Touchstone High Yield Fund Sub-Advised by: Fort Washington Investment Advisors Inc.

Objective

The Fund seeks to achieve a high level of income by investing primarily in non-investment grade debt securities.

Investment Style

  • Evaluates overall investment opportunities and risks in different industries focusing on those that exhibit the potential for stability and predictability
  • Eliminates certain types of securities from purchase due to their structure
  • Applies rigorous credit selection process in an effort to identify securities that offer attractive investment opportunities
The Fund invests in debt securities which can lose their value as interest rates rise and are subject to the risk of deterioration in the financial condition of an issuer and/or general economic conditions that can cause the issuer to not make timely payments of principal and interest also causing the securities to decline in value and an investor can lose principal. The Fund invests in non-investment grade debt securities which are considered speculative with respect to the issuers' ability to make timely payments of interest and principal, may lack liquidity and has had more frequent and larger price changes than other debt securities. Current and future portfolio holdings are subject to risk. The advisor engages the sub-advisor to manage the Fund's portfolio; the sub-advisor's judgment may impact the Fund's performance.

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Select Share Class:A C Y INST

Fund Facts

A Shares
NASDAQ SymbolTHYAX
CUSIP89154W809
Portfolio Turnover Rate147%
Total Annual Fund Operating Expense Ratio21.13%
Net Annual Fund Operating Expense Ratio21.05%
Total Net Assets as of 6/30/2014$55,800,041
Inception Date5/1/2000
Fiscal Year EndSeptember 30th
BenchmarkBofA Merrill Lynch High Yield Cash Pay Index3
Prospectus Date1/30/2014

1 Annualized as of 9/30/2013

2 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 1.05% for Class A Shares, 1.80% for Class C Shares, 0.80% for Class Y Shares and 0.72% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

3 The BofA Merrill Lynch High Yield Cash Pay Index is an unmanaged index used as a general measure of market performance consisting of fixed-rate, coupon-bearing bonds with an outstanding par which is greater than or equal to $50 million, amaturity range greater than or equal to one year and must be less than BBB/Baa3 rated but not in default. Investing in an index is not possible.

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus and the summary prospectus contain this and other information about the Fund. To obtain a prospectus or a summary prospectus, contact your financial advisor or download and/or request one at TouchstoneInvestments.com/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Investment return and principal value of an investment in a Fund will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost.