially below its prevailing market price.

o    Lack of Liquidity for the Option.  A liquid market may not exist for the
option.  If the Fund is not able to close out the options transaction, the Fund
will not be able to sell the underlying security until the option expires or is
exercised.

o    Lack of Liquidity for the Security.  The Fund's investment strategy may
also result in a lack of liquidity of the purchase and sale of portfolio
securities.  Because the Fund will generally hold the stocks underlying the call
option, the Fund may be less likely to sell the stocks in its portfolio to take
advantage of new investment opportunities.
  
Derivatives Risk:  The Fund may invest in derivatives, such as futures and
options contracts, options related to futures contracts or swap contracts, to
pursue its investment goal. The use of such derivatives may expose the Fund to
additional risks to which it would otherwise not be subject.  The lack of a
liquid secondary market for a particular derivative instrument may prevent the
Fund from closing its derivative positions and could adversely impact its ability
to achieve its goals and to realize profits or limit losses.  Since transactions
in derivatives may involve leverage, a relatively small price movement in a
derivative may result in an immediate and substantial loss to the Fund.
  
Equity Securities Risk:  The Fund is subject to the risk that stock prices will
fall (or rise with respect to short positions) over short or extended periods of
time.  Individual companies may report poor results or be negatively affected by
industry and/or economic trends and developments. The prices of securities
issued by these companies may decline in response to such developments, which
could result in a decline in the value of the Fund's shares.  Conversely, the
risk of price increases with respect to securities sold short will also cause a
decline in the value of the Fund's shares.
  
Market Risk: Market risk is the risk that the market value of a security may
fluctuate, sometimes rapidly and unpredictably.

Management Risk: The value of your investment may decrease if the sub-advisor's
judgment about the attractiveness, value or market trends affecting a particular
security, issuer, industry or sector or about market movements is incorrect.

Large Cap Risk: Large cap risk is the risk that stocks of larger companies may
underperform relative to those of small and mid-sized companies.  Larger, more
established companies may be unable to respond quickly to new competitive
challenges, such as changes in technology and consumer tastes.  Many larger
companies may not be able to attain the high growth rate of successful smaller
companies, especially during extended periods of economic expansion.

Mid Cap Risk:  While the Fund primarily invests in large capitalization
companies, the Fund may invest in mid-sized companies.  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.
  
Small Cap Risk:  While the Fund primarily invests in large capitalization
companies, the Fund may invest 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.
  
Futures Contracts Risk:  A futures contract provides for the future sale by one
party and purchase by another party of a specified quantity of the security or
other financial instrument at a specified price and time.  A futures contract on
an index is an agreement in which two parties agree to take or make delivery of
an amount of cash equal to the difference between the value of the index at the
close of the last trading day of the contract and the price at which the index
contract was originally written.  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.
                                        
Foreign Securities Risk: Investing in foreign securities poses additional risks
since political and economic events unique in a country or region will affect
those markets and their issuers. These events will not necessarily affect the
U.S. economy or similar issuers located in the United States.

Index and ETF Call Options:  Writing index and ETF call options is intended to
reduce the Fund's volatility and provide income, although it may also reduce the
Fund's ability to profit from increases in the value of its equity portfolio.
  
Portfolio Turnover Risk: The risk that high portfolio turnover is likely to lead
to increased Fund expenses that may result in lower investment returns. High
portfolio turnover is also likely to result in higher short-term capital gains
taxable to shareholders.

Sector Focus Risk: The Fund may focus its investments in certain industries
within certain sectors.  A fund that focuses its investments in the securities
of a particular market sector is subject to the risk that adverse circumstances
will have a greater impact on the fund than a fund that does not focus its
investments in a particular sector. It is possible that economic, business or
political developments or other changes affecting one security in the area of
focus will affect other securities in that area of focus in the same manner,
thereby increasing the risk of such investments.

Short Sales Risk:  When selling a security short, the Fund will sell a security
it does not own at the then-current market price.  The Fund borrows the security
to deliver to the buyer and is obligated to buy the security at a later date so
it can return the security to the lender.  If a security sold short increases in
price, the Fund may have to cover its short position at a higher price than the
short sale price, resulting in a loss.  To borrow the security, the Fund also
may be required to pay a premium, which would increase the cost of the security
sold short.  The amount of any gain will be decreased, and the amount of any
loss increased, by the amount of the premium, dividends, interest or expenses
the Fund may be required to pay in connection with the short sale.  In addition,
a lender may request, or market conditions may dictate, that securities sold
short be returned to the lender on short notice, and the Fund may have to buy
the securities sold short at an unfavorable price.  If this occurs, any
anticipated gain to the Fund may be reduced or eliminated or the short sale may
result in a loss.  In addition, because the Fund's loss on a short sale arises
from increases in the value of the security sold short, such loss is
theoretically unlimited.  By contrast, the Fund's loss on a long position arises
from decreases in the value of the security and is limited by the fact that a
security's value cannot drop below zero.

Leverage Risk:  By engaging in certain derivative strategies or investing the
proceeds received from selling securities short, the Fund is employing leverage,
which creates special risks.  The use of leverage may increase the Fund's
exposure to long or short equity positions and make any change in the Fund's net
asset value greater than without the use of leverage.  Leverage generally
results in increased volatility of returns.

Tax Consequences:  The Fund expects to generate premiums from its sale of call
options.  These premiums typically will result in short-term capital gains to
the Fund for federal and state income tax purposes.  Transactions involving the
disposition of the Fund's underlying securities (whether pursuant to the
exercise of a call option or otherwise) will give rise to capital gains or
losses.  Due to the tax treatment of securities on which call options have been
written, the holding period of the underlying security may be affected and some
or all of the gains from the sale of the underlying security may be short-term
capital gains.  Short-term capital gains are usually taxable as ordinary income
when distributed to shareholders.  Because the Fund does not have control over
the exercise of the call options it writes, shareholder redemptions or corporate
events involving its equity securities investments (such as mergers,
acquisitions, or reorganizations) may force it to realize capital gains or
losses at inopportune times.
  
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.

The Fund's Performance

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
S&P 500 Index and the Citigroup 3-Month T-Bill 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.

Touchstone Dynamic Equity Fund -Class Y shares Total Return as of December 31

Best Quarter:                Worst Quarter:       
Fourth Quarter 2011 +10.89%   Fourth Quarter 2008 -16.78%

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Your after-tax returns may differ from those shown and depend on your tax
situation. The after-tax returns do not apply to shares held in an IRA, 401(k)
or other tax-deferred account.  After-tax returns are only shown for Class Y
shares and after-tax returns for other Classes will vary.
  
Class Y shares began operations on July 1, 1978, Class A shares and Class C
shares began operations on March 31, 2005 and Institutional shares began
operations on December 9, 2005.  Class A shares and Class C shares performance
was calculated using the historical performance of Class Y shares for the
periods prior to March 31, 2005 and Institutional shares performance was
calculated using the historical performance of Class Y shares for the periods
prior to December 9, 2005.  The Class A shares performance for this period has
been restated to reflect the impact of Class A shares fees and expenses and the
Class C shares performance for this period has been restated to reflect the
impact of Class C shares fees and expenses.

Average Annual Total Returns For the periods ended December 31, 2011

Average Annual Total Returns Touchstone Dynamic Equity Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Class A	Class A Return Before Taxes	1.65%	(5.43%)	1.70%
Class C	Class C Return Before Taxes	6.12%	(5.03%)	0.94%
Class Y	Class Y Return Before Taxes	8.17%	(4.08%)	1.92%
Class Y After Taxes on Distributions	Class Y Return After Taxes on Distributions	8.17%	(4.50%)	1.41%
Class Y After Taxes on Distributions and Sales	Class Y Return After Taxes on Distributions and Sale of Fund Shares	5.31%	(3.63%)	1.42%
Institutional	Institutional Return Before Taxes	8.05%	(4.06%)	1.93%
S&P 500 Index	S&P 500 Index (reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%
Citigroup 3-Month T-Bill Index	Citigroup 3-Month T-Bill Index (reflects no deduction for fees, expenses or taxes)	0.08%	1.36%	1.85%

[1] "Other Expenses" have been restated to reflect estimated amounts for the current fiscal year.

[2] Touchstone Advisors and the Trust have entered into an expense limitation agreement whereby Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.55%, 2.30%, 1.30% and 1.25% for Class A shares, Class C shares, Class Y shares and Institutional shares, respectively. This expense limitation will remain in effect until at least April 16, 2014 but can be terminated by a vote of the Board of Trustees of the Fund if they deem the termination to be beneficial to the Fund shareholders. Touchstone Advisors is entitled to recover, subject to approval by the Board of Trustees of the Fund, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which Touchstone Advisors reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the expense limitation. See the discussion entitled "Contractual Fee Waiver Agreement" under the section entitled "The Funds' Management" in the Fund's prospectus for more information.