Touchstone International Fixed Income Fund Sub-Advised by: GAM International Management Ltd.

Objective

The Fund seeks total return by investing primarily in fixed income securities of issuers located outside the United States.

Investment Style

  • Selects foreign country securities and currency compositions based on an evaluation of various macroeconomic factors, including but not limited to, relative interest rates, exchange rates, monetary and fiscal policies, economic growth, employment, trade and current account balances
  • Once country, currency and sector weights are established, selects securities within each sector and country that are believed to offer attractive income and/or capital appreciation potential
  • Assesses the relative valuations of securities in an effort to determine whether they are selling at a discount relative to estimates of their intrinsic values
  • Invests in debt securities of developed markets with tactical allocations to emerging market debt
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 foreign securities and foreign depositary receipts which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund invests in emerging markets securities which are more likely to experience turmoil or rapid changes in market or economic conditions than developed countries. The Fund invests in sovereign debt securities which are issued by foreign governments whose respective economies could have an important effect on their ability or willingness to service their debt which could affect the value of the securities. 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. The Fund invests in investment grade debt securities which can be downgraded by a Nationally Recognized Statistical Rating Organization (NRSRO) to below investment grade status which would increase the risk of holding these securities. The Fund invests in derivatives which may expose the Fund to additional risk than directly investing in securities and may lack a liquid market, are subject to counterparty risk and leverage risk which could result in increased volatility of returns as well as losses. The Fund invests in forward foreign currency exchange contracts and futures contracts which may limit potential gains, do not protect against fluctuations in value of the underlying position, may lack liquidity and are subject to counterparty risk. The Fund invests in options which can be highly volatile, may lack liquidity and may result in losses. The Fund uses leverage which may limit net investment income and investment return. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in the securities of a limited number of issuers and may be subject to greater risks. 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 SymbolTIFAX
CUSIP89155T508
Portfolio Turnover Rate159%
Total Annual Fund Operating Expense Ratio22.48%
Net Annual Fund Operating Expense Ratio21.10%
Total Net Assets as of 6/30/2014$1,011,561
Inception Date9/30/2009
Fiscal Year EndSeptember 30th
BenchmarkCitigroup World Government Bond Index ex-U.S.3
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 (excluding Acquired Fund Fees and Expenses "AFFE") to 1.09% for Class A Shares, 1.84% for Class C Shares, 0.84% for Class Y Shares and 0.69% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

3 The Citigroup World Government Bond Index ex-US measures the performance of the most significant and liquid government bond markets globally that carry at least an investment grade rating. Currently, the index includes bonds issued by the governments of 21 developed counties. 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.